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the next Annual Meeting of the Board.

The annual report for the fiscal year ending April 1, 1944, of the Board of Trustees to the Grantor, under the provisions of the Foundation Deed dated May 10, 1916, was duly presented to this meeting and was approved, and the original filed with the Grantor and a copy inserted in the minute book, as part of the records of this meeting.

At the annual meeting the Chairman submitted a proposed budget for the fiscal year 1944-1945, with a comparative statement showing the budget for the year 1943-1944, as adopted, and a statement of the actual expenditures for the latter period. On motion, duly made and seconded, the proposed budget for the year 1944-1945 as submitted by the Chairman was approved and adopted.

The Treasurer presented his report, which showed the transfer of $5,126.05 from Huntington Publications account to the general fund, which on motion, duly made and seconded, was approved.

A regular meeting of the Board of Trustees was held October 3, 1944.

The Treasurer presented his report and recommended that payment be made out of the general fund in reduction of the loan from the United States Trust Company, and on motion, duly made and seconded, the Treasurer was authorized to pay the sum of $5,000. in reduction of the said loan from the balance in the general fund.