The Southwestern Historical Quarterly, Volume 59, July 1955 - April, 1956 Page: 80
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Southwestern Historical Quarterly
the Association as of February 28, 1955, as reflected by the financial
records. Accordingly, I examined or tested the accounting records and
supporting evidence in the manner and to the extent I deemed appro-
priate in accordance with generally accepted auditing standards. I
obtained supplementary information from the officers and used all
other procedures which I considered necessary under the circumstances.
In my opinion the accompanying statement of financial position
and related statements of receipts and disbursements, together with
the comments contained in the report, present fairly the position of
the Texas State Historical Association as at February 28, 1955, and the
results of its operations for the fiscal year then ended, in conformity
with generally accepted accounting principles for nonprofit organi-
zations applied on a basis consistent with that of the preceding year.
Comments on the Statement of Position
Cash-The balances shown on the books were reconciled to the bal-
ances reported by banks for all funds, including the reconciliation of
receipts and deposits and disbursements and checks, clearing the banks.
The comparative cash position is shown in Exhibit 3. Details for each
fund active during the year are contained in Exhibits 4 through 8.
There was no change in the beginning balance of the Special Fund or
the Particular Purpose Fund. Cash in all funds at the end of the year
was $6,987.11 more than at the beginning.
Receivables-Amounts due from purchasers of books ($566.13) and
dues billed and unpaid as of February 28, 1955 ($75.oo) are believed
to be collectible. Receivables representing sales made prior to May,
1953, were charged off in the amount of $483. A breakdown of receiv-
ables by source is furnished in Exhibit 1o.
Investments-No bonds were disposed of during the fiscal year, nor
were any bonds purchased. Direct examination of the securities was
made at the safety deposit vault of the Austin National Bank. Com-
plete details of type and valuation are given in Exhibit 9. Current
realizable value is $5,390.50 in excess of original cost. Series G and
K bonds are redeemable only at a discount until maturity 12 years
from issue date.
Books-Consistent with the practice of the Association in prior
years, publication costs were expensed when paid and revenue was
not taken up except on receipt of cash. The inventory of books on
hand is not carried at a dollar valuation, and hence does not affect
the net worth of the Association. This practice is acceptable for non-
profit organizations, whose primary purpose is to report the steward-
ship of the funds managed by the Association.
The inventory of books on hand, as reported by the officers and test
checked by me, includes the following:
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 59, July 1955 - April, 1956, periodical, 1956; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth101162/m1/94/: accessed August 22, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.