i o Report of the President. 



Endowment. — At the annual meeting of the Board of Trus- 

 tees held in January, 1902, expenditures from the General and 

 Maintenance funds were authorized, to the aggregate amount 

 of $210,260, involving a deficit of $19,560. The report of the 

 Treasurer shows that the Museum has not drawn upon this 

 deficit, and this is the second year that the limit of the author- 

 ization of the Trustees has not been reached. Our invested 

 funds, however, have not been materially increased, and in 

 the absence of any large income, we have been obliged to 

 depend upon the liberality of friends for the development of our 

 collections; and this will of necessity continue until our en- 

 dowment is largely increased. 



In conformity with the recommendation of the Finance 

 Committee, the financial transactions of the Museum are 

 now divided into three separate accounts. 



First.- — City Maintenance Account, covering the receipts 

 and disbursements of the moneys received from the City. 



Second. — General Account, including the receipts and dis- 

 bursements of the income from invested funds, membership 

 and admission fees, State Superintendent of Public Instruc- 

 tion and contributions (not for specific purposes) received 

 from the Trustees and others. 



Third. — Endowment and Investment Account, including the 

 receipts, investments and disbursements of moneys received 

 from bequests,- and contributions for specific purposes, such 

 as the support of expeditions, the preparation and publica- 

 tion of scientific papers, the purchase of specific collections, 

 etc. The funds^ received from bequests and the interest 

 thereon are invested in securities for the Permanent Endow- 

 ment. 



Special Funds. — Special funds, such as those for the sup- 

 port of Eastern Asiatic Research and for the Andrew J. Stone 

 Expedition, are kept apart, the Assistant Treasurer acting as 

 Treasurer of the same by request of the Trustees. Separate 



