The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
6, "IB-
December 11, 1955
Mr. George E. Van Dyke
Assistant Comptroller
The Rockefeller Foundation
49 West 49th Street
New York 20, New Yurk
Dear Mr. Van Dyke:
1 have deferred answering your letter of November 15 in which
you requested a copy of the budget for 1955-56 for the study of the
Federal Reserve System. We had hoped that we could submit a revised
budget before this time. Actually the work of the Committee is under
review at present, and it will be February before our final budget can
be determined with any reliability.
Accordingly, I am sending you herewith a revised statement of
estimated expenses for i 955-56 based on present salary commitments
and other foreseeable expenses. The total amounts to $44,445.00, from
which may be deducted th^ unexpended balance from 1954-55 of
$12,532,61. Accordingly, I should like to request payment on January 1,
1956 of $31,913.39, representing the amount required to finance our
operations on a minimum basis for the current fiscal year. These
figures are to be considered in substitution for those given in my letter
to Mr. Gillette dated November 7, 1955, which were based on our
preliminary budget for the year.
In filing this request for payment I should like to explain that when
the plans of the Committee are definitely settled in February 1956, we
shall wish to submit a revised budget and request a further payment
if additional funds should be needed during the current year.
Sincerely yours,
President
cc: Mr. Akers
Miss Maroney
Mrs. Wilson y^'
Miss Adams ^
Mr. Woodward
THE BROOKINGS INSTITUTION
Project on the History of the Federal Reserve System
R. F. 54061
Estimate of Expenditures, July 1, 1955 - June 30, 1956
Salary Commitments (employees of Brookings Institution
$ 16,845
v
Salary Estimates (employees of Federal Reserve Bank and
miscellaneous personal services)
3,100 H
Contract with Lester V. Chandler - Ben Strong Study
6,500</
Travel, supplies, and miscellaneous expenses
5,000
Brookings Institution Overhead
3,000\/
New Projects and Contingencies
Total expenses, 1955-56
Unexpended Balance, Budget for 1954-55
Cash Requirements, 1955-56
10,000
$ 44,445.00
12,531.61
$ 31,913.39
t-
REC
EIVE
Memorandum to
M
^SS
*d*mS
from
FEDERAL
I hope this will make things clear to you.
It is a dmittedly, but
unavoidably,complicated,
I have pinpointed the differences. J
I wish I could "sit in" on budget preparation.
I could head off
many of the problems of reconciliation involved in conflicts between
tax criteria (method of payment and so on) and budgetary criteria.
J
Refer back to your workpapers.
For example, I have excluded Bulla
from contract costs for budget statement because not comprehended
there originally. (Yet handled in that form.)
Perhaps I should have carried this to the contingency figure instead
of to the salary budget; it was a matter of choice, which I decided
arbitrarily.
Reconciliation of Statements for
1. Salaries
Actual Salaries (paid in that form, hence reportable as such
to R. FO-i
Adams
Singer •••••
Burnett
Burstein
Bank employees
Calkins
Steno pool
•
•
••
1+3.06
Sub-total
23,016.10
Plus miscellaneous personal services
Lucy Cluett
E. Bowen
E. Abolin
Adelphia Reporting Bureau . . . .
E. Cooley
D.
Warden ••
Sub-total
72.67
26.25
6.60
386.37
9.00
1*7.00
5U7.99
Total personal services (except contract payments and honoraria '2
Adjustments for Budget Statement;
Carried to Conference expenses
Adelphia Reporting Bureau •
Bowen
Carried to Contract e:xpenses
Cluett
Salary of Miss Burnett (budgeted under contracts)...
Salary of Bank employees (indicated for conferences)
Calkins
Carried from Contract expenses
Payments to B. Bulla (paid in contract form,
not budgeted under that heading)
Total Comparable with Budget Estimate for Salaries
-
386.37
26.25
?2«
- 2,1*69.
63.02
26.88
+
713»76
21,232.90
2.
Expenses other than Personal Services
Travel and entertainment
•
Supplies
Freight and express charges ••••••
••••
Equipment
Equipment rental ••
Equipment maintenance
Teleohone and telegraph
Postage
•
Books and subscriptions
Totals (gross) reported to R. F
.
7U2 .23
231.36
U4.00
U13.29
8-70
U2.22
Adjustments for Budget Statement of Office
Costs and Travel (to exclude special purposes):
Carried to Contract Costs
Expenses for Dr. Kincaid
Travel by Miss Burnett.
..
Carried to Conference Costs
Office Costs (net) -
-
62.86
8I4.32
- 1,093*98
To Budget Statement
.
3.
Research Contracts
Actual payments in contractual form (and reported
as such to Rockefeller foundation)
C. A . Kincaid
Lester Chandler
Beatrice Bulla
2 ,666 .66
3 ,000 •00
713 .76
Total
6,380.142
Adjustments for Budget Statement:
Carried from Salaries (Burnett project)
•
+
2,1±69.76
Carried from Salaries (Cluett, for Kincaid project)
+
72.67
Carried from Expenses (Burnett travel)
+
8I4.32
......
+
62.86
Carried to Salaries (not budgeted as contract operation)
-
••
Carried from Expenses (Cluett e t c . for Kincaid)
713*76 ( 3 . Bulla)
Total Comparable with Budget Estimate for Contract Costs
8.3^6.27
Recap
Glass Papers
Contract with Dr. Kincaid
Lucy Cluett, Salary
Expenses, various
Ben Strong project
.
j 9
2,7D2.2O
3,000.00
Burnett-Archives project
Salary of Miss Burnett
Expenses of Miss Burnett ( t r a v e l )
Total (excluding Bulla project because, although
paid in contractual form was not so
budgeted)
2
8,2^6.27
Conference Expenses
(Buried under other headings on R. * . Report)
Carried from S a l a r i e s
Bank employees
Calkins
89.90
Carried f r m Miscellaneous Personal Services
Adelphia Reporting Bureau
Bowen
Carried from honoraria
386.37
26.25
iiOO.OO
Carried from t r a v e l and miscellaneous expenses
1,093*98
Total carried from other items for purposes
of budget statement (applicable t o
contingency fund)
1,996.5>O
Adjustments for Budget Statements From Objects of Expenditure to Purposes of Expenditure (to extent segregated in budget)
Totals on R,
. Report
Salaries
and Misc.
Personal
Services
Honoraria
23,56U.O9
Uoo.oo
Adelphia Reporting Bureau
Burnett salary
Bowen salary
Bank employees
Calkins
Lucy Cluett
Contracts
Gene ral
Expenses
Conference
Expenses
B. I .
Overhead
Totals
3,000.00
6,38O.U2
+ 386.37
+2,U69.76
26.2 5
63.02
26.88
+
72.67
0
Beatrice Bulla
-
713.76
0
Kincaid expenses
Burnett travel
Conference expenses
Conference honoraria
+
+
62.86
8U .3 2
62.86
8U.32
-1,093.98
-Uoo.oo
Totals on Budget Statement
,
21,232,90
0
0
#
0
+1,093.98
+ Uoo.oo
—
1*,169.08
1,996.50
3,000.00
Explanatory Note
Figures as classified at beginning of this table are consistent with an
unmixed classification by objects of expenditure, method of payment,
and responsibilities for tax handling and reporting (which trea urer regards as primary)
Figures as classified at bottom
the classification used by
re-distribute expenditures
captions of that budget (a
of this table are as consistent as possible with
the Com iittee in i t s budgetary estimates. They
for comparability to the budget under the various
mixed classification).
38,75U.75
TRUSTEES
HONORARY TRUSTEES
WILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, Vice Chairman
ARTHUR STANTON ADAMS
DANIEL W. BELL
ROBERT D. CALKINS
'EONARD CARMICHAEL
TLFRED L. GOODWYN, JR.
/HN W. HANES
LEWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
GEORGE C. MCGHEE
ROBERT BROOKINGS SMITH
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
OFFICERS
6, £9. C
722 JACKSON PLACE, N. W.
ROBERT D. CALKINS
President
MILDRED MARONEY
Treasurer
ELIZABETH H. WILSON
Secretary
SHELDON B. AKERS
Executive Manager
Nov. 22,
Miss Mildred Adams
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York, N. Y.
Attention:
Miss Burstein
Dear Miss Burstein:
I enclose herewith a carbon copy of my report to the
Rockefeller Foundation, which I wish you to substitute for the
corresponding pages which I forwarded to you yesterday.
As I explained over the telephone this morning, the
original of the latter was not mailed to the Foundation due to
necessity of typing it over to correct an error,
I would very much appreciate your cooperation in
destroying the incorrect copy which you have (substituting the enclosure)
as I do not want it hanging around in anybody's copy.
The error arose from my haste in getting off the
material to you, plus the fact th~t I did my own typing—which is
miserable.
As you see, the enclosed copy has been done by a
competent professional!.
I hope the other material, in rough, w=»s satisfactory
for Miss Adams' purposes.
If not, she should call on me for anything
further she needs.
Yours sincerely,
November 22, 1955
Mr. George £. Van Dyke,
Assistant Comptroller,
The Rockefeller Foundation,
49 West 49th Street,
New York 20, New York.
Dear Mr. Van Dyke:
I have received from you a copy of your letter of November 15 to
Dr. Calkins in regard to the statements which you require in connection
with your appropriation R. F. #54061 for the preparation of a history of
the Federal Reserve System.
Dr. Calkins will supply the detailed breakdown of expenditure
estimates as projected for the year ending June 30, 1956.
I am supplying herewith the report of actual expenditures for periods
ending June 30, 1955 and the resulting position as of July 1, 1955. This
report is in two parts.
The first represents a cumulative statement which is set forth in
terms of two grants (R. F. #5404 and #54061), which, according to the
notification of May 24, 1954, were to be treated as a combined sum of
$320,000.00. As of June 30, 1955, we had expended $50,793.39 against
receipts aggregating $63,325.00, and the unexpended balance of $12,531.61
was carried to our liabilities in the form of prepaid grants, applicable to
the budget for 1955-56.
(Of the total expended to June 30, 1955, $12,033.64 was expended in
1953-54 and $38,754.75 in 1954-55. Another breakdown of the total indicates
that $13,030.32 was disbursed in the form of reimbursements to the
Federal Reserve Bank of New York, while $37,713.07 was disbursed by
the Institution as employer or vendee. The latter figures includes $3,000
of indirect costs or general overhead covered by agreement with the
Committee on the History of the Federal Reserve System for an annual
charge at that rate beginning July 1, 1954.)
Mr. Van Dyke
11/22/55
Page 2
The second part of my report is a budget statement for 1954-55,
which is prepared on a basis consistent with an estimate of $53,325 for
the fiscal year, as submitted by Dr. Calkins to the Rockefeller
Foundation June 15, 1954. This statement reclassifies expenditures for
1954-55 for the purposes of the Committee. It also raises the total for
1954-55 from $38,754.75 to $40,793.39 by inclusion of the deficit for
1953-54 in the amount of $2,033.64. This is necessary from a budgetary
viewpoint to finance the deficit, although obviously the deficit is eliminated
through the cumulative report of receipts and expenditures, which ends
with the identical balance of $12,531.61.
I trust that this information will supply your needs, except as to
the breakdown of requirements for 1955-56. If not, please feel free to
communicate with me further.
Yours very truly,
Treasurer
Enc.
THE BROOKINCS INSTITUTION
Project on the History oi* the Federal Reserve System
Administered Jointly with the
Committee on the History of the Federal Reserve System
Under R. F. Grants #5404 ($10,000) and #54061 ($310,000)
Financial Report
June 30, 1955
Receipts:
R. F. Voucher #540873, February 3, 1954
R. F. Voucher #344779, June 29, 1954
R. r . Voucher #548783, December 16, 1954
Total
Expenditures, years ended June 30:
Salaries
Contract payments
Honoraria
Miscellaneous personal services. . . .
Total, personal services
Travel and entertainment
Supplies
Freight and express charges
Equipment
Equipment rental
.Equipment maintenance
Telephone and telegraph
Postage
Books and subscriptions
B.I. overhead allowance
Totals
$10,000.00
26,662.50
26,662.50
$63,325.00
1954
1955
$ 8,865.30
1,333.33
$10,198.63
957.66
303.00
154.06
4.64
324.16
—
95.47
1.02
$12,038.64
$23,016.10
6,380.42
400.00
547.99
$30,344.51
3,500.11
416.54
11.79
742.23
231.36
44.00
413.29
8.70
42.22
3,000.00
$38,754.75
Balance on hand, June 30, 1955 (carried as prepaid grants)
Grants receivable (unpaid balance, July 1, 1955)
Total available for the period July 1, 1955-May 31, 1959
$50,793.39
$ 12,531.61
256,675.00
$269,206.61
I certify that the above statement is correct.
Treasurer,
The Brookings Institution
November lZt 1955
BUDGET STATEMENT
Project on the History of the Federal Reserve System
Under R. F. Grant #54061
Fiscal Year 1954-55
This statement is prepared on a basis consistent with estimates submitted to The Rockefeller Foundation, by Dr. Calkins, June 15, 1954.
Estimated
June 15, 1954
Salaries
Actual Performance
1954-55
$21,383.00
$21,232.90
Office costs and travel
5,000.00
4,169.08
Research contracts
8,937.00
8,356.27
Brookings expenses and overhead . .
3,000.00
3,000.00
Contingencies
15,000.00
Two Princeton conferences . . .
1,996.50
Deficit for 1953-54
2,C38.64*
$53,325.00
Receipts, for 1954-55
Balance available for 1955-56
$40,793.39
53,325.00
$12,531.61 • •
• Expenditures, 1953-54 ($12,038.64) less R. F. #5404 ($10,000.00),
• • S e e also cumulative report of receipts and expenditures under
R.F. #5404 and #54G6l (combined).
RECEIVPn
1 v/
•
•
•
Tentative Budget for
(to be refined)
This estimate is based on a t o t a l of $55*000 estimated for Board
of Trustees, May 1955•
Has not been submitted in detail to
Rock e felle r Found a t i on•
Detailed commitments (known to treasurer)*
Miss
Miss
Mrs.
Miss
Adams (12 mos.)
Burnett (U mos salary)
°inger (3 mos salary)
Burstein (12 mos.)
Lester V. ^handler:
Bal due for 195U-55
Due in 1955-56
B. I. overhead
signated expenditures
expendit£-—'— Undesignated
(residual figure)
Total
1,500.00*
5*000.00
3,000.00
pft 8^8 91
55,000,00 **
-*Paid in September
•^-Tentative total suggested by Dr. Calkins to Miss Maroney, May 1955*
Expenditures
First Quarter, 1955-£6
FEDERAL
Miss Adams
Mrs. Singer
Miss Burstein
Miss Burnett
Salaries through the Bank
L-.ster V. ^handler
2,500.00 *
Travel
130.63
Other expenses
New York office
B. I . overhead (at $3,000 p . a.)
263.OU
750.00
Total
9,O5O.9ii
Includes $l,£00 for personal compensation^which was due for
payment 6/1/^9 but not paid (through oversight) u n t i l September;
balance represents advance for expenses in amount of $1,000
due 9/1/55.
^
24, 1955
Budget 1954-55
Salaries
"
?^cM
$21,388.00
Spent through
3/31/55
Estimated Expenditures
through 6/30/55
—
$U,j 326.45
$20,262.06
Expenses (office and travel)
5,000.00
4,1166.84
5,140.84
Brookings
3,000.00
2,250.00
3,000.00
Kincaid-Glass
2,667.00
2,800.73
2,800.73
Chandler-Strong
4,450.00
2,000.00
4,450.00
Burnett-Archives
1,820.00
l,7pl.63
2,460.02
1,947.17
1,997.17
2,P38.64
2,038.64
/
)
15,000.00
Contingency
Conferences
if/ b 9f
<*
Overrun 1/1/54-6/30/54
$53,325.00
f t /
$31,725.$6 .
7&$£
>
fe
7
$42,149.51
*/ -
(1)
Consists of:
Adams . . . , : \
S i n
§er
Burstein
Bank employees...
BrTTYpool
B. Bulla
E. Abolin.
Evelyn V. Cooley..
Dorothy Warden . . .
(2)
Excludes items allocated to conferences, Glass papers, Burnett project
(3)
Kincaid, $2666.66j Cluett, 7^.67j Clu^t for supplies, 53.86;
other (paid through Bank), $ 9 ^ 0 .
(k)
Salary,
expenses, 8I1.32.
Honoraria, $U00.00; r e p o r t i n g Rnd stenographic,
other expenses, | ^ 8 6
21 232 90
'
-
Koveaber 17, 1955
Dear Kiss Meroneyi
An Executive Cooiittee meeting he a been called for
Friday, November 25th, and I know that ejson& the items they
will want are budget «nd expenditure figures.
Estimated expenditure figures for 1954-55 were prepared for a meeting on Hay 24th, and ve have a memorandum froa
you dated July 21st promising a classified statement of expenditures to follow. Unfortunately our files yield no classified
statement, but only two letters (July 23th and August 31st)
dealing with totals*
Could you get for us a statement of total 1954-55
expenditures waich will supplement the sheet used May 24-th? We
are sending you & copy of the latter, and if you will simply
note the com, leted figures beside the estimates and get it
back to us by Wednesday, the 23rd, we will hnv© it copied for
the members*
If, in addition, you can send us expenditure figures
for the first quarter of 1955-56, I will be doubly grateful*
Most cordially,
Mildred Adams
Kiss Mildred Meroney
The Brookings Institution
722 Jackson Place N, V.
Washington 6, D. C*
Enc*
HONORARY TRUSTEES
TRUSTEES
WILLIAM R. BIGGS. Chairman
HUNTINGTON GILCHRIST, Vice Chairman
ARTHUR STANTON ADAMS
DANIEL W. BELL
ROBERT D . CALKINS
IFONARD CARMICHAEL
FRED L. GOODWYN. JR.
H W. HANES
-iiWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
GEORGE C. MCGHEE
ROBERT BROOKINGS SMITH
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
OFFICERS
6, JB. 40L
ROBERT D . CALKINS
President
MILDRED MARONEY
Treaturtr
722 JACKSON PLACE. N. W.
ELIZABETH H. WILSON
Secretary
SHELDON B. AKERS
Executive Manager
RECEIVED
August 31, 1955
Miss Mildred Adams,
33 Liberty St.
New York 1*5, N. Y.
Dear Miss Adams:
SEP
11955
COMMITTEE ON THE HISTORY
OF THE
FEOERAL RESERVE SYSTEM
You will recall our discussion in late July of the expenditure figure
totalling $38,75U.7$ for the fiscal year ended June 30.
You then feared the
figure was too low, and I confirmed it in my letter of July 28.
The confirmation was warranted in so far as actual disbursements were
concerned.
However, although I have not heard any complaint from Dr. Chandler,
we have just discovered that we failed to make a payment of $1,500 which was due
to him on June 1 for personal compensation under the terms of his contract.
We are at once getting out this check to him, as well as the advance
of $1,000 toward expenses which is due for payment to him on September 1»
Since we have set up a tickler system here for the payment of items
which are automatically payable on given dates, I cannot imagine how this happened but
I am investigating.
As a result of our oversight, it would appear that we understated
expenditures (in terms of accrual) by the amount of $1,500.
On the other hand,
we have now received Dr. Chandler's expense account for the period ended July 31*
This indicates an unexpended balance in his expense fund amounting t o
$1,62lw36 a t July 31, or $2,083.1*2 a t June 30.
Although this fund is not
subject to refund until 1957, the unexpended portion was technically a receivable
instead of an expense, and t o that extent we overstated expenses.
For purposes
of a true account, we should have waited for Dr, Chandler's report, but I had
no idea when we would receive i t and I elected not to hold up my work»
In other words, a true account of expenses for the year would have
aggregated $38,171.33 ($38,7StU!S + $1,500 - $2,O83.U2).
Since the
adjustments are roughly compensatory, they should not upset your general calculations i f we absorb them in the accounts for the current fiscal year.
Nevertheless, I wish to apologize for the delay and confusion.
Yours sincerely,
Treasurer.
HONORARY TRUSTEES
TRUSTEES
WILLIAM R. BIGGS. Chairman
HUNTINGTON GILCHRIST, Vic* Chairman
ARTHUR STANTON ADAMS
DANIEL W. BELL
ROBERT D . CALKINS
LEONARD CARMICHAEL
'LFRED L. GOODWYN, JR.
IN W. HANES
-cWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
GEORGE C. MCGHEE
ROBERT BROOKINGS SMITH
LAURENCE F . WHITTEMORE
DONALD B. WOODWARD
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
f
RECEI
ED
,
OFFICERS
ROBERT D . CALKINS
President
MILDRED MARONEY
AUG 1 7 " J ACKSON PLACE, N.W.
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
Treaturtr
ELIZABETH H. WILSON
Secretary
SHELDON B. AKERS
Executive Manager
July 28, 195$
Dear Miss Adams:
Replying to yours of July 26, I am glad to confirm that $38,75U«75 i s
the aggregate of expenses for 195U^5
This figure includes accrual for June invoices (unpaid at June 3©) in
amount of $555*39, of which $531*10 was billed by the Bank for the month of June.
Incidentally, I wish to thank Mrs. Singer for getting that b i l l to us by mid-July,
enabling us to close the accounts payable register and start getting out financial
statements*
This answers your question except for what light I can throw on the
variation from spring estimates*
VSy own estimate, in the spring, was a range
of $38,000 to $U0,000.
Many things were too indefinite then to permit a finer
estimate, so I used the top figure in this range*
At the same time, I explained
that this figure represented expenditures for the fiscal year, and that $2,©3§
should be added for purposes of the budget of $53*325
and the projection of surplus
froM that figure*
The $2,038 was the overrun in I ^3- I A> and this addition explains how the estimate in your discussions got to the level of $U2,Q0©.
The comparable actual total (combined figures) i s $1*0,792, and the •+carryover from the budget of $53,325 i s $12,53f»
My report of July 21 subordinates budgets and matches expenditures against
funds, from beginning to Jane 30, 1955 > but the result is the same:
1953-5U
Available funds
Expenditures ••
10,000*00
12,038.61+
Balances •••*..
- 2,038.6U
195U-S5
53,325-00
38,75U.75
Totals
63,325.00
50,793.39
12,531.a
Now that we have »swallowed" the deficit for I$3-«$l*, I hope things
will be less complicated for you in the future.
Would it not be practical for
you to construct a new budget for *&-*$6 and subtract $12,532 from that result
for purposes of cash requirements?
Yours sincerely,
Treasurer
memorandum
FROM THE DESK OF
roneu
0
TO
\J
Mis
TThought
h<
you might like to see
t h i s , although I have yet to
inspect the account for lith quarter
for possible errors.
(Occasionally
a thing will get posted to an account
which belongs elsewhere.)
When I have done this, I will
send you a classified statement of
expenditures•
Study of History of Federal Reserve Syit<
ED
MEMORANDUM
To:
From:
JUL 2 2 1955
Mr. C * l k i n s
Mildred Maroney
COMMfTTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
This i s a preliminary statement of the s t a t u s of funds for the
Federal Reserve study*
For reasons which are apparent below, there i s no
urgency about cash requirements f o r 1955-56, and I would a l i t t l e prefer
deferring request to Rockefeller Foundation u n t i l we f r e e s * figures ( i n August)*
A l s o , budget for 1955-56 may be e x c e s s i v e ?
GRANTS
R. >. QA SS 5UO14 ( p i l o t p r o j t c t ) . , . .
»• F. 514061 •
$10,000,00
310,000,00
-a handled as a combined sun)
$320,000,00
EXPQIDITimiS
1953-&
12
•
k-55 (preliminary figure)
Total
•
••*•#•
eoeoeeo
Qntxpenckid balanoe of g^ttits
>?3.8*^ /
38,
•
••
...*••,.,.,.,.....
•
50,793*39
269,206«61
PREPATMCMTS B v ROCK15^!-!!!^ FOUNDATION
195h-55
10,000*00
53,325*00
(budget for \%*f-6§)
Total
*,.,
Less Expenditures (from beginning to 6/30/55)
Balance of prepayments, ^30/55
63,325.00
« 5<
12,531,a
*3H REQUIREMENTS,
Budget as estimated May 13, 1955
Loss prepayments brought forward
.......
65,000,00
12,531*61
Ca»h R#quir«eent«, 1955-56
^ M M . vilfc*.
RECEIVED
April 6,
MEMORANDUM
OOMMfTTCC ON THC HiSTOAY
ortne
To:
Mrs. linger
From: M. Maroney
FEDERAL RCSERVCSYSTEM
The classification of expenditures which Miss Adams suggested
is as follows:
General Expenses or Office Costs
Kincaid-Glass Project
Chandler-Strong Project
3urnett-Archives Pro£ ct
Miscellaneous research (Bulla etc.)
Conferences
Princeton Nov
Princeton Jan
etc.
Group interviews - Dr.
Paper chase
Perhaps it would be just as well to have Miss Adams review this again
in order to decide definitely whether it is going to be satisfactory for
purposes of budgeting and for matching against appropriations by your
Executive Committee.
I think it is all right, as far as I can
judge, except for the possibility that your overhead would tend to be
over-stated if it contains anything in the nature of a direct activity^
I refer of course to the first itera in the above list, into which everything
not otherwise identified would land.
Meanwhile, I have re-classified expenditures through March along
the above lines, and will send this along as soon as it is proved by our
formal accounting.
In about a week.
I£ this system is going to work automatically, you will have to
identify many expenditures as to which of the above accounts is involved.
(For example, I have inferred that the payment to Mrs. ^oldenweiser for the
shipment of papers belongs to "Paper Chase" .£
But we here should not have
to make these assumptions.^
In this connection, I suggest that you do not
attempt numerical coding but simply write across each voucher with a colored
pencil the particular budgetary heading from the above (or modified) list.
We can generally determine object coding from the other information on the
voucher.
I understood from Miss Adams that she might be here again later
this month and that she might be ready then with some budget estimates for
fiscal year 195£-56.
TRUSTEES
HONORARY TRUSTEES
WILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, Vice Chairman
ARTHUR STANTON ADAMS
DANIEL W. BELL
ROBERT D . CALKINS
LEONARD CARMICHAEL
ALFRED L. GOODWYN, JR.
OHN W. HANES
LEWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
ROBERT BROOKINGS SMITH
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
ROBERT D . CALKINS
President
6, J . «L
MILDRED MARONEY
Treasurer
7 2 2 JACKSON PLACE, N. W.
ELIZABETH H. WILSON
Secretary
SHELDON B. AKERS
Executive Manager
March 2 3 ,
Miss Mildred Adams
Committee on the History of the Federal Reserve System,
33 Liberty S t r e e t ,
New York LJ5>, New York
Dear Miss Adams:
The revised cost of the November conference at P r inceton is
$1,096.7U.
The difference between this figure and a former figure of
$872.39 is accounted for by (delayed) payment of honoraria and %2h*?6 in
b i l l s from the Bank identified as travel in connection with the November
conference.
The above account is probably complete by now, but i t illustrates
the lag between conferences and arrival of b i l l s .
For the January
conference, we have accumulated a total of §l$k.lh and you must judge whether
this is complete.
I thought these figures might be helpful in connection with
impending budget estimates*
Also, please feel free to call on me for
any other assistance which you may require.
In connection with budget
preparation, I have some tentative worksheets for a l l our projects, but in
the cavse of Federal Reserve I know too l i t t l e about sub-project planning to
work this up independently*.
Mr. Calkins1 deadline for completion of estimates is May 1st,
when he hopes to mail agenda for the meeting of the Board of Triistees on
May 13th.
Yours sincerely,
Treasurer.
1
RECEIVED
March 2,1*5
m
3,955
Dear M r s . S i n g e r :
COMMITTEE ON THE HISTORY
When Miss Adnms was h e r e y e s t e r d a y , I d e v i s e d a t e n t a t i v e
budget format for such a project as the Federal Reserve study, which
involves projects within a project, but I think i t was her feeling as
well as mine that this might be too complicated for your needs at the
present time.
I t is my experience here that i t is really very difficult to
devise a form which will f i t a l l cases because each project is different
in character5 also the kind of layout which I sketched yesterday is really
just a budget officer's dream, which could be something of a straitjacket
from the viewpoint of operating levels.
The alternative which occurred to me at the l a s t minute is
simply to use the general form which we have evolved here, and I am
enclosing herewith several copies of this form,
(You may have more if
needed for scribbling.)
What I would suggest i s that a separate budget sheet be
prepared for each individual project within the Federal Reserve project
as a whole, and that a summary sheet be prepared to comprehend the
program as a whole.
The l a t t e r would then be a sort of composite,
which should of course include the general office or administrative
costs—including salaries not assigned to specific projects.
The fund for each individual project would be determined by
the appropriation or authorization which you have from the Committee
for a particular purpose.
As a rule, such "funds" represent limits
rather than a schedule or forecast of actual expenditures, but i t is
always well to have the amount in the foreground.
We are presently concerned here with the imminence of need
for estimates for the fiscal year 19!?5-56.
For the duration, i t i s
presently assumed that the figure will accumulate to $320,000 or l e s s including the pilot project.
For purposes of estimating salary costs, I would like to
explain how the OASI or social security costs (employer's contribution)
should be computed.
For those earning $U*200 per annum or less the
amount is exactly 2% of the salary for any period.
All other cases
are more complicated, since the tax applies to the f i r s t $U,200 earned
in a calendar year*
The amount for persons at $U,200 or over can
vary anywhere between $8U and $168 in our fiscal year, depending on
the inception of employment and the rate of pay*
Perhaps i t would
be better for me to work on these estimates before they are finalized.
Another alternative is to provide leeway for errors through the
contingency figures in your budget.
Eitherprocedure is satisfactory
to us.
-2You should ignore the TIAA as it does not apply to employees
for the Committee on the History of the Federal Reserve System.
Indeed,
it does not apply to all employees who are working within the Institution.
Also, the addition to salaries for vacations or annual leave maybe
ignored provided the duration of time on which salary computations are
based includes the period of time during which vacations will be taken«
We incorporated this into our form primarily for people who are working on
more than one project at the same time, or on projects of such short
duration that they might have shifted to another assignment before taking
leave. In these cases, it helps us to anticipate the vacation cost
for purposes of picking up all project costs.
But you need not worry
about "this if, as I assume, our general rule applies; this is the rule
whereby it is expected that employees will use their leave accruals within
periods of appointment, and not after the appointment expires#
Also, the allowance for overhead (which you will find just above
the item of Contingencies) is not a problem of estimating, since this has
already been negotiated at a flat rate of $3*000 per annum rather than as
a percentage of other expenditures as is done in some cases.
Everybody
seems to be satisfied with this formula; hence the flat rate may simply be
inserted on the summary sheet or composite budget.
It need not be
allocated in turn to subprojects.
Plense let me know if there is any way in which
further.
I can help you
Yours sincerely,
Treasurer
Mrs. Ellen Colt Singer
Committee on the History of the Federal Reserve System
33 Liberty St.
New York li£, N. Y.
102
103
104
405 Falatert
10$
109
201
tad
* toilet
103
i ill
•>
Ai
301
304
30$
7 4fll
JOB.
301
1*502 KUvttor
Cooling
•
•
tax
603
604
Priatiaf m&
JbdvwrUalaf aad jxi*ll©ati«B of ^ U m
fttXltUa - hmmt, Ugkt
i-604
•-404
lot
610
film* •
rm+1
Tim
705
706
70S
799
•03
•04
•05
•06
•07
•06
•10
ttOS
j aad
Otter
Library
titiooaB. And dialog rooa
, «ad fixture*
schematic Basis far Coding Expenditures
1.
The code number for the Federal Reserve project as a whole i s
2705 (ledger account number). The reason for this number i s : According t o
our master chart of accounts, ledger accounts are numbered from 1,000 to 3>000.
(The number of digits permits almost indefinite expansion within sections of
the chart.)
Expense accounts begin a t 2,300 and these in turn are
divided between General i'und Transactions and Restricted fund Transactions.
The
l a t t e r begin at 2,5>OO, and the account for Federal Reserve Project is
2.
Our master plan of coding provides a separate code for objects of
expenditure—such as salaries, travel, supplies and so on.
A copy of this
code is enclosed.
For example, i t will be seen that the code for a travel
voucher is Uol. Hence, when we receive a travel voucher in connection with
the Federal Reserve project, the disbursement is coded thus:
For most of our a c t i v i t i e s , this scheme is sufficient to provide the
kind of information that is needed. For example, we have in progress a study
'of Urban Transportation, for which the total accumulated under this heading in
ledger accounts is analyzable in terms of objects of expenditure such as
salaries, t r a v e l , and so on.
However, in the case of the Federal Reserve project, which has i t s own
administrative group, and has projects within a project, i t becomes desirable to
further classify the purposes as well as the objects of expenditure.
This
arose, for example, in connection with the Princeton conferences. In order to
show the cost of these conferences, i t was necessary to segregate certain travel
from travel as a whole*
In order to meet this objective, I suggest that tffffl^-iigTTinriitegiirBiawiwiwtefl
A, B, C, D and so on be added to 27O£ for purposes of coding; sayt
A for Overhead or General Expenses and Administration
(Some such t i t l e expands the idea of Office costs iaocx
as set up in the f i r s t budget so that i t would
include salaries as well as expenses which are not
allocable t o specific activities)
B for Project
C for Project
and so on*
Insert one in this series for miscellaneous or undesignatecl
and arrange these in any order desired
On the foregoing basis, a specific expenditure would be coded in this
manner:
If i t represents salary of administrative staff member, xfcx the code
number would be 27O£A~101.
A contract payment would be 2705>B—10i* or
27O£c—10li and so on.
Travel for general administrative purposes becomes
27O5A-liOl, while travel to a conference would be 27O£x-!;Ol (depending on the
layout of mnta l e t t e r s for conference expenses).
The extent to which 27O£ should be broken into subaccounts depends on
the wishes and requiremen s of the Committee for s t a t i s t i c a l information.
c
MEMORANDUM
To: Miss Adams
From: M. Maroney
In the light of our conversation this morning, I
have prepared the enclosed table
1)
To re-distribute expenditures in line -with the
budget of June 19%h (for the current fiscal year)5
2)
To estimate results as of June 30 next, with a viewto the carryover which might be expected to
eventuate from this budget•
The second objective is necessarily incomplete.
I have taken
into account the salary increases which are impending, but you
will have to determine what salaries if any there will be at the
Bank other than for Miss McKinstry. For her, I have included
a figure in the contingency section estimated at $200 a month.
There could be some saving here, as well as in travel (general)
and office costs.
You will also have to add to my estimate for any commitments
which are impending but not of record here, and I will send you
a figure for the second Princeton conference as soon as our
accounts catch up #
The leeway of $12,800 seems adequate for adjustments (plus and
minus) in my third column.
Maroney
/
Budget Statement and Worksheet
FEDERAL RESERVE PROJECT
F i s c a l Year 195U-55
Budget of
6/15M
(12 mos.)
Expeended t o
D e c 31
( 1 s t 6 mos.)
Revised E s t .
f^r 12 mos.
(Incomplete)
ANNUAL SALARIES
Ad-ms
Singer...
Burstein •••••
B a nk employees
Comments
Amounts include s o c i a l s e c u r i t y c o s t s
At U,l60 t o Mar. 1; a t U,500 from Mar. 1
At 3,380 t o May 1 ; a t 3,600 from May 1
Excludes McKinstry a f t e r Oct 1 ; s h i f t e d t o
research costs Oct. /J. ( s e e contingencies)
Items other than s a l a r i e s (above)
OFFICE COSTS
2,000.00
l,2l*li.88
2,000^00 ?
TRAVEL
3,000.00
771.62
3,000*00 ?
All travel except items included in conference costs (see contingencies)
B . i . EXPENSES AND OVERHEAD
3,000.00
1,500.00
3,000.00
Fixed rate
PROJECT COSTS
Kincaiel (Glass papers)
Chandler (Strong study)
Burnett: Bibliograjahic
8,937.00
2,666.66
2,000.00
768.08
U,5oo.oo
1,856.UO
Oct 13 to April 13 at $303.33/mo. plus 2%
872.39
1,072.39
U69.9O
1,669.90
655.63
6.60
2,038.61+
Third column includes honoraria (pd in Feb.)
To be computed
Estimated a t $200 monthCl/l to 6/30)
Contract li n uidated Feb 1955
CONTINGENCIES
Princeton conference
of Nov. »5&
Conference of Jan f 55
McKinstry (10/l-6/30)
Beatrice Bulla
E. Abolin (misc.)
Deficit for
h
TOTALS
2,666.66
15,000.00
53,325.00
19,268.35
To be absorbed here
liO, 517.16 + ?
HONORARY TRUSTEES
TRUSTEES
WILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, Vice Chairman
ARTHUR STANTON ADAMS
~>ANIEL W. BELL
OBERT D. CALKINS
LEONARD CARMICHAEL
WILFRED L. GOODWYN, JR.
JOHN W. HANES
LEWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
ROBERT BROOKINGS SMITH
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
irmrfemgs <3lttsittuium
OFFICERS
ROBERT D . CALKINS
President
6,
7 2 2 JACKSON PUACE. N. W.
MILDRED MARONEY
Treasurer
FEB 1g1955
COMMITTEE ON THE HISTORY
ELIZABETH H. WILSON
Secretary
SHELDON B. AKERS
Executive Manager
Miss Mildred Adams,
Committee on the History of the Federal Reserve System
33 Liberty Street
New York l&9 N . Y.
Dear Miss Adams:
I am sending you herewith five copies of the report, and am
glad you think it will bo helpful.
Yes I did confuse the Glass papers with the Ooldenweiser papers
in my previous letter, and that was a mixup in my mind*
This reminds me:
In connection with the problem of further
classifying expenditures functionally, the information to be provided by
Mrs. Singer in vouchering will of course be helpful. It would also be
helpful to have from you a list of projects for which you desire to
build up specific cost accounts?.
As you probably know, the three main expenditure code bases in
general use are (1) character and object, (2) functions and activities,
and (3) organization units.
We have the first one well in hand and
the third is not, I believe, a problem here.
The second major basis of classification is the one for which
I lack a master plan.
We started the account at the outset with only
the major heading: !'A study of the history of the Federal Reserve System.'
Meanwhile, the only sub-head under which I havj tagged expenses on the
enclosed report is "Princeton Conference, November 19£li," and I have a
reminder to look out for later conferences.
In going through my file,
I detect other projects such as a volume on Benjamin Strong (Dr. Chandler)
and a project on the Glass papers (Dr. Kincaid).
For completion of the
list, I suggest that we sit down together some time and work out a plan
for reporting.
Let's not make this unneesarily detailed) on the
other hand, we wish to serve your needs.
The latter, I would like to
say, represents my view of the function of accounting, within orthodox
principles, requirements of fidelity, and so on.
Yours sincerely,
Treasurer.
Report of Expenditures
STUDY OF THE HISTORY OF THE FEDERAL RESERVE SYSTEM
To December 31, 1951*
1/1/5U 6/3O/5U
OBJECTS OF EXPENDITURE —
Salaries Mildred Adams
Ellen Colt Singer
Marguerite Burnett
Irma Burstein
•••
Dorothy Bowen . .
Elizabeth Abolin .
OASI paid by B. 1
Bank payrolls (reimbursed). .
Total Salaries
$ 8,669.85
Contract Payments
E. A. Kincaid
1,333.33
Lester V. Chandler . . . . .
—
Adelphia Reporting Bureau . •
—
Total contracts . . . . 1,333.33
I . Fiscal Periods
7/1/51+ 12/31/5U
Totals
10,270.17
$ 18,91+0.02
2,666.66
2,000.00
208.62
k, 875 .28
3,999.99
2,000.00
208.62
6 ,208 .61
Travel and subsistence . . . . . . . . .
957.66
1 , 378 .02
2 ,33$ .68
Office Costs of Committee
695.07
1 , 2hh.88
1 ,939 .9$
Brookings Institution Expenses
and Overhead
Salaries allocated directly . . . .
195.1+5
Long distance calls and express • •
37*28
Indirect costs •
No charge
Total
232.73
Miscellaneous
Mrs. E. A. Goldenweiser (freight) .
U2.51+
15.1+8
1,500.00
237.99
52.76
1,Wil.98 a/
1,732.73
150.00
150,00
Total Expenditures
12,038.6^
RECAPITULATION, l/l/5U— 12/31/51*!
1 1 ^ Purposes of Expenditure
Princeton Conf.
Unclassified
Salaries
18,882.65
Contract payments
5*999.99
Travel and subsistence . . . . . . . . .
1,729.28
Office costs of Committee
1,939.9$
B. I . expenses and overhead
• 1,732.73
Miscellaneous (Glass, papers)
150.00
Total Expenditures
3O,U3U.6O
a/ $1,500 less $58.02
b / Pending classification by projects.
Does not include honoraria (paid in February 1955)
Digitized forc/
FRASER
19,268.35
Nov. 1951+
57.37
208.62
6O6.UO
—
—
872.39 c/
31,306.99
Totals
18,91+0.02
6,208.61
2,335.68
1,939.95
1,732.73
150.00
31,306.99
STATUS OF FUNDS
December 3 1 , 195)4
6/3O/5U
7/1/5U-12/31/5U
$10,000.00
$310,000.00
$320,000.00
12,038.61;
19,268.35
31,306.99
2,038.61;
290,731.65
288,693.01
Receipts of Brookings
Institution
10,000.00
53,325.00
63,325.00
Expenditures
12,O38.6U
19,268.35
31,306.99
2,038.61;
3^,056.65
32,018.01
GRAOTS (ROCKEFELLER FOUNDATION)
Totals
Expenditures
Unexpended Balances
-
Totals
PREPAYMENTS
Unexpended Balances
-
February 15» 19f>5
Miss Mildred Maroney
Hr. Sheldon Akers
Brookings Institution
722 Jackson Place, H.W.
Washington, D. C #
Dear Miss Maroney and Mr. Akersx
Regarding the question raised in your memorandum to Miss Adams of
February 10 regarding honoraria payments to Dr. Wood, Bopp and
Chandler, I think your proposal number II is the appropriate way
to handle the matter.
Cordially,
DBtfilw
2/10/55
To*
Miss Adams
From: M. Maroney, Mr, Akers et al
C
Re:
Honoraria payments of February 10, 1955
We are not sure just hew these should be distributed to specific
conferences. Will you indicate below which of the alternative possibilities
which I can envision is the correct one? Or if neither is right, indicate
the correct allocations,
(Return this sheet, and sridzi we will
complete our voucher record.)
- I Princeton
Conference
of Nov 195U
Princeton
Conference
of Jan5 1955
Dr. Wood
100.00
100.00
Dr. Bopp
100.00
Dr. Chandler
100.00
—.
100.00
300.00
100.00
400.00
Totals
-
Totals
(Paid
2/10/55)
200.00
100.00
Dr. Wood
II 100.00
100.00
200.00
Dr. Bopp
50.00
50.00
100.00
Dr. Chandler
50.00
50.00
100.00
200.00
200.00
4oo.oo
Totals
- Ill
-
MEMO
DATE.
'*-
A
'
RE:
I am supplying the enclosure in
duplicate s also mailing another
copy to Mr. woodvvard.
Please l e t me know if you need anymore and I w i l l send them.
TRUSTEES
HONORARY TRUSTEES
WILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, Vice Chairman
ARTHUR STANTON ADAMS
DANIEL W. BELL
ROBERT D. CALKINS
LEONARD CARMICHAEL
ALFRED L. GOODWYN, JR.
HN W. HANES
LEWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
ROBERT BROOKINGS SMITH
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
OFFICERS
VED
ROBERT D. CALKINS
President
6,
MILDRED MARONEY
Treasurer
7 2 2 JACKSON PLACE. N. W.
<Q'
ELIZABETH H. WILSON
Secretary
February 11, 195$
SHELDON B. AKERS
Executive Manager
HISTORY
FEDERAL R O W *
Miss Mildred Adams,
Committee on the History of the Federal Reserve System,
33 Liberty S+reet,
New York I£, N. I.
Dear Miss /.dams:
With your kind indulgence, I am sending you herewith still another
report of expenditures, which I would like you to use as the official report
instead of previous versions.
The totals are the same as those reported February 8th. The difference lies in the fact that I have segregated a payment of $lf>0 to Mrs,
Coldenweiser from the so-called Brookings Institution expenses. I learned
from further study of details that this was a payment for the shipment of the
Glass papers and should not, I think you will agree, be considered «s an
internal Brookings expense.
(We merely paid the bill.)
This has no importance except in the event of a re-opening of the
question of the charges for Institution overhead.
In that connection, it
is ny purpose to show that the only expenses at the Institution which have been
charged directly to this project are long distance calls and a small component
of salaries.
The latter were merely items that were actually reported on
time sheets by Mr. Calkins and his secretarial group, without including any
of the time devoted by Mr. Akers, Miss Long, Miss McCarthy or myself, which
has been fairly substantial.
Therefore, I have merely subtracted these direct
charges, beginning July 1, 195>U, from the agreed charge rate of $3,000 per
annum for "Brookings Institution expenses and overhead."
Although this
procedure is somewhat involved, it is indicated in order to hold all the
charges for our activity within the context of existing agreements*
Yours sinesrely,
Treasurer.
Corrected Report
M. Marnney 2/10/55
Report of Expenditures
STUDY OF THE HISTORY OF THE FEDERAL RESERVE SYSTEM
To December 3 1 , 195U
I,
OBJECTS OF EXPENDITURE —
Mildred Adams
Ellen Colt S i n g e r
Marguerite Burnett . . . .
Irma Burstein
Dorothy Bowen
Elizabeth Abolin
OASI paid by B. I
Bank payrolls (reimbursed)
Total Salaries
Contract Payments
E. A. Kincaid
Lester V. Chandler . . . .
Adelphia Reporting Bureau
Fiscal Periods
7/1/5U—
12/31/SU
1/1/5U-6/30/^U
Totals
Salaries
"""
8,669.85
10,270.17
l8,9iiO.O2
1,333.33
—
—
2,666.66
2,000.00
208.62
3,999*99
2,000.00
208.62
1,333.33
[{,875.28
6,208.61
Travel and subsistence
957.66
1,378.02
2,335*68
Office Costs of Committee
695.07
l,2hb.88
1,939.95
Brookings I n s t i t u t i o n Expenses
and Overhead
Salaries allocated d i r e c t l y . . .
Long distance c a l l s and express
195.^5
37.28
1*2.5U
15.U8
237.99
52.76
Total contracts
Indirect costs
Total
No charge
232.73
l9khl»98
l,UUl»98 a/
1,500.00
1,732.73
Miscellaneous
Mrs. E. A. Goldenweiser ( f r t . )
by objects
Total Expenditures
150.00
150.00
12,038.61;
RECAPITULATION, 1/1/5U—12/31/5U:
II.
Unclassil'ied
19,268.35
31,306.99
Purposes of Expenditure
Princeton oor.l.
Nov. 195U
Totals
Salaries
Contract payments
Travel and subsistence
Office costs of uommittee
B. I . expenses and overhead
Miscellaneous (Glass .papers)
18,882.65
$,999*99
1,729.28
1,939.95
1,732.73
15O«OO
57.37
208.62
6O6.I4O
—
—
—
18,9UO.O2
6,208.61
2,335.68
1,939.95
1,732.73
150.00
Total Expenditures, by purposes
30,U3U>60
872.39 b /
31,306.99
a/
b/
$1,500 (1/2 of $3,000) less $58.02
Does not include honoraria (paid in February 1955)
STATUS OF FUNDS
December 31* 195U
GRANTS (ROCKEFELLER FOUNDATION)
Totals
Expenditures
Unexpended Balances
7/lM-
Totals
6/30/51*
12/31/5)4
$10,000.00
$310,000.00
$320,000.00
12,038.61;
19,268.35
31,306.99
- 2,038.61*
290,731.65
288,693.01
10,000*00
53,325.00
63,325.00
12,O38.6U
19,268.35
31,306.99
2,O38.6ii
3li,056.65
32,018.01
PREPAYMENTS
R e c e i p t s of Brookings
Institution
Expenditures
Unexpended Balances
-
HONORARY TRUSTEES
TRUSTEES
WILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, Vice Chairman
ARTHUR STANTON ADAMS
DANIEL W. BELL
ROBERT D . CALKINS
LEONARD CARMICHAEL
ALFRED L. GOODWYN, JR.
JHN W. HANES
LEWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
ROBERT BROOKINGS SMITH
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD
rCElVED
6,
FEB
- 0 1955
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
OFFICERS
ROBERT D . CALKINS
President
MILDRED MARONEY
Treasurer
7 2 2 JACKSON PLACE.
ELIZABETH H. WILSON
Secretary
SHELDON B. AKERS
Executive Manager
February 8, 1955
Miss Mildred Adams
33 Liberty Street
New York U5> N. Y.
Dear Miss A^ams:
As premised, I have gone over the record of expenditures with a
view to pulling out the costs of the November conference a t Princeton, which
amounted to $872.39 as set forth in Part I I of the attached report of expenditures
This figure differs only slightly from M^s. Singer's earlier computation, due to
a $10.00 adjustment in the b i l l from Princeton Inn.
We also have added $0 cents
for travel by Dr. Calkins, which item represents the cost of cancelling his
reservations•
All other travel in my report is accounted for by trips to Denver,
Ithaca, Charlottesville, Boston and Washington, including b i l l s and advances
by "tee Bank, items paid by Brookings, less refunds to Brookings.
As explained on the telephone, i t is not possible a t this juncture to further break
derm these items by projects, because I do not know what the projects are,
or if I did, I would not be able to t e l l what trips and what salaries are assigned to them.
But I shall be glad to cooperate with you in the development of classification consistent with your budgetary c r i t e r i a , in so far as
you want this done
Apart from the re-classification in the enclosure, I have raised
the overall totals of expenditures by $k9.0U.
This correction is explained
as follows:
1. I find I overstated payments to Dr. Kincaid by $0.01.
I guess
we owe him that penny!
2. I understated travel by $75.30.
This is due to the fact that
a supplementary b i l l which we received in December ftfom the Bank in New York
was erroneously posted to another account, and we have since corrected
3. In the previous report, the sup- lementary payment of $26.25 to
Miss Bowen was counted twice because we paid her once via the register of
vouchers and again via the payrolls; meanwhile, the l a t t e r check has been
cancelled.
The three adjustments in combination ambunt to $1*9.Olu
Total expenditures, as of Dec. 31, become $31,306.99 instead of
$31,257.95.
The unexpended balance of $320,000 was $288,693.01, and
the unexpended balance of cash receipts (prepayments at Dec. 31) was $32,018.01.
Yours sincerely,
Treasurer
ff
RECEIV
Corrected Report
M. Maroney - 2/8/55
FEBReport of Expenditures
e: DM THE HISISWDY OF THE HISTORY OF THE FEDERAL RESERVE SYSTEM
"*CF THE
FED£RM. RESERVE SYSTSWi
December 31, 195k
I.
Fiscal Periods
6/3O/5U
7/1/5U 12/31M
Totals
...•
8,669.85
10,270.17
18,9UO.O2
Contract payments
E. A. Kincaid
Lester V. Chandler . . .
Adelphia Reporting Bureau
1,333.33
—
—
2,666.66
2,000.00
208.62
3,999.99 a/
2,000.00 b /
208.62
Total contracts . . . .
1,333.33
l+,875.28
6,208.61
Travel and subsistence
957.66
1,378.02
2,335.68 c/
Office Costs of Committee
695.07
Brookings Institution Expenses
and Overhead . . . T . . . . . •
382.73
1,500.00
1,882.73
Total Expenditures
12,O38.6U
19,268.35
31,306.99
RECAPITULATION, l/l/5U~12/31/5U:
I I . Purposes of Expenditure
Unclassified
Princeton Conf.
OBJECTS OF EXPENDITURE —
Salaries
Mildred Adams
Ellen Colt Singer • • • •
Marguerite Burnett . . .
Irma Burstein
Dorothy Bowen . . . . . .
Elizabeth Abolin . . . .
OASI paid by B. I. . . .
Bank payrolls (reimbursed)
Total Salaries
Salaries . .
Contract payments
Travel and subsistence
Office costs of Committee
B. I . Expenses and Overhead
Total Expenditures
a/
b/
c/
d/
.
. . . .
18,882.65
$,999.99
1,939.95
Nov. 195U
Totals
57.37 <J/
18,91+0.02
6,208.61
2,335.68
1,939.95
1,882.73
208.62
1,729.28
1,939.95
1,882.73
6O6.UO
$3O,U3U.6O
$ 872.39
—
$31,306.99
Due to oversight, less than contracted by one cent (we owe Dr. Kincaid one cent).
Includes payment due l/l/55«
Includes $75.30 omitted from previous report.
Solary supplements ($56.25) plus 2%
HONORARY TRUSTEES
TRUSTEES
ROBERT PERKINS BASS
WILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, Vice Chairman
ROBERT D . CALKINS
LEONARD CARMICHAEL
WILFRED L. GOODWYN, JR.
DHN W. HANES
LEWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETTLVON
ROBERT BROOKINGS SMITH
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD
M R S
RQBERT
S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
3H1
sO
.yHUUftO
3H1 NO 3 3 U W "
QC,CI f - Q j J
OFFICERS
ROBERT D . CALKINS
President
6,
MILDRED MARONEY
Treasurer
7 2 2 JACKSON PLACE. N. W.
SHELDON B. AKERS
Feb. 3,
Miss Mildred S. Adams
Committee on the History of the Federal Reserve System
33 Liberty Street
Now York \\$9 New York
Dear Miss Adams:
W. Akers reports a telephone call from Mrs. binger, while
I was cut, to the effect that we had perhaps omitted the cost of the
Princeton conference in connection Yfith the statement of expenditures
which I supplied the other day.
That
far as vouchered
to the extent of
the Bank for the
suggestion is erroneous. The cost is included in so
to us through the end of December.
It is not included
any January vouchers, except the one we received from
month of December,
I explained in my letter, but perhaps did not make wholly
clear, that the cost of conferences is embedded in totals for travel,
office emits and miscellaneous, and in salaries to the extent of supplements
at Princeton.
Also I suggested that I would be glad to rearrange the report
with a view to separation of conference costs from other travel and expenses.
This would not affect the aggregates inrayreport but is a matter of
classification.
If you wish this done as a matter of routine, we should set up
a sub-account for conferences apart from the account for the study proper,
so that in future we do not have to go back to voucher level in order to
analyze the account along those lines.
Please let us know if you wish
that done.
We wish to supply your needs adequately, and if this has not
been done already it is only because this activity is somewhat different
from that which we ana* ordinarily handle
Yours sincerely,
Treasurer .
/
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COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
OF
•»
•
a
—
|
._
.
|
$mm
_,
.U
Report of Expenditures
STUDY OF THE HISTORY OF THE FEDERAL RESERVE SYSTEM
December 3 1 , 195U
c
Objects of Expenditure
B. I . F i s c a l Periods
7/1/5U12/31/5U
//5
6/3 0/51*
Totals
SALLIES
j
Mildred p. Adams •
Ellen Colt Singer
Marguerite Burnett • • • « . . . . .
Irma Bur s t e i n • • • • • • • • • • •
Dorothy Bowen • •
Elizabeth Abolin •
Social Security for above persons
Bank employees ( i n c . OASI)
8 ,669.85
10,296.142
18,966.27
2,666.67
2,000,00
h,000.00
2,000.00
1 ,333.33
14,666.67
6,000.00
TRAVEL
957.66
1,302.72
2,260.38
OFFICE COSTS AND MISCELLANEOUS (See
Schedule A)
L e s s : M i s c . charges a t B . I .
( i n c l u d e d below)
882.35
1,14 68.98
2,351.33
Total salaries
CONTRACT PAYMENTS
E . A. Kincaid
1 ,333.33
J
Lester V. Chandler (advances) ...
Total contra ct payments
-
- 187*28
•
Office Costs of Committee
15.148
-
202.76
/
695.07
1,U53.5O
2,11*8.57
Salary allocations a/
Miscellaneous direct charges
Indirect costs ($1,500 - 58.02)
195.^5
187.28
—
U2.5U
15.I48
1,14*1.98
23/7.9*
202.76
1,1*1*1.98
T otal
382.73
1,500.00
1,882.73
19,219.31
31,257.95
BROOKINGS INSTITUTION EXPENSES AND
OVERHEAD
TOTAL EXPENDITURES
s/
b/
b/
T.
12,038.61].
Dr. Calkins and steno pool
Includes Federal Reserve Bank b i l l i n g for December 1951* ($1*76.1*3)
m
Schedule A
OFFICE COSTS AND MISCELLANEOUS
1/1/5U-6/3O/5U
12/31/$!*
Stationery and office supplies
Telephone
Telegraph
Postage
Freight and express ••••••••••••••••••
Books •••••••••••••••.....
•
Equipment #
Equipment maintenance •••
o
Equipment rental • •
•••••
Entertainment
Trans cript of Princeton meeting
303.00
85.78
10.71
2314.38
151.58
_
15U.O6
—
Totals
882.35
Less Brookings charges (included above)
187.28
Committee expenses • • . ,
695.07
a/
-MM
k.Gk
321*.16
M M
mmmm
?/iM-
28.22
678.1*8
Ui.00
93.25
3.20
208.62
537.38
237.36
29.26
8.70
l$l*.06
28.22
683.12
UwOO
U17.U1
3.20
208.62
1,1*68.98
2,351.33
18.55
8.70
202.76
1,1453.50
Of this amount, $1,939.95 was disbursed by the Federal Reserve Bank
(reimbursed by B. I.) and $208.62 by the Brookings Institution (for
transcript of Princeton meeting).
Totals
2,li48.57 a/
STATUS OF FUNDS
December 3 1 ,
195U
Totals
12/31/&
1/1/5U-6/3O/5U
7/1/5U-12/31/5U
Totals
10,000,00
310,000,00
320,000.00
Expenditures
12,038.614
19,219.31
31,257.95
- 2,038.6)4
290,780,69
288,71^2.05
Receipts
10,000.00
53,325.00
63,325.00
Expenditures
12,038.6)4
19,219.31
31,257.95
- 2,038.61*
3U,1O5.69
32,067.05
GRANTS (ROCKEFELLER FOUNDATION)
Unexpended
Ealanee
CASH STATUS OF GRANTS
Prepayments
(end of period;)
HONORARY TRUSTEES
TRUSTEES
WILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, Vice
ARTHUR STANTON ADAMS
^ANIEL W . BELL
OBERT D . CALKINS
LEONARD CARMICHAEL
ILFRED L. GOODWYN, JR.
JHN W. HANES
LEWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
ROBERT BROOKINGS SMITH
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD
Chairman
RECEIVED
kmns Jitatttwlum
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
OFFICERS
6, ^Bl &-
ROBERT D . CALKINS
President
ITTEEON THE HISTORY
MILDRED MARONEY
Treaturer
7 2 2 JACKSON PUACE. N. W.
ELIZABETH H. WILSON
Secretary
" l RfcS£RV£ SYSTEM
SHELDON B. AKERS
Executive Manager
February 1,
Dr. Mildred 3. Adams
Committee on the History of the Federal Reserve System
33 Liberty Street,
New Yorkfe,New York
Dear Miss Adams:
I am sending you and Dr« Calkins the enclosed statement of
expenditures to the end of December 19£U, supplemented by a statement
of the status of funds on the basis of these expenditures.
As previously explained, I have been uncertain what is the
proper charge to be made for that component of expenses which is
referred to in the budget as "Brookings Institution Expenses and Overhead•»
The terminology is confusing because we customarily make certain direct
charges to specific projects for time sheet reports by Dr. Calkins and the
stenographic pool, and for certain office expenses which are clearly
identifiable with the projects, while overhead charges represent allowance
for indirect costs such as accounting, administrative, and other general
operating expenses (building operation, library operation and so on).
In this case, however, it seems to me probable that the direct
charges which we have made to this project tare an administrative rather
than a substantive connection with the project.
Therefore, I have
tentatively regarded these amounts as items which should be embraced by
the allowance for "Brookings Institution Expenses and Overhead"—that is,
$3,000 per annum*
I hope this is satisfactory.
However, if I have not interpreted
the situation as intended, I hope that you and Dr. Calkins will clarify
what wqs intended*.
Other expenditures in this report are grouped in terms of the
budget classification except with regard to "conference costs".
With
that inclusion, the budget is a mixed classification of objects and
functions of expenditure; in order to recapitulate the cost of conferences,
it would be necessary to pull out parts of travel, office costs, and certain
salary supplements.
If necessary, I can analyze the vouchers with a viow
to re-classification, in so far as vouchers are susceptible to identification
with expenses in the field.
P i ea se let me hear from you if
anything further is needed.
Yours sincerely,
T
Treasurer
Januaiy 2U, 1955
Memorandum
Brookings Expenses and Overhead
After talking with Mr. Woodward by telephone, I called Miss Maroney
Monday, January 24, 1955 to explain that the $3,000 allotted in the budget for
Brookings expenses and. overhead was an arbitrary figure brought up by Dr. Calkins
at the time of budget making. So far as we were aware, it was presented as a
lump figure with no breakdown and no expressed relationship to the contingency
figure of $15,000 or the total budget allotment for the year.
Miss Maroney1s point seemed to be that, as so much of the work of this
Committee is in the field rather than requiring work by the headquarters staff at
Brookings, the charge seemed too large. I reminded her that Brookings is doing
the bookkeeping and providing aid when I am in Washington. She will take up
with Dr. Calkins the matter of proportions and possible breakdown and will try to
arrive at a figure which seems more in line for use in the budget of 1955-56.
*
I told her that the entire budget was presented on the basis of intelligent
guessing, as we had had no experience to go on. She said that no written reply
was necessary.
MA:ib
This memorandum is merely to record the conversation.
TRUSTEES
HONORARY TRUSTEES
VUTTTIJU R Rirr-c ~ •• ----
ROBERT PERKINS BASS
WILLIAM R. BIGGS, Chairman
M R gR O R E R T
HUNTINGTON GILCHRIST, Vice Chairman
ARTHUR STANTON ADAMS
DANIEL W. BELL
'ILFRED L. GOODWYN, JR.
OHNW. HANES
LEWIS WEBSTER JONES
JOHN E. LOCKWOOD
LEVERETT LYON
ROBERT BROOKINGS SMITH
BRQOKINGS
JOHN LEE PRATT
<
ffiTL.*
M~*~Ll+~*+,
TL-~12J~-li^-
(llhfc ffinHJKttHffi
RECEIVED
39JaS>W*tOttm
C~- { *2>
rOMMlTTEE ON THE HISTORY
DONALD B. WOODWARD
W l l i n l 1 1
. _
WALLACE
OFFICERS
6
J@
CT
01
IA W '
7 8 2 JACKSON PLACE. N. W.
UnilA1" T V «
LAURENCE F. WHITTEMORE
HARRY BROOKINGS
T U C
MILDRED MARONEY
Treasurer
ELIZABETH H. WILSON
Secretary
SHELDON B. AKERS
Executive Manager
Or I n t
FEDERAL RESERVE SYSTEM
Miss Mildred Adams
Committee on the History of the Federal Reserve System
33 Liberty Street,
New York l£, New York
Dear Miss Adams:
The statement requested in your letter of December 2 2 will be
ready for you as soon as we receive the bill from the Bank for December,
This hns not reached us; or at any rate it has not yet crossed my desk.
Also,
for overhead which
of operation ended
no budgetary basis
be indicated, with
field.
I have an unresolved problem with respect to the charge
should be made for the period.
*'or the first period
June 30, 195&> *• omitted any such charge as there was
for it and, in all fairness, it did not seem to me to
the bulk of expenditures for the project occurring in the
Meanwhile, our Trustees have indicated in principle that all
project costs should include an allowance for Brookings Institution overhead,
but we have not yet evolved uniform rules for application of this principle.
In some cases, where the projects are conducted largely within the Institution, Dr. Calkins has indicated a charge in ratio to total expenditures, and
in other cases an arbitrary figure.
The budget for the Federal Reserve project, for the current
fiscal year, indicated total expenditures of $5>3,32£—of which $3,000
represented "Brookings esqpenses and overhead,"
The total also included a
contingency figure of $1^,000.
On the basis of the ratio between
$3>000 and $35>325> it appears to me that the overhead charge was probably
intended to be about 8-1/2$ of total actual expenditures.
Do you happen to know whether that was the intention?
Also, was it intended that the overhead allowance should be
inclusive or exclusive of Brookings Institution expenses?
If the former,
which Brookings Institution expenses?
The charges which we have had
here include some salary allocations, mainly from Dr. Calkins and the steno
pool, which I presume though I do not know the facts have a substantive
rather than an administrative connection with the project.
Other charges,
apart from salaries in New York and contract payments, involve travel
and miscellaneous expenses such as supplies, equipment and so on.
Since
these charges are accumulated by objects or nature of expenditure rather
than by the point at which they were incurred, we would have to break them
-2down in order to separate reimbursements to the Bank and the New York staff
for purposes of applying our direct expenses to the provision for overhead*
This can of course be done if necessary. First, however, it seems
to me that we ought to get a clear understanding of what was or is intended to
be done with respect to this whole overhead matter.
Indeed, I do not see how
I can supply an accurate statement of costs to date until this has been done.
I don't believe I ought to proceed solely on my own initiative.
If, as I suspect, it may take some time to work out this problem,
we could of course ignore the overhead charge at this time and pick up the
charge for the entire fiscal year on June 30 next.
This would be perfectly
satisfactory to me, provided it is understood by all the parties that this
item is not included on current statements*
Yours sincerely,
f
Treasurer.
I am enclosing a copy of this letter in case you think it advisable to
submit this problem to Mr. Woodward.
March 23, 1955
To: Miss Adams
From: Mrs. Singer
Bookkeeping
Miss Maroney's suggestion of using our Brookings code number (2705)
and different letters of the alphabet for individual projects within the
Committee's responsibility seems an excellent idea to me. She says this
may be difficult to carry out, "a budget officer's dream" but we certainly
ought to try it. She is the person to whom the difficulties will eventually
come. If she is willing to give it a whirl, we are bound to benefit.
I therefore suggest that you work out with her a code senemeAwhich
might include:
U^vt>- U'
-
0*14
General Expenses
(costs relating to project
as a whole, i.e. salaries,
office, travel)
(A)
Kincaid-Glass Project
(includes Cluett)
(B)
Chandler-Strong Project
(C)
Burnett-Archives Project
(should this be only Miss
Burnett's salary or should
it include any travel expenses
she may have?) *•
(D)
McKinstry-Bibliography Project
(E)
Miscellaneous
(Abolin, Bulla, etc.)
(F)
First Princeton Conf.
(G)
Second Princeton Conf.
(H)
Group Interviews-Dr. Stewart
(I)
Paper Chase ,(/
(J)
TO: Miss Adams
February 24, 1955
FROM: Mrs. Singer
SUBJECT: Bookkkeeping
Since I do not understand bookeeping, my suggestions may not be
appropriate. I certainly do not wish to propose anything which will make
the bookkeeping more difficult.
If Miss Maroney could explain just what items in our budget fall under
the three expenditure code bases she mentions, it would be most helpful to
me.
Each project, such as the Kincaid or Chandler work, should certainly be
identified. Perhaps when someone is p&id by the week, as is Miss Burnett,
it is difficult to consider her as working under contract. But it would
be easier for us to reconcile expenses with the target budget if she, and
any future people working under that arrangement, were considered under
the same heading as the other "projects".
In view of your recommendation to the Executive Committee at their
recent meeting, I think it would be useful to have all money spent on the
"paper chase" isolated as far as possible. Of course, most of this would
come under individual projects and be identified easily as that. But there
are smaller expenditures (such as the postage paid by the National Records
Management Council) which might be lost under office expenses. If a
separate appropriation is made in the budget for FY 1955/56 for the paper
chase, we should keep trac^of these small items. Another new project is
the Dr. Stewart-gooup interview. We should keep traci( of all expenses
connected with that in view of the fact that $500 was appropriated by the
Executive Committee at their meeting on December 28, 1954- especially for
this project.
If these suggestions seem too complicated, they can be carried out here
in this office for our own information.
UuJa '
'
December 14, 1954
To: Miss Adams
From: Mrs. Singer
Subject: Budget
Our fiscal position is good. On the sheet I gave you this morning, all
figures are final except for November where I had to estimate since we do not
have the Bank's bill. July, when the Ediphone was bought, is the only
month in which we overstepped our budget.
The costs of the Princeton meeting are not figured as office costs as I
considered them to fall more properly under Contingencies. The cost of the
Princeton conference was $1180.77 (this figure includes your travel costs to
Princeton which I shall eventually charge to travel in November). I have
also considered Miss Bulla1s fee as coming under Contracts, though if you
wished to do so, we could absorb it under Office Costs.
Should we need more money, we might consider charging Miss McKinstiy1s
salary to Contracts. Apart from giving us more (office money", this plan
might enable you to arrange for Miss McKinstry to do the annotated bibliography and receive the credit for it. I am sure it could be done while
still maintaining the loan arrangement with the New York Bank. Miss McKinstry,
I am sure, would not consider becoming any kind of an employee of Brookings
nor would Miss Maroney welcome new tax arrangements.
According to my estimate we were, as of the first of December, $766.15
to the good. Since August first, our office costs have been hovering close
to |l600, and even the increased expense of the new offices and (I hope) a
much higher travel bill from you, should not put us into the red. Our
budget, which allows us $2,119 per month for the office, gives us the funds
to consider hiring a typist to do some copying. I think we could use
some typing assistance. For instance, there are the Carter Glass Indexes
which need to be done, the copying of bibliography cards, the constant
addition of new cards to our persons file, and various typing jobs which
come up in the course of the work and which I would like to delegate to
someone else in order to free Miss Burstein and myself for the less routine
work.
SCHEDULE
of S«p»
(1)
(2)
Th« BrxK&ins* I n s t i t u t i o n
)
Cowalttws for t h e History vf the F . R, s*)
L«ator
?« Chanel La r^ Princeton, Wew Jersey
under ParaRrft-
Fiscal
20,
K
Jan.
1, 1955
Jointly
Paragraph I4
P«raonal Compensation)
$1,000*00
1*000*00
1,000*00
S«p. 20, 1955
>000^00
0
Jan.
1 , 1954
May
X, 1954
JuBtt
1 , 1956
1.000*00
,OOG.OO
x*
T©U1, 1955-56
2,000*00
1956^7
. 1 # 1956
, 000*00
* X, 1956
0
1. 000, .00
Mar. X. 1*5?
0
500, .00
T o t a l , 1956-57
GRAND TOTALS
AsyWi^
500, ,00
7*000
000, ,00
S u b l e t to re tarn of unexpended fumd* on J^ae 30, 1957
P. h,
Tax Guide
Circular ...
respondence with
aria the Social Sec
4k
of actioi
toi
not alv*
tists. veterinarians, construction contractors, public stenographers, and
others who follow an independent
trade, business, or profession in which
they offer their services to the public
are not employees.
If the relationship of cm
employee exists, the description
relationship by the parties as anything
other than that of pmpioyer and employee is immaterial. The*, it is of
no codseauertct that the employee is
designated as * partner, coadvenftter, agent, of independent contractwti The maMWiirnit, method, or
designation of co»|wrm«hitm is also
immaterial. Abo, H does not mmtvt
WfaetW the mdwidmA is cmp4of#i foil
or part iix&tk
No distinction i# made between
classes »f employ eea. Superintend
exits, managers, and other superior employees ar» employees. Generally, an
officer of a corporation is an employee
but b director in his c«paoky as such is
not aut employee. However, an officer who does not perform any services
or performs wtiy minor sermss and
«rb& neitJber receives nor is «ntitl«d to
receive any compensation is m* oott" to he m employ**.
*«** 4
Jan . 195U ,
Bureau of Internal Revenue
Whether the relationship of emdnd employee exists under the
usual common law rales will be determined in doubtful cases upon an examination of the particular facts ol
each case.
B. Other Statutory Provisions.—For
F.I.C.A. taxes the term "employee"
also means any individual who per*
forms services for remuneration under
uions stated in the last paragraph of this sectioM—
(a) as an agent-driver or commission-driver engaged in distributing
meal products, vegetable product**,
fruit products, bakery products, beverages (other than milk), or laundry or
dry-cleaning services, for his principal;
(b) as a full-time life insurance
avlsjfnwn;
as a home worker performing
work, according to specifications lurmshed by the person for whom the
services are performed, on materials
or goods furnished by toch person
which are required to be returned ta
. person or a person designated hf
him, if Use performance ol such servsubject to Uetottag require*
meats under the laws of toe State in
which such services are performed; m
id) as a traveling or city salesman,
other than as an agent-driver or com*
mission-driver, engaged upon a full*
time basis in the adkcitatioa oa belmlf
of, and the transmission to, his principal (except for sideline «*ie» activities
on behalf of some other person) of
orders from wholesalers, retailers, contractors, or operators of hotels, restaurants, at other ftmil«r trtabbahotaots
for merchaivdiae for resale or soppfa—
iat use in tkak basineas operations.
Any individual who is witkin any
one of the** categories is «a employee
for F.i.CA. taxes if tlbe <epafcfct of
service contemplates that substantially
all of such services are to be performed
person&Uy by such individual; eseefpt
that an individual shall not be included
in the tertn "employee'* under these
provisions U such individual has a sub*
stemiai invesfenent in facilities used in
connection with the performance of
•«idft services (oilier than in facilities
im transportation), or if the services
COPT (letter to Rockefeller Foundation from Dr. CfOklns, 6/15/54)
ESTIMATED BUDGET
July 1, 1954 to June 30, 1955
J
une 15, 1954
ANNUAL SALARIES:
Executive Director (Miss Adams)
Research Assistant (l/2 time - McKinstry)
Secretarial and typing aid
I 10,074
3,430
7.884.
$ 21,388
OPFICE COSTS:
Supplies
Telephone
Equipment - cost and rental
TRAVEL COSTS
BROOKINGS EXPENSES & OVERHEAD CHARGES
600
4.00
1.000
2,000
3,000
3,000
BUDGET ESTIMATES
Funds
Project
Title
Director
Period
EXPENDITURES
Staff salaries —include vacations (11/'), TIAA'
(•6#tT OASI {2f0 or
Secretarial & Clerical (allocation)
Advisory Committee
Editor (allocation)
Total salaries
Consultants
Contracts
Travel
Miscellaneous —special supplies, longdistance
calls, postage, special books, etc
Subtotals
Allowance for Overhead,
Administrative staff (officers and supervisory); service staff (library, accounting,
household, messenger, receptionist, etc.);
building employees; utilities; maintenance
and depreciation, general supplies and
equipment.
Contingencies
Printing ($12 to $25 per page)
http://fraser.stlouisfed.org/
Federal Reserve Bank TOTAL
of St. Louis
EXPENDITURES .
1954-55
1955-56
1956-57
Totals
@FedFRASER