The Southwestern Historical Quarterly, Volume 59, July 1955 - April, 1956 Page: 82
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Southwestern Historical Quarterly
such as books-is acquired. Fund equities are increased only upon
receipt of cash or securities, not at the time of sale. This procedure is
consistent with that followed in prior years and is considered adequate
under the circumstances.
Trust and Agency Funds-Certain monies are held by the Associa-
tion for restricted use. These funds are not included in the statement
of position of the Association. Such receipts and disbursements are
presented separately in Exhibit 11.
The beginning balance of the Post Fund was a credit balance,
indicating the remainder of publication costs not recovered through
sales. Current-year receipts exceeded this balance, and the fund ended
the year with cash on hand. In addition to cash, the fund holds 67
shares of General Foods nonpar common stock, traded for a donor's
check for $3,ooo at his request. This stock is quoted today at 751/8,
making its market value slightly above $5,000. The stock paid $184.25
in dividends during the year. Since the purpose of this fund has been
served, and because the cash actually expended on publication came
from the Publications Fund, it is recommended that the Post Fund
be closed to the latter fund.
In the small organization internal control is obviously limited by
lack of personnel which precludes separation of duties. Precautions
are taken-including the bonding of the cashier and countersigning of
checks-and records are kept in a satisfactory manner.
Although the inventory of books is not reflected on the financial
statements, extreme care must be exercised to safeguard them and
provide a record of disposition. I recommend that sales invoices be
prenumbered and a copy of each serial number be retained in a file
or book for a reasonable time. Books donated or disposed of otherwise
than by sale should be recorded on invoices without showing dollar
amount, but giving all other details of the event, such as quantity, title,
The scope of this engagement does not include detailed search to
vouch that all receipts have been recorded or to verify that all disburse-
ments have been made in accordance with terms of the various grants
or of the directives of the Association.
The officers and staff of the Association have been most gracious and
cooperative in this engagement; I wish to express my gratitude.
Yours very truly,
[Signed] JIM G. ASHBURNE, C.P.A.
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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/m1/96/: accessed April 26, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.