REPORT OF THE SECEETAHY 



HI 



CONSOLIDATED FUND 



Statement of Principal and Income for the Last 10 Years 



FREER GALLERY OF ART FUND 



Early in 1906, by deed of gift, Charles L, Freer, of Detroit, gave to 

 the Institution his collection of Chinese and other oriental objects of 

 art, as well as paintings, etchings, and other works of art by Wliistler, 

 Thayer, Dewing, and other artists. Later he also gave funds for the 

 construction of a building to house the collection, and finally in his 

 will, probated November 6, 1919, he provided stock and securities to 

 the estimated value of $1,958,591.42 as an endowment fund for the 

 operation of the gallery. From the above date to the present time 

 these funds have been increased by stock dividends, savings of income, 

 etc., to a total of $6,112,953,46. In view of the importance and special 

 nature of the gift and the requirements of the testator in respect to 

 it, all Freer funds are kept separate from the other fmids of the Insti- 

 tution, and the accounting in respect to them is stated separately. 



The invested funds of the Freer bequest are classified as follows : 



Court and grounds fund $684, 798. 42 



Court and grounds maintenance fund i 171, 963. 09 



Curator fund 696, 897. 47 



Residuary legacy 4, 559, 294. 48 



Total > 6, 112, 953. 46 



SrMMABT 



Invested endowment for general purposes $1,326,560.44 



Investment endowment for specific purposes other than Freer 

 endowment 871, 082. 42 



Total invested endowment other than Freer endowment 2, 197, 622. 86 



Freer invested endowment for specific purposes 6, 112, 953. 46 



Total Invested endowment for all purposes— 



8, 310, 576. 32 



' The greater portion of gain In this capital over previous year is caused by placing 

 on the books of the Institution the approximate market value of a large holding of stock 

 Iieretofore held at a much lower figure. 



