76 



As compared with ten years ago, the budget figures are as 

 follows : 



1930 1940 Decrease 



TaxBudget $101,006.67 $100,786.10 $ 220.57 



Private Funds 127,860.60 94,081.52 33,779.08 



Totals $228,867.27 $194,867.62 $33,999.65 



In the face of this loss of income, of $33,999.65, an increase 

 of 681,537 in animal attendance since 1930, and of increased de- 

 mands of the local schools and the general public for the services 

 of the Garden along all lines, it is worthy of record that during 

 these ten years the Garden has not closed a single fiscal year with 

 a deficit. 



As we have previously reported, a plan of "endowment in- 

 crement" was instituted in January, 1921, involving the expendi- 

 ture each year of only 80 per cent, of income from endowment and 

 certain other private accounts. Funds thus accumulated were in- 

 vested and the annual interest income was added to the principal. 

 At the beginning of 1931 the reduced income from the funds con- 

 tributing to the " Endowment Increment bund " made it necessary 

 to reduce these contributions from 20 per cent, to 10 per cent, of 

 the incomes. But even so, the principal amount of the Endow- 

 ment Increment Fund has now reached the encouraging total of 

 $150,795.21. Had the "depression" not reduced our rate of 

 interest we would have added at least $200,000 to endowment. 

 Unfortunately, since January 1, 1936, it has not been possible to 

 make any contributions to " endowment increment ''" principal, 

 beyond " compounding " the interest. As I noted in my Annual 

 Report for 1937, it would not take many years for the principal 

 of such a plan to amount to one million dollars, and that should be 

 the present goal for the fund. 



The director's recommendation for a redistribution of the En- 

 dowment Increment principal to help meet current urgent needs 

 for maintenance was adopted by the Governing Committee on 

 December 13, 1940, as follows: 



