Report of the President 91 



The details of the receipts and disbursements will be found 

 in the Treasurer's Report, pages 95 to 117 inclusive. 



Semiannually all books and vouchers of the various ac- 

 counts have been duly examined and certified by the Audit 

 Company of New York. 



Budget of 1912. — On February 5, 1912, the Board voted 

 $392,209.53 as the total Budget of 1912, involving a prospec- 

 tive deficiency of $55,556.13, to be made up by contributions 

 from Trustees and Members. Through economic administra- 

 tion of all the departments, the actual expenditures were 

 $12,304.65 less than the amount voted. Through the large 

 increase in membership, the receipts were $8,614.88 greater 

 than estimated in the Budget. These credits, amounting to 

 $20,919.53, were partly offset, however, by $14,213.40 in 

 supplementary appropriations for emergency and other matters 

 voted by the Executive Committee. The net amount of the 

 actual deficiency was, therefore, $48,850, which was entirely 

 met by individual subscriptions of members of the Board. 

 This annual deficiency, which cannot grow less, should be 

 relieved by an increased endowment, so that our income will 

 cover our normal annual charges. 



City Maintenance Account. — The moneys appropriated 

 by the City for the maintenance of the Museum are received 

 and disbursed in this account. In 1912 this appropriation was 

 $195,000 for all purposes, a sum $5,243 greater than in the 

 preceding year. The actual cost of maintenance, however, 

 was $282,000, and, as has been so often necessary, the Trus- 

 tees have met the deficit out of their own funds, expending 

 $87,000 on maintenance items which legally could have been 

 charged to the City, had the appropriation been large enough. 

 In disbursing the money appropriated by the City the Trustees 

 have been guided by the spirit rather than by the letter of the 

 contract between the Museum and the City, and have charged 

 to their own funds expenditures which legally the City might 

 assume. The diversion of Trustees' money to these purposes 

 is to be regretted, since it means the withdrawal of such sums 

 from the amount available for the purchase of new collections. 



