Vol. IV] THE PRESIDENT'S REPORT FOR J913 3 



Some evidence of the esteem in which the Academy is 

 locally held may be found in the fact that the Building Com- 

 mittee of the Board of Supervisors of San Francisco declared 

 its willingness to recommend that the Academy be granted 

 the right to erect its museum building at the Civic Center, 

 provided that satisfactory assurance could be given that our 

 building would be completed in a reasonable number of years. 

 Owing to the fact that our financial situation did not justify 

 the giving of such an assurance, covering a possible total 

 expenditure of from $600,000 to $800,000, this proposition 

 could not be entertained, and the matter had to be dropped. 



RESOURCES 



The property of the Academy stands upon the books at a 

 value of about $1,300,000, subject to an indebtedness of 

 $300,000. The details of this book-value and of the annual 

 income appear in the Treasurer's report. 



It is interesting to note that the net annual income from 

 the Academy's property on Market Street (the Commercial 

 Building) is about $46,700, and that from other sources, such 

 as fees and dues, interest on special funds and short term 

 loans, this income is swelled to about $53,700. 



The Academy has expended during the last year for rent, 

 salaries, and on its collections, about $32,700. The funds 

 available for building have been increased by about $21,000. 



It is estimated that a sum of from $125,000 to $130,000 

 can be made available for the new building by the end of 

 1914, with some surplus for the installation of exhibits. 

 This can be accomplished by continued exercise of economy, 

 and by some curtailment of the Academy's activities, which 

 under ordinary circumstances should be extended rather than 

 curtailed. The additional funds required for the building 

 will be advanced by the Crocker National Bank, a courteous 

 act, which will be duly appreciated by the Academy. 



DONATIONS AND BEQUESTS 



The Academy has been the recipient of a number of dona- 

 tions, which have been recorded and suitably acknowledged 



