Independent Auditor’s Report

Abstract

Previous articleNext article FreeIndependent Auditor’s ReportFull TextPDF Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreTo the CouncilBibliographical Society of America, Inc.We have audited the accompanying financial statements of Bibliographical Society of America, Inc. (the “Society”) which comprise the statement of financial position as of December 31, 2019 and December 31, 2018 and the related statements of activities, functional expenses and cash flows for the years then ended and the related notes to the financial statements.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.Accountant’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bibliographical Society of America, Inc. as of December 31, 2019 and December 31, 2018 and the results of its activities and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.March 30, 2020Statement of Financial PositionAssets December 31 20192018Current assets Cash$ 40,675$ 15,064 Investments, at fair value3,516,7923,183,453 Contributions receivable2,535— Prepaid expenses33,022— Total assets$ 3,593,024$ 3,198,517Liabilities and Net AssetsCurrent liabilities Accounts payable$ 7,358$ 5,842 Unearned revenue17,627370 Total liabilities24,9856,212Net assets Net assets (deficit) without donor restrictions Undesignated(221,312)(77,800) Board-designated33,17729,936 Total net assets (deficit) without donor restrictions(188,135)(47,864) Net assets with donor restrictions Purpose/time restrictions3,383,0112,867,006 Perpetual in nature373,163373,163 Total net assets with donor restrictions3,756,1743,240,169 Total net assets3,568,0393,192,305 Total liabilities and net assets$ 3,593,024$ 3,198,517See notes to financial statements. View Table Image Statement of Activities For the Year Ended December 31, 2019(With Summarized Totals For the Year Ended December 31, 2018) 20192018 Without Donor RestrictionsWith Donor RestrictionsTotalTotalSupport and revenue Membership dues$ 38,838$ —$ 38,838$ 25,940 Interest141,5281,5421,056 Dividends, net46550,12650,59143,926 Operating contributions37,337—37,33731,088 Royalties3,150—3,1502,797 Administrative fee15,155(15,155)—— Annual meeting3,260—3,2602,980 PBSA journal income11,750—11,75010,750 Net assets released from restrictions27,000(27,000)——Total support and revenue136,9699,499146,468118,537Expenses Program services BSA office78,450—78,45059,411 PBSA office21,000—21,00018,135 Conventions, meetings and dues29,710—29,71020,026 Professional services7,776—7,7767,286 Grants, prizes and other49,800—49,80048,300 Insurance2,724—2,7242,254 Total program services189,460—189,460155,412 Supporting activities Management and general68,592—68,59253,156 Fundraising23,891—23,89114,147Total expenses281,943—281,943222,715Excess (deficiency) before other additions and (deduction)(144,974)9,499(135,475)(104,178)Other additions and (deduction) Realized gain on sale of investments1,380148,622150,002166,416 Change in unrealized value of investments3,323357,884361,207(604,451)Increase (decrease) in net assets(140,271)516,005375,734(542,213)Net assets, (deficit) beginning of year(47,864)3,240,1693,192,3053,734,518Net assets (deficit), end of year$ (188,135)$ 3,756,174$ 3,568,039$ 3,192,305See notes to financial statements. View Table Image Statement of ActivitiesFor the Year Ended December 31, 2018 Without Donor RestrictionsWith Donor RestrictionsTotalSupport and revenue Membership dues$ 25,940$ —$ 25,940 Interest191,0371,056 Dividends, net77743,14943,926 Operating contributions31,088—31,088 Royalties2,797—2,797 Administrative fee13,956(13,956)— Annual meeting2,980—2,980 PBSA journal income10,750—10,750 Net assets released from restrictions28,135(28,135)—Total support and revenue116,4422,095118,537Expenses Program services BSA office59,411—59,411 PBSA office18,135—18,135 Conventions, meetings and dues20,026—20,026 Professional services7,286—7,286 Grants, prizes and other48,300—48,300 Insurance2,254—2,254Total program services155,412—155,412 Supporting activities Management and general53,156—53,156 Fundraising14,147—14,147Total expenses222,715—222,715Excess (deficiency) before other additions and (deductions)(106,273)2,095(104,178)Other addition and (deductions) Realized gain on sale of investments2,946163,470166,416Change in unrealized value of investments(10,699)(593,752)(604,451)(Decrease) in net assets(114,026)(428,187)(542,213)Net assets, beginning of year66,1623,668,3563,734,518Net assets (deficit), end of year$ (47,864)$ 3,240,169$ 3,192,305See notes to financial statements. View Table Image Statement of Functional Expenses For the Year Ended December 31 20192018 Supporting Activities Supporting Activities Program ServicesManagement and GeneralFundraisingTotalProgram ServicesManagement and GeneralFundraisingTotalBSA office Payroll and related$ 57,903$ 19,873$ 7,188$ 84,964$ 15,087$ 5,177$ 1,873$ 22,137 Management fee6522248195734,07511,6924,23350,000 Other19,8956,8282,47029,19310,2493,5171,27315,039PBSA Program office Editor journal18,000——18,00018,000——18,000 Other3,000——3,000135——135Conventions, meetings and dues29,7107,427—37,13720,0265,006—25,032Professional services7,77633,559—41,3357,28627,200—34,486Grants, prizes and other49,800——49,80048,300——48,300Insurance2,724681—3,4052,254564—2,818Fundraising——14,15214,152——6,7686,768 Total expenses$ 189,460$ 68,592$ 23,891$ 281,943$ 155,412$ 53,156$ 14,147$ 222,715 See notes to financial statements View Table Image Statement of Cash Flows For the Year Ended December 31 20192018Cash flows from operating activities Increase (decrease) in net assets$ 375,734$ (542,213) Adjustments to reconcile increase (decrease) in net assets to net cash (used in) operating activities Realized (gain) on sale of investments(150,002)(166,416) Change in unrealized value of investments(361,207)604,451 (Increase) decrease in current assets Contributions receivable(2,535)1,500 Prepaid expenses(33,022)— Increase (decrease) in current liabilities Accounts payable1,5164,644 Unearned revenue17,257(7,440) Net cash (used in) operating activities(152,259)(105,474)Cash flows from investing activities Proceeds from sales and maturities of investments1,506,988814,103 Purchases of investments(1,326,005)(734,082) Net cash provided by investing activities177,87080,021 Net increase (decrease) in cash25,611(25,453)Cash, beginning of year15,06440,517Cash, end of year$ 40,675$ 15,064 See notes to financial statements View Table Image Notes to Financial Statements December 31, 2019Note 1: Nature of OrganizationThe Bibliographical Society of America, Inc. (the “Society”) was organized in 1904 and incorporated in 1927 (amended in 1941) in Washington D.C. The Society is authorized to conduct its activities within the state of New York. The Society promotes and underwrites works in the field of bibliography and publishes a quarterly journal of bibliographical studies.Note 2: Summary of Significant Accounting PoliciesNet assetsNet assets without donor restrictions consist of amounts that can be spent at the discretion of the Society. Net assets with donor restrictions consist of contributions and investment income and on their endowment fund that are restricted by the donor for a specific purpose or relate to future periods.Net assets with temporary donor restrictions represent resources that are subject to donor-imposed stipulations that may or will be met either by actions of the Society and/or the passage of time. As the restrictions are satisfied, net assets with temporary restrictions are reclassified to net assets without restrictions and reported in the accompanying statement of activities as net assets released from restrictions.Net assets with perpetual donor restrictions represent resources that are subject to donor-imposed stipulations that neither expire by passage of time nor can be fulfilled or removed by actions of the Society.Net assets with temporary donor restrictions and net assets without donor restrictions designated by the Council are summarized as follows: (see Note 9)Net assets with donor restrictions that are temporarily restricted:• The Harper and Cole Funds are available for printing and publications.• The W.L. Mitchell Prize Fund is to be spent on funding a prize on bibliographical or documentary work on British periodicals or newspapers of the 18th century.• The Justin G. Schiller Prize Fund is to be used to support a prize of Bibliographical work on Pre-20th - Century Children’s Books.• PBSA Endowment Fund is to be used to support the general operations of the Society and to strengthen and preserve the ongoing publication of the papers of the Bibliographical Society of America, Inc., as appropriated by the Council.• The Katharine F. Pantzer Fund is to be used for fellowships for descriptive bibliography.• The Stationers’ Register Online Project Fund is to be used to fund an online database of the Stationers’ Company.Net assets without donor restrictions designated by Council:• The New Scholars Fund provides a forum for early-career scholars to present examples of their research.Cash equivalentsThe Society deems all highly liquid investments with original maturities of ninety days or less to be cash equivalents. Except for what is included in the Society’s investment portfolio, the Society has no cash equivalents as of December 31, 2019 and December 31, 2018.InvestmentsThe fair value of the Society’s investments has been determined by using publicly reported market values. Donated investments are recorded at the fair value on the date of receipt. Realized gains and losses on the sale of investments are determined on the “first-in, first-out” basis. Realized and unrealized gains/losses and interest and dividends earned on the net assets with donor restrictions are reported as revenue of the temporarily restricted class of net assets with donor restrictions. All other realized and unrealized gains/losses and interest and dividends earned are recorded as revenue without donor restrictions.Allowance for doubtful accountsThe Society deems all contributions receivable to be collectible, and, accordingly, does not have an allowance for doubtful accounts. Such estimate is based on management’s estimate is based on management’s experience, the aging of receivables, subsequent receipts and current economic conditions.Book sales and publicationsSales of books published with funds from the Harper Fund are recorded as revenue of the Harper Fund until the cost of these books has been recovered. If a published book does not recover its costs within five years after publication, the remaining costs are written off against the temporarily restricted class of net assets with donor restrictions of the Harper Fund and removed from the book inventory total.The Society entered into a consignment agreement with a book dealer whereby the book dealer will sell certain books on behalf of the Society. Copies of the books delivered to the book dealer remain property of the Society until sold by the book dealer. The book dealer is responsible for the insurance coverage on the books and any loss or damage that may occur. The agreement may be terminated by either of the parties on 180 days written notice as outlined in the agreement.In October 2014, the Society entered into an agreement with a university for the publication of the Society’s journal. Beginning in 2015, the Society receives 10% of all gross revenue from the journal with a minimum of $8,000, with the minimum increasing annually to $12,000 in 2019.Membership duesMembership dues are recorded as revenue in the applicable membership period. Lifetime dues are recorded as revenue in the year they are paid.Net assets released from restrictionsThe Society reports interest and dividend revenue earned on net assets with perpetual donor restrictions as revenue with temporary donor restrictions as they are received with donor stipulations that limit the use of the revenue. In addition, when the purpose of the restrictions is accomplished, net assets with temporary donor restrictions are reclassified to net assets without donor restrictions and reported in the statement of activities as net assets released from restrictions.Administrative feeTo cover various general and administrative charges, the Society charges a 20% fee based on the interest and dividend revenue of the of net assets with temporary donor restrictions and records it as revenue of the operating fund.Allocation of expensesThe costs of program services and supporting activities have been summarized on a functional basis in the accompanying statement of activities. The statement of functional expenses presents the natural classification detail of expenses by function. Accordingly, certain costs have been allocated among the program services and supporting activities benefited. Natural expenses attributable to more than one functional expense category are allocated using cost allocation techniques primarily consisting of salary and wages, and time and effort reporting.Concentrations of credit riskThe Society’s financial instruments that are potentially exposed to concentrations of credit risk consist primarily of cash, investments and receivables. The Society places its cash and money market funds with what it believes to be quality financial institutions. Investments are exposed to various risks such as interest rate, market volatility, liquidity and credit. Due to the level of uncertainty related to changes in interest rates, market volatility, liquidity and credit risks, it is reasonably possible that changes in these risks could materially affect the fair value of the investments reported in the statement of financial position as of December 31, 2019. The Society’s receivables consist of contributions from individual donors. Management monitors the collectability of the receivables. The Society routinely assesses with its investment advisors the financial strength of its holdings in its investment portfolio to minimize the concentrations of credit risk. Management believes that no significant concentrations of credit risk exist with respect to the Society’s cash, investments and receivables.Use of estimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from these estimates.Subsequent eventsThe Society has evaluated events and transactions for potential recognition or disclosure through March 30, 2020, which is the date the financial statements were available to be issued. On March 13, 2020, President Trump declared a national emergency due to extraordinary circumstances resulting from the coronavirus. The economic impact of the coronavirus on the Society’s future financial operations is not readily determinable.Note 3: Financial Assets and Liquidity ResourcesAs of December 31, 2019 and December 31, 2018, financial assets and liquidity resources available for general expenditure, that is, within one year of the statement of financial position date, comprise of the following: 20192018Financial assets Cash$ 40,675$ 15,068 Contributions receivable2,535— Investments, at fair value3,516,7923,183,453 Less Board-designations net assets(33,177)(29,936) Net assets with perpetual donor restrictions(373,163)(373,163) Total$ 3,153,662$ 2,795,422 View Table Image The Society’s endowment funds consist of donor-restricted endowments and funds designated by the board as endowments. Income from donor-restricted endowments is restricted for specific purposes, except for the amounts available for general use. Donor-restricted endowment funds are not available for general expenditure.Endowment draws are Board approved annually. In addition, as of December 31, 2019 and December 31, 2018, the Society had an additional $33,177 and $29,936, respectively, in funds functioning as a board-designated endowment, which could be available for general expenditure with Board approval.Note 4: Tax StatusThe Society is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code (the “Code”). In addition, the Society has been determined by the Internal Revenue Service to be a publicly supported organization, and not a private foundation under the meaning of Section 509(a)(1) of the Code. The Society qualifies for maximum charitable contribution deductions for donors.Note 5: Office SpaceThe Society rents its office space under a shared office space environment and has signed a month-to-month agreement. The agreement requires monthly payments of $500.Note 6: InvestmentsThe following is a summary of the investments as of December 31, 2019 and December 31, 2018: 20192018 CostFair ValueCostFair ValueMoney market funds$ 14,808$ 14,808$ 11,567$ 11,567U.S. Treasuries——298,874301,103Mutual funds Bond funds670,003666,328398,928383,865 Equity funds2,420,3962,835,6562,423,7062,486,918 Total$ 3,105,207$ 3,516,792$ 3,133,075$ 3,183,453Unrealized gain at December 31, 2019 and December 31, 2018: $ 411,585 $ 50,378Change in unrealized value of investments $ 361,207 $ (604,451) View Table Image The Society portfolio consists primarily of a strategic allocation of mutual funds. These assets tend toward a 70/30 ratio of equity/fixed income securities. For assets measured at fair value on a recurring basis, as of December 31, 2019 and December 31, 2018, accounting standards require quantitative disclosure about the fair value measurement separately for each major class of assets. The Society’s investments have been classified in the highest level of hierarchy (Level 1). These quoted prices are in active markets for identical assets.Note 7: Retirement PlanThe Society has a retirement saving plan for its employee. The employee may make pre-tax salary deferrals effective immediately upon employment. The Society’s matching contributions in connection with the plan totaled $2,650 for 2019.Note 8: Net Assets with Donor RestrictionsPerpetual in natureDonor-restricted endowment funds are amounts required to be maintained in perpetuity by the donor which consist of the following as of December 31, 2019 and December 31, 2018: 20192018Harper Fund $ 240,787 $ 240,787Cole Memorial Fund$ 2,421 $2 ,421 Cole Publication Fund34,55236,97334,55236,973W.L. Mitchell Prize Fund 10,000 10,000Justin G. Schiller Prize Fund 30,000 30,000PBSA Endowment Fund 55,403 55,403 Total $ 373,163 $ 373,163 View Table Image EndowmentThe Society’s endowment consists of various individual funds established for a variety of purposes. The endowment includes both donor-restricted endowment funds and funds designated by the Council. As required by accounting principles generally accepted in the United States of America (“GAAP”), net assets associated with endowment funds, including funds designated by the Council to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions.InterpretationThe Society follows the New York State Not-For-Profit Corporation Law (N-PCL) when adhering to donor-restricted contributions. The Society preserves the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Society classifies as perpetually restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified as net assets with perpetual donor restrictions is classified as net assets with temporary donor restrictions until those amounts are appropriated for expenditure by the Society in a manner consistent with the standard of prudence prescribed by N-PCL.The Society considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: (1) The duration and preservation of the fund; (2) The purposes of the Society and the donor-restricted endowment fund; (3) General economic conditions; (4) The possible effect of inflation and deflation; (5) The expected total return from income and the appreciation of investments; (6) Other resources of the Society; and (7) The investment policies of the Society.Objectives and goalsThe Society relies on its portfolio of investment funds to provide support for the various missions of the organization, and the Society desires to maintain that support both now and into the future. Accordingly, the longer-term objective of this portfolio is to support a spending rate of 4–5% of the value of the portfolio plus enough return to protect the assets from inflation and preserve the purchasing power of the assets over time. As the Society takes a total return approach to its investment portfolio, the Society does not need to rely solely on fixed income security yield or dividend income to generate the 4–5% spending rate. Capital can be distributed from yield, dividends, or from principal. The Society recognizes the market performance varies in the short term and that any specified rate of return will not be obtainable in all periods.The Society recognizes that the optimal portfolio structure to meet its total return objective will typically be equity oriented. Fixed income securities in the portfolio shall be used to provide more reliable current income, liquidity, and stability and to offset the inherently greater volatility of equity.Recognizing the Society’s moderate risk profile in terms of security-specific risk as well as total portfolio volatility, the Society wishes to have a strategic asset allocation target of 70% equity and 30% fixed income over time. While this split is the Society’s long-term target, the Society recognizes that the actual asset allocation in any particular period may vary in the discretion of the investment manager but always in accordance with the following guidelines:Objectives and goals (continued)Within the context of the background as discussed in the previous page, the investment manager shall construct a diversified asset allocation methodology that will allocate assets among the following classes:Asset classTarget AllocationDomestic large cap equities50%Domestic small cap equities10%Developed international equities5%Emerging international equities5%Fixed income30% View Table Image All fixed income investments should be of relatively high quality and liquid.Alternative strategies (hedge funds, commodities, private equity, derivatives, swap agreements, short sales of securities, and similar strategies), while offering higher potential returns over time, are generally considered to be beyond the Society’s risk tolerance and also to be unduly costly with respect to financial management fees. Consequently, such strategies may be used only with the prior authorization of the Finance Committee of the Society.The Society recognizes that actual allocations will vary from time to time form the target allocations as the investment manager makes strategic allocation decisions in different market environments.Cash flow expectationsThe Society currently has moderate cash flow needs from this portfolio of investments.Risk toleranceThe Society accepts a moderate level of risk in this portfolio, commensurate with that of a diversified portfolio of publicly traded stocks and fixed income instruments which are subject to different economic inputs and risks. Compliance by the investment manager with this statement of risk tolerance is required to ensure that the Council of the Society meets it fiduciary obligation of prudence in the handling of the Society’s financial assets.There are no restrictions with respect to asset classes or specific investments except as specifically provided in the Society’s investment policy. The Society anticipates that the total equity exposure of the portfolio will range from 40 to 80% and the fixed income exposure of the portfolio will range from 20 to 60%. The Society has set no quantitative ranges within the equity class but nevertheless expects the manager to maintain sufficient diversification within this class to be consistent with the requirement of moderate risk. For both the equity and the fixed income classes, the Society expects that allocations at the extremes of the permitted ranges will be rare.The Society generally expects its funds to be invested in efficient, transparent, and liquid public markets. As a consequence, it has a strong preference for diversified exchange traded funds that track well-known domestic and foreign market indices. Although the actual asset allocation will change from time to time and over time, the Society requires that the investment horizon for the entire portfolio and for each individual investment be long term.RebalancingIn order to attempt to keep the investment manager’s investment plan consistent with the portfolio’s objectives, the investment manager shall review the account quarterly for rebalancing to the strategic goals. In addition, if there are significant events, such as major market volatility or a large deposit or withdrawal from the account, the investment manager will be expected to review the allocation at that time. The actual allocation of the portfolio shall be reviewed by the investment manager with the Committee at least annually and, in addition, at any time at the request of the investment manager or the Committee.Funds with deficienciesFrom time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor requires the Society to retain as a fund of perpetual duration. In accordance with accounting principles generally accepted in the United States of America, deficiencies of this nature are reported in net assets without donor restrictions. There were no permanent endowment fund deficiencies as of December 31, 2019 and December 31, 2018.Endowment Net Asset Composition by Type of Fund as of December 31, 2019: Without Donor RestrictionsWith Donor RestrictionsTotalDonor-restricted endowment funds$ —$ 3,756,174$ 3,756,174Council-designated endowment funds33,177—33,177Total$ 33,177$ 3,756,174$ 3,789,351 View Table Image Changes in Endowment Net Assets for the Year Ended December 31, 2019: Without Donor RestrictionsWith Donor RestrictionsTotalEndowment net assets beginning of year$ 29,936$ 3,240,169$ 3,270,105Investment return: Investment income, net47951,65452,133 Net appreciation (realized and unrealized)4,703506,506511,209Total investment return5,182558,160563,342Administrative fee(141)(15,155)(15,296)Appropriation for expenditures(1,800)—(1,800)Net assets released from restrictions—(27,000)(27,000)Endowment net assets, end of year$ 33,177$ 3,756,174$ 3,789,351 View Table Image Endowment Net Asset Composition by Type of Fund as of December 31, 2018: Without Donor RestrictionsWith Donor RestrictionsTotalDonor-restricted endowment funds$ —$ 3,240,169$ 3,240,169Council-designated endowment funds29,936—29,936Total$ 29,936$ 3,240,169$ 3,270,105 View Table Image Changes in Endowment Net Assets for the Year Ended December 31, 2018: Without Donor RestrictionsWith Donor RestrictionsTotalEndowment net assets beginning of year$ 35,605$ 3,668,356$ 3,703,961Investment return: Investment income, net42744,18644,613Net depreciation (realized and unrealized)(4,161)(430,282)(434,443)Total investment (loss)(3,734)(386,096)(389,830)Administrative fee(135)(13,956)(14,091)Appropriation for expenditures(1,800)—(1,800)Net assets released from restrictions—(28,135)(28,135)Endowment net assets, end of year$ 29,936$ 3,240,169$ 3,270,105 View Table Image Note 9: Net Assets with Temporary Donor Restrictions and Net Assets Without Donor Restrictions Designated by The CouncilThe following is a summary of the activity of the net assets with temporary donor restrictions and the net assets without donor restrictions designated by the Council for the year ended December 31, 2019: Temporarily Restricted Class of Net Assets (Donor-Restricted Funds) Net assets Without Donor Restrictions (Designated by The Council) Harper FundCole FundW.L. Mitchell Prize FundJustin G. Schiller Prize FundPBSA Endowment FundKatharine F. Pantzer FundStationers’ Register Online ProjectNet Assets With Temporary Donor RestrictionsTotal New Scholars Fund Support and revenue Interest$891$406$8$21$36$165$1$1,528$14 Dividends, net29,25113,3002496831,1845,4293050,126465Administrative fee(8,844)(4,021)(75)(207)(358)(1,641)(9)(15,155)(141)Total support and revenue21,2989,6851824978623,9532236,499338Net assets released from restrictions and appropriated for expenditures Journal editorial services21,000——————21,000— Grants and prizes———3,000—3,000—6,0001,800Total net assets released from restrictions21,000——3,000—3,000—27,0001,800 Increase (decrease) before other additions2989,685182(2,503)862953229,499(1,462)Other additions Realized gain on sale of investments86,73139,4367352,0253,51016,09590148,6221,380 Change in unrealized value of investments208,85094,9611,7704,8768,45238,758217357,8843,323 Increase in net assets295,879144,0822,6874,39812,82455,806329516,0053,241 Net assets, beginning of year1,649,934822,7235,87614,24821,277350,7932,1552,867,00629,936 Net assets, end of year$ 1,945,813$ 966,805$ 8,563$ 18,646$ 34,101$ 406,599$ 2,484$ 3,383,011$ 33,177 View Table Image Previous articleNext article DetailsFiguresReferencesCited by The Papers of the Bibliographical Society of America Volume 114, Number 4December 2020 Published for the Bibliographical Society of America Article DOIhttps://doi.org/10.1086/711325 Views: 136 © 2020 Bibliographical Society of America. All rights reserved. Crossref reports no articles citing this article.