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Caption: Board of Trustees Minutes - 1918
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37^ BOARD OF TRUSTEES [June 25, = ^ Treasurer, according to the books of the Business Office of the University, was $405,494.10, and that, subject to our comments following, this amount is correct. At April 14, 1917, the date at which the transfer of the funds took place, Mr. Capron still had in his hands $6,632.76 reserved to cover W a r r a n t s issued by the University which had not been presented for payment. Between April 14 and May 1, 1917, W a r r a n t s aggregating $5,200.12 had been presented, leaving a balance in Mr. Capron's hands of $1,432.64. Included in the still outstanding W a r r a n t s are several drawn between the years 1904 and 1915 which antedate Mr. Capron's term as Treasurer, and in aggregate amount to about $400. The funds to cover these and other then outstanding W a r r a n t s should, after a reasonable interval, be turned over to Mr. Hulbert. The 2 % interest to be paid on Mr. Capron's daily balances has been computed each month and credited to the General Fund of the University. T h e interest computations have been based on the usual banking method of allowing 360 days to the year and the total credited to the University's account for interest is $13,083.91. Using the factor adopted by the bank for calculating the interest, the correct amount payable is $12,977.02 or $106.89 less than the amount paid over, the overpayment being due to an error in calculating the interest for September, 1916. The factor used for the bank is, however, too contracted to allow of accurate calculation in dealing with such large figures as are involved, and if the 360 days basis is the proper one to adopt, the actual interest due the University is $13,108.10 or $24.19 more than the amount paid over. It is open to question, however, whether the interest payable by the Treasurer should not be based on 365 days to the year -and the interest on this basis amounts to $12,928.54 or $155-37 less than the amount paid by him. In our opinion, if it was specifically understood that the bank method was to be used in arriving at the interest to be paid, Mr. Capron owes the University $24.19. If no specific understanding was arrived at, Mr. Capron has paid the University $155.37 more than he was required to turn over. There will be a further small amount of interest on the unexpended balances due when Mr. Capron's account is finally closed out. W e attach statements of the Cash Accounts at April 14, 1917; Hazen S. Capron, Treasurer's Account at May 1, 1917; and interest calculations showing how the figures quoted above are arrived at. Yours faithfully, ARTHUR YOUNG & Co. AS PER THE BUSINESS APRIL 15, 1917 To Balance in hands of Treasurer, March 31, 191/, as certified in Quarterly Report To Deposits, April i-April 14, 1917.., CASH ACCOUNTS OFFICE'S BOOKS $378,864.54 46,707.03 • $425,571.57
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