REPORT OF THE PRESIDENT, 1918. 23 



It appears not inappropriate, therefore, to recall public atten- 

 tion to the following facts : 



(1) That the Institution exists under articles of incorporation 

 granted by the Congress of the United States in an act approved 

 April 28, 1904. 



(2) That the affairs of the Institution are administered by a 

 board of trustees to whom the Founder, by his deed of trust, has 

 given full and unreserved authority for action within Umits pre- 

 scribed by law and warranted by the recorded history of mankind. 



(3) That the original endowment of the Institution was 

 $10,000,000; that this was increased by the Founder's gifts of 

 $2,000,000 in 1907 and of $10,000,000 in 1911, his endowment 

 thus aggregating $22,000,000. 



(4) That, with the exception of a few relatively small receipts* 

 of funds from other sources, the sole source of funds available for 

 expenditure by the Institution is the interest on its endowment, 

 which now amounts, in round numbers, to $1,112,000. 



(5) That the financial accounts of the Institution are audited 

 annually by pubHc auditors whose reports appear annually also 

 in the Year Books. 



In addition, it may be stated that, since February 1906, there 

 have been issued monthly, printed financial statements showing 

 the status of every principal asset and account of the Institution 

 for the date; the items of receipts and disbursements for the pre- 

 ceding month; a summary of the receipts and disbursements 

 from the beginning of the fiscal year to date; and a similar sum- 

 mary of receipts and disbursements from the foundation of the 

 Institution to date. Although these special financial statements 

 have not been pubhshed, complete files of them may be seen in 

 bound volumes kept in the office of administration and a copy of 

 any current number may be had on appUcation. 



_.. . , e. * * The sources of funds available for expenditure 



Financial Statement . ^ 



for Fiscal Year durmg the past fiscal year, the allotments for the 

 ^91 191 • year, the revertments made during the year, and 

 the balances unallotted at the end of the year are shown in detail 

 in the following statement : 



*The largest of these is $150,000 per annum furnished by the Carnegie CJorporation of 

 New York during the years 1917 and 1918. 



