Carolyn Holcombe of the Nila Company cashes a sponsored by Wachovia Bank and Trust Company,
check at the Jtmior Achievement bank. This bank, is operated just like a regular 'big-tims” bank.
IN MINIATURE . . .
and a company name, determining capital require
ments, authorizing stock in accordance, and ap
plying for a charter. They authorized the issuance
of 250 shares of stock at fifty cents a share to
capitalize their company at $12l They ascertained
the various production costs, and set a selling price
on the finished product to insure a profit and a
fair dividend to Nilo stockholders.
As the work progresses, they are keeping books
on the company by a simplified double entry sys
tem, rendering monthly reports at directors’ meet
ings, paying wages, salaries, rent, taxes, a capital
deposit, depreciation, and purchasing their own
raw materials, tools and supplies. They do their
own selling of stock and products, take inventories,
and send reports to their stockholders. They elect
their own officers—president, vice-president, sec
retary, treasurer and directors. The president ap
points a production manager and a sales manager,
who, in turn, appoint assistants. The Board of
Directors determines wages and salaries, and pol
icies of the company. All members of Nilo par
ticipate as stockholders, directors, workers and
]A President Arthur Northen presents the com- Nilo members and advisers look on. To the left is
pany charter to Nilo President Mary Lynn Byers as H. E. Heffner, Exec. Director of JA in W. N. C.