ANNUAL REPORT OF THE BOARD OF TRUSTEES. 



The board of trustees has the pleasure of reporting that the 

 operations of the American Institute, during the past year, have 

 been so important and successful as to warrant the hope that they 

 will mark a new epoch in its histor}^ The financial condition will 

 be readily understood by a simple statement of the amount received 

 from its principal sources of income, viz: 



1. From members for admission fees and annual dues ^4,913 00 



2. Rent of real estate (two quarters at ^8,000 and two quar- 



ters at §'20,000 per annnum) 14,000 00 



3. Net proceeds of the thirty-seventh exhibition. . . , 15,000,00 



4. Annual appropriation by the State, for the encouragement 



of county agricultural fairs 1,187 50 



Total ^35,100 50 



From this must be deducted the annual taxes on the Broadway 

 property, the cost of improvements lately made on the same, the 

 full payment of the incumbrance which has been on tliis pro- 

 perty since its purchase in 1849, amounting to $18,297.(57, and the 

 current expenses of the Institute; which left on the 31st of January, 

 1868, a bahmce in the treasury of $5,540.08. The details of 

 receipts and expenditures will be found in the report of the com- 

 mittee on finance. 



In accordance with a stipulaticm in the lease of the property of 

 the Institute on Broadway and Leonard street, the building has 

 been thoroughly repaired, and the cellar deepened, so as to make 

 the basement available as a sales-room. Al)out one-fourth of the 

 cost of these improvements was paid l)y the occupant. " The premises 

 have again been let for the term of one year from the 1st of May 

 next, for twenty thousand dollars, payable in quarterly instalments. 



Although authorized by the Institute to sell the propert}' for 

 ihe sum of two hundred thousand dollars, the board has received 

 no offer of that amount. The net income from the property, after 

 deducting the amount paid for taxes and repairs, greatly exceeds 

 the legal interest of the sum mentioned, and as real estate in the 

 neighborhood is constantly increasuig in value, not disposing of it 



