REPORT OF EXECT'TIVK COMMlTTfOK l53 



ClKirlcs L. Freer hc(jucst 



Balanc'O on hand June 'M. VJ-27 $100,405. 18 



Receipts : 



Dividends, interest, and miscellaneous receipts- )i;286, 705. 06 



Sale and call of stocks, bonds, etc. (gain) 61,009.72 



Cash capital from sale, call, etc., of stocks, bonds, 



etc. (to be reinvested) 510,416.35 



Total receipts S07, 191. 18 



Total resources 967, 596. 31 



Expenditures : 



Operating expenses of gallery, salaries, purchase 



of art objects, field expenses, and incidentals 152, 412. 99 



Investment of funds 89, 058. 50 



Reinvestment of cash capital 550, 086. 02 



Total expenditures 791, 557. 51 



Balance June 30, 1928 176,038.80 



SUMMABY 



Total balances of all funds June 30, 1927 202, 827. 49 



Receipts of year ending June 30, 1928: 



Parent fund, for general i>urposes 63, 136. 14 



Revenue and principal of funds for specific ob- 

 jects except Freer bequest 244. 92i>. 43 



Cash capital, for reinvestment, except Freer 



bequest 58, 350. 50 



Freer bequest, dividends, interest, etc 286, 705. 06 



Freer bequest, sale, call, etc., stocks and bonds 



(capital gains) 61,009.72 



Freer bequest, cash capital for reinvestment 519, 416. 35 



Total receipts 1, 233, 607. 20 



Total resources 1. 436. 434. 69 



Expenditures : 



Parent fund, for general purposes of the In- 

 stitution 63. 063. 15 



Specific objects, except Freer bequest 283, 686. 87 



Cash capital, reinvested 59, 157. 75 



Freer bequest, operating expenses, etc 152, 412. 99 



Freer bequest, invested 89,058.50 



Freer bequest, cash capital reinvested 550, 086. 02 



Total expenditures 1. 198. 065. 28 



Total balances of all funds June 30, 1928__^ 238, 369. 41 



Total 1, 436. 434. 69 



