5© Report of the President 



IV. FINANCES, MAINTENANCE, ENDOWMENT 



The financial transactions of the Museum have been car- 

 ried in three separate accounts, namely, the City Mainte- 

 nance Account, the General Account and the Special Funds 

 Account, all of which are described later. The details of the 

 receipts and disbursements thus classified will be found in the 

 Treasurer's Report, pages 53 to 6t^ inclusive. All books and 

 vouchers of these accounts have been duly examined and cer- 

 tified by the Audit Company of New York. 



City Maintenance Account. — According to the terms of 

 the contract between the City and the Trustees it is the duty 

 of the City to provide for the maintenance of the Museum and 

 the up-keep of the building. During the past year, the City 

 appropriated $180,000 for this purpose and as usual the re- 

 ceipts and expenditures have been carried in an account sepa- 

 rate from the other moneys of the Museum. Generous as 

 this sum may seem, it is quite insufficient to meet all the 

 expenses of maintenance, and items to the amount of 

 $36,652.01 legitimately chargeable to the City have been paid 

 from the funds of the Trustees. The need of a larger main- 

 tenance fund is apparent and it is expected that in the com- 

 ing year it will be increased to $200,000, the maximum 

 amount which the law allows. 



General Account. — The moneys of this account are 



derived from the interest on invested funds, membership and 



sales. The total net receipts were $154,018.51, the principal 



items of which were as follows : 



Interest on bequest of Morris K. Jesup $49,600.00 



Interest on General Endowment 50,251.25 



Life Members 7,100.00 



Sustaining and Annual Members 17,645.00 



Balance of contribution of 1908 by Mrs. Morris K. Jesup, which 

 was applied to the purchase of the Cape York or "Peary" 

 meteorites 20, 594.60 



It was Mr. Jesup's wish, as stated in his will, that the 

 income of his bequest should not be used for maintenance 

 purposes, but for the enlargement of the collections and the 

 prosecution of the scientific work of the institution. In car- 

 Tying out the terms of the bequest, the Trustees have devoted 

 this money to the support of field parties in Arctic America, 



