C. I. Sersanous, President
Again it is my duty as President of the American Rhododendron Society to render an accounting of the Board of Directors and your President's stewardship for the fiscal year ending April 30, 1954.
It appears that for the past five years our surplus has increased from April 30, 1950 in the amount of $3041.90 to $7395.83 as of April 30, 1954 - a gain of $4353.93. Our cash position has increased from $2894.84 as of April 30, 1953 to $3564.93 as of April 30, 1954 - a gain of $670.09. An unexpended balance of $1640.50 in the Test Garden Fund and a similar balance of $670.00 in the cool house fund, together with other assets all make for total net worth of $9706.33.
The above could be called modest progress for the past fiscal year.