REPORT OF THE WINDING UP OF THE INTERCHURCH WORLD MOVEMENT OF NORTH AMERICA, INC. SUBMITTED BY THE BUSINESS MEN’S COMMITTEE REPORT ON THE WINDING UP OF THE INTERCHURCH WORLD MOVEMENT OP NORTH AMERICA, INC., SUBMITTED BY THE BUSINESS MEN’S COMMITTEE When the General Committee of the Interchurch World Movement of North America met on June 18, 1920 and considered the financial situ- ation confronting the organization at that juncture, it was decided that a group of business men should be ashed to give the problem careful study and bring in a report at a subsequent meeting. For this purpose the fol- lowing gentlemen were appointed to act as a Business Men’s Committee: Raymond B. Fosdick, Trevor Arnett, Fleming H. Revell, George Innes, George Wellwood Murray and James M. Speers. Mr. Speers was elected Chairman. After a thorough consideration of the situation, this Committee reported to the General Committee on June 28, 1920 that the liabilities of the Movement far exceeded its assets, that the expenses of the Continu- ation Financial Campaign then under way were much greater than the amount of the receipts, and that no funds were available with which to continue operations. The Committee, accordingly, recommended an im- mediate cessation of activities. This recommendation was adopted by the General Committee and the matter of liquidation was left in the hands of a Sub-committee of the Business Men’s Committee composed of Messrs. James M. Speers and Raymond B. Fosdick.* The whole force accordingly was at once demobilized but a certain necessary group was immediately re- engaged to carry on liquidation operations. The financial situation which confronted the Business Men’s Committee was briefly as follows : Liabilities. Notes Payable Leases — Greenhut Bldg, and other Premises Accounts Payable Salaries and discontinuance allowances which would have to be paid to effect an immediate cessation of activities $7,466,864.00 5,062,369.00 271,220.00 100,000.00 $12,900,453.00 *The General Committee, at its meeting on April 8th, 1921, placed the final winding-up of the affairs of the Movement in the hands of a committee of three (Messrs. Speers, Fos- dick and Arnett) with power to complete the liquidation of the organization and to take such legal steps as might be necessary to secure the final discharge and dissolution of the Interchurch World Movement. 3 Assets. Underwritings given by the Churches which were borrowed against $6,561,261.73 Cash 132,037.50 Accounts Receivable 110,118.05 U. S. Gov’t. & Victory Bonds 2,850.00 Equipment, Supplies, etc 275,000.00 Pledge of Mr. John D. Rockefeller, Jr., towards expenses of Continuation Campaign 250,000.00 7,331,267.28 EXCESS OF KNOWN LIABILITIES OVER KNOWN ASSETS $5,569,185.72 From the foregoing it will be noted that the Business Men’s Committee was faced with the ominous fact that the known liabilities of the Movement exceeded the assets that could be considered available by upwards of five and a half million dollars. Even some of these assets were in part prob- lematical, particularly the large item covered by underwritings ($6,561,- 261.73) which had been given by 61 denominations and institutions and which had been used bv the Movement as the security basis for its loans at the banks. There were those among the banking group who without full realization of the sense of loyalty and honor which lay behind obli- gations undertaken by the churches, expressed grave doubts as to the collectibility of these underwritings. These doubts, as this report indicates, were without foundation. Some of the pledges made by Friendly Citizens through the Financial Campaign were of uncertain value as a result of the cessation of activities, while in some instances underwritings given by church bodies and others, but not borrowed against, were in no sense a legal obligation. These several items, accordingly, could not properly be included in a list of assets in the strict sense of the term. Confronted with a deficit running into these large figures, the Business Men’s Committee decided to pursue a course of action having in mind particularly the following major objectives: (1) To co-operate with the Bankers Trust Company in an endeavor to secure payment of the Underwritings Borrowed Against, thereby liquidating the bank loans. (2) To dispose of the several leasehold obligations (particularly the ten year lease on the Greenhut Building), by sub-letting the premises involved or by arrang- ing an appropriate adjustment with the owners. (3) To call the attention of the underwriters, whose underwritings were not borrowed against, to the existing condition, emphasizing how vital it was, both on grounds of principle and of policy, that Protestant Christianity should maintain its moral credit and urging that they take under serious consideration the matter of making payments against these underwritings as though they were a legal obliga- tion. 4 (4) In like manner also to urge the same consideration upon the subscribers through the Financial Campaign in the hope that many of them would feel impelled to meet their subscriptions despite the change in the Movement’s outlook. (5) To discover the unrecorded assets of the Movement and to develop these— as well as the recorded assets — to the point of financial realization; conversely, to determine and liquidate the general liabilities of the Movement. (6) To conserve, and if possible to complete and keep up to date, the exceed- ingly valuable survey material, as well as all other data of informational value to the Churches, and to arrange temporarily for the continuation — under appropriate auspices — of various Interchurch activities, the immediate cancellation of which would be a distinct and emphatic loss to the Church as a whole. The Business Men’s Committee, accordingly, begs to report in respect of the foregoing, as follows : 1. Underwritings Borrowed Against and Bankers Trust Company Loans. It is with particular gratification that we report a total of $6,545,- 734.73 paid in respect of the underwritings made bv Church organiza- tions borrowed against which amounted to $6,561,261.73. A balance of $15,527 is still due the Bankers Trust Company by three guarantors. Two of these have already made payments on account and the Committee con- fidently hopes that, before lone 1 , the remaining balance will be liquidated. (See Exhibit A.) 2. Greenhut Building and Other Leasehold Obligations. Almost immediately subsequent to the time when the Business Men’s Committee assumed direction of the liquidation operations, the real estate market in New York City fell and it was found utterly impossible to dispose of the Greenhut Building lease or to sub-let more than a very small portion of the space. The rent was accordingly paid until Janu- ary, 1921, when after protracted negotiations, which threatened at times to lead to a law suit, a cancellation of the entire lease was effected for the sum of $750,000. In considering this figure it should be remembered that the owners of the building had made alterations and repairs at an expense of approximately $500,000, part of which would not have been demanded if they had leased the building, as they had opportunity of doing, to regular commercial concerns. As this $750,000 had to be paid in cash, the Business Men’s Committee was obliged to borrow $700,000 from a New York bank. Receipts secured through realization on the assets of the Movement, together with various contributions, enabled the Committee to reduce this loan by $297,000. A few weeks ago Mr. John D. Rockefeller, Jr., made a contribution of $403,000 to the Interchurch 5 World Movement which made it possible for the Committee to pay off this obligation in full. Certain of the other premises under lease by the Movement (includ- ing various state offices) were sub-let, but in most cases it was necessary to pay rent until the leases expired. (See Exhibit B.) 3. Underwritings Not Borrowed Against. As will be noted from Exhibit C, $1,138,277.45 has been paid to date against a total of $1,617,909.95 underwritten. It is exceedingly unlikely that any further sums will be forthcoming in respect of the Underwritings Not Borrowed Against. When it is remembered, however, that failure to use these guarantees as collateral at the bank divested them of any legal significance, and the underwriters accordingly were subject to a moral obligation solely, the results set forth are a high tribute to the fine sense of honor of the organizations who voluntarily, and in several instances sacrificially, saw fit to meet these underwritings. It should be mentioned here that in order to meet a critical banking emergency at an important juncture in the life of the Movement, Mr. John D. Rockefeller, Jr., signed an underwriting for a million dollars. It was not, however, found necessary to use this underwriting at the time, and failure to use it when, and as, it was intended it should be used, entirely relieved Mr. Rockefeller from any legal obligation to pay it. Nevertheless, in order to meet the critical situation with which the Business Men’s Committee found itself confronted, Mr. Rockefeller promptly paid the underwriting in full. 4. Financial Campaign Subscriptions. Immediately after assuming charge of the liquidation operations, the Business Men’s Committee addressed an urgent appeal to the subscribers under the Friendly Citizens Campaign urging them to stand by their pledges and thereby assist the Committee in its efforts to adjust the obli- gations of the Movement in a manner that would redound to the credit of Protestant Christianity. This appeal elicited a particularly generous response, approximately $200,000 being received. A difficulty encountered bv the Committee in its efforts to collect subscriptions was the Local Treasurer, of whom there were more than 6,000 throughout the country. In an endeavor to stimulate the local consciousness, doubtless, the Inter- church executives had decided to leave the collection of pledges in the hands of local appointees rather than centralize the control at head- quarters. Even under the best of circumstances such an arrangement would have given much opportunity for inaccuracy and misunderstanding, but in the case of an undertaking such as this, so broadly conceived and 6 so hastily planned, conditions bordering on the chaotic were bound to develop. In numerous instances monies collected against Interchurch pledges were forwarded by these local treasurers to denominational head- quarters or, due to a vague conception of the significance of the Movement, were used for local purposes. Furthermore, many local treasurers were discovered whose appointments were not made from, and accordingly were not on record at, headquarters and it can be assumed that others whose identity has not been discovered are in possession of Interchurch funds. In the face of such unhappy circumstances, the Business Men’s Committee has done its best to collect all contributions properly belonging to the Movement, and it is glad to be able to report that the result achieved is far beyond what was anticipated by even the most sanguine in June, 1920. 5. Winding Up the Movement. a. Statement of Assets and Liabilities. Due to the fact that no one formerly connected with the Movement was able to furnish the Business Men’s Committee with a statement of the Assets and Liabilities of the Movement, or even an inventory of its equip- ment and stock, some little time ensued before it was possible to compile a full and accurate statement of the Movement’s financial condition. However, a statement of receipts and disbursements for the period from the beginning of the Movement to October 31, 1923, bearing the certifi- cation of Messrs. Patterson, Teele and Dennis, is submitted as Exhibit D herewith. b. Equipment and Supplies. A very large stock of office equipment (desks, typewriters, and so forth), as well as a vast stock of miscellaneous supplies (embracing paper purchased for use by the publishing department and general office ac- cessories), was on hand. This, unfortunately, had to be liquidated on a falling market. c. Motion Pictures. Two groups were abroad in Africa and Asia securing motion pictures when activities ceased in June, 1920. When these returned some months later the films secured had to be marketed, but only a fraction of the outlay was recovered. d. Program Fund Campaign. The Second or Program Fund Financial Campaign, which was con- ducted during May and June, 1920 with the object of raising funds for the continuation of the Movement, resulted in an amount of $85,456.62 7 being subscribed, of which amount $68,788.89 was paid. It was definitely stipulated that the funds contributed through the medium of this cam- paign were to be used only in carrying forward the regular work of the Movement and therefore, in view of the subsequent change in circumstances, an appeal was addressed to the subscribers requesting permission to use these funds in the adjustment of the general financial obligations. As a result of this appeal certain subscribers who had made payments totaling $8,787.66 on their subscriptions instructed that their payments be returned to them, while certain other subscribers who had made payments totaling $7,600.66 instructed that the money they had paid should be used in carrying forward the magazine Everyland. These instructions were duly carried out. This left a balance of $52,400.57 which inured to the benefit of the Movement. e. Liabilities. Every account submitted for payment which has been found in order has been duly paid and there are now no liabilities outstanding of which the Committee is aware. It has been thought advisable, however, to set aside a special fund amounting approximately to $2,500 for the purpose of meeting any bills that may be submitted subsequent to the present time. 6. Closing Out of Activities. When it commenced liquidation the Committee found a vast organi- zation and very immediate and drastic steps had to be taken to carry out the instructions of the General Committee. Extreme care was exercised, however, to avoid the immediate cancellation of any activity of vital signifi- cance to the Churches and every effort was made to secure appropriate sponsorship for all such. As will be seen from the subsequent paragraphs, satisfactory provision was made in that connection. The activities of the Movement were divided into four groups, namely : a. Administrative Group. b. Survey Group. c. Educational Group. d. Promulgation Group. a. Administrative Group. The Administrative Group was entirely demobilized and its essential functions were carried on by those in charge of the liquidation operations. b. Survey Group. The Survey Group was also discontinued, but the Business Men’s Committee found that they had on hand a great deal of survey material which in its undeveloped state was of little value to the Churches. They 8 were, however, successful in interesting a group of men in the situation with the result that an organization known as The Committee on Social and Religious Surveys was formed to carry these surveys to a point where they would be of substantial value to the Churches. In the spring of 1922, pursuant to the instructions of the General Committee of the Interchurch World Movement, set forth at its meeting on April 8, 1921, the Committee on Social and Religious Surveys transferred the schedules and other data taken over from the Interchurch World Movement to the following organi- zations : The Foreign Mission survey material to the Foreign Missions Con- ference of North America. The Home Mission survey material to the Home Missions Council. Certain survey material, lists of names, etc., to the Council of Women for Home Missions and the Federation of Women’s Boards of Foreign Missions. The American educational survey material to the Sunday School Council of Evangelical Denominations and the International Sun- day School Association jointly. Certain items of survey material to the Federal Council of the Churches of Christ in America. Certain maps, charts, photographs, etc., which are not an essential part of the survey material, to the Missionary Education Move- ment which will retain them only so long as it is continued in appropriate relationship to the mission boards and to the other interdenominational organizations and to the Federal Council. c. Educational Group. The activities of the six departments of the Educational Group were discontinued as of June 28, 1920 w T ith the exception of the Missionary Educa- tion Department which was carried on with the least necessary impairment until December 31, 1920 when its activities were resumed by the Board of Directors of the Missionary Education Movement. It gave the Business Men’s Committee peculiar satisfaction to turn back to the Directors of the Missionary Education Movement, clear of debt and with a large and val- uable stock in hand, an undertaking which the Interchurch World Move- ment had taken over less than two years previously heavily encumbered and in a rather unsatisfactory condition generally. d. Promulgation Group. The activities of the Promulgation Group were discontinued with the exceptions noted hereunder: 9 World Outlook. The magazine World Outlook was transferred to Mr. and Mrs. John H. Watkins in August, 1920, and about October 1st was consolidated with the Christian Herald. It is with special gratification that we make note of the fact that the Christian Herald undertook to fulfill the World Outlook subscription obligations and that no dissatisfaction has developed as a result. Everyland. After exceedingly lengthy negotiations the children’s magazine Every- land, which was discontinued with the July, 1920 issue, was resumed under the direction of the Central Committee on the United Study of Foreign Missions in November, 1921. The Business Men’s Committee turned over the sum of $10,100.66 to this organization on November 1, 1921. This sum represented a subsidy of $2,500 given on condition that the Central Committee on the United Study of Foreign Missions assume all subscrip- tions and other obligations of the Interchurch World Movement in Every- land, and an amount of $7,600.66 contributed by members of the Women’s Hundred Dollar League under the Program Fund Campaign, but designated in favor of this beneficiary. The Business Men’s Committee is glad to report that a valuable magazine is now being issued which admirably meets the needs of the juvenile constituency. To Summarize. The demobilization of the organization has been completed. All known assets have been collected, with the exceptions hereinbefore noted, and due provision has been made for the liquidation of these items. All known liabilities, apart from the bank loans already referred to, have been dis- charged and a small reserve set aside to meet any claims that may be substantiated in the future. The bank loans have been reduced to $15,527.00 and will be wiped out in due season by receipts which it is confidently believed will eventuate. The Business Men’s Committee, accordingly, has taken the legal steps necessary for the final discharge and dissolution of the corporation and this will be effected within a short time. The Business Men’s Committee, therefore, feels that the task entrusted to it has been completed. We cannot close this report without an expression of appreciation of the services rendered by Mr. A. W. Armour, whom the Committee ap- pointed in 1920 as its executive officer, and upon whom has rested the detail work of carrying out the Committee’s plan. It is in no small measure due to his resourcefulness, his tact, and his ability to deal with difficult 10 and unusual situations that the Committee is able to report the successful completion of the task committed to it. (Signed) James M. Speers, Chairman, “ Raymond B. Fosdick. “ Trevor Arnett. 11 EXHIBIT A. UNDERWRITINGS BORROWED AGAINST October 31st, 1923 Amount of Payments Balance Guarantors Guarantee Made Due General Baptists Board of Trustees of General Association. $ 17,000.00 $ 17,000.00 None Northern Baptists Convention General Board of Promotion 2,500,000.00 2,500,000.00 “ United Brethren in Christ Board of Administration 30,500.00 30,500.00 Church Erection Society 10,000.00 10,000.00 Foreign Missionary Society 20.000.00 20,000.00 Home Missionary Society 15,000.00 15,000.00 (( General Sunday School Board 2,275.00 2,275.00 (( Five Year Meeting of the Society of Friends 2,000.00 2,000.00 “ Congregational Education Society 66,000.00 66,000.00 American Board of Commissioners for Foreign Missions 36,000.00 36,000.00 Board of Ministerial Relief 4,000.00 4,000.00 “ Building Society 16,000.00 16,000.00 a Home Missionary Society 18,000.00 18,000.00 a Sunday School Extension Society 2,000.00 2,000.00 a American Missionary Association 18,000.00 18,000.00 it The Disciples of Christ Board of Education 300,000.00 300,000.00 tt American Christian Missionary Society.. 50,000.00 50,000.00 a A. C. M. S. Bible School Department.... 9,866.55 9,866.55 a Board of Church Extension of American Christian Missionary Society 50,000.00 50,000.00 tt Board of Ministerial Relief 16,666.00 16,666.00 it Christian Woman's Board of Missions... 100,000.00 100,000.00 tt Foreign Christian Missionary Society.... 100,000.00 100,000.00 it Methodist Episcopal Church Board of Conference Claimants 10,000.00 10,000.00 “ Board of Home Missions and Church Extension 200,000.00 200,000.00 it Board of Foreign Missions 1,050,000.00 1,050,000.00 ft Board of Trustees of the Aldrich Home, Grand Rapids, Mich 1,315.78 1,315.78 tt Colorado Seminary — The University of Denver 3,750.00 3,750.00 tt 12 Guarantors Executive Committee of New England Deaconess Association Illinois Woman’s College, The, Jackson- ville, 111 Preachers’ Aid Society Wisconsin Deaconess Hospital, Green Bay, Wis. Woman’s Home Missionary Society.... Methodist Protestant Church Board of Education $ Board of Young Peoples’ Work Woman’s Foreign Missionary Society ... . Woman’s Home Missionary Society Board of Foreign Missions Board of Home Missions Reformed Presbyterian Church in North America Board of Trustees of Geneva College.... Presbyterian Church in the U. S. Executive Committee of Christian Educa- tion and Ministerial Relief Presbyterian Church in the U. S. A. General Assembly United Presbyterian Church Board of Church Extension Board of Education Board of Foreign Missions Board of Freedman’s Missions Monmouth College Board of Trustees of Muskingum College United Presbyterian Theological Seminary -of Xenia, Ohio Woman’s Association of North America.. Women’s General Missionary Society Reformed Church in the U. S. Forward Movement Reformed Church in America Board of Domestic Missions Board of Foreign Missions Woman’s Board of Domestic Missions.. African M. E. Zion Church German Evangelical Synod of North America Amount of Guarantee Payments Made Balance Due 26,000.00 26,000.00 None 1.250.00 6.250.00 1.250.00 6.250.00 “ 5,000.00 30,000.00 None 30,000.00 $5,000.00 None 20,332.00 660.00 3.550.00 4.150.00 4.950.00 4,950.00 $ 20,332.00 660.00 3.550.00 413.00 4.950.00 4,950.00 $3,737.00 None 18,000.00 18,000.00 “ 5,000.00 5,000.00 it 1,000,000.00 1,000,000.00 (f 31,225.90 8.516.00 168,000.00 50,000.00 13.695.00 25.720.00 31,225.90 8,516.00 168,000.00 50,000.00 13.695.00 25.720.00 « 4.188.00 10.130.00 22.773.00 4,188,00 10,130 00 22,773.00 “ 209,948.50 209,948.50 “ 10.000.00 25,000.00 5,000.00 10,000.00 25,000.00 5,000.00 It 10,600.00 3,810.00 6,790.00 50,000.00 50,000.00 None 13 Guarantors The Brethren Church Amount of Guarantee Payments Made Balance Due General Mission Board 31,500.00 General Sunday School Board 2,000.00 General Education Board 100,000.00 31,500.00 2,000.00 100,000.00 None Miscellaneous Old Folks and Orphan Mexico, Indiana Trustees of the M. J. Home Children’s Home, 2,000.00 Clark Memorial 2,500.00 2,000.00 2,500.00 “ Total. $6,561,261.73 $6,545,734.73 $15,527.00 EXHIBIT B. MEMORANDUM SHOWING LEASEHOLD OBLIGATIONS OUTSTANDING AS AT JUNE 28th, 1920 Amount of Rent Unexpired Period of Annual for Unexpired Premises Lease Rental Period of Lease Greenhut Building, Lease No. 1 9 years ; 7 months $340,000 $3,258,331 “ “ 2 4 “ 7 16,000 73,331 “ “ 3 0 “ 7 70,000 40,831 9 “ 0 80,000 720,000 “ « 4 9 “ 5 100,000 941,665 $5,034,158 894 Broadway, 7 months 22.000 12,833 111 Fifth Avenue, 7 10,000 5,831 160 Fifth Avenue, 10 5,000 4,166 10 South La Salle St., Chicago, 111. 10 3,330 2,775 500 South State St., Chicago, 111. 7 3.000 1,750 Cangelosi Bldg., Baton Rouge, La. 720 390 1530 Munsey Bldg., Baltimore, Md. 7 800 466 $5,062,369 15 EXHIBIT C. UNDERWRITINGS NOT BORROWED AGAINST Status as of October 31st, 1923 Amount of Payments Allowances Amount Guarantors Guarantee Made Agreed Upon Unpaid Baptists Board of Commissioners of the the National Baptist Conv.. $195,400.00 $195,400.00 The Brethren Church Ashland College 3,750.00 3,750.00 General Educational 6,250.00 6,250.00 United Brethren in Christ Board of Education 42,275.00 $3,000.00 4,000.00 $39,275.00 12,000.00 Bonebrake Theological Sem.... The Christian Church 16,000.00 Executive Board of the Amer. Christian Conv 32.199.95 32,199.95 Evangelical Association Evangelical Hosp. & Deaconess Assoc, of So. Illinois Missionary Society of the 1,000.00 1,000.00 Evangelical Association 13,450.00 13,450.00 Five Year Meeting of the Friends in America 50,000.00 15,500.00 34,500.00 Methodist Episcopal Church Arizona Deaconess Hospital and Home 2,500.00 2,500.00 Epworth League Executive Comm, of the Board 5,000.00 5,000.00 of Trustees of Albion College 12,500.00 12,500.00 Freedman’s Aid Society 33,750.00 33,750.00 Gooding College 10,000.00 10,000.00 Graham Protestant Hospital.. . 10,000.00 10,000.00 West Virginia Wesleyan College 10,000.00 10,000.00 Montana Wesleyan College.... Methodist Protestant Church 5,000.00 5,000.00 Board of Managers for the Home for the Aged 330.00 330.00 Reformed Presbyterian Church in North America Board of Foreign Missions 8,750.00 8,750.00 United Presbyterian Church North America Board of Ministerial Relief.. .. Bd. of Trustees of Sterling 42,500.00 21,250.00 21,250.00 College (Cooper College)... 6,588.00 3,294.00 3,294.00 Amount of Payments Allowances Guarantors Bd. of Trustees of Westmin- Guarantee Made Agreed Upon inster College 10,907.00 5,453.50 5,453.50 Monmouth College 11.260.00 5,630.00 5,630.00 Muskingum College 43,760.00 21,880.00 21,880.00 Tarkio College Reformed Church in America Board of Publication and Bible 14,240.00 7,120.00 7,120.00 School Work 500.00 500.00 Miscellaneous John D. Rockefeller, Jr Association of Commerce, Bloomington, 111 1,000,000.00 30,000.00 1,000,000.00 Amount Unpaid 30,000.00 $1,617,909.95 $1,138,277.45 $150,402.50 $329,230.00 EXHIBIT D. INTERCHURCH WORLD MOVEMENT OF NORTH AMERICA CONDENSED CONSOLIDATED SUMMARY OF RECEIPTS AND EXPENDI- TURES FOR THE PERIOD FROM THE BEGINNING OF THE MOVEMENT (1919) TO OCTOBER 31, 1923 INCLUSIVE Receipts - Contributions : United Simultaneous Campaign — Friendly Citizens $1,349,265.77 Program Fund Campaign and Expense Budget Donations.. 743,517.89 Underwritings not borrowed against 1,138,277.45 $ 3,231,061.11 Underwritings collected as reported by Bankers Trust Co., New York 6,545,734.73 Sales of Equipment, Periodicals, etc. and Sundry Credits.... 844,168.71 Money borrowed on Notes Payable guaranteed by Under- writers and still due from Underwriters 15,527.00 $10,636,491.55 Expenditures General and Administration Expenditures : Rent and Light (including cancellation of lease) $1,288,905.57 Interest and Discount 311,791.30 Storage and Forwarding Department 133,081.55 Other Expenditures 764,059.51 $2,497,83 7.93 Educational Group Expenditures Survey Group Expenditures Promulgation Group Expenditures Expenditures in respect of Financial Campaigns Other expenditures not allocated as above, for Equipment, Organizing and Operating in 1919, and other matters Sundry Advances, etc. not recovered 289.307.98 2,271,592.78 2,465,375.28 1,977,074.21 1,083,230.58 49,524.51 $10,633,943.27 Balance — Cash at Bankers Trust Company, New York $ 2,548.28 We It ave audited the books and accounts of the Interchurch World Movement of North America maintained in the Secretary-Treasurer’s office at 160 Fifth Avenue, New York, for the period July 9, 1920 to October 31, 1923, inclusive, and hereby certify that the receipts as recorded on said books have been duly accounted for and the expenditures shown by said books have been supported by vouchers. The foregoing Condensed Con- solidated Summary of Receipts and Expenditures for the period from the beginning of the Movement (1919) to October 31, 1923, inclusive, has 18 been prepared from the books and records submitted to us and from a certified statement prepared by Messrs. Lybrand, Ross Bros. & Mont- gomery for the period from the beginning of the Movement (1919) to July 8, 1920, inclusive. Patterson, Teele & Dennis, Accountants and Auditors. New York, November 20, 1923. 19