Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 430]

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428

b o a r d o f trustees

[September 29

Examination of the purchase records^revealed that purchases are being made on a competitive basis as far as possible, taking into account the quality of the material purchased and its adaptability to the purpose for which it is intended. D u e consideration is also given to the preferences of the Coaches for articles furnished by designated firms; in these cases, quotations are obtained before placing orders for the purpose of comparing prices quoted with the prices of similar goods in the market. Miscellaneous minor purchases are made directly from firms w h o m past experience has shown as giving better value and service than their competitors. The minutes of the meetings of the Board of Directors have been examined with respect to all actions affecting the finances of the Association and the effect given them in the books of account. W e have examined the financial statements for the year ended June 30, 1931, prepared by the staff of the Association, and have checked them against the books and the budget and have found them to agree therewith. W e have also audited the accounts of Charles E. Bowen and C o m p a n y covering concessions for the sale of candy, fruit, etc., in the stadium during football games. The cash on hand at June 30, 1931, has been confirmed to us by the depository. W e submit the following summary of transactions during the year: Cash in Bank, June 30, 1930. $ 299 93 Receipts: Northwestern G a m e Ji 347 49 Iowa G a m e . ,. .. 810 52 Butler G a m e 627 34 Purdue G a m e 595 86 Ohio G a m e 204 94 Miscellaneous Sales 23 21 3 609 36 $3 909 29 Disbursements: A sSupplies purchased forable to ascertain by the audit 685outlined above, it is far as w e have been Re-sale $1 as 47 our opinion that— Wages 525 95 All income whichExpenses Miscellaneous the Association should have received, during the year has been 5ri 61 received and duly accounted for. 2 733 03 All expenditures have been made for Association purposes and186 26 Cash in Bank, June 30, 1931 $1 have been properly authorized and correctly recorded in the books. The assets of the Association as of June 30, 1931, as shown by the Balance Sheet, are correct in amount and have been duly verified. The financial statements attached hereto agree with the books of the Association and present a correct account of itsfinancialoperations for the year ended June 30, 1931, and of its financial condition at the close of the year. Arthur Young & Co. Yours faithfully,