Report Of The United Engineering Society

The following financial report of the Treasurer of the United Engineering Society is published for the information of members NEW YORK, February 15, 190S. To the Board of' Trustees, United Engineering Society I beg to submit herewith the report of the Treasurer as of December 31, 1907. Your attention is called to the fact that the resources and liabilities, receipts and disbursements statements cover all the financial transactions of the United Engineering Society from its organization up to December 31, 1907. The income and expenses of operating the building during the whole operating period from December 1 to December 31, 1907, somewhat in excess of twelve months, are given. Included in the expenses, amounting in all to $52,647.11, will be found an item entitled "Building Equipment (construction account)." The expenditures under this item were not made for the operating expenses of the building, they represent a construction account, properly speaking, covering expenditures for furnishings and equipment of the building. The Founders' Agreement specifically provides for this class of expenditure under the provision that the Founder Societies shall each be liable for a charge not to exceed $200,000 of principal, which shall include the land and building completed and ready for occupancy, together with the " furnishings, equipment and personal property therein." Certain details of equipment are yet to be supplied, and it. is proposed in the near future to call upon the Founder Societies for an assessment on their respective land and building funds to cover this item of building equipment. Such action would enable the item of $10,039.85 to be transferred to the income account and reduce correspondingly the assessment