The fiscal year

The financial year of the Institute begins on May first, at which time the annual accounts are closed, and the balance sheet prepared for presentation to the Board of Directors and the membership generally through the annual meeting on May 21, 1907. At this time the bills of the members are presented, and if promptly paid, much time and trouble will be saved in the accounting department. It is the universal practice of voluntary organizations to require payment in advance, and where this is the rule it should be complied with. Every member should appreciate the value of system, and it is noticeable that a large number pay all their current bills about the first of each month. There are others, however, who appear to file them away so successfully that they are lost sight of altogether, and they may be paid upon receipt of a statement some months later. This is not a serious matter so far as the treasury is concerned, but eventually when desk-clearing becomes urgent the original bill is resurrected and a second payment is occasionally made. To avoid cancellation, this second check is placed to the member's account as an advance payment. There are now over five thousand accounts upon the Institute's ledger, and it is therefore important that every one should do his part toward lightening this work as much as possible. Many students have been lax in meeting their payments, and have expressed their dissatisfaction because their names have been dropped from the list. It should be understood by all, that successful business management cannot be expected unless proper attention is given to the smallest financial details. Those members who wish to avoid the annoyance of receipt and payment of annual bills may compound their dues by making a single payment of two hundred dollars. There is now no question about a life membership being a good investment, especially to Members who pay an annual subscription of fifteen dollars. The equity of the Institute in the Engineers' Building is about $500,000, and this investment in itself gives an assurance of permanency which has not previously existed.