i8 



CARNEGIE INSTITUTION OF WASHINGTON. 



tion, the fields in which its activities are now concentrated may be 

 summarized under four principal heads, namely : 



First, large projects, whose execution requires continuous research, 

 usually by a corps of investigators, during a series of years. Ten 

 such projects are already under way. 



Secondly, small projects, which are usually carried on by individual 

 experts during a limited period of time. About three hundred grants 

 in aid of such projects have thus far been made. 



Thirdly, tentative investigations, carried on by j^oung men and 

 women who have shown aptitude for research and have desired to 

 pursue specific problems for one or two years. A limited number 

 of persons have been aided by the Institution in this line of work in 

 the hope that some of them might develop exceptional abilities. 



Fourthly, considerable sums of money have been allotted annually 

 for the publication of meritorious works which would not otherwise 

 be readily printed, and for the publication of the reports and results 

 of the investigations carried on under the auspices of the Institution. 

 This promises to be a fruitful field of activit}-. About forty volumes 

 of works in diverse fields have already been issued. 



Briefly described, the administration of the Institution is vested 

 in a board of trustees, which meets annually. During the intervals 

 between the meetings of the Board of Trustees, the affairs of the Insti- 

 tution are conducted by an executive committee, chosen by and 

 from the trustees, acting through the President of the Institution as 

 chief executive officer. 



The following table shows the balances brought forward from 

 previous appropriations ; the amounts appropriated for the year 

 1904-05 by the Board of Trustees at their meeting 

 of December 13, 1904 ; the revertments during the 

 year ; the totals available for expenditure during 

 the year ; the allotments for the year, and the 

 unallotted balances for large grants, minor grants, research assist- 

 ants, publication, and administration, respectively : 



Financial Statement 



for the Year 



1904-1905. 



