Advances and Charges against Future Appropriations and Securities Owned-Book Value (see page 444).. Investment of Contract Deposit-Book Value (See Contra Loans-Due to General Funds and Special Endowments and 308,710.51 1,417,943.78 1,726,654.29 $47,053,036.10 $29,837,513.35 $76,890,549.45 Included in the assets of Special Endowments is real estate, investments, etc., amounting to $5,523,039.56 (and also the net income therefrom amounting to $203,056.15) received by Columbia University, subject to a contingent liability to refund part of this amount to the Estate of Amos F. Eno should any unforeseen claims arise for which the Executor has not provided. Excess of Income over Expenses for maintenance for fiscal year ended 54,982.74 Balance at June 30, 1924.. $27,301,358.85 We have examined the books and records of the Treasurer of Columbia University in the City of New York for the fiscal year ended June 30, 1924 and we are satisfied as to the general correctness of the accounts and have submittod our detailed report thereon to the Treasurer. The cash at Banks and on hand has been verified and the securities representing the invested endowments and funds have either be on produced to us or verified by certificates received from the depositaries. We have tested and substantially verified the income receivable from invested endowments and funds and all other income shown by the books of the University and are satisfied that the disbursements therefrom have been sufficiently vouched. The securities owned are carried either at their purchase price or at the market value at the date of their acquisition by gist. The Academic Properties, covering Land, Buildings and Equipment are carried in the accounts at cost. The properties known as The Upper and Lower Estates are carried at 1922 Now York City Assessed Valuations. The other properties of the University, mainly rental properties, are carried either at cost or cost plus carrying charges, at 1923 New York City Assessed Valuations and in a few instances at nominal values. These valuations, for the purposes of the accompanying Balanoe Shoet, appear to us to be proper. From the active rental properties, reserves for depreciation have been deducted. On the basis stated above, WE HEREBY CERTIFY that the Bulance Sheet submitted herewith is in accordance with the books and, in our opinion, fairly reflects the financial status of the University at June 30, 1924. |