Repository: UIHistories Project: Board of Trustees Minutes - 1914 [PAGE 264]

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262

UNIVERSITY OF ILLINOIS.

[June 25,

Made up as follows— Currency $ 742 06 Coin 33 20 Checks for deposit 51 00 First National Bank, Champaign, balance as per pass book 12,575 79 $15,769 22 In the cash statement following, we present in total the general cash transactions for the third quarter, as represented by the cash book and warrant register, beginning with the general cash balance as of December 31* 1912: Treasurer's balance, December 31, 1912 $54,350 22 Chief clerk's balance 19,100 41 Add— Cash receipts (Exhibit "A") Deduct—Cash disbursements (Exhibit "B") Balance, March 31, 1913 Made up as follows— Treasurer's balance Chief clerk's balance $786,991 17 13,208 59 $ 73,450 63 1,296,798 59 Vouchers in process of entry $13,401 99 2,367 23

$1,370,249 22 570,049 46 $800,199 76

$800,199 76 We compared all warrants paid during the quarter avith the treasurer's list, and verified the bank balance, as per our special report, covering the transfer of the balance to Busey's Bank April 6, 1913. • We proved the footings of the warrant register and first semester fee book; verified all postings to the fund ledger; examined the receipted bills and compared them with all vouchers. We verified the first semester fees, and found the following outstanding: Glenn Cliffe Barnum (extended to June 13) $14 00 Pearl G. Richter, billed $19.50, paid $12, balance 7 50 $21 50 In auditing the cash receipts, we noticed that the interest on daily bank,balances was credited to the general fund at the end of two years, and not vannually. Fuller reference to this question, as also to the subject of freight rates, is given on Exhibit "C". The following is a reconcilation of the treasurer's account with the books of the University as a t March 31, 1913: Treasurer's balance, per University books $786,991 17 Add—Unpaid warrants (Schedule "5") 117,977 88 $904,969 05 Made up as follows (Schedule "6") — General fund College of Medicine fund United States Agricultural Experiment Station fund.. School of Pharmacy fund Add—College of Medicine fund (Item of $30.90 charged by treasurer without warrant, credited in April, 1913).. Very truly yours, Certified Public

Supervised b y : W. B. FLERSHEMJ

$875,328 15,945 6,137 7,526

80 64 22 49

$904,938 15 30 90 $904,969 05

President.

Accountant.

UNITED STATES AUDIT Co., HENRY Xi. HERTZ,,

EXHIBIT "C."

REMARKS AND RECOMMENDATION.

Interest on Daily Balances. From our information, the terms are 2 per cent per annum. Our examination shows that credit has not been made annually by the treasurer, but a t the end of two years, and we are informed that interest has been calculated only on balances in excess of one thousand dollars ($1,000). The question of the interest accumulated on the balances at the end of the first of the two years and the practice of calculating interest only on balances in excess of one thousand dollars is thus brought to your notice. Freight Bills. Our audit discloses a considerable sum paid out for freight, with but scant verification as to the validity of the rates charged. We desire to impress the importance of accurate information in verifying freight rates, and suggest that the necessary assistance and means be adopted to insure certainty in this respect.