It is proposed that the Proctor of the University should prepare for the Committee of the Board of Visitors the following Accounts --
1st. The Account of the University with the Proctor.
2d. Regular Accounts in the form of Debtor & Creditor, between the Undertakers & the University
3d. A Supplemental Account, bringing together all the expenditures of the institution not comprehended in the 2d. Class of Accounts. This Account may be entitled "An Account of Contingent expences."
In the Accounts of the University with the Proctor, it is proposed that the Proctor shall, on the Credit side of the Account, charge all his drafts on the Bursar, in the order of their dates, referring to them by number: and that, on the debit s ide, he shall show how those drafts have been disposed of, by brief items stating the persons to whom and the purposes for which the funds have been applied, & resting on Vouchers referred to by number. All the items in this account ought to be found in another form in the 2d. and 3d. Classes of Accounts.
It is proposed that the 2d. Class of Accounts should embrace all important transactions between the University & all persons with whom it may have had dealings, and that it should leave only the smaller expenditures for the 3d. Head of Contin gent expences. It is desired that the accounts should be kept in such a manner that immediate reference may be had to the state of almost every man's account who has had any transactions with the University. With this view the Ledger should be pushed as far as practicable in the form of individual accounts without descending to unnecessary minuteness. Dragage, &c. &c. will constitute the Items of the Account of Contingent expences. In the second and third classes of Accounts, as well as in the first, vouchers will be referred to. It is desired that the Accounts of Mr. Barksdale should be kept separate from Mr. Brockenbrough's, and that the balances should be carried forward from the former to the latter. In like manner the vouchers should be kept se parate.
It is supposed by the Committee that the Proctor's account will go to the Assembly and be printed. As this account will embrace all the expenditures of the Institution, it is believed that no other account will be called to the seat of governmen t or appear in print. Still all the accounts of such an institution should be kept in a masterly style, and stand ready for the press and public eye, whenever called for.
In regard to Mr. Brockenbrough's Accounts which will be volumninous, it is suggested that, perhaps, it would be advisable that the Proctor's own account should appear in a separate volume, from that in which the 2d. & 3d. Classes of Accounts will be kept. Mr. Barksdale's accounts covering less space, perhaps, all his accounts might advantageously appear in the same volume.
It is recommended that the Present Proctor should, in addition to the books of Accounts, keep a third book, for the registry of his statements, estimates, Reports &c.
He will continue his Day book as a necessary preparation for the Ledger.
If in the course of the business it should be found impracticable to descend to as much detail as is herein desired, it is deemed expedient to keep the spirit of these instructions in view.
No opinion is intended to be expressed by the Committee whether the scheme of accounts be the best that might have been pursued. It is, with some small alterations & additions, that which has been pursued, & that alone which is practicab le & expedient under existing circumstances.