20 REPORT OF THE UNIVERSITY OF NEVADASCHEDULE 8—COMMENTS(a) Balances due from State Treasurer have been verified.(b) Stocks and bonds checked and found as shown in Schedule 2. Bonds of Postal Telegraph and Cable Co. had July, 1935, coupons attached, interest having been paid by check without surrender of coupons and. receipt for $3,000 was issued by Comptroller on July 3, 1935. Bonds belonging to Scottish Rite Masons and to Reno Lodge No. 13, F. & A. M., respectiveljr, and of which Comptroller Gorman is custodian, were checked with representatives of the above organizations and securities belonging to the University were found kept entirely separate and apart from other securities in custody of Comptroller.(c) Bills receivable comprise 145 notes covering advances to students in various amounts ranging from a few cents to $150. A considerable number of these notes have been outlawed and are of doubtful value.(d) David Russell Estate Income Fund represents income from the above-named estate. No attempt was made to check the corpus of this trust as it is the understanding of the State Auditor that the President of the University is accountable to the court only for the corpus of the trust, and the interest of the University in the funds commences only after such income has been delivered by the President to the Comptroller.(e) Olin W. Ward endowment comprises $655 in notes covering advances to students in addition to the item of cash, $113.72, which is shown by the books. This particular endowment is carried in this manner to comply with the terms of the will grantor.
