The Andreww. Mellon Foundation

The Andrew W. Mellon Foundation

Report 1969 Manufactured in the United States ofAmerica 1969 The Andrew W. Mellon Foundation

Report fromJanuary 1, 1969 through December31, 1969

140 East 62nd Street, New York, New York 10021 AILSA MELLON BRUCE igol - 1969 Trustees William 0. Baker Paul Mellon G. Lauder Greenway Nathan M. Pusey Charles S. Hamilton, Jr. Stoddard M. Stevens

Officers Charles S. Hamilton, Jr. President Albert O'B. Andrews Vice President and Secretary KennethJ. Herr Treasurer andAssistant Secretary

General Counsel Sulivan & Cromwell

O N June 30, I969 Old Dominion Foundation was mergedinto Avalon Foundation and the name ofthe latter changed to The Andrew W. Mellon Foundation. This then is the first Annual Report ofthe Foundation under its present name. Avalon Foundation was founded by Ailsa Mellon Bruce on Decem- ber 26, I940 as a common law charitable trust. In I954 it was incorporated under the Membership Corporations Law ofthe State ofNew York. Old Dominion Foundation had been established in I94I by Paul Mellon under the laws ofthe Commonwealth ofVirginia. The two individuals were the children ofAndrew W. Mellon who served as Secretary ofthe Treasury from I92I to I932, and subsequently as Ambassador to the Court of St. James s. At December 3I, I969 total assets ofThe Andrew W. Mellon Foun- dation approximated $233,828,072 at market value and $220,3I4,I9I at book value. Net income for the year available for grants, on a combined basis, amounted to $Io,875,62I, and grants paid during the year totalled $II,4I3,274. Since the formation of the Foundation in I940, it and Old Dominion Foundation have appropriated a total of $I65,389,382 for philanthropic purposes, ofwhich $I59,I38,849 had been paid as ofthe end of I969. Ailsa Mellon Bruce died on August 25, I969. She had served as a TrusteeoftheFoundation sinceitsformation, andhadbeen amostgenerous benefactor to it and to many other philanthropic causes. Seeking only anonymity in her giving, her generosity brought aid and comfort to many others and constituted philanthropy in its finest sense. The Foundation has remainder interests in certain trusts established by Mrs. Bruce during her lifetime and is the residuary legatee under her 8 will. It is expected that pursuant to these instruments substantial distributions will be received by the Foundation during the current year. The information set forth in this Annual Report is presented on a basis which combines the operations of Avalon Foundation and Old Dominion Foundation during the period oftheir separate existence in I969 to June 30th with the operations ofThe Andrew W. Mellon Foundation forthebalance oftheyearunderreview. Inthelisting ofgrants,accordingly, no distinction is drawn as between donors of the grants. The financial statements contained herein are similarly presented on such a combined basis. The Foundation does not make grants to individuals. It has no prescribed forms of application for grants, and usually a reasonably de- scriptive letter is sufficient to determine whether further investigation seems warranted. Both the status of the applicant and the status of any possible grant which may be made by the Foundation will necessarily in- volve consideration of the provisions of the Tax Reform Act of I969 relating to foundations. Prospective applicants would, therefore, be well advised to familiarize themselves with such provisions ofthe Act as may be pertinent. There follows a brief summary of certain selected grants made during the year under review. There is appended to this Report a detailed list of all appropriations made and grants paid during the year, together with the relevant financial statements.

CHARLES S. HAMILTON, JR. President May 1, 1970 9

Summaries ofCertain Selected Grants

EDUCATION The American Association of Theological Schools in the United States and Canada, Inc., Dayton, Ohio-$450,000ingeneralsupport for the Association which, among other things, functions as the official accrediting agency for graduate and professional theological education. American FieldService, Inc., New York, N.Y.-$ioo,ooo for scholarship purposes, in support of the Service's international educational exchange program for high school students. American School inLondon Foundation, Inc., New York, N.Y. -$200,000 towardtheconstructionofalibraryatthe School, whichprovides education for young Americans living in England. Clare College, Cambridge, England-$200,000 for the purpose of in- creasing the endowment for fellowships at Clare Hall, a Centre for Ad- vanced Scholars established by the College. Educational Broadcasting Corporation, New York, N.Y.-$ioo,ooo for the general support ofthe Corporation, which operates New York City's first educational television station. The Fundfor Theological Education, Inc., Princeton, N.J.-$i5o,ooo in support of the Fund's Trial Year Fellowships Program and Ministerial Recruitment Programs, both designed to acquaint men and women with church-related careers. Harvard University, Cambridge, Mass.-$i,ooo,ooo toward the endowment ofthe Center for Hellenic Studies, in Washington, D.C. The Center, which was established in I96I with the assistance ofthe Foundation, provides fellowships and publication assistance to advance teaching and research in classical Greek culture and the Hellenic tradition. Institute for Philosophical Research, Chicago, III.-$i5o,ooo for the general support of the Institute, which was established to analyze and 10 clarify Western thought on subjects of continuing philosophical interest from ancient Greece to the present day. Smith College, Northampton, Mass.-$5oo,ooo towardtheconstruction ofa new Center for the Fine Arts to provide facilities for the Department ofArt and the Museum ofthe College. Tougaloo College, Tougaloo, Miss.-$ioo,ooo to aidintheconstruction ofa new library building. Tulane University, New Orleans, La.-$ioo,ooo toward the construction ofa new Science Center which willhouse the departments ofbiology, psychology, chemistry, physics and mathematics. The Virginia Foundatiott for Independent Colleges, Lynchburg, Va. $25o,ooo to provide support over a three-year period for the Foundation's program ofdeveloping financial aid from the business community for its twelve member colleges. The Woodrow Wilson National Fellowship Foundation, Princeton, N.J. -$i5o,ooo in support ofthe Foundation's First Year Graduate Fellowship Program, which provides financial assistance to graduate students seeking careers in college-level teaching ofthe humanities and social sciences. Yale University, New Haven, Conn.-$750,000 to endow a professorship in honor ofthe late William C. DeVane, Dean ofYale College for 2S years. The holders of the professorship will be responsible for devising courses to convey the essence oftheir specialties to nonspecialists.

HEALTH AND MEDICINE Affiliated Hospitals Center, Inc., Boston, Mass.-$5oo,ooo to aid in the construction of a proposed new unified hospital and medical facility to house the Boston Hospital for Women, the Peter Bent Brigham Hospital and the Robert B. Brigham Hospital, all teaching hospitals of Harvard Medical School. American Friends Service Committee, Inc., Philadelphia, Pa.-$I75,000 in support ofthe Committee's family planning program in Latin America, initiated with a grant from the Foundation in I965. 11

Blood Research Institute, Inc., Boston, Mass.-$ioo,ooo to assist in acquiring and renovating a building to house the Institute which is in- volved in a wide variety of projects covering biochemical research on blood. Duke University Medical Center, Durham, N.C.-$2oo,ooo to aid in the construction of a new classroom facility for the Center's School of Nursing, which offers a four-year baccalaureate program. Harvard University, Cambridge, Mass.-$250,000 to the School of Public Health toward theconstruction ofaneweducational facilitiesbuild- ing, which will enable the School to expand its enrollment. HealthResearch, Inc.,Buffalo, N.Y.-$2oo,oootowardtheconstruction ofachemo-therapy-pharmacology building attheRoswellParkMemorial Institute, a major cancer research and treatment center. Knickerbocker Hospital, New York, N.Y.-$ioo,ooo for emergency support ofthe Hospital, one ofthe first voluntary hospitals established in New York City. The Menninger Foundation, Topeka, Kan.-$25o,ooo to aid in the construction of a children's clinic building adjacent to the Children's Hospital operated by The Menninger Foundation for the treatment of emotionally disturbed young people. National Medical Fellowships, Inc., Downers Grove, III.-$ioo,ooo for the purpose ofsupporting the organization's scholarship program which assists black students seeking medical careers. The New York Institutefor the Education oftheBlind, New York, N.Y.- $2oo,ooo to aid in the construction ofa new Diagnostic Clinic and Edu- cational Center for multi-handicapped blind children. NewYork University MedicalCenter-Institute ofRehabilitation Medicine, New York, N.Y.-$i5o,ooo in support ofresearch activities in the field of hypertension and stroke. Planned Parenthood Federation of America, Inc., New York, N.Y.- $ioo,ooo to continue support of the organization's program of family planning assistance in the southeastern states. The Population Council, New York, N.Y.-$300,000 for the general 12 support ofthe Council which serves as a clearing house for information in the field ofpopulation studies and stimulates research, training and consultation in this area. St. Vincent's Hospital and Medical Center, New York, N.Y.-$20o,ooo toward the construction of a new building for the Hospital's School of Nursing. The Salk Institutefor Biological Studies, San Diego, Cal.-$25o,ooo to aid in equipping new laboratories for expanding programs in neuro- biology and reproductive biology at the Institute. University ofPennsylvania School ofDental Medicine, Philadelphia, Pa. -$ioo,ooo to assist in the construction ofan Oral Health Sciences Building which will enlarge the School's capacity for teaching and research.

OTHER CULTURAL PROJECTS American Museum ofNaturalHistory, New York, N.Y.-$i,ooo,ooo toward a $25,000,000 capital funds drive for plant improvement and endowment. American Shakespeare Festival Theatre andAcademy, Stratford, Conn.- $200,000 toward general support and to provide working capital for the Theatre's presentations and educational programs. New Jersey Symphony Orchestra, Newark, N.J.-$ioo,ooo for the general support ofthe Orchestra. The PaulMellon FoundationforBritish Art, London, England-$I39,773 to support research and publication advancing knowledge ofBritish paint- ing, sculpture, and graphic arts.

CIVIC PROGRAMS, COMMUNITY SERVICES AND CONSERVATION The American Law Institute, Philadelphia, Pa.-$ioo,ooo to aid a study ofthe federal regulatory statutes administered by the Securities and Ex- change Conmmission. 13

Family and Child Services of Washington, D.C.-$ioo,ooo toward the cost ofdeveloping camping facilities at Moss Hollow, Markham, Virginia for children and families ofthe Washington ghetto. National Audubon Society, New York, N.Y.-$200,ooo to increase the number ofits field representatives who maintain nationwide contact with local chapters and other groups with aims similar to those ofthe Society. Population Reference Bureau, Washington, D.C.-$IO5,OOO for the general support ofthe Bureau which gathers, interprets and disseminates information on population trends. Wildlife Preserves, Inc., Tenafly, N.J.-$205,000 to assist the organization in meeting its land acquisition payment obligations with respect to land in Troy Meadows, NewJersey, which it now owns or controls.

Statistical Tables and Financial Statements

Included in this report are tables asfollows: I Summary ofgrants, I969 II Statement ofgrants, I969 III Financial statements for the year I969 16

The Andrew W. Mellon Foundation

Table I Summary ofGrants 1969

Unpaid Unpaid Jan. 1, Appro- Dec. 31, 1969 priated Paid 1969 Civic Programs and Community Services . $ I70,000 $ 486,497 $ 576,497 $ 80,ooo Cultural Projects: Performing Arts . . $ 220,000 $ 488,ooo $ 548,ooo $ I60,000 Museums and Libraries 4I8,000 I,273,500 9I I,666 779,834 Conservation . . . 355,000 542,500 697,500 200,000 Other Cultural Projects 31I,340 214,773 526,1I3 -0 $I,304,340 $ 2,5I8,773 $ 2,683,279 $1,I39,834

Education . . $2,72I,697 $ 4,931I,000 $ 5,796,998 $i,855,699 Health and Medicine: Education in the Health Sciences . . . . $ 66o,ooo $ 860,ooo $ 370,000 $I,I50,000 Other Grants for Health and Medicine . 780,000 2,620,500 1,450,500 I,950,000 $1,440,000 $ 3,480,500 $ I,820,500 $3,100,000 Youth Programs . $ I02,500 $ 5o8,5oo $ 536,ooo $ 75,000 Totals $5,738,537 $I1,925,270 $II,4I3,274 $6,250,533 17

The Andrew W. Mellon Foundation

Table II Statement of Grants 1969*

Unpaid Unpaid CIVIC PROGRAMS AND Jan. 1, Appro- Dec. 31, COMMUNITY SERVICES 1969 priated Paid 1969 Agribusiness Council, Inc., New York: Support ofprogram to help resolve food problems in emerging countries . - $IS,000 SIs,000 $ - American Law Institute, Philadelphia, Pa.: To aid in a study offederal regulatory statutes administered by the Securities and Exchange Commission - IOO,300,0003S,0o0 65,ooo American Red Cross: Greater New York Chapter. - 10,000 IO,OOO - Nassau County Chapter, Mineola, N.Y. - 3,000 3,000 - American Society ofIntemational Law, Washington, D.C.: Support ofthe Society which serves as a forum for the exchange ofthought among professionals in the field ofintemational law 25,000 - 2S,000 Community Council ofGreater New York, Inc.: Support ofthis central resource coordinating the work ofNew York's voluntary health and social welfare agencies . - 10,000 I0,000

* Unless otherwise noted, grants areforgeneralpurposes ofrecipient. 18

Unpaid Unpaid CIVIC PROGRAMS AND Jan. 1, Appro- Dec. 31, COMMUNITY SERVICES (continued) 1969 priated Paid 1969 Community Service Society ofNew York: Support ofthe Socie's programs for needy families in New York . . . $ $I1,500 $I,500 $ - Council ofChurches ofthe City of New York: Support ofcommunity services and church-oriented programs 1,000 I,000

Goodwill Industries ofGreater New York, Inc. 2,497 2,497 Henry Street Settlement, New York: To assist in financing repairs at its summer camp 4,000 4,000

Human Resources Center, Albertson, N.Y.: To assist in implementing the Center's computer training program for handicapped persons. I00,000 - I00,000 Industrial Home for the Blind, Brooklyn, N.Y.: General support ofa multi-service program for the blind. 5,000 5,000 -

International Center in New York, Inc.: General support ofits services for foreign visitors studying or training in the United States 28,000 28,000 - James WeldonJohnson Community Center, Inc., New York: Support ofits community service programs in East Harlem .30,000 - I 5,000 I 5,000 Legal Aid Society, New York: Support ofprogram oflegal advisory service and representation for those unable to pay I0,000 I0,000 19

Unpaid Unpaid CIVIC PROGRAMS AND Jan. 1, Appro- Dec. 31, COMMUNITY SERVICES (continued) 1969 priated Paid 1969 Lenox Hill Neighborhood Association, Inc., New York: For general support ofits community service programs in the Upper East Side area ofManhattan. - $I7,000 $I7,000 $ -

Moton Memorial Foundation, Inc., (Richmond, Va.), New York: For renovation ofMoton Conference Center, an adult education conference

center in Capahosic, Virginias. - 5,000 5,000 -

National Information Bureau, New York: For support ofits advisory service

for contributors to charities - 500 500 -

New York Association for the Blind: For support of program ofsocio-

recreative services for the blind - 1,500 I,500 - Park Association ofNew York City, Inc.: For support ofprogram ofThe Environmental Resource Council consisting ofrepresentatives ofCity organizations interested in environment and conservation - 10,000 I0,000 - General support - 2,500 2,500 - Population Reference Bureau, Inc., Washington, D.C.: For general support ofBureau which gathers, interprets and disseminates information on population trends 15,000 I05,000 I20,000 -

Recording for the Blind, Inc., New York: For general support in recording of textbooks and educational materials for the blind - 5,000 5,000 - Salvation Army, New York: Support ofits programs ofsocial welfare to the homeless and needy - 3,000 3,000 20

Unpaid Unpaid CIVIC PROGRAMS AND Jan. 1, Appro- Dec. 31, COMMUNITY SERVICES (continued) 1969 priated Paid 1969 Tolstoy Foundation, Inc., New York: Support ofits program ofimmigration and resettlement ofrefugees . $ - $40,000 $40,000 S - Travelers Aid Society ofNew York: Support ofthe Society which gives individualized services to travelers - 2,000 2,000 United Neighborhood Houses ofNew York, Inc.: Support ofJoint Supplemental Fund, shared with member settlement houses - s°,000 50,000 United Service Organizations ofNew York, Inc.: Support ofits program ofservices to members ofthe Armed Forces - 5,000 5,000 - Women's Prison Association and Home, Inc., New York: Support ofrenovation and expansion ofits headquarters . - 50,000 50,000 - Total-Civic Programs and Community Services $I70,000 $486,497 $576,497 $80,000 21

Unpaid Unpaid Jan. 1, Appro- Dec. 31, CULTURAL PROJECTS 1969 priated Paid 1969 Performing Arts American Shakespeare Festival Theatre and Academy (Stratford, Conn.), New York: Support ofthe Theatre's presentations and educational programs - $2,00000 $Io0,000 $50,000 California Institute ofTechnology, Pasadena, Cal.: Toward cost ofestablishing an art workshop program - 25,00025,oO0 25,OOO - City Center ofMusic and Drama, Inc., New York: Support ofprogram offree or discount priced tickets for New York City underprivileged children, and students 75,OOO - 25,000 50,000 Metropolitan Opera Association, Inc., New York - 25,000 2S,000 - NewJersey Symphony Orchestra, Newark, N.J. - I00,000 I00,000 - New York Shakespeare Festival, New York: Support ofthe Public Theatre at the Astor Library - 35,000 35,000 - Opera Association ofNew Mexico, Santa Fe, N.M.: Support ofits Apprentice Program 6o,ooo - 30,000 30,000 General support . 6o,ooo - 30,000 30,000 Opera Festival Association, Inc., Glens Falls, N.Y.: Toward support ofLake George Opera Festival - 3,000 3,000 - Philharmonic-Symphony Society ofNew York, Inc.. - 25,000 25,000 22

CULTURAL PROJECTS Unpaid Unpaid Jan. 1, Appro- Dec. 31, Performing Arts (continued) 1969 priated Paid 1969 Saratoga Performing Arts Center, Inc., Saratoga Springs, N.Y.: Toward completion of amphitheatre. $25,ooo $ - $25,000 $ - Theatre Incorporated (Phoenix Theatre), New York - 50,000 50,000 Washington Drama Society, Inc., Washington, D.C.: Toward construction ofnew theatre unit ofArena Stage 25,000 25,000 Subtotal $220,ooo $488,ooo $548,ooo $I60,000

Museums andLibraries American Museum ofNatural History, New York: Toward capital funds drive - $I,OOO,OOO $Soo,ooo $500,ooo General support. - 2,500 2,500 - Brooklyn Museum, Brooklyn, N.Y.: Toward construction of workshops for the Museum's Junior Membership program - 50,000 50,000 - Cooper Union Museum Charitable Trust, New York: To assist in preserving Cooper Hewitt Museum 25,000 - 25,000 - Denver Public Library Foundation, Inc., Denver, Col.: Support ofthe Conservation Library Center ofNorth America 25,000 - 25,000 - Frederick Douglass Institute ofNegro Arts and History, Washington, D.C.: Toward the cost ofenlarging and improving the Museum of African Art - 50,000 50,000 23

Unpaid Unpaid CULTURAL PROJECTS Jan. 1, Appro- Dec. 31, Museum andLibraries (continued) 1969 priated Paid 1969 Horticultural Society ofNew York: Toward renovation and equipping oflibrary space for its book collection - $25,000 $25,000 $ -

Museum ofAmerican Folk Art, New York: Toward operating costs - 25,000 25,000 -

Museum ofthe City ofNew York: Toward cost ofacquiring and exhibiting the collection ofthe photographic work of Cecil Beaton - I1,000 1,000 - For teacher-pupil audio-visual education program - I0,000 I0,000 -

National Gallery ofArt, Washington, D.C.: Support ofits project at the Carnegie-Mellon University relative to the preservation ofpamitmigs I83,000 - 73,I66 io9,834 A. W. Mellon Lectures in the Fine Arts 35,000 - I 5,000 20,000

New York Public Library: Survey ofcorporate use ofits facilities - 25,000 25,000 General support . - I0,000 I0,000

New York Zoological Society: Toward current capital projects at the Bronx Zoo. 150,000 - I150,000

Smithsonian Institution, Washington, D.C.: Toward cost ofacquiring land for Chesapeake Bay Center for Field Biology *- 75,000 75,000 - Subtotcil $4I8,ooo $1,273,500 $9II,666 $779,834 24

Unpaid Unpaid Jan. 1, Appro- Dec. 31, CULTURAL PROJECTS 1969 priated Paid 1969 Conservation African Wildlife Leadership Foundation, Inc., Washington, D.C.: Toward construction ofpark headquarters at Arusha National Park in Tanzania $50,000 $50,000 $ - American Littoral Society, Inc., Highlands, N.J.: Support ofprogram for public education to promote the conservation ofestuarine habitats and littoral resources . 5,000 5,000 Conservation Foundation, Washington, D.C.: Support ofthe Foundation which conducts research and education in the natural resources field. 300,000 - I00,000 200,000 International Union for Conservation ofNature and Natural Resources, Washington, D.C.: Toward the cost ofholding a general assembly on environmental problems, and for the purchase ofequipment - I15,000 I5,000 National Audubon Society, New York: Towards strengthening its program offield representatives 200,000 200,000 National Educational Television, New York: Support ofa series on ecology and conservation . - 50,000 50,000 National Recreation and Park Association, Washington, D.C.: Toward establishment ofa Youth Advisory Service. 7,500 7,500 25

Unpaid Unpaid CULTURAL PROJECTS Jan. 1, Appro- Dec. 31, Conservation (continued) 1969 priated Paid 1969 Open Space Action Institute, Inc., New York: General support ofpreserving, for recreation and similar uses, remaining open space in New York metropolitan region $25,000 $ - $25,ooo $ -

Student Conservation Association, Inc., Oyster Bay, N.Y.: Toward conservation program in National Parks for high school, college, and graduate students - 5,000 5,000 -

Thorne Ecological Foundation, Boulder, Col.: Support ofits ecological research and education program - 5,000 5,000 -

WGBH Educational Foundation, Boston, Mass.: Toward cost ofproducing television programs on conservation for school and general audiences. 30,000 - 30,000 -

Wildlife Preserves, Inc., Tenafly, N.J.: Toward purchase ofmarshland in Troy Meadows - 205,000 205,000 - Subtotal $355,000 $542,500 $697,500 $200,000

Other Cultural Projects American Federation ofArts, New York: Support ofAmerican Handwork

- - Industries in Appalachia . . . S $5,000 $5,000 $ To aid in providing art periodicals for public museums and university galleries 5,000 5,000 26

Unpaid Unpaid CULTURAL PROJECTS Jan. i, Appro- Dec._31, Other Cultural Projects (continued) 1969 priated Paid 1969 Associated Councils ofthe Arts, New York: Support ofits program to encourage the development of the arts in the United States and Canada $30,000 $30,000 $ - Atlantic Council ofthe United States, Inc., Washington, D.C.: Support ofthe Atlantic Institute, a study and conference center dealing with issues affecting the common interests ofthe NATO countries 30,000 - 30,000 Business Committee for the Arts, Inc., New York: To develop a program of increased business support of the arts. 50,000 - 50,000 Edward MacDoweil Association, Inc., Peterborough, N.H.: Support ofMacDowell Colony, a working retreat for composers and other artists - 2,500 2,500 - English-Speaking Union ofthe United States, New York. - 2,500 2,500 - International Exhibitions Foundation, Washington, D.C.: Support ofits program of organizing and circulating traveling art exhibitions . - 5,000 5,000 - Paul Mellon Foundation for British Art, London, England: Support ofits program for the advancement ofBritish art 206,340 I39,773 346,II3 - San Francisco Art Institute, San Francisco, Cal.: Toward construction ofa new studio building - 25,000 25,000 27

CULTURAL PROJECTS Unpaid Unpaid Jan. 1, Appro- Dec. 31, Other Cultural Projects (continued) 1969 priated Paid 1969 Spanish Institute, Inc., New York: Support ofits program to promote

interest in the Spanish world $ 25,000 $ - $ 25,000

Subtotal $ 311,340 $ 2I4,773 $ 526,II3 $ -0- Total-Cultura Projects $1,304,340 $2,5I8,773 $2,683,279 $1,139,834 28

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION 1969 priated Paid 1969 American Academy in Rome (Italy), New York: Toward support ofPhoto- Reference Collection SIO,500 $ - $IO,500 S - Support ofthe expanded program ofexcavations in the Roman Forum. I0,000 - I0,000 For support ofthe Rome Prize Fellowships - 45,000 45,000 American Association of Theological Schools in the United States and Canada, Inc., Dayton, Ohio: Support ofthe Association which acts as the official accrediting agency for graduate and professional theological education 450,000 I50,000 300,000 American Council ofLearned Societies, New York: Toward endowment ofthis organization which directs its activities towards the advancement ofhumanistic studies . . 250,000 - 250,000 American Field Service, Inc., New York: For scholarship purposes - I00,000 100,000 To aid in the expansion and renovation ofits headquarters in New York City . . . . I00,000 - I00,000 American School in London Foundation, Inc., New York: Toward library construction program constituting part of new school building complex - 200,000 200,000 American School ofClassical Studies at Athens, Athens, Greece: Toward cost ofpublishing the second volume ofa report on the excavations at Isthnia, near Corinth 5,000 5,000 29

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION (continued) 1969 priated Paid 1969 American Schools ofOriental Research, Baltimore, Md.: For continuation ofthe excavations at Samosata, capital ofAntiochus I of Commagene, in southeastern

Turkey - $5,000 $5,000 $ - Bank Street College of Education, New York: Toward cost ofacquiring books and other educational materials for new library - 50,000 50,000 -

Berea College, Berea, Ky.: To aid in construction ofnew

dormitory facilities 100,000 - I00,000 Catalyst, New York: Support of a program to train college educated women for part-time teaching . - 25,000 25,000 -

Center for Information on America, Washington, Conn.: General program ofdisseminaing information on important

national issues. - 10,000 I0,000 - Clare College, Cambridge, England: To increase the endowment of Clare Hall. - 200,000 200,000 - Commission for the United World Colleges, Inc., New York: To provide scholarships to enable American boys to attend the United World College ofthe

Atlantic in South Wales . - 30,000 30,000 -

Council for Religion in Independent Schools, New York: Support ofthe Council which assists independent preparatory schools in their religious programs 2,500 2,500 30

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION (continued) 1969 priated Paid 1969 Council ofHigher Educational Institutions in New York City: Toward support ofgraduate adcmissions assistance center $25,ooo0 $ - $25,ooo $- Dartmouth College, Hanover, N.H.: To endow a Chair in the Humanities 6oo,ooo - 300,000 300,000 Duke University, Durbam, N.C.: To enable American teachers and students to participate in excavations at Winchester, England - I0,000 I0,000 - Educational Broadcasting Corporation, New York . - I00,000 I00,000 - Experiment in International Living, Putney, Vt.: Toward cost ofa new classroom building for the School for International Training - 75,000 75,000 - Fund for Theological Education, Inc., Princeton, N.J.: Support ofTrial Year Fellowships Program and its Ministerial Recruitment Programs - 150,000 I50,000 - Harvard University, Cambridge, Mass.: To assist in construction of underground addition to Widener Library. 150,000 - 150,000 Support ofthe program of research and development in the arts carried on by the Graduate School ofEducation . . - 35,000 35,000 - Additional endowment for the Center for Hellenic Studies in Washington, D.C. . - 1,000,000 I,000,000 - Hollins College, Hollins College, Va.: Toward the first year costs ofa new graduate program in liberal arts for public school teachers - I5,000 I5,000 31

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION (continued) 1969 priated Paid 1969 Independent Schools Talent Search, Boston, Mass.: For support ofits ABC- A Better Chance Program - $50,000 $50,000 $ - Institute for Advanced Study, Princeton, N.J.: Support ofProfessor Benjamin Meritt's project on Attic Prosopography - 6,5oo 6,5oo - Institute for Philosophical Research, Chicago, Ill.: For its research and publication program - 150,000 I50,000 - Institute ofInternational Education, New York: General support ofthe Institute which promotes interchange of students and cultural programs 50,000 - 25,OOO 25,000 Instituto Mexicano Norteamericano de Relaciones Culturales, A.C., Mexico City, Mexico: To continue program ofguest lecturers from the United States IO,OOO - I0,OOO International Student House, Washington, D.C.: Toward the erection ofnew facilities to enlarge dormitory space 20,000 - 20,000 Johns Hopkins University, Baltimore, Md.: For purchase ofbooks and other educational materials for the library ofthe History ofArt Department IO,OOO - IO,OOO Johns Hopkins University, School ofAdvanced International Studies, Washington, D.C.: Development Program . 20,000 - 20,000 32

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION (continued) 1969 priated Paid 1969 Long Island University, New York: Toward the support ofarchaeological excavation at Knidos in southwestern Turkey $I5,000 $ - $I5,000 $ -

Marlboro College, Marlboro, Vt.: Toward costs ofworking drawings for new campus building I5,000 - 15,000

Mary Baldwin College, Staunton, Va.: For purchase ofbooks and back files ofmagazines in history and books in German literature and drama for its library . 5,000 5,000 McGill University, Montreal, Canada: Support ofthe Institute ofIslamic Studies Teheran Branch . - 25,000 25,000 Mid-Appalachia College Council, Inc., Bristol, Tenn.: Support ofCouncil which promotes cooperative efforts

among i2 member colleges . - 20,000 20,000 - National Endowment for the Humanities, Washington, D.C.: For use ofthe American Academy in Rome toward support ofPhoto-Reference Collection. 4,500 4,500 For use ofThe Associated Colleges ofthe Midwest, The Newberry Library, to support the Newberry Library Seminar in the Humanities 70,000 I7,500 52,500 For use ofPrinceton University Press toward the preparation of the Dictionary ofClassical Archaeology 25,000 I0,000 35,000 - 33

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION (continued) 1969 priated Paid 1969 National Gallery ofArt, Washington, D.C.: Fellowships for training of museum curators . $55,000 $ - $I9,000 $36,ooo New College, Sarasota, Fla.: For acquisition by the College library ofbooks and other educational materials. - 50,000 50,000 - New York University: Toward expenses ofarchaeological work to be carried on at Aphrodisias in Caria, Turkey 20,000 - 20,000 - Institute ofFine Arts: In support ofresearch in the Australian New Guinea Highlands. 2,000 2,000 - Princeton Theological Seminary, Princeton, N.J.: To continue support ofCenter for Continuing Education for ministers 25,000 - 25,000 Princeton University, Princeton, N.J.: Toward capital needs of University's Library system . 300,000 300,000 Queens College ofthe City University ofNew York, Flushing, N.Y.: Toward support ofthe publication Computers and the Humanities. 5,000 5,000 Recording for the Blind, inc., New York: For improvement ofequipment to increase the production of tape-recorded books for the blind. - 25,000 25,000 - St. John's College, Annapolis, Md.: Endowment Fund: matching grant 475,I17747_,77- 308,I43 I67,034 34

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION (continued) 1969 priated Paid 1969 Salzburg Seminar in American Studies, Cambridge, Mass.: General support ofthe Seminar which provides opportunity for Europeans to learn about American institutions SI0,000 $ - $I0,000 $ - Skowhegan School ofPainting and Sculpture, Skowhegan, Me.: Toward its scholarship and operating fund - 5,000 5,000 - Endowment Fund: matching grant 4,705 - 4,705 - Smith College, Northampton, Mass.: Toward cost ofconstruction ofa new building to provide facilities for the Department ofArt and the Museum ofthe College. - 500,000 250,000 250,000 Tougaloo College, Tougaloo, Miss.: To aid in construction ofnew library . IOO,OOO I00,000 - 200,000 Trinity College, Hartford, Conn.: Toward a new summer program ofstudy in Italian language and civilization - 5,000 5,000 - Tulane University, New Orleans, La.: To aid in construction ofnew Science Center - 100,000 100,000 - Union Settlement Association, New York: In support ofits College Readiness Program for minority group youthS 36,ooo 36,ooo Union Theological Seminary, Richmond, Va.: To enable the Seminary to acquire a set ofthe Human Relations Area microfilm files - 10,000 I0,000 - 35

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION (continued) 1969 priated Paid 1969 University ofConnecticut, Storrs, Conn.: In support of an Institute in Political and Legal Philosophy which the Council for Philosophical Studies held for college and university teachers ofphilosophy. $25,ooo $ - $25,000 $ - University ofHartford, West Hartford, Conn.: To aid in construction of a new central university library. I00,000 - I00,000 University ofPennsylvania, Philadelphia, Pa.: In support ofunderwater archaeological work being carried out under the sponsorship ofthe University

Museum - 5,000 5,000 - University ofthe West Indies, Jamaica, W.I.: Toward the initial program costs ofthe University's Creative Arts

Center . - 35,000 35,000 - Virginia Fellowship Program in the Humanities: Fellowships for selected teachers and administrators from Virginia public high schools for study in the humanities at the University ofVirginia and Yale University 66,000 75,000 75,000

To University ofVirginia 39,000 - To Yale University 27,000 - Virginia Foundation for Independent Colleges, Lynchburg, Va.: To support program for development offinancial aid from the business community for its member colleges. - 250,000 -250,000 36

Unpaid Unpaid Jan. 1, Appro- Dec. 31, EDUCATION (continued) 1969 priated Paid 1969 Woodrow Wilson National Fellow- ship Foundation, Princeton, N.J.: For support ofthe First Year Graduate Fellowship program $I50,000 $150,000 $ - Yale University, New Haven, Conn.: Exchange Fellowships with Clare College, Cambridge, England 84,8IS - 39,650 45,J65 To endow a professorship in honor ofthe late William C. DeVane, formerly Dean ofthe College 750,000 750,000 Program support for Pennsylvania- Yale Archaeological Expedition to Egypt 25,000 2S,000 Total-Education $2,72,4697 $4,93I,000 $5,796,998 Si,855,699 37

Unpaid Unpaid Jan. 1, Appro- Dec. 31, HEALTH AND MEDICINE 1969 priated Paid 1969 Education in the Health Sciences Anna Freud Foundation, New York: Support ofthe training program for child therapists at The Hempstead Child-Therapy Course and Clinic, London, England $40,000 $ - $40,000 $ - Boston University School ofMedicine, Boston, Mass.: Support ofprogram to strengthen the faculty. I50,000 - 50,000 I00,000 Duke University Medical Center, School ofNursing, Durham, N.C.: Toward cost ofconstruction of new classroom facility for its School ofNursing 200,000 - 200,000 Erikson Institute for Early Education, Chicago, Ill.: For general support ofthis training center for teachers ofpre-schoof children - ,°000 5,000 - Harvard University, School of Public Health, Boston, Mass.: To aid in construction of educational facilities building - 250,000 - 250,000 Meharry Medical College, Nashville, Tenn.: Toward program ofstrengthening the faculty. I50,000 50,000 I00,000 Mount Sinai College ofMedicine, New York: Toward construction ofnew four-year medical school 200,000 - 200,000 National Commission for the Study ofNursing Education, Inc., Rochester, N.Y.: To aid in financing a study of nursing education in the United States. 20,000 - 20,000 - 38

HEALTH AND MEDICINE Unpaid Unpaid Education in the Health Sciences Jan. 1, Appro- Dec. 31, *(continued) 1969 priated Paid 1969 National Medical Fellowships, Inc., Downers Grove, Ill.: Support ofscholarship program for black students seeking medical careers - $100,000 $I00,000 $ - New York Institute for the Education ofthe Blind, New York: Toward construction of Diagnostic Clinic and Educational Treatment Center - 200,000 - 200,000 Syracuse University, Syracuse, N.Y.: Toward construction ofnew School ofNursing I00,000 _ - I00,000 University ofPennsylvania, School ofDental Medicine, Philadelphia, Pa.: Toward construction ofOral Health Sciences Building - 100,000 100,000 Washington School ofPsychiatry, Washington, D.C.: To provide scholarships for workshops and conferences on group relations held in the summer of i969 . . . . - 5,000 5,000 Subtotal $66o,ooo $860o,ooo $370,000 $I,I50,000

Other Grantsfor Health and Medicine Affiliated Hospitals Center, Inc., Boston, Mass.: To aid in the construction ofa proposed new unified hospital and medical facility . . . . $- $500,000 $ - $500,ooo American Friends Service Committee, Inc., Philadelphia, Pa.: Support offamily planning program in Latin America I75,000 I75,000 39

HEALTH AND MEDICINE Unpaid Unpaid Other Grantsfor Health and Medicine Jan. 1, Appro- Dec. 31, (continued) 1969 priated Paid 1969 Blood Research Institute, Inc., Boston, Mass.: Toward cost ofacquisition and renovation ofbuilding to house

the Institute - $100,000 $I00,000 $ - Boone Memorial Hospital, Madison, W. Va.: To assist in building an addition to the Hospital 5,000 5,000 10,000 - Brother's Brother Foundation, Pittsburgh, Pa.: Support ofits program of mass inmmunization campaigns in Latin America. - 20,000 20,000 - Cancer Care, Inc., New York: To assist in establishing an office in Nassau County 75,000 - 75,000 - General support . - 5,000 5,000 Children's Hospital ofPhiladelphia, Philadelphia, Pa.: To aid in construction ofnew Center, jointly planned with Philadelphia Child Guidance Clinic 100,000 - 100,000 Community Hospital at Glen Cove, Glen Cove, N.Y. - 2,000 2,000 - Crotched Mountain Foundation, Greenfield, N.H.: Toward capital projects' costs of Foundation which operates a rehabilitation center for crippled and disabled children and adults 75,000 - 75,000 - Empire State Medical, Scientific and Educational Foundation, Syracuse, N.Y.: Study ofphysician shortage in rural New York State. 25,000 - 25,000 40

HEALTH AND MEDICINE Unpaid Unpaid Other Grantsfor Health and Medicine Jan. 1, Appro- Dec. 31, (continued) 1969 priated Paid 1969 Health Research, Inc., Buffalo, N.Y.: Toward construction ofcancer drug center at the Roswell Park Memorial Institute . $200,000 $ - $200,000

Knickerbocker Hospital, New York. - I00,000 - I00,000

Manhattan Eye, Ear and Throat Hospital, New York: Toward construction ofnew building I50,000 - Is50,000 Margaret Sanger Research Bureau, New York: Support ofBureau which provides training, research and patient services in the birth control field - 25,000 2S,000 Memorial Sloan-Kettering Cancer Center, New York: Building Fund 250,000 250,000 For needy patient care I0,000 I0,000 Menninger Foundation, Topeka, Kan.: To aid in the construction ofthe children's clinic building adjacent to its Children's Hospital - 250,000 - 250,000

Musicians' Emergency Fund, Inc., New York: Support ofits music therapy program for the hospitalized - 2,500 2,500 - National Association for Mental Health, Inc., New York: Toward support ofa national conference to accelerate and improve the recruitment and training ofpersonnel for mental health programs . - 25,000 25,000 41

HEALTH AND MEDICINE Unpaid Unpaid Other Grantsfor Health and Medicine Jan. 1, Appro- Dec. 31, (continued) 1969 priated Paid 1969 National Council on Alcoholism, Inc., New York: Toward establishment ofa program information services department i- $So,ooo $25,ooo $25,000

New York Heart Association. - 7,500 7,500 -

New York Infirmary. - I1,000 1,000 - New York University Medical Center, Institute ofRehabilitation Medicine: For support ofresearch activities in hypertension and stroke - I50,000 50,000 I00,000 Oyster Bay Visiting Nurse Association, Oyster Bay, N.Y. - 500 500 - Planned Parenthood Federation of America, Inc., New York: In support ofthe national programs ofPlanned Parenthood-World Population and the programs ofthe International Planned Parenthood Federation 50,000 - 50,000 - For continuing support ofits program in the southeastern states - I00,000 I00,000 - Planned Parenthood ofNew York City, Inc.: Toward expansion ofits clinic in the Bronx - 8o,ooo 8o,ooo - Population Council, New York: In support ofthe Council which serves as a clearing house for information in the field of population studies - 300,000 I50,000 I50,000 Roosevelt Hospital, New York: Medical treatment for needy persons. - 20,000 20,000 - 42

HEALTH AND MEDICINE Unpaid Unpaid Other Grantsfor Health and Medicine Jan. 1, Appro- Dec. 31, (continued) 1969 priated Paid 1969 St. Luke's Hospital Center- Woman's Hospital, New York $5,ooo $5,oo $ - St. Vincent's Hospital and Medical Center, New York: Toward construction ofnew facility for its School of Nursing - 200,000 - 200,000 Salk Institute for Biological Studies, San Diego, Cal.: To aid in equipping new laboratories ofthe Institute - 250,000 250,000 - Southampton Hospital Association, Southampton, N.Y. - 2,000 2,000 - United Hospital Fund ofNew York: Support ofprogram ofgiving aid to its member hospitals - I0,000 10,000 - Virginia Council on Health and Medical Care, Richmond, Va.: Support ofits Health Careers Program - 15,000 I5,000 - Visiting Nurse Service ofNew York: Support ofprogram to provide nursing care and health aide services in the home . - I0,000 I0,000 - World Rehabilitation Fund, Inc., New York: Support oftraining program and other activities in physical rehabilitation 50,000 25,000 25,000 Subtotal $ 780,ooo $2,620,500 $I,450,500 $I,950,000

Total-Health and Medicine $I,440,000 - $3,480,500 $I,820,500 $3,100,000 43

Unpaid Unpaid Jan. 1, Appro- Dec. 31, YOUTH PROGRAMS 1969 priated Paid 1969 Berkshire Farm for Boys, New York: Toward construction ofnew cottages at Farm which provides care and training for delinquent boys $75,000 $75,ooo $ -

Big Brothers, Inc., New York: To assist in the operation ofa residential center in New York City. 30,000 15,000 I5,000

Big Sisters, Inc., New York 7,500 7,500 -

Boy Scouts ofAmerica- Greater New York Councils 3,000 3,000 -

Boys Brotherhood Republic ofNew York, Inc.: Support ofthe programs ofBoys Brotherhood, a Lower East Side boys' club 7,500 7,500 - Boys' Club ofNew York: Support ofeducational program for selecting boys for secondary school and college scholarship awards. . 25,000 25,000 - General support. I,000 I,000 -

Children's Aid Society, New York: To aid in establishment of Family Service Center in East Harlem 37,500 _ 37,500 - Child Adoption Service . - 5,000 5,o000

Christian Herald Children's Home, Inc., New York: To aid in strengthening its inner city program. 30,000 30,000 44

Unpaid Unpaid Jan. 1, Appro- Dec. 31, YOUTH PROGRAMS (continued) 1969 priated Paid 1969 Columbia University, Urban Center, New York: Support of Sports Foundation, Inc., which sponsors recreational programs for youth, educational guidance andjob training $5,000 $5,000 $ -

Family and Child Services of Washington, D.C., Washington, D.C.: Toward developing camping facilities at Moss Hollow,

Markham, Va. . - I00,000 100,000 -

Fresh Air Fund, New York: Support ofFund's vacation program for New York City

children . 2,500 2,So

Girl Scout Council ofGreater New York, Inc. . 3,000 3,000

Girls Clubs ofAmerica, Inc., New York: Support ofthe organization's expanding activities in the development oflocal clubs 75,000 25,000 50,000

Madison Square Boys' Club, Inc., New York: To aid in construction ofnew

facility in the Bronx 50,000 - 50,000 -

New York City Mission Society: Support ofits religious and social service programs for youth in deprived areas of

New York . 7,500 7,500 45

Unpaid Unpaid Jan. 1, Appro- Dec. 31, YOUTH PROGRAMS (continued) 1969 priated Paid 1969 Northside Center for Child Development, Inc., New York: Support ofthe Center which operates a mental health outpatient clinic for children in Harlem ...... $Is,ooo $I5,000 $ -

Orphan Asylum Society in the City ofNew York (Graham Home for Children), Hastings-on-Hudson, N.Y.: Capital funds drive - 50,000 50,000 -

Police Athletic League, Inc., New York: Support for its youth- serving activities I,000 I,000 -

Vocational Advisory Service, Inc., New York: Support ofits vocational counseling and educational programs 5,000 5,000 -

Vocational Foundation, Inc., New York: Support ofitsjob placement service for young people with correctional background . 3,500 3,500

Wiltwyck School for Boys, Incorporated, Yorktown Heights, N.Y.: Toward support ofits outpatient clinic. 20,000 I0,000 10,000

Youth Consultation Service of the Diocese ofNew York, Inc.: Toward support ofDana House, a home for unwed mothers 2,000 2,000 - 46

Unpaid Unpaid Jan. 1, Appro- Dec. 31, YOUTH PROGRAMS (continued) 1969 priated Paid 1969 Youth Development, Inc., New York: Toward the purchase ofbuilding to house its activities, which include providing education, job training, recreation and leadership for youths in East Harlem .$...... $ - $ 50,000 $ 50,000 $ - Total-Youth Programs $ I02,500 $ 5o8,500 $ 536,ooo $ 75,000 Grand Totals $5,738,537 $II,925,270 $II,4I3,274 $6,250,533 Table III Financial Statements

PRICE WATERHOUSE & CO. 6o Broad Street New York I0004 April I0, I970 To the Board ofTrustees of The Andrew W. Mellon Foundation We have examined the statement ofassets and principal resulting from cash transactions and contributions received ofThe AndrewW. Mellon Foundation as ofDecember 31, I969 and the related statements ofincome collected, expenses disbursed and changes in principal account for the year and the schedule ofinvestments at December 3I, I969. Our examination ofthese statements was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances, including con- firmation ofthe cash and securities owned at December 3I, I969 by correspondence with depositaries. As more fully described in the note, the accompanying statements are presented on the cash basis ofaccounting and include the combined accounts ofAvalon Foundation and Old Dominion Foundation which were consolidated as ofJune 30, I969 and operate under the name ofThe Andrew W. Mellon Foundation. In our opinion, the accompanying statements examined by us present fairly, on the basis mentioned above which is consistent with that ofthe preceding year, the assets and principal of The Andrew W. Mellon Foundation at December 31, I969 resulting from cash transactions and contributions received, and the income collected, expenses disbursed and changes in principal account for the year and the supplementary information on investments.

PRICE WATERHOUSE & CO. 5o

The Andrew W. Mellon Foundation

Statement ofAssets andPrincipal Resultingfrom Cash Transactions and Contributions Received December31, 1969 (Note) Assets Investments, at fair value at dates ofacquisition as determined by the Trustees or at cost: Bonds and notes, less premium amortization: United States Government. . $ 23,247,344 Corporate and other. 55,782,o72 Commercial paper 8,037,756 Stocks I29,5I3.904 Total securities (approximate market value of$230,095,000) 2I6,58I,076 Interest in West Virginia coal properties ...... I,426,8I5 Total investments 2I8,007,89I Cas] 1,OI6,582 Inte rest purchased and other receivables... . 27,I98 Office building, office fumiture and equipment, at cost, less accumulated depreciation of$i6,8I7 760,568 Land, Washington, D.C., at cost. 311,952 $220,31I4,I91 Principal

Appropriated for unpaid grants, payable in I970 and later years . . $ 6,250,533 Unappropriated balance . 214,063,658 $220,3 I4,19I 51

The Andrew W. Mellon Foundation

Statement of Income Collected and Expenses Disbursed Calendar Year 1969 (Note) Income: Dividends. $ 6,I76,I89 Interest on bonds, notes and bills, less amortization ofpremiums of$II,723: United States Government. I,338,3I5 Commercial paper, corporate and other 3,599,789 Net income from West Virginia coal properties 5o5,i26 I I,6I9,4I9 Expenses: Salaries and provision for employees' pensions . 429,3I5 Professional, consulting and other fees 2I7,645 Other administrative and office expenses including maintenance and depreciation ofoffice building 96,838 743,798 Excess ofincome over expenses. . $Io,875,62I 52

The Andrew W. Mellon Foundation

Statement ofChanges in Principal Account Calendar Year 1969 (Note)

Balance atJanuary I, i969 ...... $228,037,840 Increase: Excess ofincome over expenses, per attached statement . . . Io,87s,62I Gain on sale ofoffice building, furniture and equipment at 7I3 Park Avenue, New York, New York 4I9,0I5 Gift ofcash. 50,000 II,344,636 Decrease:

Grants paid during the year . II,4I3,274 Net loss on sales ofsecurities 7,655,011 Ig,o68,285 Net decrease in principal 7,723,649 Balance at December 3I, I969 . . $220,3 14,I9I.

NOTE TO STATEMENTS DECEMBER 3I, I969 Effective June 30, I969, Old Dominion Foundation was merged into Avalon Foun- dation and the name ofthe latter was changed to The Andrew W. Mellon Foundation. The accompanying statements indude the combined accounts of the Foundations for the entire year I969. The accounts ofthe Foundation are maintained on the cash basis ofaccounting except that interest purchased and other receivables and depreciation expense are recorded in the accounts. Accrued investment income not recorded totaled approximately $I,467,ooo and $I,390,000 at December 31, I969 and I968, respectively. Such investment income not recordedby thepredecessor foundations inprior years wasnot considered material in amount. The Foundation has remainder interests in certain trusts established by the late Ailsa Mellon Bruce during her lifetime and is the residuary legatee under her will. It is expected that pursuant to these instruments substantial distributions will be received by the Foundation during the current year. 53

The Andrew W. Mellon Foundation Investment Securities December 31, 1969 Principal Approximate Bonds and Notes Amount Book Value Market Value United States Government: U.S. Treasury Bonds and Notes: 5¼4%, May I5, I97I .$i,ooo,ooo $I,ooo,802 $ 962,187 4%, August I5, I97I 1,350,000 1,352,898 I,264,78I 4%, FebruarY 5, I972 . . 3,000,000 3,006,6I6 2,745,000 4%, August IS, I973. . 2,000,000 I,978,8I0 I,727,500 4Y8%, November I5, I973. * 4,500,000 4,476,73 I 3,879,844 4%%, Febru I5, 1974 . . 3,000,000 2,988,228 2,564,062 3%%, November I5, I974. . 2,500,000 2,462,562 2,07I,875 Total-U.S. Treasury Bonds and Notes I7,266,647 15,2I5,249 United States Government Agencies: Federal National Mortgage Assn.: 4%Y% Certificates due September I0, I970 I,000,000 I,000,260 967,500 4%4% Certificates due September I0, I97I I,000,000 I,005,667 927,500 4.70% Certificates due December I, I976 *I500,000 I,474,770 I,209,375 5.30% Certificates due April I, I980 . I,000,000 I,000,000 790,000 4.70% Certificates due December I, I980 500,000 500,000 370,000 5%% Cerdficates dueJune 23, I98I I,000,000 I,000,000 780,000 Total-U.S. Govemment Agencies. .5,980,697 5,044,375 Total-U.S. Government 23,247,344 20,259,624 Commercial Paper: C.I.T. Financal Corp. 8%%,January 7, I970 . I,000,000 I,000,000 I,000,000 C.I.T. Financial Corp. 9%, January 27, I970 . 1,000,000 I,000,000 1,000,000 Commercial Credit Corp. 9%,January I2, I970. I,500,000 1,500,000 I,500,000 Ford Motor Credit Corp. 8%%, January I9, 1970. I,000,000 I,000,000 I,000,000 Ford Motor Credit Corp. 8%%,January27, I970. I,000,000 I,000,000 1,000,000 General Motors Acceptance Corporation,

9%,January I2, I970 . 800,000 797,600 797,600 May Department Stores, 8%%,January 7, I970 . 750,000 740,I56 740,I56 Westinghouse Credit Corporation, 83A%,January I2, I970. I,000,000 I,000,000 I,000,000 Total-Commercial Paper ..8,037,756 8,037,756 54

Principal Approximate BONDS AND NOTES (continued) Amount Book Value Market Value Corporate and other: Public Utility: American Telephone & Telegraph Company, 5%%, I995 .,750,000 I,542,275 I,266,562 American Telephone & Telegraph Company, 5Y2%, 1997. 750,000 722,455 531,375 Bell Telephone Company ofCanada, 4.85%, I995 500,000 500,000 278,750 Bell Telephone Company ofCanada, 6.90%, I998 .250,000 250,000 I85,625 Columbia Gas System, Inc., 4%%, I989 . 500,000 500,000 309,450 Columbia Gas System, Inc., 6Y4%, I99I . 250,000 25i,637 I84,900 Commonwealth Edison Company, 6¼4%, I998 .2,000,000 I,7I8,320 I,539,000 Commonwealth Edison Company, 3%, I977. I50,000 I48,500 I05,060 Consolidated Edison Company, 5%, i996 . I,000,000 I,006,743 624,900 Consumers Power Company, 5%%, i996 . i,ooo,ooo 87I,635 74i,800 Consumers Power Company, 6%%, i998 . I,200,000 I,05I,200 964,920 Dayton Power & Light Company, 5%%, I997 500,000 490,437 358,450 Detroit Edison Company, 3¼Y4%, I980 . 250,000 251,573 I58,225 Duke Power Company, 8%, I999 . . I,000,000 1,004,9I7 946,100 Duke Power Company, 6%%, I998 . . 2,250,000 I,989,445 I,76i,525 Georgia Power Company, 53/4%, I996 . 227,000 223,595 I59,876 Georgia Power Company, 6%%, i998 . i,ooo,ooo 886,450 786,600 Idaho Power Company, 6Y8%, i996 . . 250,000 249,375 I83,625 Illinois Bell Telephone Company, 6%, i998* 750,000 6I7,932 559,500 Illinois Power Company, 5.85%, i996 . 375,000 375,000 275,362 Michigan Bell Telephone Company, 6%%, 2005. I,500,000 I,367,100 i,j58,600 Mountain States Telephone & Telegraph Company, 6%, 2007. I,000,000 822,900 73i,600 Mountain States Telephone & Telegraph Company, 8%, 2009. I,OOO,OOO 976,875 943,300 New England Telephone & Telegraph Company, 6¼s%, 2006 .1,000,000 768,775 742,400 Niagara Mohawk Power Corp., 5%%, i996. 500,000 502,5I6 356,200 Northern States Power Co., 8%, I999 . I,000,000 96I,680 936,ooo Northwestern Bell Telephone Co., 6y4%, 2007 .250,000 250,000 i89,o5o Ohio Edison Company, 8¼4%, I999 . . I,OO,00 i,oig,667 957,500 Pacific Gas & Electric Co., 5%%, I998 . 250,000 246,250 i69,675 Pacific Telephone & Telegraph Company, 6Y2%, 2003 .1,000,000 834,188 783,700 Pacific Telephone & Telegraph Company, 6%, 2002 .1,500,000 1,4I5,44I I,06,700 55

Principal Approximate BONDS AND NOTES (continued) Amount Book Value Market Value Philadelphia Electric Company, 618%, I997. 2,250,000 I,882,550 i,693,350 Public Service Co. ofColorado, 5%%, I996. 500,000 500,000 342,600 Public Service Electric & Gas Company, 4%%, I983 ...... 242,000 245,34I I63,93 I Public Service Electric & Gas Company, 6 14%,I997 .500,000 4I7,480 38I,200 San Diego Gas & Electric Company, 7%, I998 .I,000,000 910,000 825,800 Southern Bell Telephone & Telegraph Company, 6%, 2004. 500,000 455,502 367,500 Southem California Edison Co., 7%s%, I994. 500,000 463,420 425,600 Southern California Edison Co., 6%8%, I99I. 250,000 245,625 I92,750 Southern Califomia Edison Co., 5%%, I992. 500,000 50I,12I 373,650 Southern Counties Gas Company, 434%, 1990 .250,000 248,200 I54,550 Southwestern Bell Telephone & Telegraph Company, 5%%,2003 .,500,000 I,92,500 I,090,800 Southwestern Bell Telephone & Telegraph Company, 8¼4%, 2005 .1,000,000 I,OI2,563 96I,300 Southwestern Bell Telephone & Telegraph Company, 5%%,2006 .500,000 489,375 322,500 Union Electric Company, 81/4%,1999 . I,000,000 1,014,750 957,500 Total-Public Utilities .33,395,308 28,249,36I

Industrial and other: Aluminum Co. ofAmerica, 6%, I992 . . 250,000 247,8I3 I92,500 American Tobacco Co., 5%%, 1992 . . . 250,000 247,500 i86,250 Anaconda Corporation, 6%%, I993 . . . 250,000 248,750 207,500 Associates Investment Company, 4%%, I984 250,000 247,500 I52,500 Atlantic Coast Line Railroad, 4%%, I977 . 250,000 244,858 I87,675 Atlantic Coast Line Railroad, 4%%, 1978 . 250,000 244,540 I82,075 Beneficial Finance Company, 434%, I993 . 500,000 500,000 29I,875 Bethlehem Steel Corporation, 5.40%, I992 . 325,000 325,000 234,000 Caterpillar Tractor Company, 5.30%, I992 . I,000,000 873,100 720,000 C.I.T. Financial Corporation, 4½2%, I984 * 550,000 546,315 351,3I2 C.I.T. Financial Corporation, 4%%, I989 . 500,000 496,250 30I,250 Corn Products Company, 534%, 1992 . . 250,000 248,750 I87,500 Deere & Company, 5.40%, I992 . . . . 500,000 500,000 347,500 Dow Chemical Company, 6.70%, I998 . . 470,000 470,000 390,100 Fidelity Bank, 6Y8%, I992. 250,000 248,I25 I83,125 General Aniline and Film Corp., 5%%, I99I 500,000 501,214 372,500 General Motors Acceptance Corp., 4%%, I986 .500,000 498,750 325,000 General Motors Acceptance Corp., 718%, I990 .500,000 496,250 430,000 Principal Approximate BONDS AND NOTES (continued) Amount Book Value Market Value Goverment of Canlada, 6%%, i988 . . . i,ooo,ooo 938,125 830,000 GulfOil Corporation, 6%%, 993 . . 500,000 500,000 425,000 Hanna Mining Company, 434%, I990 . 289,200 279,80I I88,34I Household Finance Corporation, 7M%, I990 500,000 442,385 4I5,000 International Bank for Reconstruction and Development, 6%%, I994. . 250,000 248,I25 I95,312 International Harvester Co., 4%%, I988 . . 85,400 7I,736 56,364 International Harvester Co., 4.80%, I99I . 37,1OO 35,106 25,042 International Nickel Company, 6.85%, I993 750,000 749,375 630,000 Marine Midland Corporation, 4Y2%, I989 . I50,000 I47,780 93,562 J. C. Penney Credit Corp., 4Y2%, I984 * * 500,000 495,625 340,000 Pittsburgh Plate Glass Co., 5%%, I99I * 500,000 500,000 367,500 Province ofOntario, 8%%, i999 . . . . I,OOO,OOO 982,586 900,000 Sears Roebuck & Company, 6%%, I993. . 500,000 500,000 4I5,000 Sherwin Williams Company, 5.45%, I992 . 460,000 460,000 329,820 Southern Railway Company, 4%%, I988 . 246,ooo 246,000 I52,827 Standard Oil Co. ofCalifornia, 5%%, I992 . 2,000,000 I,798,50o I,543,600 Standard Oil Co. ofIndiana, 6%, I998 . . i,ooo,ooo 952,570 782,500 Standard Oil Co. ofNewJersey, 6%, 1997 . I,250,000 1,I62,635 1,012,500 Standard Oil Co. ofNewJersey, 6Y2%, I998 500,000 500,000 425,000 Texaco, Inc., 54%, I997 . . 750,000 748,750 570,000 Union Bank (Los Angeles), 4%%, I988 . . 500,000 500,000 305,625 Virginian Railway, 6%, 2008 . .. . . 500,000 442,950 350,000 Wachovia Bank and Trust Company, 4.60%, I990 . .500,000 500,000 305,625 Wells Fargo Bank, 4Y2%, I989 . . . . 500,000 500,000 295,625 Westinghouse Electric Corporation, 5%%, I992. 500,000 500,000 360,000 Weyerhaeuser Company, 5.20%, I99I . . I,OO0,OOO I,OOO,OOO 7I0,OOO Total-Industrials and others . 22,3 86,764 17,266,905 Total-Corporate and Other. 55,782,072 45,5I6,266 57

Approximate Common Stocks Shares Book Value Market Value Aerospace: Lockheed Aircraft Corporation I0,000 542,i88 I72,500 Aluminum: Aluminum Company ofAmerica 35,OO 2,I74,I21 2,500,875 Automobile: Chrysler Corporation. 48,227 I,820,862 i,657,803 Ford Motor Company 39,786 I,333,826 1,636,I99 General Motors Corporation. 73,424 3,069,410 5,075,434 6,224,098 8,369,436 Banks: BankAmerica Corporation 59,880 2,764,903 3,862,260 Chase Manhattan Corporation I5,000 576,568 780,000 Citizens and Southern National Bank 32,2I0 45I,285 90I,880 First National Bank ofBoston 7,500 470,687 502,500 Southeast Bancorporation 4,000 117,775 240,000 4,381,2I8 6,286,640 Building Materials: National Gypsum Company . 24,738 54I,358 58i,343 U.S. Gypsum Company. 25,000 i,854,624 I,506,250 2,395,982 2,o87,593 Chemicals: Allied Chemical Corporation 57,9I8 2,507,95I 1,41 I,75 I E. I. duPont de Nemours Company . 4,300 669,256 45I,500 Koppers Company 3 I,200 562,700 1,209,000 Monsanto Company 44,863 2,274,550 I,63 I,892 Union Carbide Corporation. 47,000 2,568,775 1,739,000 8,583,232 6,443,143 Drugs: Bristol Myers Company I0,000 774,351 750,000 Merck & Company 12,I00 1,002,872 1,367,300 Schering Corporation. I6,ooo I70,854 928,000 Upjohn Company. I0,000 404,I37 532,500 Warner Lambert Pharmaceutical Company 8,ooo 298,295 564,ooo 2,650,509 4,14I,800 Electrical and Electronic: General Electric Company 20,000 1,388,205 1,550,000 Hewlett Packard Company I0,000 370,23I I,030,000 Motorola, Incorporated 6,ooo 674,079 8II,500 Sperry Rand Corporation 32,000 1,410,846 I,I 88,ooo Texas Instruments, Inc. IO,100 i,i62,844 I,259,975 5,oo6,205 5,839,475 Approximate COMMON STO CKS (continued) Shares Book Value Market Value Finance: C.I.T. Financial Corporation . 6o,000 2,I07,190 2,100,000 Standard Car Finance Corporation I64 -0- 4,100 2,I07,I90 2,104,100 Foods: CPC International, Inc. i8,ooo 836,606 567,000 General Foods Corporation IO,700 807,102 889,438 I,643,708 1,456,438 Insurance: Capital Holding Corporation 27,500 564,350 605,ooo Connecticut General Insurance Corp. 45,000 I,948,1I6 3,I6I,250 General Reinsurance Corp. 4,500 698,549 I,327,500 3,2II,OI i 5,093,750 Machinery: Caterpillar Tractor Company I5,000 34I,658 637,500 Office Equipment: International Business Machines Corp. 25,722 I,773,721 9,375,669 Xerox Corporation. I2,000 I,054,257 I,269,ooo 2,827,978 Io,644,669 Oil: Continental Oil Company. 24,260 789,360 642,890 Getty Oil Company. 500 46,562 24,000 GulfOil Corporation . I,643,585 40,195,637 50,951,135 Texaco, Inc. 6,694 i95,264 205,004 41,226,823 5I,823,029 Paper: International Paper Company 32,300 992,162 I,199,I37 Kimberly-Clark Corporation I0,000 683,788 792,500 Mead Corporation. . 50,000 1,I I 7,900 I,03 I,250 Union Camp Corporation 54,000 I,104,823 I,667,250 Weyerhaeuser Company . 30,000 792,68I I,2I 5,000 4,691,354 5,905,137 Photography: Eastman Kodak Company 36,800 1,756,680 3,03 I,400 Polaroid Corporation . 6,ooo 721,264 750,000 2,477,944 3,78i,400 59

Approximate COMMON STOCKS (continued) Shares Book Value Market Value Railroads: Norfolk & Western Railway. I0,000 I,I18,23I 773,750 Penn Central Company 8,ooo 587,2i6 226,000 I,705,447 999,750 Retail: Allied Stores Corporation 27,4S0 86I,I99 785,756 Rubber: B. F. Goodrich Company. 54,000 2,146,830 1I,768,500 Steel: Armco Steel Corporation. 53,600 I,472,064 1,534,300 National Steel Corporation . 20,000 1,I36,656 825,000 2,608,720 2,359,300 Utilities: American Electric Power Co. 38,174 1,479,I00 1,149,992 American Telephone & Telegraph Co. 50,000 3,057,593 2,431,250 Baltimore Gas & Electric Co.. 40,o60 I,I66,077 I,25i,875 Central & Southwest Corporation I0,000 479,525 402,500 Commonwealth Edison Company I3,000 692,879 487,500 Consolidated Natural Gas Co. 68,ooo I,953,033 1,751,000 Delinarva Power & Light Company 56,2I4 1,494,145 i,o68,o66 General Public Utilities Corp. 15,000 530,105 360,ooo Gulf States Utilities Company 54,000 I,060,6I9 I,I8I,250 Houston Lighting & Power Co.. 5,000 2I2,828 I97,500 Middle South Utilities, Inc. 50,000 I,I65,509 I,087,500 Northern Illinois Gas Company. 14,250 543,367 402,563 Northern Indiana Public Service Co. 45,600 1,486,497 1I,254,000 Northern Natural Gas Co. 25,000 I,248,514 1,025,000 Public Service Co. ofColorado 29,925 837,235 56I,094 Southern California Edison Co. 27,032 606,882 8I4,339 Southern Company 33,000 825,317 841,500 Texas Gas Transmission Company I 5,000 492,677 506,250 19,33 I,902 I6,773,179 Miscellaneous: American Hospital Supply Company 2I,000 3I4,184 947,625 Columbia Broadcasting System, Inc. 7,745 522,932 378,537 Corning Glass Works. 2,000 473,224 509,000 Dun & Bradstreet, Inc. i 8,ooo 744,3 I2 I,053,000 Gillette Company. I0,000 572,393 525,000 Hanna Mining Company. 35,948 805,2I8 1,491,842 6o

Approximate COMMON STOCKS (contnued) Shares Book Value Market Value Lubrizol Corporation. i6,ooo 635,376 I,000,000 McDermott (J. Ray) & Company . . . 6,787 239,855 359,7II Minnesota Mining & Manufacturing Co. . 25,000 I,448,029 2,740,625 National Lead Company .82,000 2,64I,084 2,070,500 Owens Corning Fiberglas Corp. 9,000 670,839 785,250 Rank Organization, ADR .65,ooo 1,032,060 I,I05,000 Sybron Corporation. I5,000 504,707 58I,250 Trans Union Corporation .8o,ooo I,770,370 2,760,000 I2,374,583 I6,307,340 Total-Common Stocks. $I29,5I3,904 $I56,28I,3I0