The income of the Hebrew Immigrant Aid Society of America for the year ending December 31, 1927, amounted to $334,234, while the expenditures amounted to $342,545, thus leaving a deficit of $8,311, according to the financial report presented at the annual meeting of the society by Harry Fischel, treasurer.
Mr. Fischel’s report also showed that the organization has assets totalling $905,639 and liabilities amounting to $269,307. The surplus of assets over liabilities was given as $636,332. The largest items in the income of the Hias were the amounts $214,670, representing contributions from individuals, and $90,604 as contributions from organizations.
In presenting his report, Mr. Fischel commented upon the deficit declaring, “The records for last year indicate that our budget was not balanced. We face an overdraft of $8,311.54. In all probability we could have managed our expenditures so as not to incur a deficit but that would have meant the curtailment in service.
“I well recall the statement made by the late philanthropist, Jacob H. Schiff, at an annual meeting of our institution when he said that if an organization which has many problems to cope with does not show a deficit at the end of the year, it may be inferred that that organization has not fully performed its duties. Mr. Sehiff was right. The Hias work had to be done, and our friends appreciating this will, I am sure, help us rid ourselves of the delicit. Those of you, gathered here who understand and feel the sacredness of this work, should take this opportunity today to wipe out the overdraft and enable us to face the future free and unhampered.”
The treasurer appealed to the organizations which subscribe toward the Hias budget to make their remittances promptly.
“The leaders in these organizations understand and appreciate the importance of proper budgeting for organization work. They know the tragedies which await organizations which embark on campaigns for relief, assured of a certain sum, only to find after such work is under way, that the anticipated funds are not forthcoming. Nothing is more tragic for those who wait for the relief, nothing is more discoura## to those who are pledged to ## that relief, than the failure of those who have plodged the funds to make ## available.” Mr. Fischel declared.