Institute finances for 1935–36

THE board of directors and the finance committee of the Institute feel that no better opportunity is afforded to inform the membership regarding developments affecting the organization and activities of the Institute than the presentation of the budget of estimated income and expenditures for the appropriation year beginning October first, in conjunction with the report of actual revenue and expenses of the preceding year. While information regarding the finances of the Institute is regularly furnished to the membership in the annual report of the board of directors, it is not feasible on that occasion to furnish a statement of details which would explain the underlying reasons for increases or decreases in expenditures for various activities.