Institute Reports for the Year 1925 (a4b8dc19-6dd2-4018-a8aa-c0e2e7138df2)

TO THE BOARD OF DIRECTORS AND THE MEMBERS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS Gentlemen -It is pleasant to be able to report that the year just closed has been a prosperous and successful one for the Institute As is shown by the reports of the Treasurer and the Finance Committee, the business affairs of this organization are in excellent condition With property valued at more than three-quarters of a million dollars, and with con¬siderable sums in various funds and endowments, it is possible to spend on each member of whatever class $22 65 each year, more than the maxi¬mum amount of dues received from any one, and substantially twice the average amount, $10.94, received from all To do this has required close management and a strict regard for our limitations In 1926, when the Budget was made up, the estimated expenditures for the work which it was felt the Institute must do exceeded the estimated receipts by some $14,000. At the close of the year, despite a` number of unexpected decreases in receipts, it had proved possible to accomplish substantially all the work laid out and close the books with the usual transfer of initia¬tion fees to the General Reserve, and still only reduce the cash balance $2,074 54. This was made possible by the hearty and loyal cooperation of the whole staff of employees and the extremely large amount of gratui¬tous service rendered by the officers, the members of the Divisions and technical Committees, and the membership generally Even so it was impossible, because of limitations of funds, to undertake many things it is highly desirable for the Institute to do, and it was necessary to refuse the publication of important papers and committee studies, because of the lack of funds.