Report of the treasurer

Our financial statements, as certified by Price Waterhouse & Company, who have audited the books of the IEEE for 1963, are contained at the end of this report. In the Statement of Financial Position the working capital amounted to $1,306,262, with the marketable securities stated at cost, and to $2,097,000, with securities stated at market values at the end of 1963. Our total funds were $3,792,275 and $4,626,000 respectively. Since our total expenses for operations during fiscal 1963 amount to $5,708,593, we are in sound financial position.