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EIGHTEENTH ANNUAL REPORT
-Audit By W. W. DANIEL, C. P. A.- i, ' '/ I
OFFICERS:
JOS S. CALHOUN President
J. P. ADAIR Vice President
J. W. VAUGHAN Secretary-Treasurer
FINLEY & HENSON Attorneys
DIRECTORS:
JOS. S. CALHOUN, E. W. SMITH,
J. P. ADAIR, Z. M- JACKSON,
W. C. WALTON, B. L. VAUGHAN,
H. C. NELSON.
Cartersville, Ga., June 30, 1923-
Messrs. W. J. Ham. T. A. Upshaw, Madison Milam, Committee for the
shareholders of The Cartersville Buildiife & Loan Association:
Gentlemen:
In accordance with your instructions I have made an audit of the
books and accounting records of the Cartersville Building & Loan Asso
ciation for the year ended April 30, 1923, and submit herewith my re
port, consisting of the following Exhibits and Schedules, viz.,
Exhibit A-—Balance Sheet as at April 30, 1923.
Schedule I—Statement of .earnings and expenses.
Schedule 2—Statement of receipts and disbursements.
Schedule 3—Statement of loans in force.
Schedule 4—Statement of Installment Stock in force
By reference to Schedule 1, it will be noted that the net earnings to
be distributed to the holders of Installment Stock for the year ended
April 30,1923, are shown as $10,057.53.
Under Schedule 2 is shown a detailed statement of receipts and dis
bursements for the year ended April 30, 1923, also for the entire life ot
the Association, which gives the reader a complete statement of every
cent received and expended from the beginning of your Association.
By reference to Schedule 4, it will be noted that we show the total
value of Installment Stock in force, by Series and the value per share tor
each Series, and the number of outstanding shares by series as well as
the total. The total number of outstanding shares of Installment Stock
at April 30, 1923, was 4,765 shares against 4,325 one year ago, or a gain
of 440 shares for the year.
Schedule 3 shows the total loans in force at the close of business on
April 30, 1923, to be $183,548.00, as agianst $177,120.00 one year ago.
As your loans increase your earnings naturally increase.
By reference to Exhibit A it will be noted that your Association did
not owe one cent as either accounts or notes payable—in fact, no current
indebtedness.
It is safe to make the assertion that but few men realize the lmpor-
RECEIPTS
May 1, 1922 Total for
April 30, 1923 18 Years
Cash balance April 30, 1922 $ 2,211.32
Full-ptfd stock sold 5 ; 200.00 $ 61 700 00
Installment dues received 28,176.50
Loans repaid 13,440.65 209,369.49
Interest received 111 l 776.51 132,005.08
Money borrowed 5,000.00 8 0 ’ c^c 'o fi
Entrance fees 232.00 2,666.38
Insurance repaid
Fines collected 31 '
Transfer fees
Cartersville Overall Plant 260.85
Deposit on loans 230.00
Taxes for customers refunded 47.55
Rome Mfg. Cos., rent 2,355.13 3,355.13
Sale of U. S. Bonds 5,000.00
Overpayment collected 10 00 10.00
%
$ 70,402.11 $810,905.90
- £
Let Us Help You Build Your Home
Scores Of Others Have Done It—You Can, Too!!
SCHED ULE 11.
COMPARATIVE STATEMENT OF RECEIPTS AND DISBURSEMENTS
FOR ONE YEAR AND EIGHTEEN YEARS
CLOSING APRIL 30th, 1923.
THE TRIBUNE-NEWS, CARTERSVILLE, GA„ JULY 12, 1923.
tance of a Building and Ldan Association to a community. Economists
show by reliable statistics, that as an average industrial enterprise em
ploys one person for each SI,OOO of investment, and that to comfortably
accommodate the citizenship it requires an average of $3,000 per worker
In the building and advancement of a city we look well to the inter
esting of those who desire to place an industrial enterprise in our midst—
this should come first very naturally, but do we realize that to build
comfortable homes to accommodate the citizenship and build a city of
home owners, requires on an average of thre e times the wealth that is
invested in the city’s industrial enterprises.
Every courtesy was extended me during the course of this exam
ination. Respectfully submitted,
. W. W. DANIEL,
Certified Public Accountant.
We have made 521 loans, segregated as follows:
112 New Homes built,
203 Homes purchased,
13 Store Pauses built and purchased,
30 Farm loans,
15 Loans to build an industrial enterprise,
24 Loans to purchase U. S. Bonds.
124 Emergency Loans on stock to cover various
needs.
521
Since Ist of May 303 new installment shares have been sold to in
vestors, which reveals a healthy increase in growth.
SCHEDULE I.
STATEMENT OF EARNINGS AND EXPENSES
APRIL 30, 1923.
EARNINGS
Interest received $13,776.51
Entrance fees ni o
Withdrawal fees 475 $14,013.26
EXPENSES
Salary Secretary and Treasurer $1,200.00
Interest on full-paid stock 1,827.00
Prem. on Treasurer’s bond 20.00
Adv., Printing and Stationery 510.18
Auditing 75.00
Interest on borrowed money 313.80
Charter expense (Revision) 8.70
Registration fee (Ordinary) Loo $ 3,950./3
Profit earned for the year ended April 30, 1923, to be
distributed to the credit of the holders of install
ment stock $ 10,057 53
DISBURSEMENTS
May 1, 1922 Total for
April 30, 1923 18 Years
Loans made $32,500.00 $450,510.75
Installments matured and withdrawn 12,352.80 178 ’f nn
Full-Paid Stock retired 2,500.00 27,800.00
Borrowed money repaid 7,500.00 82, ■-
Advances Overall, plant 1 2 - 40 o
Interest on full-paid stock 1,827.00 15,516.^
Insurance Prem. paid for customers 276.55
Salary Secretary and Treasurer 1,200.00 11,689.71
Premium Treas bond 20.00 180- *2
Adv., Printing and Supplies 510.18 2,260.67
Income tax
State, County and City taxes 1,767.69'
Registration fees 4 -00 15.00
Corporation taxes --"a
Purchase of U. S Bonds —f ’S2c'o2
Interest on borrowed money 313.85 1,778.90
Attorney’s fees, Charter Revision 300.00
Customers’ taxes paid 194.17 241.72
Deposit on loans, applied 167.70
Organization expense 8.70 68.83
Surplus paid out 109.46
Cash on hand and in bank, April 30,
1923 11,387.01 11,387 01
$70,402.11 $810,905.90
t EXHIBIT “A.”
BALANCE SHEET
APRIL 30, 1923.
ASSETS
CASH—
On hand and in bank $10,387.01
RECEIVABLE—
Loans 1 $183,548.00
Advance to Overall Plant 296-88
Customers’ taxes paid 194.17 $184,039.05
$194,426.06
LIABILITIES
PAYABLE—
Full-paid Stock $31,900.00
Installment Stock
Undivided profits 3,309.26 — $194,426.06
SCHEDULE IV.
STATEMENT OF INSTALLMENT STOCK IN
FORCE
APRIL 30, 1923.
jp- Present Series
Series Date Number Worth Value*
No. ’ Issued Shares Per Share 4-30-23
31 May, 1912 145 $96.95 $14,057 75
32 November, 1912 183 90.65 16,588.95
33 May, 1913 145 84.65 12,274.25
34 November, 1913 97 78.70 7,633.90
35 May, 1914 100 74.00 7,400.00
36 November, 1914 99 68.20 6,751.80
37 May, 1915 137 62.40 8,548.80
38 November, 1915 85 57.75 4,908.75
39 May, 1916 260 53.00 13,780.00
40 November, 1916 225 48.40 10,890.00
41 May, 1917 125 43.90 5,487.50
42 November, 1917 66 39.30 2,597.10
43 May, 1918 66 35.20 1,971.20
44 November, 1918 143 31.30 4,475.90
45 May, 1919 265 27.40 7,261.00
46 November, 1919 684 23.60 16,142.40
47 May, 1920 322 19.85 6,391.70
48 November, 1920 244 16.25 3,965.00
49 May, 1921 231 12.80 2,956.80
50 November, 1921 257 9.45 2,428.65
51 May, 1922 571 6.70 3,825.70
52 November, 1922 325 3.05 991.25
Total 4765 $161,328.40
HERE ARE SOME DETAILS
YOU WANT TO KNOW
Styck for investment is sold at any time, and entered as of May Ist
and November Ist.
You can own your home, as cheap as paying house rent, by saving
and having 40 per cent of the value of th e property..
All profits of the Association are given back to credit of members
twice each year.
No loans made except to members of the Association.
Stock is paid for on basis of 50 cents per share per month, and ma
tures in 11 years and 6 months, at which time the full amount with inter
est is paid to the shareholder.
The Association has paid in cash to its members in matured stock,
since organization, $85,931 53, and interest to its installment and full
paid stock, $109,946.69, and never last a dollar.
No insurance, for large cash returns, is equal to installment shares
in the Association, as the compound interest yield is based on a much
higher income.
Let us help you save, or own your own home.
If you cannot save money, you are destined to be a failure, as no one
has ever met success without the principle of saving.
THE CARTERSVILLE BUILDING AND LOAN
ASSOCIATION
CARTERSVILLE, GEORGIA