To the President, Officers and Members of the Institute.
Gentlemen:—I have the honor to submit the following report of the financial and business transactions of this office during the year ending December 31, 1886. The cash statement is as follows:
Itemized Statement of Receipts During Year 1886.
Source. | 1st Quarter. | 2d Quarter. | 3d Quarter. | 4th Quarter. | Total. |
Dues........................ | $874 03 | $401 00 | $261 96 | $369 00 | $1,905 99 |
Life-membership fees... | 120 00 | 117 00 | 60 00 | 60 00 | 357 00 |
Subscriptions.......... | 117 75 | 153 50 | 443 80 | 53 60 | 768 65 |
Sales........................ | 276 77 | 126 15 | 3 00 | 67 50 | 473 42 |
Extra binding........... | 22 80 | 2 00 | 1 25 | 4 00 | 30 05 |
Premium on exchange | 14 | 06 | ……… | ……… | 20 |
Interest on bonds... | 18 25 | 9 00 | 9 00 | 42 64 | 78 89 |
| $1,429 74 | $808 71 | $779 01 | $596 74 | $3,614 20 |
Itemized Statement of Expenditures During Year 1886.
Source. | 1st Quarter. | 2d Quarter. | 3d Quarter. | 4th Quarter. | Total. |
Postage, freight, telegraphing and incidentals | $69 79 | $37 55 | $30 05 | $48 19 | $185 58 |
Stationery at H.Q. | 26 30 | 25 | 6 70 | 7 83 | 41 08 |
Messenger at H. Q. | 60 00 | 60 00 | 60 00 | 85 00 | 265 00 |
Expenses at Branches | 13 50 | 30 14 | 60 | 11 25 | 55 49 |
Extra binding | 73 40 | 20 90 | ……… | ……… | 103 30 |
Printing publications | 962 83 | 758 04 | 528 28 | 29 00 | 2,278 15 |
Purchase of back numbers | 50 50 | 9 00 | …….. | ……… | 59 50 |
Prize Essay, 1886 | ……… | 50 00 | 13 75 | 13 83 | 77 58 |
Advertising | 4 00 | ……… | ……… | ……… | 4 00 |
Expressage on bonds | ……… | ……… | 1 00 | ……… | 1 00 |
Purchase of D. C. bonds | 174 75 | 242 25 | ……… | ……… | 417 00 |
Rebate on sales | ……… | ……… | ……… | 10 00 | 10 00 |
| $1,435 07 | $1,217 13 | $640 38 | $205 10 | $3,497 68 |
Balance unexpended from receipts of 1886 | $116 52 |
Balance on hand January 1st, 1886 | 613 65 |
Total cash on hand January 1st, 1887 | $730 17 |
Balance to credit of Reserve Fund (univested) | 148 12 |
Available cash on hand January 1st, 1887 | $582 05 |
Publisher's bill (not yet rendered) | 536 00 |
True balance on hand January 1st, 1887 | $46 05 |
Bills outstanding | None. |
Bills receivable, outstanding dues 1885 and 1886 | 500 00 |
Publications sold late in December | 37 50 |
Assets | $583 55 |
It may be noted here that five numbers have been paid for during the current year, which was one number in excess of the regular issue.
The Reserve Fund.
On January 1, 1886, there was an uninvested balance of $206.12 to the credit of this fund. During the year 1886 the Institute acquired twelve (12) new life members and fees amounting to $360, thus making a total credit to fund of $566.12. In accordance with the Constitution, a purchase of District of Columbia 3.65 per cent, bonds was made amounting to $418. Face value, $350. Bonds run till 1924. In July last the Treasurer had the $900 in United States 4 per cent, consols and $1000 in District of Columbia 3.65 per cent, bonds registered at the United States Treasury in the name of the U. S. Naval Institute. The registered bonds and $350 in 3.65 per cent. District of Columbia bonds are deposited in the vault of the Farmers’ National Bank of Annapolis for safekeeping.
Total face value of bonds in Reserve Fund, $2250. The interest only of this fund is available for current expenses, the principal being held in perpetuity to guarantee the future interests of the Institute, and of the life members in particular.
Meetings and Publications, 1886.
During the calendar year 1886 nine meetings of the Institute took place at Annapolis, and a number at Washington, New York, Newport, and Norfolk.
The quarterly publications have, in accordance with the plan adopted by the Board of Control, appeared as early in the quarter as practicable, No. 36 in February, No. 37 in April, No. 38 in July, and finally, No. 39 in December, thus forming a volume (No. XII.) of 661 printed pages (not including appendices, notices and plates).
Publications on Hand.
The Institute has on hand back publications as follows:
| Copies | Copies |
| Copies | Copies |
No. 1 | 218 | ... | No. 21 | 245 | ... |
2 | 261 | ... | 22 | 289 | ... |
3 | 78 | ... | 23 | 200 | ... |
4 | 170 | ... | 24 | 218 | ... |
5 | 139 | ... | 25 | 1176 | 47 |
6 | 20 | ... | 26 | 221 | 77 |
7 | 27 | ... | 27 | 307 | 27 |
8 | 53 | ... | 28 | 14 | 4 |
9 | 57 | ... | 29 | 234 | 27 |
10 | 16 | ... | 30 | 264 | 5 |
11 | 233 | ... | 31 | 82 | 58 |
12 | 73 | ... | 32 | 7 | 184 |
13 | 12 | ... | 33 | 27 | 165 |
14 | 9 | ... | 34 | 80 | 14 |
15 | 5 | ... | 35 | 125 | 67 |
16 | 237 | ... | 36 | 265 | 30 |
17 | 4 | ... | 37 | 190 | 26 |
18 | 106 | ... | 38 | 242 | ... |
19 | 122 | ... | 39 | 289 | ... |
20 | 140 | ... |
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The archive set complete, Vol. I. to Vol. XII. inclusive, bound in full turkey, and seven copies Vol. X. in two parts in half turkey.
Jno. W. Danenhower, Lieut., U.S. N.,
Secretary and Treasurer.