B-114867, NOV. 30, 1960

B-114867, NOV. 30, 1960

TO GORGAS MEMORIAL INSTITUTE OF TROPICAL AND PREVENTIVE MEDICINE, INCORPORATED:

THE GENERAL ACCOUNTING OFFICE HAS MADE AN AUDIT OF THE GORGAS MEMORIAL INSTITUTE OF TROPICAL AND PREVENTIVE MEDICINE, INCORPORATED-- A PRIVATE DOMESTIC NONSTOCK CORPORATION--- FOR THE FISCAL YEAR ENDED JUNE 30, 1960, PURSUANT TO THE ACT OF MAY 7, 1928 (22 U.S.C. 278A).

THE AUDIT INCLUDED AN EXAMINATION OF THE INSTITUTE'S STATEMENT OF ASSETS AND LIABILITIES AS OF JUNE 30, 1960, AND OF THE RELATED STATEMENT OF CONTRIBUTIONS AND OTHER INCOME AND EXPENDITURES FOR THE YEAR THEN ENDED AND SUCH TESTS OF THE ACCOUNTING RECORDS AND SUCH OTHER AUDITING PROCEDURES AS WE CONSIDERED NECESSARY IN THE CIRCUMSTANCES.

IN OUR OPINION, THE ACCOMPANYING STATEMENT OF ASSETS AND LIABILITIES (SCHEDULE 1) AND THE STATEMENT OF CONTRIBUTION AND OTHER INCOME AND EXPENDITURES (SCHEDULE 2) PRESENT FAIRLY THE FINANCIAL POSITION OF THE GORGAS MEMORIAL INSTITUTE OF TROPICAL AND PREVENTIVE MEDICINE, INCORPORATED, AT JUNE 30, 1960, AND THE EXCESS OF EXPENDITURES FOR OPERATING EXPENSES AND BUILDING IMPROVEMENTS AND EQUIPMENT OVER CONTRIBUTIONS AND OTHER INCOME FOR THE YEAR THEN ENDED IN CONFORMITY WITH ACCEPTED ACCOUNTING PRACTICES FOR NONPROFIT ORGANIZATIONS APPLIED ON A BASIS CONSISTENT WITH THAT OF THE PRECEDING YEAR.