NAWSA Subject File Leslie Woman Suffrage Commission The Woman Citizen Corporation Statements Of Account June 30, 1931 Loomis, Suffern & Fernald Certified Public Accountants 50 Broad Street New York The Woman Citizen Corporation Loomis, Suffern & Fernald LOOMIS, SUFFERN & FERNALD CERTIFIED PUBLIC ACCOUNTANTS 50 BROAD STREET NEW YORK HENRY B. FERNALD, C.P.A. W. HOMER CONKLING, C.P.A CHARLES H. TOWNS, C.P.A. July 31, 1931. Mrs. Raymond Brown, 55 East 76th Street, New York City. Dear Madam: At your request we have audited the books of account of The Woman Citizen Corporation for the six months ended June 30, 1931, and as the result of such examination we have prepared and submit herewith the statements listed on the Index immediately following, together with our Comments thereon. The Minute Book of this Corporation states that a special meeting was held on May 14, 1931, at which more than two-thirds of the stockholders were represented, and a resolution was passed that the Corporation be dissolved. Dissolution and liquidation have been effected, as at June 30, 1931. After all income and expense accounts had been closed to Operating Surplus at June 30, 1931, the balances in other accounts were transferred to the Liquidation Account. We have included as Exhibit "A" of this Report a Statement of Charges and Credits to the Liquidation Account, which statement we believe is self-explanatory. A statement of cash received and disbursed between January 1 and June 30, 1931 appears on Exhibit "D" of this Report. This statement, of course, does not show the actual loss incurred in the operations of the Corporation during the period. This loss is shown by the Statement of Income and Expenses, Exhibit "B", and amounts to $1,246.62. Respectfully yours, Loomis, Suffern & Fernald. Certified Public Accountants. LOOMIS SUFFERN & FERNALD THE WOMAN CITIZEN CORPORATION INDEX Page EXHIBIT 3 "A" - STATEMENT OF LIQUIDATION CHARGES AND CREDITS - June 30, 1931. 4 "B" - STATEMENT OF INCOME AND EXPENSES - For the Six Months ended June 30, 1931. Schedule 5 #1 - Statement of Publication and Mailing Costs, Circulation and Advertising Expenses. 6 "C" - STATEMENT OF OPERATING SURPLUS ACCOUNT - For the Six Months ended June 30, 1931. Schedule 8 #2 - Statement of Cash Disbursed for Publication and Mailing Costs, Circulation and Advertising Expenses. 9-10 COMMENTS. THE WOMAN CITIZEN CORPORATION --------------------------------------------------- STATEMENTS OF LIQUIDATION CHARGES AND CREDITS June 30, 1931 CHARGES Cost of "Paintings" presented to various individuals - authorized by Board of Directors, June 9, 1931,. . . . . . . . . . $1,350.00 Cost of "Books" presented to Mrs. Carrie Chapman Catt - authorized by Board of Directors, June 9, 1931 . . . . . . . . . 42.00 Book Value of "Subscription List" from which nothing was realized upon liquidation, . . . . . . . . . . . . . . . . . . . . . . . . . . . .10,000.00 Book Value of "Good Will" from which nothing was realized upon liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,200.00 Loss on Sale of Office Equipment: Book Value, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 822.47 Amount realized. . . . . . . . . . . . . . . . . . . . . . . . . . . . 334.00 488.47 ----------- Treasury Stock: 2,022 shares at $1.00 per share . . . . $2,022.00 42 shares at $100.00 per share . . . 4,200.00 -------- ------------- 2,064 shares at a total of, . . . . . . . . . . . . . . . . . . $6,222.00 Less - Deferred credit for amount not realized on 42 shares of Treasury Stock at $100.00 per share, donated to the Corporation in 1929 and 1930 . . . . . . . . . . . . . . . 4,200.00 2,022.00 -------------- Liquidation Expenses: Printing and addressing of Cards notifying magazine subscribers of the liquidation of "The Woman Citizen Corporation" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 252.48 Salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 408.34 Miscellaneous Expenses . . . . . . . . . . . . . . . . . . . . . 13.28 674.10 ------------ Balance due to Stockholders as of June 30, 1931- after liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ------------ $49,776.57 ========= CREDITS Capital Surplus . . . . . . . . . . . . . . . . . . . . . . $417,037.50 Less - Operating Deficit - Exhibit "C". . . . . 371,473.43 45,564.07 ------------------ Capital Stock - no par value, stated at $1.00 per share: Authorized . . . . . . . . . . . . . . . 5,000 shares $5,000.00 Less - Unissued . . . . . . . . . . . . . 787- 1/2 " 787.50 Issued . . . . . . . . . . . . . . . . . . . 4,212 -1/2 shares . . . . . . . . . . . . 4,212.50 ----------------- $49,776.57 ========== EXHIBIT "A" LOOMIS. SUFFERN & FERNALD 4 THE WOMAN CITIZEN CORPORATION STATEMENT OF INCOME AND EXPENSES For the Six Months ended June 30, 1931 Income: Subscriptions to Magazines,......$16,864.27 Advertising in Magazine,............ $8,873.87 Cash Sales of Magazine,........... 112.62 $25,850.76 Year Book Sales,......................................... 16.83 Book Sales,................................................. 48.05 Interest received on Bank Balances,........... 94.63 Decorating and Shopping Service,.............. 2,773.28 Discount Earned,......................................... 105.31 Contributions: From "Associate Members",.... $ 10.00 From Subscribers,................... 3,755.00 3,765.00 Total Income,................................................ $32,653.86 Expenses: Magazine Costs - Schedule #1,...$6,442.56 Cover Costs - Schedule #1,........ 1,536.28 Editorial Costs - Schedule #1,..... 8,774.90 Mailing Costs - Schedule #1,...... 1,123.58 $17,877.32 Clerical Salaries,.........................$3,718.74 Rent,............................................. 1,037.52 Telephone and Telegraph,............. 402.02 Stationery and Office Expenses,... 112.77 Postage - Editorial and Business,.. 102.24 Circulation Expense,...................... 954.81 General Expense,.......................... 666.39 6,994.49 Circulation Promotion - Schedule #1,................... 1,592.25 Advertising Department Expenses - Schedule #1,......................................................... 3,994.97 Year Book Publication Expenses,......................... 65.85 Books Purchased,................................................. 25.93 New York State Franchise Tax,............................. 51.19 Legal Expenses,................................................... 221.16 Discount Allowed,................................................. 112.80 Decorating and Shopping Service Expense,......... 2,739.61 Bad Debts,............................................................. 224.91 Total Expenses,....................................................................... 33,900.48 Loss from Operations for the period - Exhibit "C",................... $1,246.62 EXHIBIT "B" LOOMIS, SUFFERN & FERNALD 5 THE WOMAN CITIZEN CORPORATION STATEMENT OF PUBLICATION AND MAILING COSTS, CIRCULATION AND ADVERTISING EXPENSES For the Six Months ended June 30, 1931 ---------------------------------------------------------------------------- Publication Costs: Magazine Costs: Paper,............................................... $2,446.22 Printing,............................................ 3,996.34 -------------- Total - Exhibit "B", .......................... $6,442.56 ======== Cover Costs: Paper, .............................................. $ 387.28 Printing,............................................ 1,149.00 --------------- Total - Exhibit "B", ........................... $1,536.28 ========= Editorial Costs: Salaries,............................................. $6,060.31 Copy,.................................................. 1,914.50 Illustration,........................................ 800.09 -------------- Total - Exhibit "B", ............................. $8,774.90 ======== Mailing Costs: Addressing,........................................ $ 301.45 Bulk Postage,..................................... 739.25 Paper for Wrappers,......................... 82.88 -------------- Total - Exhibit "B", ............................. $1,123.58 ======== Circulation Promotion: Subscription Commission,................ $ 477.15 Subscription Premium,..................... 51.66 Renewal Letters,................................. 384.87 Newstand Distribution,...................... 54.27 Circularizing Expense,........................ 361.80 Club Drives,......................................... 262.50 ------------- Total - Exhibit "B", .............................. $1,592.25 ======== Advertising Department Expenses: Salaries,.............................................. $2,493.60 Promotion,.......................................... 57.90 Agents' Commission,........................ 1,034.45 Miscellaneous,................................... 409.02 -------------- Total - Exhibit "B", ............................. $3,994.97 ======== EXHIBIT "B" Schedule #1 LOOMIS, SUFFERN & FERNALD 6 THE WOMAN CITIZEN CORPORATION STATEMENT OF OPERATING SURPLUS ACCOUNT For the Six Months ended June 30, 1931 Balance- Deficit- January 1, 1931,............ $379, 532.81 Increase of Deficit: Loss for the period- Exhibit "B"........... 1,246.62 $380,779.43 Decrease of Deficit: Profit on Sale of 94 shares of Treasury Stock sold between January 1 and June 30, 1931, ............ 9,306.00 Balance- Deficit, June 30, 1931, transferred to Liquidation Account- Exhibit "A",........ $371,473.43 EXHIBIT "C" LOOMIS, SUFFERN & FERNALD THE WOMAN CITIZEN CORPORATION STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS For the Six Months ended June 30, 1931 Receipts: Subscriptions to Magazine, $6,152.25 Advertising Space in Magazine, 8,211.57 Cash Sales of Magazine, 112.62 $14,476.44 Year Book Sales, 16.83 Book Sales, 48.05 Interest Received on Bank Balances, 94.63 Decorating and Shopping Service, 2,793.47 Discount received, 105.31 Contributions: From Associate Members, $ 10.00 From Subscribers 1,755.00 1,765.00 Subscriptions to Capital Stock, 6,900.00 Sale of Furniture and Fixtures, 334.00 Refund of Deposit at New York Post Office, 23.70 Total Receipts, $26,557.43 Disbursements: Magazine Costs - Schedule #2, $6,442.56 Cover Costs - Schedule #2, 1,536.28 Editorial Costs - Schedule #2, 8,462.37 Mailing Costs - Schedule #2, 926.86 $17,368.07 Clerical Salaries, $5,385.39 Rent, 1,037.52 Telephone and Telegraph, 402.02 Stationery and Office Expenses, 112.77 Postage - Editorial and Business, 80.94 Circulation Expenses, 954.81 General Expenses, 659.57 8,633.02 Circulation Promotion - Schedule #2, 1,592.25 Advertising Department Expenses - Schedule #2, 2,954.34 Year Book Publication Expenses, 65.85 Books purchased, 25.93 New York State Franchise Tax, 51.19 Legal Expenses, 112.80 Discount allowed, 2,970.95 Decorating and Shopping Service, 2,970.95 Notes Payable, 628.00 Liquidation Expenses, 644.48 Total Disbursements 35,268.04 Excess of Disbursements over Receipts, $8,710.61 Cash in Bank at beginning of period, 8,710.61 Cash in Bank at end of period, $ - EXHIBIT "D" LOOMIS. SUFFERN & FERNALD 8 THE WOMAN CITIZEN CORPORATION STATEMENT OF CASH DISBURSED FOR PUBLICATION AND MAILING COSTS, CIRCULATION AND ADVERTISING EXPENSES For the Six Months ended June 30, 1931 Publication Costs: Magazine Costs: Paper,............................................................................. $2,446.22 Printing,.......................................................................... 3,996.34 Total -- Exhibit "D",........................ $6,442.46 Cover costs: Paper,............................................................................. $ 387.28 Printing,.......................................................................... 1,149.00 Total -- Exhibit "D",........................ $1,536.28 Editorial Costs: Salaries,.......................................................................... $6,060.31 Copy,............................................................................... 1,646.50 Illustration,....................................................................... 755.56 Total -- Exhibit "D",......................... $8,462.37 Mailing Costs: Addressing,....................................................................... $ 301.45 Bulk Postage,.................................................................... 542.53 Paper for Wrappers,.......................................................... 82.88 Total -- Exhibit "D",........................... $ 926.86 Circulation Promotion: Subscription Commission,.................................................. $ 477.15 Subscription Premiums,...................................................... 51.66 Renewal Letters,................................................................. 384.87 Newstand Distribution,........................................................ 54.27 Circularizing Expense,........................................................ 361.80 Club Drives,........................................................................ 262.50 Total -- Exhibit "D",............................ $1,592.25 Advertising Department Expenses: Salaries,............................................................................... $2,493.60 Promotion,............................................................................ 57.90 Miscellaneous,...................................................................... 402.84 Total -- Exhibit "D",............................. $2,954.34 EXHIBIT "D" Schedule #2 LOOMIS, SUFFERN & FERNALD COMMENTS LOOMIS, SUFFERN & FERNALD THE WOMAN CITIZEN CORPORATION COMMENTS CASH: The monthly totals of cast receipts as recorded in the Cash Book were reconciled with the corresponding totals of deposits in the Corn Exchange Bank Trust Company which were credited on their statements. The amounts of interest credited to the Savings Account by the Corn Exchange Bank Trust Company and the Emigrant Industrial Savings Bank, as shown by their pass books were also properly entered in your records. Withdrawals from these savings accounts were properly deposited in your checking account. Canceled checks paid and returned by the bank were examined and compared with your record of cash disbursements. The balance of Cash in the Corn Exchange Bank Trust Company at June 30, 1931, as shown by their statement, was,...................... $235.57 Plus - Deposit entered in Cash Book as of June 30, 1931 received by the bank in July,................................................. 15.40 $250.97 Less - Total of Checks issued prior to June 30, 1931 but not paid by the bank up to that time,............................................. 250.97 Balance of Cash at June 30, 1931, as shown by Corporation records,............................................. $ - We understand that all of the outstanding checks at June 30, 1931, included in the foregoing total of $250.97, have been paid by the bank since that date. LOOMIS SUFFERN & FERNALD (Continued) - 1 10 THE WOMAN CITIZEN CORPORATION COMMENTS TREASURY STOCK: At June 30, 1931 before transfer to the Liquidation Account there were in your Treasury 2,064 shares of Capital Stock carried on your books at prices as follows: 42 shares donated, entered at $100.00 per share, . . $4,200.00 2,022 " purchased at $1.00 per share, . . . . . . . . . . . 2,022.00 Total transferred to Liquidation -------------- Account, Exhibit "A", as of June 30, 1931, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,222.00 ======== During the period, 94 shares of Treasury Stock were sold for $9,400.00. This stock was acquired at a cost of $94.00. The profit of $9,306.00 realized on these sales has been credited directly to your Operating Surplus Account, as shown on Exhibit "C". CAPITAL STOCK: The Capital Stock Records were examined and found to be in agreement with the General Ledger accounts. The outstanding shares at January 1, 1931, totaled, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,212-1/2 Issued between January 1 and June 30, . . . . . . . . . . . . . . . . . . - -------------- Total issued shares at June 30, 1931,. . . . . . . . . . . . . . . . . . . . 4,121- 1/2 Less - Stock in Treasury: Balance - January 1, 1931, . . . . . . . . . . . . . . 2,158 shares Less - Transferred during the period, . . . . 94 " 2,064 --------- --------------- Total outstanding shares at June 30, 1931, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,148-1/2 LOOMIS, SUFFERN & FERALD (Concluded) - 2 COST OF THE WOMAN CITIZEN TO LESLIE WOMAN SUFFRAGE COMMISSION July 1, 1917, purchase, stock . . . . . . $50,000.00 July 1, 1917 to Apr. 30, 1921 . . . . . . . 166.377.06 ----------------- Cost, purchase and campaign years . . . . . . . . . . . $216.377.06 May 1, 1921 - Apr. 30, 1922 . . . . . . . . $24,000.00 " 1, 1922 - " 30, 1923 . . . . . . . . 34,000.00 " 1, 1923 - " 30, 1924 . . . . . . . . 28,504.73 " 1, 1924 - " 30, 1925 . . . . . . . . 33,000.00 " 1, 1925 - Aug. 31, 1925 . . . . . . . . 10,000.00 ---------------- Cost of maintenance for five years under Mrs. Raymond Brown . . . . . . . . . . . . . . . . . . . 129,504.73 ---------------- TOTAL COST TO THE LESLIE COMMISSION OF THE WOMAN CITIZEN JULY 1, 1917 to AUG. 31, 1925 . . . . . . . . . . . . . . . . . . . $345,881.79 ------------------ ------------------------------------------------------------------------------------------------------------ Given to The Woman Citizen for prizes for best articles on "How to get out the vote" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100.00 [*6*] Money spent by Leslie Woman Suffrage Commission a/c The Woman Citizen. July 1, 1917 to Sept. 1, 1925 Period of eight years and two months. July 1, 1917 - Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$50,000.00 July 1, 1917 - April 30, 1921. . .[*Suffrage Campaign*] . . . 166,377.06 May 1, 1921 - April 30, 1922 . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000.00 May 1, 1922 - April 30, 1923 . . . . . . . . . . . . . . . . . . . . . . . . . .. 34,000.00 May 1, 1923 - April 30, 1924 . . . . . . . . . . . . . . . . . . . . . . . . . . .29,000.00 May 1, 1924 - April 30, 1925 . . . . . . . . . . . . . . . . . . . . . . . . . . .33,000.00 May 1, 1925 - Sept. 1, 1925 . . . . . . . . . . . . . . . . . . . . . . . . . . .10,000.00 --------------- $346,377.06 [*216 377 06*] [*----------------*] [*[?] 130,000.00*] Refund of additional 1923 promotion money erroneously drawn by The Woman Citizen . . . . . $2,500.00 The Leslie paid to The Woman Citizen the following deficits of the magazine: 1922-23 . . . . . $1,745.24 1923-24 . . . . . . . 259.49. . . . . . . . . . . . . . . . . . . . . . .2,004.73 -------------- The Woman Citizen paid the difference between what it owed the Leslie Commission and what the Leslie Commission agreed to pay on The Woman Citizen deficits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495.27 ----------------- TOTAL PAID FOR and TO THE WOMAN CITIZEN . . . . . . . $345,881.79 Paid to The Woman Citizen from May 1, 1924-Apr. 30, 1925. Loan.........................$24,000.00 Promotion...................8,000.00 Editorial Purposes....1,000.00 Paid to The Woman Citizen from May1, 1925 - Sept. 1, 1925. Loan.............................$8,000.00 Promotion....................2,000.00 10,000.00 TOTAL PAID TO THE WOMAN CITIZEN MAY 1, 1925-SEPTEMBER 1, 1925 Period of sixteen months............$43,000.00 Transcribed and reviewed by contributors participating in the By The People project at crowd.loc.gov.