Report of the Executive Committee.

The Executive Committee, since the semi-annual meeting, on Tuesday, April 16th, 1907, have held seven meetings, at all of which, with one exception, viz., August 15th, a quorum was formed, and business transacted.

The more important matters that have been brought before your committee during the past year are referred to in their proper sequence in the reports which have been prepared by and received from the committees.

The Chairman of the Insurance Committee having informed the Executive Committee that, in his opinion the work of the commttee was fulfilled prior to the annual meeting in October, 1906, has applied for his committee's discharge.

The Executive Committee present the names of Prof. Joseph French Johnson, of the New York University; Dr. David Kinley, of the University of Illinois; and Dr. E. S. Meade, of the University of Pennsylvania, to the Board of Trustees, for nomination by them, at the annual meeting of the Association to honorary membership, under Section 14, Article 2, of the Constitution.

The Journal of Accountancy is published under the auspices of this Association. As a means of instruction in the profession of accountancy, its value is continually improving. Acting upon suggestions made by the Executive Committee, circular letters were sent to the members of the Association inviting their support. Of the 600 shares of 6 per cent. Cumulative Preferred Stock, of $25.00, par value each, $15,000.00, 369 shares, representing $9,225.00, have been subscribed for. There are still 231 shares in the Treasury, representing $5,775.00. It was not anticipated at the start that the JOURNAL would be self-supporting for three years. During two years, its usefulness has been established. It is not yet self-supporting, and still requires support on the part of the members.

The Governor of the State of Utah has appointed a State Board of Accountancy, consisting of Mr. W. J. Bateman, of Salt Lake City; Mr. * Ralph R. Hoag, of Ogden; and Mr. Douglas_Swan, of Salt Lake City. The death of Mr. Swan has been reported. The Secretary has been in communication with Mr. Bateman, but no information as to progress has been received.

A C. P. A. Law has been passed in the State of Connecticut, and a State Board of Examiners appointed, composed of Harry Treat Beers, New Haven and Raymond G. Laird, Hartford, Public Accountants and George E. Hill, of Bridgeport, Attorney at Law.

A communication has also been received advising that a C. P. A. Bill has been introduced into the Oklahoma State Legislature by Mr. Cahill, of Beaver.

A communication has been received also from the Colorado Society of Public Accountants, enclosing a copy of the law authorizing the organization of a State Board of Accountancy for Colorado, of which Mr. A. E. Fowlie is President; Mr. J. W. Geijsbeck, Secretary; and Mr. I. H. Kingswell, Treasurer.

Mr. H. R. M. Cook, the second member on the Committee of Legislation, has been appointed chairman pro tem, vice Mr. John A. Copper, resigned.

Respectfully submitted on behalf of the Executive Committee,
(Signed) ELIJAH WATT SELLS, Chairman.

THOS. CULLEN ROBERTS, Secretary.

On motion, the report of the Treasurer was received and filed and the thanks of the Association were extended to the Treasurer and Auditors.

50.00

BALANCE SHEET AT CLOSE OF BUSINESS SEPTEMBER 30, 1907.

On motion of Mr. R. H. Montgomery, of Pennsylvania, the report of the Executive Committee was received and ordered that the recommendations contained therein be taken up and considered seriatim.

THE PRESIDENT: There is no place in the order of business for the consideration of the recommendations made by the Trustees or Executive Committee, but the Trustees having approved the report of the Executive Committee I will ask you to act upon the report.

The first recommendation of the trustees is in regard to the election to honorary membership of Messrs. J. F. Johnson, David Kinley, and E. S. Meade. I think these gentlemen are all well known to you.

On motion, the gentlemen named were unanimously elected to honorary membership in the association.

The following report of the Committee on Appropriations-Budget was then read:

Report of Committee on Appropriations-Budget.

In view of the provision Section 9b, Article I, of the By-Laws that "at each meeting of the association the Board of Trustees shall present a budget showing the amount of money required for the purposes of the association for a stated period," your Committee on AppropriationsBudget respectfully present for your consideration an estimate of needed appropriations for the ensuing year. This estimate is based on the experience of the current year for similar purposes, and the reason for its submission at this time is that prior to this year no such statutory requirement existed. Having no precedent to guide us, and to facilitate the orderly creation of a Budget for the ensuing fiscal year, 1907-08, either by the outgoing or by the incoming Board of Trustees, we respectfully present the following. It should be borne in mind that no expense can legally be incurred or debt contracted until such proposed expenditure or indebtedness has received the approval of at least three-fourths of all the members of the Board of Trustees.

APPROPRIATIONs-Budget-EstIMATED FOR 1907-08.

Stationery and printing

$900.00

700.00

Postage, express, telegrams, and sundries.. 600.00

Journal of Accountancy

Annual meeting, 1908

Committees Legislation

Conciliation

Press and Publicity
Executive

500.00

400.00

I 50.00

150.00

100.00

100.00

$3,647.50

100.00

$3,600.00

FRANK G. DuBois,
THOS. CULLEN ROBERTS,

Committee on Review of Appropriations-Budget.

THE PRESIDENT: The report covers the first item of $3,600, but there are two additional items. The trustees recommended the appropriation of $200 to cover the expenses of the treasurer in attending meetings of the executive committee, and another $150 for the use of the 1907 com

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mittee. The chair will entertain a motion to appropriate this money, either all or in part.

On motion, the budget as presented, together with the two additional items recommended, was ordered approved for appropriation.

THE PRESIDENT: A further recommendation of the trustees is in regard to the unexpended balances under the appropriation, that after all liabilities have been paid they be turned back into the general fund of the association for future appropriations.

On motion, the recommendation was unanimously adopted.

THE PRESIDENT: A further recommendation of the trustees provides for the discharge of two committees, that on Standard Schedule for Uniform Reports on Municipal Industries and Public Service Corporations and that on Insurance.

On motion, the recommendation of the trustees was adopted and those committees were discharged with the thanks of the association.

On recommendation of the Committee on By-Laws and after discussion in the meeting the following amendment to the Constitution and By-Laws were then adopted:

Constitution.

Make Article II, Section II, read as follows:

SECTION II A:-The Fellows shall consist of accountants in states or districts where no Certified Public Accountant laws have been enacted, who have been in continuous practice on their own account in States or Districts where no Certified Accountants laws have been enacted, for at least three years immediately preceding, etc., to end as now.

SEC. II B: Make sixth line read as follows:

In practice for three years immediately previous to their application for membership and are still so in service or practicing.

Sections VII and VIII (combined): Make same read as follows: Applicants for membership at large who are subject to rule as laid down in Article II, Section XIV, shall be governed accordingly. The application of all other persons desirous of becoming members at large of this association must contain evidence satisfactory to the Trustees that the applicant is not eligible to membership in any State or District Society affiliated with this Association, and to which the applicant should properly belong, and must be approved in writing by a majority of the Committee on Examinations, Qualifications and Elections. The applicant may then be admitted by a majority vote of the Board of Trustees taken either at a meeting thereof or by correspondence.

SOCIETY MEMBERS.

Add to Section IX (new number 8) :

And further provided that in States or Districts where a Certified Public Accountant law has been enacted only such persons as hold C. P. A. certificates shall be entitled to membership as Fellows in this Association. The first amendment following was read by the secretary and Mr. Thos. L. Berry moved its adoption.