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ANNUAL REPORT
For the Period from April 1, 1923, to April 1, 1924
OF THE BOARD OF TRUSTEES OF THE MUSEUM OF THE AMERICAN INDIAN HEYE FOUNDATION
TO GEORGE G. HEYE, GRANTOR

In Compliance with the Provisions of Subdivision 10 of Article III of the Foundation Deed, dated May 10, 1916.
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TRUSTEES' MEETINGS
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Meetings of the Board of Trustees were held on the following dates:  May 1, 1923, June 12, 1923, October 30, 1923, December 4, 1923 and February 5, 1924.

At the Annual Meeting held on May 1, 1923, the following officers were elected:

Chairman, George G. Heye,
Vice-Chairman, Harmon W. Hendricks.

Member of the Executive Committee to serve until the Annual Meeting in 1926:

Frederic K. Seward.

At the adjourned session of the Annual Meeting held on June 12, 1923, the Board accepted the proposition of Mr. George G. Heye to substitute, in place of his Guarantee Agreement and $400,000 Bond, both dated May 10, 1916; a Deed of Trust and an Agreement, both dated April 1, 1923; the execution and acceptance of which were authorized at said meeting.  In the Deed of Trust, Mr. Heye is the Grantor, United States Trust Company of New York is Trustee and this institution is beneficiary.  The corpus of the trust consists of the following securities:

  768 shares Standard Oil Company of California,
4,428 shares Standard Oil Company of New York,
  968 shares Standard Oil Company of Indiana,
  764 shares Ohio Oil Company.

During the Grantor's life, this institution is to receive under the terms of the trust an income of at least $5,000 a quarter, and upon the Grantor's death an endowment of $400,000 with the proviso, however, that if, during the Grantor's life this institution obtains endowment funds from other sources, the 

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