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This Page Was Intentionally Removed Due to a Research Restriction on All Corcoran Gallery of Art Development and Membership Records

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This Page Was Intentionally Removed Due to a Research Restriction on All Corcoran Gallery of Art Development and Membership Records This page was intentionally removed due to a research restriction on all Corcoran Gallery of Art Development and Membership records. Please contact the Public Services and Instruction Librarian with any questions. a) Resolution on the election of Fellows and Donors in the Association. 10. Financial report of the Women's Committee for period August I, 1967 through August 1968 and minutes of meetings of May 28 and September 24, 1968. 11. Report of the Committee on Building and Grounds for second and third quarters. a) Report on progress toward redoing entrance and sales area. b) Report on physical improvements of the Gallery. 12. Executive Session a) Election of certain officers of the Trustees. b) Discussion of plans for Founder's Day. c) Provisional apartment for Executive Vice President. CONSOLIDATED ENDOWMENT FUND DISTRIBUTION OF NET INCOME FROM INVESTMENTS October 1, 196V - Sepbember 30. 1968 PARTICIPATING FUNDS UNIT VALUE NET INCOME Endowment 255,216.2 116,955.82 Clark Addn. Mtce. 78,794.7 36,106.44 Art School 26.651.9 11,961.81 Anna E. Clark 15.776.9 7,229.24 W.A. Clark 18,980.5 8,697.33 Mary E. Maxwell 409.4 187.45 Total 395,829.6 181,138.09 The yield on Book Value 5.27$ The yield on Market Value 4.45 % THE CORCORAN GALLERY OF ART CONSOLIDATED ENDOWMENT FUND Valuation Date - September 30, 1968 STATEMENT OF ASSETS AND VALUES BOOK VALUE MARKET VALUE Preferred Stock $ 20,270.00 $ 12,125.00 Common Stock 1,319,903.22 1,966,344.01 Corporate Bonds 125,126.75 122,343.75 U. S. Treasury Bond 50,000.00 50,421.50 Real Estate Notes 1,893.419.81 1,893,419.81 Cash in Bank 11,463.52 11,463.52 Cash in Bank - Trust Dept. Fund 12,832.05 12,832.05 TOTAL 1968 $3,433,015.35 $4,068,949.64 TOTAL 1967 3,235,320.57 3,958,296.31 INCREASE 197,694.78 110,653.33 DISTRIBUTION OF INCREASE BY FUNDS 1967-68 1967-68 1968-69 FUND UNIT VALUE BOOK VALUE INCREASE BOOK VALUE Endowment 255,216.2 2,099,966.36 98,566.00 2,198,532.36 Clark Addn. Mtce. 78,794.7 621,965.41 26.176.23 648,141.64 Art School 26.651.9 241,769.94 61.270.24 303,040.18 Anna E. Clark 15.776.9 131,097.04 5,241.10 136,338.14 W. A. Clark 18,980.5 136,002.11 6,305.34 142,307.45 Mary E. Maxwell 409.4 4,519.71 135,87 4.655.58 TOTALS 395,829.6 3,235,320.57 197,694.78 3,433,015.35 1968-69 1968-69 1968-69 UNIT VALUE MARKET VALUE INCREASE MARKET VALUE Endowment 259,460.4 2,552,160.69 42,443.52 2,594,604.21 Clark Addn. Mtce. 79,679.9 787,947.37 8,850.05 796,797.42 Art School 32,192.8 266,518.55 55,409.84 321,928.39 Anna E. Clark 15,954-1 157,769.62 1,772.16 159,541.78 W. A. Clark 19,193.7 189,805.37 2,131.76 191,937.13 Mary E. Maxwell 414.0 4,094.71 46.00 4,140.71 TOTALS 406,894-9 3,958,296.31 110,653.33 4,068,949.64 Donations @ face value - $16,194-11 (Endowment Fund $13,778.08, Art School Fund $2,416.25) Transfer of Income @ face value - Art School Fund $50,000.00 Distribution of Increase in Book Value - $131,500.45 - .33221 per unit Distribution of Increase in Market Value - $44,459.00 - .112316 per unit The Unit Value remains constant at $10.00 Market Value Quote: New York Times, Washington Post and verified by the Trust Department of The Riggs National Bank THE CORCORAN GALLERYOF ART CONSOLIDATE ENDOWMENT FUND SECURITIES PURCHASED: Shares CORPORATION AMOUNT 600 Emerson Electric 60,369.10 400 Dun & Bradstreet 20,176.00 1000 R.R. Donnelly & °ons 44,158.^0 715 Babcock & Wilcox 31.580.87 400 Bristol Myers 32,087,92 400 American Home Products 26,13".96 300 Eastman Kodak 24,291.45 600 Dow Chemical 46.154.88 400 First National City Bank of New York 31,200.00 300 Bank of America 23,100.00 200 International Telephone and Telegraph 11,364.28 300 Proctor & Gamble 28,195.05 900 A. H. ilobins 65,140.73 300 International Nickel 32.549.40 Total 476,506.44 U.S. Treasury* Notes 123.150.50 Total Securities Purchased 599,656.94 SALE OF SECURITIES: SHARES CORPORATION PROCEEDS COST PROFIT OR LOSS 1000 Union Pacific R.R. 52,431.04 36,872.53 15,558.51 1,400 Union Bag-Camp 55,731.05 52,602.10 3,128.95 400 Union Carbide 17,166.89 4,870.84 12,296.05 770 International Harvester 24,645.58 15,667.86 8,977.72 700 American Can 35,827.65 31,551.47 4,276.18 1,092 Southern California Edison 36,587.32 17,043.30 19,544.02 636 Northern StatesPower 18,744.46 12,255.79 6,488.67 500 Southern Pacific 24,121.93 17,403.03 6,718.90 500 Pacific Gas & Electric pfd. 12,317.25 22,557.25 -10,240.00 100 Union Electric pfd. 7,298.50 10,550.00 - 3,251.50 100 Atlantic Richfield pfd. 6,299.52 10,000.00 - 3,700.48 200 Allied Stores pfd. 12,718.16 21,096.72 - 8,378.56 76,989.00 Total 303,889.35 252,470.89 -2^,570^54 51,418.46 U.S. Treasury Notes 123,150.50 123,150.50 Sale of Rights _10.49 10.49 TOTAL 427,050.34 375,631.88 Department of Education Quarterly Report Director Corcoran Gallery of Art Washington, D.C. The Assistant Director, as acting Curator of the Education Department, herewith submits the following report, covering the period from June 1 - September 30, 1968. I. Docent Program During the above period, the regular schedule of daily tours was suspended. Special tours were given to groups who made reservations two weeks prior to their visit to the Gallery. Docents were called upon to give these. Groups were also admitted for tours without a docent. In this case, the leader of the group knew the Gallery well enough to give a general tour himself. Regular tours were not scheduled because of the lack of air-conditioning. II. Children1s Gallery The only scheduled activity in the Education Department was a work¬ shop in the Children’s Gallery. The topic was Graphics. Each group, maximum of 25 children, signed up for four two hour sessions held Tuesdays through Fridays at 10:00 AM and 1:00 PM. Each session delt with a different graphic process...vegetables, woodblock, etching and silk screening. A total of 13 groups participated, ranging from neighborhood houses and inner city children to Brownies, Cub Scouts, privately organized and membership groups. 992 children were involved in the workshop from June 18th to August 6th. On Friday, August 2nd. there was an exhibition of the work done in the workshop, complete with mini-opening. A majority of the children and their parents and/or counselors attended. Miss Farrell Fitch supervised the workshop project. III. European Art Tour The Department of Education conducted its third Art Tour this summer. The tour to Norway, Sweden, Denmark, The Netherlands and Belgium was lead -2- III. European Art Tour (ConTt.) by Mr. Jack Perlmutter, with 21 participants. It is felt that a tour next summer should explore an area which is unfamiliar to most travelers and which at the same time would be of a highly educational nature. For this reason Russia has been chosen. The three week tour would include four days in Moscow, four days in Leningrad, (spending two days at the Hermitage), two days on the Black Sea, three days in Istanbul and the remaining time devoted to Yugoslavia and rest. Mr. Jack Perlmutter will conduct a Delux European Tour to Salzburg, Vienna, Venice, Padua, Ravenna, Florence, Perugia, Assisi, Rome and London. The three week trip will include visits to museums, opera tickets, Salzburg International Music Festival and Delux accommodations. IV. Volunteers The Education Department enlisted the help of the following volunteers to work in the office and in the Children’s Gallery: Nancy Barnes Mt. Holyoke College Janet Dahl George Washington University Andrew Johnson Corcoran School of Art Madelyn Leopold Pembroke College Debby Phillips Barnard College Sincerely, Moussa M. Domit Assistant Director MMD/ff CORCORAN THOM, Jr. FRANK D. PARULSKI TREASURER October 30, 1968 ASSISTANT TREASURER Board of Trustees The Corcoran Gallery of Art Washington, D. C. 20006 Gentlemen: In the period of April 26, 1968 through October 30, 1968 we purchased securities in the amount of $599,656.94 and sold securities at cost, $375,631.88, realizing a profit of $51,418.46. A detailed report of these transactions is attached. This report is for a six months' period inasmuch as no meeting of the Trustees was held in June. As of September 30, 1968 cash awaiting investment by our investment counsel, the Trust Department of The Riggs National Bank, amounted to $24,295.57. As the Trustees are well aware, our securities are now held in a con¬ solidated Endowment Fund. In the organization of this Fund, we set the valuation date of September 30, of each year and September 30, 1968 marks the end of the first year of this consolidated Endowment Fund.
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