Vol. V] GRUNSKY— PRESIDENT'S REPORT FOR 1915 201 



was $1,633.28. The salaries paid during the year amounted 

 to $15,705.35; the insurance paid was $2,120.03, and the gen- 

 eral operating expenses were $3,339.94. 



These figures show that about $28,000 of the Academy's 

 receipts were available in 1915 for construction and installa- 

 tion of exhibits and that a fair annual surplus may be ex- 

 pected which, after a year or two, will in part be available 

 for reducing tlie Academy's financial obligations. 



The fact that it has been necessary to thus anticipate for 

 a period the usual surplus should cause no regret. We know^ 

 that the time will come when the results achieved will fully 

 justify the course which has been pursued. 



