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REPORT ON THE FREER FUND AND THE ACQUISITION OF ART OBJECTS BY THE FREER GALLERY

Exhibit A (attached) is a budgetary statement showing receipts and disbursements of the fund as presented to the Regents.

Exhibit B (attached) lists the budgeted positions and salaries (not including fringe benefits).

Mr. Harold P. Stern, Assistant Director of the Freer Gallery of Art, advised in a letter to Mr. Ripley on the budget, dated August 6, 1964, that:

“The Publications Fund is listed at $30,000.00 which is $5,000.00 less than allotted in 1963-1964. This reduction has been made possible by the completion of two works, ARS ORIENTALIS V and ORIENTAL STUDIES VI in the past year. The current budget includes $22,000.00 for pamphlets, etc. that the Gallery hopes to publish this year; $5,000.00 is set aside into a fund annually as the Freer Gallery’s share of the cost of the publication of future issues of ARS ORIENTALIS, and $2,800.00 is for miscellaneous editorial costs related to this publication.”

This is the Publications Disbursement item shown in Exhibit A. The Publications Receipts shown on this statement represent Sales Desk receipts.

The “Buildings, Equipment and Grounds” covers a part of the expense of repair of buildings and equipment, maintenance and landscaping of courts and grounds, and equipment for the technical laboratory.

“Contractual Services” covers the custodian’s fee for stocks and bonds, and investment counsellor’s fee (Scudder, Stevens and Clark). 

“Supplies and Expenses” consists of the costs of meetings, special exhibits, lectures, library, sales desk, photos and reproductions, administrative costs (overhead), and provision for contingencies.

Freer is charged approximately $30,000, which is at the rate of 6% of current annual income, by the Smithsonian for administering the Freer Fund in lieu of certain direct salaries as formerly charged. This charge will be studied as to its relation to actual cost of handling Freer’s financial operation. 

The Freer Fund has increased in market value without a change in the capital fund through the skillful management of its investments by both the Investment Counsellor and the Executive Committee of the Board of Regents.