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8-148 BOARD O F G O V E R N O R S 383 OF THE FEDERAL RESERVE SYSTEM WASHINGTON A D D R E i * OFFICIAL C O R R E S P O N D E N C E TO THE BOARD March 6 , 1939. Dear S i r : The Board's l e t t e r of October 2 0 , 1932 ( X - 7 2 7 6 ) , r e q u e s t e d t h a t funds c o n t r i b u t e d by t h e Reserve bank t o t h e Federal Reserve c l u b or s o c i e t y be accounted f o r s e p a r a t e l y from funds c o n t r i b u t e d t o t h e club by employees and t h a t a s t a t e m e n t be s e n t t o the Board a t the end of each y e a r showing t h e purposes f o r which t h e funds c o n t r i b u t e d by t h e Reserve bank were expended# This m a t t e r has r e c e n t l y been r e v i e w e d , and y o u a r e a d v i s e d t h a t t h e annual r e p o r t s h e r e t o f o r e submitted i n accordance w i t h t h e Board's l e t t e r of October 20, 1932, may be d i s c o n t i n u e d . The Board's examiners w i l l , however, be e x p e c t e d t o r e v i e w e x p e n d i t u r e s of funds c o n t r i b u t e d t o F e d e r a l Reserve c l u b s tjy t h e Reserve banks. Very t r u l y y o u r s , L. P • Bethea, Assistant Secretary. TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS
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