REPORT OF THE EXECUTIVE COMMITTEE. 



To the Trustees of the Carnegie Institution of Washington: 



GentIvEmen : Article V, Section 3, of the By-laws provides that the 

 Executive Committee shall submit at the annual meeting- of the Board of 

 Trustees a report for publication, and Article VI, Section 3, provides that 

 the Executive Committee shall also submit, at the same time, a full state- 

 ment of the finances and work of the Institution and a detailed estimate of 

 the expenditures for the succeeding year. In accordance with these pro- 

 visions, the Executive Committee herewith respectfully submits its report 

 for the year 1910-1911. 



During the fiscal year ending October 31, 191 1, the Executive Committee 

 held nine meetings, including a special meeting on January 24, 191 1, for the 

 purpose of accepting the Founder's gift of an addition of $10,000,000 to the 

 Endowment Fund of the Institution. Printed reports of these meetings 

 have been sent to the members of the Board of Trustees. 



Upon the adjournment of the Board of Trustees on December 13, 1910, 

 the members of the Executive Committee met and organized by the election 

 of Mr. Welch as Chairman for 191 1, and by voting that Mr. Gilbert, Assist- 

 ant Secretary of the Institution, act as Secretary of the Committee for the 

 same period. 



The President's report gives in detail the results of the work of the Insti- 

 tution for the fiscal year 1910-1911, together with itemized financial state- 

 ments for the same period and a summary of receipts and expenditures of 

 the Institution to date. The President also submits various recommenda- 

 tions and suggestions and an outline of suggested appropriations for the 

 year 19 12. The Executive Committee hereby approves the report of the 

 President, and his recommendations, as the report and recommendations of 

 the Committee. 



In accordance with the wishes of the Founder, as expressed in his letter 

 of January 19, 1911, accompanying his most recent gift to the Institution, 

 and in accordance with the instructions of the Trustees, formulated at their 

 meeting of February 18, 191 1, the Executive Committee has opened an 

 account with the United States Trust Company of New York, to be known 

 as the Reserve Fund Account, and the sum of $250,000 has been credited to 

 this account for the year 191 1. 



The question of the disposition of the income of the Reserve Fund was 

 considered at the meeting of the Executive Committee on October 19, 191 1, 

 and, with the concurrence of Messrs. Low and Pritchett of the Finance 

 Committee, it was voted to recommend to the Board of Trustees that the 

 income of the Reserve Fund be credited to the principal of said fund. 



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