Association Finances and Membership.

CONDENSED statements of Association finances for the year 1952, prepared by the auditing firm of G. P. Graham & Company, are published herewith, in order that the entire membership may be fully informed regarding the financial operations, obligations, and resources of the AAAS. The first two statements summarize operating receipts and expenditures. Once again the annuity payments to the Cattell estates for Science, were drawn from the excess of receipts over expenditures in the operating account. The remainder of the excess is available as a reserve against future annuity payments, which included a stipulated amount of $17,567.95, plus an inflation adjustment that would total $15,510.74, if computed at the 1952 rate. The last two statements summarize the status of investment and trust funds. The value of investments and the amount of investment income both increased to a gratifying extent in 1952, thanks to sound investment policies and management, but the total endowment is still meager in comparison with the magnitude of the responsibilities the Association should assume in advancing science. Washington 5, D.C. July 29, 1953 To the Council of the American Association 'or the Advancement of Science lVashington, D.C.