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In our opinion, the accompanying balance sheet and related statement of fund reserves present fairly the financial condition of the Foundation at September 30, 1940 and the results of operations for the year ended that date (including Meriwether Reserve, Inc. for the period indicated above) in conformity with generally accepted accounting principles, and on a basis consistent with that followed in the preceding year.
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| 185 |
| CASH | $80,433.81 |
| GRANTS RECEIVABLE FROM THE NATIONAL FOUNDATION FOR INFANTILE PARALYSIS, INC. | 206,880.00 |
| ACCOUNTS RECEIVABLE | 18,161.84 |
| CASH SURRENDER VALUE OF INSURANCE POLICY ON LIFE OF OFFICE | 147,597.25 |
| SUPPLIES | 18,344.45 |
| DEFERRED CHARGES | 5,685.48 |
| PROPERTY (It is not the policy of the Foundation to make provision for the depreciation of property) | 1,323,195.31 |
| TOTAL | $1,800,298.14 |
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| 187 |
| NOTES PAYABLE | | | $111,147.91 |
| ACCOUNTS PAYABLE AND ACCRUED ACCOUNTS | | | 61,880.38 |
| FUND RESERVES: | | | |
| Special Fund Reserves | $ 69,918.08 | |
| General Fund Reserve | 1,557,351.77 | 1,627,269.85 |
| TOTAL | | $1,800,298.14 |
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| 189 |
| BALANCE, OCTOBER 1,1939 | | | | $1,563,179.56 |
| ADD: | | | |
| | | Revenue from patients ($91,916.19) and from other activities at Warm Springs, Georgia | $159,167.78 | |
| | Grants from The National Foundation for Infantile Paralysis, Inc.. | 206,880.00 |
| | Donations and bequests | 53,358.42 |
| | Miscellaneous | 1,666.70 | 421,072.90 |
| | TOTAL | | $1,984,252.46 |
| DEDUCT: | | | |
| | Salaries and wages: | | | |
| | Medical | $70,970.61 |
| | House and dining hall | 25,087.87 |
| | Administrative | 21,372.90 |
| | Brace shop | 9,138.25 |
| | Grounds | 8,004.88 |
| | School | 7,220.50 |
| | Other | 4,499.82 | $146,294.83 |
| | Cost of food sold | 40,927.87 |
| | Cost of gasoline, oil, etc. sold | 13,686.97 |
| | Employees' subsistence | 29,173.15 |
| | Supplies | 28,094.38 |
| | Insurance | 17,098.76 |
| | Heat, light, power, and water | 16,387.70 |
| | Laundry | 13,443.41 |
| | Maintenance and repairs | 13,443.37 |
| | Professional accounting services | 5,936.25 |
| | Uncollectible accounts written off | 4,835.09 |
| | Interest | 4,445.92 |
| | Automobile expense | 3,457.05 |
| | Telephone and telegraph | 2,980.92 |
| | Taxes | 2,320.00 |
| | Travel expense | 1,860.16 |
| | Adjustment of book value of property | 1,624.99 |
| | Freight and postage | 1,282.42 |
| | Miscellaneous | 9,689.37 | 356,982.61 |
| BALANCE, SEPTEMBER 30, 1940 | | | | $1,627,269.85 |
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| 190 |
NOTE: This statement includes the operations of Meriwether Reserve, Inc. for the seven months ended April 30, 1940, as of which date the dissolution of that corporation was made effective and its operations taken over directly by Georgia Warm Springs Foundation.
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