VASSAK BROTHERS INSTITUTE. 39 



sary expenses for insurance, taxes, janitor, fuel, and 

 light, and at the same time successfully prosecute the 

 work for which the Institute was organized. 



Your secretary stated the facts as to the financial 

 needs of the Institute to Mr. John Guy Vassar, in the 

 early fall of 1883, with the result of securing from him 

 the generous gift of $25,000 as a permanent endowment 

 fund. 



The income of $15,000 is to apply to general expenses, 

 and the income of $10,000 is to apply to library, publi- 

 cation, museum and scientific purposes. 



This benefaction, added to the $5,000 which Mr. Vas- 

 sar had previously given as a repair fund, yields an an- 

 nual income of $1,550, which secures the society against 

 financial contingencies, and makes possible the more 

 successful prosecution of its work. 



The details relating to the finances are given in the 

 treasurer's report, which shows a balance on hand of 

 $509.16. 



During the past year eight members have resigned, 

 and one member — Mr. Sidney Putnam — has died. 



Twelve gentlemen and two ladies have been elected to 

 membership, of whom seven gentlemen and one lady 

 have duly qualified, and the names of the remainder 

 have been taken from the roll. 



The present membership of the Institute is one hun- 

 dred forty- eight. 



The amended by-law of a year ago, which made it the 

 duty of the Institute to hold a public meeting on the 

 first Tuesday of each month, from October to April in- 

 clusive, has operated beneficially, because it has given 

 equal advantages to members of the Institute regardless 

 of their affiliation with any Section, and has provided 

 for the introduction of papers and addresses from those 

 who are not members, and who are non-residents of 

 Poughkeepsie. 



