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[[preprinted]]
SMITHSONIAN INSTITUTION  568
[[/preprinted]]

[[preprinted left margin]]
MADE BY BAKER-VAWTER CO.
[[/preprinted left margin]]

[[underlined]] Endowment [[/underlined]] - [[underlined]] Freer Gallery of Art.[[/underlined]]

[[table, 4 columns]]
| [[underlined]] Face value [[/underlined]]. | [[underlined]] Market value [[/underlined]]. | [[underlined]] Annual income [[/underlined]].
| | | (Beginning Jan. 1, 1923.)

[[underlined]] Stocks: [[/underlined]] | $1,023,250 | $2,865,100. | $163,720.

[[underlined]] Bonds: [[/underlined]] | [[underlined]] 23,000.[[/underlined]] | [[underlined]] 21,880.[/underlined]] | [[underlined]]1,550.[[/underlined]]

Total | $1,046,250. | $2,886,980. | $165,270.*
[[/table, 4 columns]]

*Income to be used for liquidating obligations assumed by the Institution as Residuary Legatee of the late Charles L. Freer, salaries of employees of the Freer Gallery of Art, miscellaneous expenditures for operation of Gallery, and purchase of art objects.

[[underlined]]Estimated Expenditures from Incomes during the Fiscal Year 1922-1923.[[/underlined]]

[[underlined]]Funds applicable to general expenses.[[/underlined]]

[[table, 3 columns]]

| [[underlined]]Income.[[/underlined]] | [[underlined]]Estimated Expenses.[[/underlined]]

Smithson ) | |
Habel ) | |
Hodgkins (general) ) | $56,361.40 | $56,300.00
Miscellaneous ) | |

Accumulating funds - income reinvested | 4,781.16 | 4,700.00

Specific funds - income only expendable: | |
  Bacon Fund (traveling scholarships) | 2,530.00 | 2,500.00*
  Chamberlain Fund (purchase of specimens) | 1,756.00 | $1,300.00*
  Hamilton Fund (lectures) | 173.00 | 150.00*
  Hodgkins Fund (specific) | 6,000.00 | 6,000.00
  Hughes Fund (library purposes) | 518.88 | 500.00*
  Walcott Fund (researches) | 720.00 | 720.00

Endowment - Freer Gallery of Art | 165,270.00 | 140,000.00

[[/table, 3 columns]]

* Not available as research funds.

The Secretary exhibited a chart showing the administrative arrangement of the force, calling attention to the losses occurring owing to the inadequacy of salaries paid here. He added that he was bringing these figures to the attention of the Regents in order that they might better understand the report of the Special Committee.
[[initials]]CDW[[/initials]]

Transcription Notes:
signature or watermark on the words "better understand" in the last paragraph Later transcriber: it's the initialized "CDW" that occurs on every page.