« PreviousContinue »
The Association holds the following funds for the specific purposes as set forth, and the income during the past fiscal year is as follows:
Student's medal fund, Donation of Moses Pierce), 200 00
3,000 00 $6,600 00
The principal of this fund is held in trust by the Treasurer of the New Bedford Textile School and the income sustains the scholarship in accordance with the provisions of the deed of trust executed by this Association and the New Bedford Textile School, February 20, 1902.
Invested as follows:
I hereby certify that the amounts from April 1, 1907, to April 1, 1908, are correctly cast, that all payments are properly vouched for, that the funds are kept in deposit in the name of The National Association of Cotton Manufacturers, and that the amount of the deposit April 1, 1908, agrees with the balance in the books viz., $339.30. The securities in which the Association funds are invested have been examined.
C. E. ROBERTS,
BOSTON, MASS., APRIL 7, 1908.
The earnings of the Association for the year may be placed
The expenses of the year have increased not merely on account of those legitimately applying to this Association on
account of the International Conference of Cotton Growers and Manufacturers held at Atlanta, but because this Association has not been fully reimbursed by the others affiliated with it. It was agreed that this Association should assume in excess of its divisional share of the expenses, the excess above a thousand dollars on account of its initial work, which, however, did not include a material part of the office expenses and correspondence which are inevitable with such assemblies. Four American associations united in the call to the Conference and at the meeting and one other association was admitted by vote, but afterwards declined to pay its share for the Atlanta Conference although expressing its willingness to do so in the event of a future conference.
Therefore, the expenses of one thousand dollars were divisible by four and not by five, of which this Association contributed one share. Another organization has not yet fulfilled its promise to pay its contribution. In addition the expenses relative to the action of this Association pertaining to forestry legislation, have been $113.13, making a total additional expense for the year of $815.22.
While this is not a large amount, it should be remembered that it has been the policy of this Association not to accumulate funds, but to apply its income for the benefit of its members and in addition to this the income from interest on funds and advertisements enable expenditures as stated in the Treasurer's report of a year ago to be thirty-six per cent. more than the members paid to the Association during the year.
This failure to collect bills receivable and also the delays of dues and the additional expenses mentioned above forced the Association to obtain a loan of $1,500, late in its fiscal year.
There are no bills payable other than the above note which has been paid since April first.
The income derived from advertisements has enabled the Association to be conducted on the same basis as other technical organizations which are supported by higher assessments as well as by advertisements in their transactions. The earnings.