The Southwestern Historical Quarterly, Volume 56, July 1952 - April, 1953 Page: 114
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Southwestern Historical Quarterly
the costs of books published as well as those in the process of pub-
lication are recorded as disbursements of the Publications Fund. The
recovery of the resources of that fund is dependent on the realization
of revenues from the sales of the books. Following the basis of ac-
counting used, the investment in books is not shown as a dollar
amount but is carried as a memorandum record.
The cash basis of accounting is followed in which receipts are
considered revenue when collected in cash and expenditures are
recognized when disbursed in cash. Neither the receivables nor the
payables are reflected in the operating statements. This procedure is
consistent with that followed in preceding years and is considered
adequate under the circumstances.
TRUST AND AGENCY FUNDS ADMINISTERED BY THE
TEXAS STATE HISTORICAL ASSOCIATION
The Association is charged with administration of certain funds
created to finance designated research projects. These funds do not
represent assets of the Association and therefore are excluded from
the financial statements of the Association. They are presented sep-
arately in Exhibits 15 and 16.
The receipts of these agency funds consist entirely of special gifts
for research. Disbursements are made for research grants and ex-
penses; there were no disbursements in the current year. The equities
in each fund consist of unexpended cash balances. These balances
were reconciled with the reported bank figures and the total receipts
per books were reconciled with the total deposits per bank.
The accounting records are maintained on a single entry cash
receipts and disbursements basis. The administrative organization
has an inherent limitation as regards internal control inasmuch
as all bookwork is vested largely with one person. All checks for
disbursements have been countersigned. In general, the records have
been kept in a satisfactory manner.
The purpose of this audit has been to report in the accompanying
exhibits the financial condition of the Association. It has not been
within the scope of the audit to determine if all receipts of the
organization have been recorded or to verify that all disbursements
have been made according to terms of the various grants or directives
of the Association.
I take this opportunity to express my appreciation to Mrs. Coral
Tullis and to Dr. H. Bailey Carroll for their cooperation and assist-
ance during this engagement.
Very truly yours,
/s/ FRANK D. GRAYDON
Frank D. Graydon, C.P.A.
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 56, July 1952 - April, 1953, periodical, 1953; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101145/m1/132/: accessed May 19, 2019), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.