74 



Endowment Increment Account 



Proposal for Distribution of the Principal 



December 13, 1940 



The Brooklyn Botanic Garden Endowment [ncrement Account 

 was established by action of the Governing Committee at its meeting 

 on January 1 1 , 1921 . 



This provided that the Garden should expend, tor current needs, 

 only 80 per cent, of the income from its permanent funds, and 

 transfer the remaining 20 per cent, to the principal of a new ac- 

 count to he known as Endowment Increment Account. These 

 transfers were to be made annually until action to the contrary 

 was taken by the Governing Committee. 



It was I inlher provided that the interest income on this account 

 be added to the principal as it accrued, and that this also be con- 

 tinued until action to the contrary should he taken hv the Com- 

 mittee. 



The first transfer of funds to the new account was made on 

 April 20, 1^21. 



The plan was followed until the year 1034, when reduced income, 

 resulting from lower interest rates on invested funds, made it 

 impossible for the. Garden to continue contributing part of its in- 

 come to Endowment Increment and yet to operate efficiently. 

 Since then no contributions from restricted funds income to prin- 

 cipal, have been made. The principal ol the Endowment Incre- 

 ment Account as of December 12, 1940 stands at One hundred 

 fifty thousand seven hundred ninety five and 21/100 Dollars 

 ($150,795.21). 



In order to carry out the terms of the plan as outlined above, 

 the following resolutions are presented: 



1. Resolved, that beginning as of January 31, 1941 the principal 

 of the Endowment Increment Eund he broken up 

 and tlii' amounts contributed hv the participating 

 funds he credited back to the principal of those funds 

 as I ollows : 



