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(ft^1—'-®L
d'. Consideration of Mr. and Mrs. Maxwell Oxman's offer of the unrestricted gift of a marble sculpture Warriors Head by Josef Erhardy through the Friends of the Corcoran.
Consideration of Mr. Bruce Moore's offer of the unrestricted gift of a drawing Sleeping Tiger by himself. o
u f. Conisderation of Mr. William E. Share's offer of the unrestricted gift of a sculpture Head of a Woman by Ossip Zadkine.
Y g. Consideration of Mrs. Armistead Peter, Ill's offer of the unrestricted gift of a pastel Willows, Longpr^f, France by Walter Griffin. -
h. Tentative consideration of Mr. Monte Appel's offer of the unrestricted gift of a painting Asa Clapp by John Wesley Jarvis.
CONSIDERATION OF PURCHASE
Consideration of the purchase of a painting The Angler (Charles Lanman) by i- William Hubard at approximately $ ,000 from Mr. George Katsafouros.
| j. Consideration of the purchase of a painting Study of William Williamson by VvA" j Samuel F. B. Morse at $325.00 from Mr. N. Valdemar Hilbert.
vj? k. Consideration of the purchase of a painting Woman in White by Gari Melchers ^S''' at $1,500 from Mrs. M. Veldman-Halff.
\j 1. Consideration of the purchase of a drawing Man on Horseback by Frederic (j Remington at $400 from the Eberstadt Gallery.
Preliminary discussion of the possible purchase of a painting The Captured Liberators by Winslow Homer at $40,000 from the Eberstadt Gallery.
n. Preliminary discussion of the possible purchase of a painting Portrait of Mrs. Nicholas Douty by Thomas Eakins at $25,000 from Hirschl and Adler.
o. Preliminary consideration of the purchase of a watercolor Downtown New York _„ by John Marin at $3,000 from Wildenstein and Company.
p. Preliminary consideration of the purchase of a charcoal drawing Fertility by Grant Wood at $4,500 from Wildenstein and Company.
q. Preliminary consideration of the purchase of a painting Still Life with Bird by Rubens Peale at $9,500 from Kennedy Galleries.
r. Reconsideration of the disposal of The Forester at Home by Ludwig Knaus to Victor Spark at $4,000 cash or $5,000 credit.
13. Report of the Committee on the Building and Grounds, V-1 - )
a. Report on the installation of a wishing well. ^14. Report of the Supervisor of Extension Services.
a. Discussion of a class of non-resident membership. t' 15. Determination of policy at receptions by outside groups held at the Corcoran with respect to inclusion of a Board or staff member in the receiving line, if any.
L-'l6. Election of Fellows in The Association of The Corcoran Gallery of Art.
a. Mrs. Leslie Randall b. Katharine Strickler Minot
17. Report reactivation of the old Junior Committee as the Associates.
18 . Report on the Women1s Committee.
'C' (p™ *-«-*■* ( *JP3HL
Gallery of ftc* was MM e* tm Gellory at j' nm i.^ 1^5. i^c Hf*. ftdillftee# tm ettwr tmsMes wnniU|l .. ,. «Wf’js.sniu.iit^* ji _ J**tMtownr » dp*xijcbt.j ran#* *»-,*%zsesj. s»s*«*£.# neesm***■*>«» sraajey* »Rby oaf Grey. fee foillftlOy*, m*ist««ft Secretary aod Costj^fcslleo1' em-^ also c^iiir stated tMt te tint Anfg# ®£ ©JHecttoi* 4®t timm- m fiaioesesteiifl * tm siiaites af the *sa*feifi® of
t^DOct of th^ Cksv^lttMt oft MMim act§9to1 9K9& 'CRHjlNKWpf fltt fsijbS * ^ #.i ffe$ S4f«ets®r t^i Iwi tfeat a ^ itmm of seoand-land fumituye had nirewelehel is. the sub-baee®mt %hich in¬ stituted. a fire rta& and that if n© Section were raised» he ^poeed. te liapeea e# these itees at action at ®Jai»f»* ho aft»|eetlan was voieai. Ur. Viemr 90®m&mH mat the staff drew up a list of paintings soli bp the Gallery from X94S to dost® Mating the original cost, if porch—si, ISbe imliaed orleui ad itesae sold.
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. 2
II. The listed paintings to be sent to Victor Spark on con¬ signment to be sold for the Gallery at a commission of 20% provided, however, that the Gallery net at least the minimum sums listed.
III. Paintings listed to be lent to the State Department for use in United States embassies for a period of five years, or, if wanted, to be sold to the State Department at the valuations listed.
IV. Paintings listed to be lent to the State Department for use in United States embassies for a period of five years.
V & VI. Paintings listed to be returned to storage, pending ap¬ propriate action at a later date.
The Committee decided not to lend the portraits of Mr. and Mrs. Thomas Corcoran by Charles Peale Polk to the City Tavern Club, and to post¬ pone its decision on the loan to the Club of the portrait of Issac Thom attributed to Chester Harding pending a meeting between Mrs. Magnuson and Mr. Finley.
The Director reported that $7,051.55 was available in the Fund for the Purchase of Works of Art.
The Committee passed the following resolution:
RESOLVED: That with the approval of the President or the Chair¬ man of the Committee on Works of Art, the Assistant Director be and is here¬ by authorized to conclude the purchase of Gari Melchers' Girl in White from Mrs. M. Veldman-Halff at the stipulated price of $1,500.
The Committee decided not to purchase the oil study of Cyrus Field by Samuel F. B. Morse offered by Mr. N. Veldeman Hilbert.
The Committee decided to offer Mr. James Anton $150 for Infant Asleep in a Circus Trunk by an unidentified American artist.
Mr. Peter Hill’s offer of two paintings, The Chase and The Last War Whoop by Arthur Fitzwilliam Tait at $15,000 each was declined.
The Director reported the appointment of Mr. John Ruddley as Assistant Principal.
The restoration of the de DeBan harpsichord in the Clark Col¬ lection by John Shortridge at a maximum cost of $1,100, to be underwritten by the Women’s Committee, was approved. The Assistant Director was asked to see if Mrs. William Andrews Clark would pay all or part of the costs.
The installation of a ’’Hall of Fame” and the possible renovation of the atrium and gallery 30 as a project for the Women’s Committee was discussed. Mr. Hamilton is to talk with Mrs. Folger on the matter further and it will then be considered by the Committee on the Building and Grounds. 3
Mrs. van Roijen's offer of either of the paintings Creatures of the Sea by Remo M. Farruggio arid Ireland by Mrs. Martyl as an acquisi¬ tion through the Art Purchase Fund of the Women’s Committee could not be considered as neither photographs nor paintings had arrived. It was also felt that as this was an official Women's Committee action, a letter from the Chairman would be necessary.
The Committee felt, while endorsing the idea in principle, that approval of an admission charge for the proposed exhibition of the Halpert Collection in the fall is a policy matter to be determined by the Board.
The Director presented the interim report of the Supervisor of Extension Services on the Art Rental Gallery and the Committee approved the allocation of the additional non-budgeted funds ($450.00) requested.
There being no further business, the meeting was adjourned at 12:45.
Respectfully submitted,
Secretary June 5, 1962
PAINTINGS APPROVED FOR DISPOSAL BY COMMITTEE ON WORKS OF ART April 1962 Spark I To be sent to C. G. Sloan & Go., Auction House, Washington: consignment appraisal
Julius Bloch THE STRIKER 35.11 $100.
R. F. Blum PORTRAIT OF MISS FLORA DE 32.2 200. STEPHANO Geo. H. Bogert SUNSET 07.ll 50.
E. R. Gath YELLOW & BLUE 48.63 20.
Mrs. F. W. Gotthold THE DIFFICULT TASK 88.1 50.
Lilian W. Hale SPRING REVERIE 41.45 100.
John Inman JULIA STRONG 50.3 20. Harry Jones GRAY DAY AT NORTH TRURO 49.66 80.
John M. Johansen PORTRAIT OF A MAN(DR. LONGCOPE) 46.2 50.
William Keith IRVING M. SCOTT O3.7 50.
Chas. Sprague Pearce BERGERE 28.4 100.
William Sartain ALONG THE STREAM 61.33 50.
Charles Stetson LIBRARY FRIEZE,CHAUCER,DANTE, 18.3 100. ETC. Betty Tiffany CINDER 48.64 50.
Dwight W. Tryon EARLY EVENING 41.25 50.
W. D. Washington GATEWAY WITH FIGURES X.I83 50.
Harry Willson Watrous PORTRAIT OF MY MOTHER 26.798 100.
John Ferguson Weir THREE TREES 33.3 100.
Charles Morris Young THE NORTH WIND 17.1 150.
Unidentified artist TRIAL OF MAJOR ANDRE 61.35 100. June 3, 1962
PAINTINGS APPROVED FOR DISPOSAL BT COMMITTEE ON WORKS OF ART (cont.) April 1962
II To be sent on consignment to Victor D. Spark, 10^0 Park Avenue,New York consignment appraisal
Felicie Waldo Howell A NEW ENGLAND STREET 19.33 $ Uoo.
J. Alden Weir FOUNTAIN, GRANADA i±1.28 1000.
Gari Melchers THE SMITH! SO.10 L.000. June 5j 1962
PAINTINGS APPROVED FOR DISPOSAL BY COMMITTEE ON WORKS OF ART April 1962
Spark III To be sold to State Department for Embassies abroad: consignment appraisal
Edward Barnard FIELDS AND PASTDRES 28.5 $100.
Emil Carlsen THE PICTURE FROM THIBET Ul.3 100.
Harry Chase THE HARBOR OF NEW YORK 89.1 100.
Ben Foster SUNSET IN THE LITCHFIELD 11.h 100. HILLS Nelson Augustus Moore LANDSCAPE 35*3 100.
Edward W. Redfield ROAD TO LUMBERVILLE Ul.56 50.
Charles H. Woodbury MONADNOCK 19.36 100. June 5^1962
PAINTINGS APPROVED FOR DISPOSAL BY COMMITTEE ON WORKS OF ART April 1962
Spark IV To be loaned.to State Department for Embassies abroad: consignment appraisal
* Frank W. Benson STILL LIFE 26.802 $600.
Daniel Garber APRIL LANDSCAPE 11.2 l£0.
** Hobart Nichols THE HOUSATANIC IN WINTER 2b. 8 200.
Frank K. M. Rehn IN THE GLITTERING MOONLIGHT 13.2 100.
William Trost Richards ON THE COAST OF NEW JERSEY 83.6 1^0.
* not available for sale as colored reproductions sold at Sales Desk
** not available for sale as colored postcard sold at Sales Desk June 5j 1962
PAINTINGS APPROVED FOR DISPOSAL BY COMMITTEE ON WORKS OF ART April 1962
Spark to be given awayi consignment appraisal
John C. Johansen ALEXANDER STEWART £8.7 $ 50.
John C. Johansen MARGARET STEWART 58.8 50.
John C. Johansen MARGARET STEWART 58.9 50. June 1962
VI PAINTINGS APPROVED FOR DISPOSAL BY COMMITTEE ON WORKS OF ART April 1962
BUT TO BE RETAINED BY GALLERY UNTIL HIGHER BIDS ARE FORTHCOMING Spark consignment appraisal
Ralph A. Blakelock COLORADO PLAINS 0^.2 $1+00.
Ralph A. Blakelock A NOOK IN THE ADIRONDACKS 1+1.3l+ 50.
William Gedney Bunce VENICE, SUNRISE 19.25 50.
Charles Loring Elliott HORATIO STONE 90.2 100.
John Kenrick Fisher PORTRAIT OF A CHILD 07.20 100.
James Hope TAVERN IN NEW BOSTON, VT. 1+7.10 750.
William Sartain ARAB CAMP, ALGIERS 1+1.57 50.
* Unidentified artist GIRL WITH DOVES 60.32 50.
#* Leopold G. Seyffert PORTRAIT OF JOHN G. JOHNSON 23.12 50.
*** Brumidi BENJAMIN FRANKLIN 61.30 50.
* To contact Col. Edgar Garbisch to see if he is interested in acquiring(letter sent dwp)
tf-x- To contact Philadelphia Museum and Penn. Academy to see if they are interested in acquiring
-x-x-* To be reserved for later sale to National Portrait Gallery WOMEN’S COMMITTEE OF THE CORCORAN GALLERY OF ART
Minutes of the Meeting September 25, 19&2
The meeting was called to order at 10:^5 a.m. by the chairman, Mrs. Folger. Present were Mesdames Acheson, Amram, Block, Burling, Carmichael, Costello, Denby, Faulkner, Fleming, Folger, Glenn, Hunnicutt, Jarman, Karrick, Kluge, Lippitt, Littlehales, Lloyd, Logan, Macondray, Magnuson, Moorman, Nelson, Osgood, Patterson, Powell, Rockwood, Russell, Sarnoff, Simmons, Slidell, Todd, Walsh, and Winslow.
The minutes of the previous meeting were approved with one correction. Mrs. Jarman pointed out that on page 2, second line from the top, the word "dis¬ guised" should read "designed."
Director’s Report: Mr. Williams introduced the new Assistant Principal of the Art School, Mr. John Ruddley, and the new Director of Exhibitions for the Gallery, Mr. Donelson F. Hooper. Mr. Williams said they are hoping to have an exhibition of John S. Sargent’s paintings next year; it is only in the planning stage now.
Assistant Director’s Report: Mr. Vigtel spoke of the restoration of the harpsichord, hoping a performer can be signed before restoration.
Treasurer’s Report: Mrs. Costello reported as follows:
Projected Income $ 9,496.04 Expenses 1,215.00
Net $ 8,281.04
Cash on Hand 3,750.89 (Riggs) Building and Loan 20,000.00
23,750.89
Note: Additional funds are on deposit at this time with Ball Committee and Lecture Committee. No final report is in on this as bills are still being received by said committees.
Art Purchase Committee — No report.
Art Tour Report: Mrs. Magnuson, chairman, said her committee is set up: Mrs. Glenn, Mrs. Walsh and Mrs. Burling. A bus will bring people from the Tour to Tea at the Gallery. The Tour will be on Saturday, November 3, from 2:00 to 6:00 p.m.
Ball Committee: Co-Chairmen will be Mrs. Burling and Mrs. Van Roijen. Hospitality: Mrs, Logan, chairman. No report.
Lectures Report: Mrs. Acheson, chairman, read the list of lecturers. The lectures will begin on Wednesday, November 7, at 11:00 a.m. in the Auditorium of the Art School. Mrs. Simmons, Mrs. Amram, Mrs. Lloyd and Mrs. Denby are the other members of the Lectures Committee.
Membership Committee: Mrs. Simmond, chairman. No report.
Picture of the Month: Mrs. Slidell, chairman. No report.
Publicity: Mrs. Kluge, chairman. No report.
Discussions:
1. Serving tea at the Gallery.
2. Mr. Vigtel will show new acquisitions after our meetings. Everyone will be interested in seeing them.
3. The new project of restoring a gallery must be postponed until the Halpert Collection business is settled.
4. The Junior Committee will have their first cocktail-tea dance the first Saturday after opening of the Halpert Exhibition.
5. An exhibition of the "History of Washington" is being planned.
6. A children’s film program.
New Business:
A group of twenty Canadian ladies from the National Gallery, Ottawa, will come for a Gallery tour and luncheon on October 31• Mrs. Simmons is arranging the luncheon.
Respectfully submitted,
Kathryn K. Moorman Corresponding Secretary
2 MEMORANDUM
✓ TO: HWW, GV, IWW
FROM: LS DATE: October 25, 1962
SUBJECT: NON-RESIDENT MEMBERSHIPS
During the past year a number of inquiries have been made by tourists, armed forces and foreign service personnel regarding non-resident memberships. Some museums do have such a category of membership. Our Washington location might make the adoption of same particularly desirable.
If approved, it might work this way:
Fee - $10.00 per year (no distinction between single & double) or more
Privileges - Non-resident members would receive The Corcoran Bulletin and exhibition catalogues issued by The Corcoran in lieu of the usual membership cards, invitations and announcements of activities.
Eligibility - should not be determined by any particular radius from Washington, D. C. It should be open to any subscriber who feels that he lives too far from the District to attend membership activities at the Gallery and who prefers there¬ fore to receive publications instead of the membership card.
Cost to the Gallery - approximately $5.00 per year, broken down as follows:
Publications (approx. 6) retail value about $7.50, but costing the Gallery around $4.00 Mailing charges for sending 6 by permit .40 Manila envelopes ordered in quantity .15
Response - expected to be over 100 per year (income $1,000) if included in future membership brochures. Response this year will be negligible--bulk of programs for season have already been mailed. I Note - It is hoped that this category would reduce the sizeable turnover in annual memberships as government people are sent overseas.
*
CORCORAN GALLERY OF ART
GALLERY FUND
January 1, 1962 to June 30> 1962
Cash Balance, December 31> 1961
Cash in Bank $ 31,005.90 Petty Cash 500.00
Total Cash in Bank and Petty Cash 31,505.90
Receipts:
Donations $ 11,568.76 Membership Contributions (dues) 19,858.46 Sales Desk - Receipts 7,703.9^ Mailing Charges 85.22 Insurance Income 92.99 Sale of Works of Art 5,642.92 Packing and Crating 306.60 Sale of Rights and Royalties 776.91 Receipts on Exhibitions 6,421.80 Rental Gallery - Receipts 1,817.75 Miscellaneous Income 183.81 Net Income from Endowment Fund Investments 45,820.52 Sale of Used Equipment 60.00 Sale of Concert Tickets 373-00 Refund on Insurance - General 10.00 Refund on Insurance - Group 34.91 Insurance Claim - Sale of Work of Art 750.00 Insurance Claim - Restoration of Works of Art 1,210.00 Refund on parcel post 1.00 Refund on purchases for Sales Desk 71.^9 $ 102,790.08 Petty Cash Refunds $ 300.00 Accounts Receivables $ 2,494.08 Journal Entry IO8.36 2,602.44 Accounts Payable 3>589*27 Federal Excise Tax Collected 88.22 District Sales Tax Collected 48l.ll Group Hospitalization 68.04 $ 7,129.08 Total Receipts $ 109'919.l6
TOTAL $ l4l,425.06
- 1 - CORCORAN GALLERY OF ART
GALLERY FUND Continued
Disbursements:
Salaries $ 49,843.99 Social Security - Employer's Contribution 1,260.80 Pensions 1,230.00 Equipment 585.84 Exhibitions 11,873.00 Entertainment and Travel 1,312.46 Insurance - General 1,001.42 Insurance - Group 591.84 Membership Activities 6,802.33 Operation of Building 7,4h.56 Postage, Telephone, etc. 1,507.67 Printing 2,434.70 Professional Fees 175.00 Publicity 1,100.66 Purchase of Drawings 435.50 Purchase of Works of Art 5,023.27 Purchases for Sales Desk 7,070.34 Miscellaneous Expenses 222.35 Rental Gallery Installation 2,576.79 Rental Gallery Operation 403.03 Restoration Works of Art 248.58 Express on Works of Art 13.19 Refund on Sales at Sales Desk 5.25
Total Disbursements - Control $ 103,129.57
Accounts Receivable $ 2,451.75 Accounts Payable 3,539.27 Federal Excise Tax 90.02 District Sales Tax 490.11 Federal Withholding Tax - Overpayment 300.00 Petty Cash Advance 300.00 $ 7,171-15 Total Disbursements $ 110,300.72
Cash Balance, June 30, 1962
Cash in Bank $ 30,624.34 Petty Cash 500.00 Total Cash in Bank and Petty Cash $ 31,124.34
TOTAL $ i4i,425.o6 CORCORAN GALLERY OF ART
CLARK ADDITION MAINTENANCE FUND
January 1, 1962 to June 30j 1962
Cash Balance, December 31 > 1961
Cash in Bank - Gallery Fund $ 2,434.78
RECEIPTS:
Income from Investments $ 12,026.73 Donations 10,000.00
Total Receipts $ 22,026.73
TOTAL $ 24,461.51
DISBURSEMENTS:
Salaries $ 17,192.94 Social Security, Employer's Contribution 405-93 Equipment 262.79 Entertainment and Travel 3.GO Insurance - General 650.61 Insurance - Group 130.92 Operation of Building 4,4oo.35 Postage and Telephone, etc. 83.63 Professional Fees 75.00 Restoration of Works of Art 253.03 Restoration of Frames 275.00 Miscellaneous Expense 30.88
Total Disbursements $ 23,764.08
Cash Balance, June 30, 1962
Cash in Bank - Gallery Fund $ 697.43
TOTAL $ 24,461.51
- 3 - CORCORAN GALLERY OF ART ART SCHOOL FUND January 1, 1962 to June 30; 1962
Cash Balance, December 31, 1961 Cash in Bank - Gallery Fund $ 4,203.05
RECEIPTS:
Tuition - Regular $ 37,l48.50 Saturday classes 9,536.00 Summer Adults 3,825.00 Summer Children 3,149.00 Total Tuition $ 53,654.50 Donations 575.00 Locker Rentals 276.00 Veterans Administration - Vouchers 69.OO Commission on Vending Machines 283.40 Sales - Art School Store 13,075-14 Net Income from Investments 4,903.41 Deposit on Locker Keys 215.00
Total Receipts $ 73,051.45
TOTAL $ 77,254.50
DISBURSEMENTS:
Salaries $ 54,249.20 Social Security, Employer's Contribution 1,651.00 Equipment 782.06 Insurance - General 958.46 Insurance - Group 452.50 Operation of Building 5,568.4l Postage & Telephone, etc. 380.88 Professional Fees 175*00 Printing 2,339*00 Publicity 863.00 Miscellaneous Expenses 1,344.61 Refund of Tuitions 1,361.00 Sales Return and Alliances 6.00 Purchases - Art School Store 8,o46.86 Locker Key Refund _204,00
Total Disbursements $ 78,381.98
Cash Balance, June 30, 1962 Cash in Bank - Gallery Fund $ -1,127.48
TOTAL $ 77,254.50
- 4 - CORCORAN GALLERY OF ART RECAPITULATION January 1, 1962 to June 30, 1962
Cash Balance, December 31* 1961
.Cash in Bank - Gallery Fund $ 31,005.90 Clark Addn. Mice. Fund 2.434.78 Art School Fund 3.658.78 Students 1 Relief Fund 544.27 Petty Cash 500.00 Total Cash in Bank and Petty Cash $ 38,143.73
RECEIPTS:
Gallery Fund $ 102,790.08 Petty Cash - Refunds 300.00 Accounts Receivable 2,602.44 Accounts Payable 3,589-27 Federal Excise Tax 88.22 District Sales Tax 48i.il Group Hospitalization 68. o4 Clark Addn. Mtce. Fune 22,026.73 Art School Fund 72,836.45 Locker Key Deposits 215.OO Total Receipts $ 204,997.34
TOTAL $ 243,i4i.07
DISBURSEMENTS:
Gallery Fund $ 103,129.57 Petty Cash 300.00 Accounts Receivable 2,451.75 Accounts Payable 3,539-27 Federal Excise Tax 90.02 District Sales Tax 490.11 Federal Withholding Tax 300.00 Clark Addn. Mtce. Fund 23,764.08 Art School Fund 78,177.98 Locker Key Deposit - Refunds 204.00 Total Disbursements $ 212,446.78
Cash Balance, June 30, 1962 Cash in Bank - Gallery Fund $ 30,624.34 Petty Cash 500.00 Clark Addn. Mtce. Fund 697.43 Art School (including Students' Relief) - 1,127.48 Total Cash in Bank and Petty Cash $ 30,694.29 TOTAL $ 243,i4i,07
- 5 - CORCORAN GALLERY OF ART CLARK ADDITION MAINTENANCE FUND January 1, 1962 to June 30; 1962
Cash Balance, December 31, 196l Cash in Bank - Income $ n,i4o.oo Cash in Bank - Principal 8,999.87 Total Cash in Bank $ 20,139.87 RECEIPTS Donations $ 10,000.00 Interest on Real Estate Notes 7,^59.40 Dividends on Stocks 5,151.00 Payments Received on Real Estate Notes 23,579.29 Sale of Stocks 4,105.33 Profit on Sale of Stocks 11,257.69 Total Receipts $ 61,552.71 TOTAL $ 81,692.58
DISBURSEMENTS Accrued Interest on Real Estate Notes $ 4.58 Service Charges on Real Estate Notes 208.32 Supervision Fee 367.19 Shipping Charges on Stocks 3.58 Transfer of Income to Gallery Fund 12,026.73 Transfer of Donations to Gallery Fund 10,000.00 Purchase of Real Estate Note 10,000.00 Purchase of Stocks 26,132.66 Total Disbursements $ 58,743.06 Cash Balance, June 30, 19^2 Cash in Bank - Income $ n,i4o.oo Cash in Bank - Principal 11,809.52 Total Cash in Bank $ 22,949.52 TOTAL $ 81,692.57? ART SCHOOL FUND Cash Balance, December 31, 1961 Cash in Bank $ 576.44 RECEIPTS Interest on Real Estate Notes $ 3,i4i.28 Dividends on Stocks 1,987.74 Payment Received on Real Estate Notes 13,828.39 Sale of Real Estate Note to Other Funds 9,846.31 Sale of Stock 4,293.16 Profit on Sale of Stock 9,949.99 Total Receipts $ 43,o46.87 TOTAL $ 43,623.31 DISBURSEMENTS Service Charges on Real Estate Notesq $ 78.52 Supervision Fee 142.83 Shipping Charges on Stock 4.26 Transfer of Net Income to Gallery Fund 4,903.4l Purchase of Real Estate Notes 21,000.00 Purchase of Stocks 16,621.65 Total Disbursements $ 42,750.67 Cash Balance - June 30,? 1962 672.64
TOTAL $ 43,623.31
- 6 - CORCORAN GALLERY OF ART ENDOWMENT FUND January 1, 1962 to June 30; 1962
Cash Balance, December 31, 1961 Cash in Bank $ 5,661.83 RECEIPTS Donations (j.E.) $ 8,092.42 I63.9O $ 8,255.92 Interest on Real Estate Notes 28,026.90 Dividends on Stocks 19,819.16 Payment Received on Real Estate Notes 103,106.00 Sale of Real Estate Notes to Other Funds 21,883.23 Sale of Real Estate Note 17,000.00 Sale of Preferred Stocks 18,126.54 Sale of Common Stocks 10,982.35 Profit on Sale of Stocks 10,425.54- Sale of Rights 265.OO Total Receipts $ 237,890.64 TOTAL $ 243,552.47 DISBURSEMENTS Accrued Interest on Real Estate Notes $ 62.64 Service Charges on Real Estate Notes 476.84 Supervision Fee 1,483.27 Refund of Dividend 2.80 Transfer of Income to Gallery Fund 45,820.52 Purchase of Real Estate Notes 174,853.81 Donation of Stock-Journal Entry 163.50 Miscellaneous Expense 15,776.31 Total Disbursements $ 238,639.69 Cash In Bank - Principal - June 30, 1962 $ 4,912.78 TOTAL $ 243,552.47 ANNA E. CLARK FUND Cash Balance, December 31, 1961 Cash in Bank - Income $ 5,416.27 Cash in Bank - Principal 6,721.51 Total Cash in Bank $ 12,137.78 RECEIPTS Interest on Real Estate Notes $ 1,616.62 Dividends on Stocks 961.51 Payments Received on Real Estate Notes 13,336.63 Sale of Stock 5,091.35 Profit on Sale of Stock 10,255.57 Total Receipts $ 31,261.68 TOTAL I 43,399.46 DISBURSEMENTS Accrued Interest on Real Estate Notes $ 123.52 Bi-ennial Expense (advance) 3,000.00 Service Charges on Real Estate Notes 26.07 Supervision Fee 90.98 Shipping Charges on Stock 2.63 Purchase of Real Estate Notes 18,285.15 Purchase of Stocks 15,542.22 Total Disbursements $ 37,070.57 Cash Balance, June 30, 1962 Cash in Bank - Income $ 4,751.20 Cash in Bank - Principal 1,577.69 Total Cash in Bank $ 6,328.89 TOTAL _ 7 _ $ 43,399.46 CORCORAN GALLERY OF ART ¥. A. CLARK FUND January 1, 1962 to June 30, 19^2
Cash Balance, December 31, 1961 Cash in Bank - Income $ 5,684.53 Cash in Bank - Principal 9,442.89 Total Cash in Bank $ 15,127.42
RECEIPTS Interest on Real Estate Ifcfces $ 1,658.96 Dividends on Stocks 1,273-81 Payments Received on Real Estate Notes ^752-05 Total Receipts $ 7,684.82 TOTAL $ 22,812.24
DISBURSEMENTS Accrued Interest on Real Estate Notes $ 22.50 Supervision Fee 120.49 Purchase of Real Estate Notes from Other Funds 13,444.39 Purchase of Fractional Share of Stock 41.13 Total Disbursements 13,628.51
Cash Balance, June 30, 1962 Cash in Bank - Income $ 8,474.31 Cash in Bank - Principal 709.42 Total Cash in Bank $ 9,183-73 TOTAL $ 22,812.24
MARY E, MAXWELL FUND
Cash Balance, December 31, 1961 Cash in Bank - Income $ 238.58 Cash in Bank - Principal _44.71 Total Cash in Bank 283.29
RECEIPTS Interest on Government Securities $ 81.25 Total Receipts $ 81.25 TOTAL I 364.54
NO DISBURSEMENTS
Cash Balance, June 30, 1962 Cash in Bank - Income $ 319.83 Cash in Bank - Principal 44.71 Total Cash in Bank $ 364.54 TOTAL ? 364.54
- 8 - 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. 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. ENDOWMENT FUND
Securities Owned as of June 30, 1962
Preferred Stocks
Book Value
Stares @ Total
200 Allied Stores Corp. 4$ Cum. Pfd. 105-4836 $ 21,096.72 100 Atlantic Refining Co. 3-75% Cum.Pfd.Ser.B 100.00 10,000.00 250 General Motors Corp. $3*75 Cum. Pfd. 100.00 25,000.00 200 Jewel Tea Co., 3-3/4$. Cum. Pfd. 103-00 20,600.00 250 May Dept. Stores Co. 3-3/4$ Cum. Pfd. 103.00 25,750.00 250 May Dept. Stores Co. $3-75 Cum. Pfd. 105.60464 26,4oi.i6 500 Pacific Gas & Elec. Co. 6$ 1st Pfd. 45.1l45 22,557.25 100 Union Elec. Co. of Mo. $4.50 Pfd. 105*50 10,550.00 2,000 Union Pacific Railroad Co. 4$ Pfd. II.68581 23,371.62 200 Washington Gas Light Co. $4.25 Cum. Pfd. 101.35 20,270.00
TOTAL STOCKS $ 205,596.75
- 11 ENDOWMENT FUND
Securities Held as of June 30, 1962
Common Stocks
Shares Company @ Total
700 Allegheny Power System, Inc. 40.4-794 $ 28,335.83 400 American Can Company 42.2093 16,883.72 200 American Home Products Corp. 6.80976 1,361.95 300 American Tel & Tel Co. 56.5073 16,952.22 4oo Armstrong Cork Co. 17.8961 7,158.46 556 Bank of America, N.T. & S.A. 37.3020 20,739.94 500 Beatrice Foods Co. 26.6642 13,332.09 500 Bethlehem Steel Corp. 45.8920 22,946.03 780 Cincinnati Gas & Electric Co. 19.0239 14,838.67 94o Consumers Power Company 18.0024 16.922.26 400 Corn Products Company 11.7789 4,711.56 i,oi4 Dayton Power & Light Company 12.0128 12,181.07 800 Eaton Manufacturing Company 30.8425 24,674.00 4io First National City Bank of N. Y. 52.0237 21,329.74 515 Julius Garfinckel & Co., Inc. 24.2718 12,500.00 300 General Electric Company 27.7853 8,335.58 900 General Motors Corporation 22.7996 20,519.63 44o Kansas City Power & Light Co. 29.7517 13,090.74 1,100 Lone Star Gas Company 13.3916 14,731.16 4oo National Dairy Products Corp. 29.5657 11.826.27 1,000 National Fuel Gas Company 23.1485 23,148.50 1,000 New York State Electric Gas Corp. 28.330 28,330.00 200 Owens-Illinois Glass Company 40.3032 8,060.64 1,092 Southern California Edison Co. 15.6074 17,043.30 600 Southern Pacific Company 23.2155 13,929.34 803 Standard Oil Company (N.J.-) 28.2947 22,720.71 300 Sunshine Biscuits, Inc.. 82.3626 24,708.59 800 Texaco, Inc. 13.5456 10,836.47 300* Union Carbide Corporation 24.3542 7,306.26 600 United Gas Corporation 31.6819 19,009.14 309 Walgreen Company 25.2439 7,800.39 250 F. W. Woolworth Company 45.37332 11,343-33 $ 497,607.59
* This stock was received from the Estate of James Parmelee and "Book Value" is the value placed on it by the Trustee of the Estate at date of distribution.
- 12 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. CLARK ADDITION MAINTENANCE FUND
Securities Owned as of June 30, 1962
Common Stocks
BOOK VALUE
Shares Company @ Total
300 American Can Company 48.8925 $ 300 American Chicle Company 27.9854 300 American Telephone & Tel. Co. 51.8147 300 The Detroit Edison Company 25.0994 7,529.82 200 General Foods Corporation 13.5915 2,718.30 100 General Motors Corporation 57-125 5,757-21 650 Gulf Oil Company 11.7246 7,621.02 285 International Harvester Co. 36.1791 10,311.05 300 May Department Stores Co. 34.932 10,479.60 200 National Fuel Gas Co. 29.2094 5.841.88 300 Niagara Mohawk Power Co. 28.9267 8,678.00 320 Northern States Power Co. 22.5168 7,205.39 316 Ohio Edison Company 19.6211 6,200.26 520-20/100 Ohio Oil Company 31.68663 16,477.05 476 Philadelphia Electric Co. 16.7206 7,959-o4 300 Standard Oil Co. of New Jersey 39-0518 11,815.50 125 Sunshine Biscuits, Inc. 80.2044 10,025.55 200 Union Bag Camp Paper Co. 38.38 7,676.00 200 Union Pacific R. R. 34.2344 6.846.88
$ 171,751.27
- l4 - 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. 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. 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. MARY E MAXWELL FUND
Securities Owned as of June 30j 19^2
United States Government Securities
Amount
$5,000 U. S. 3t$ Treasury Bonds $ 4,475.00 Investment Series B due 5-1-85
No Other Investments.
- 18 - SECURITIES HELD AS OF JUNE 30. 1962
(Book Value)
REAL ESTATE PREFERRED COMMON GOVERNMENT FUND NOTES STOCK STOCK SECURITIES TOTAL
Endowment $ 1,056,462.46 $ 205,596.75 $ 497,607.59 $1,759,666.80 Clark Addn. Mtce. 277,312.89 171,751.27 449,064.16 Art School 108,379.86 60,642.78 169,022.64 Anna E. Clark 69,580.08 43,680.43 113,260.51 W. A. Clark 74,920.58 42,924.71 117,845.29 Mary E. Maxwell $ 4,475.00 4,475.00
TOTAL $ 1,586,655.87 $ 205,596.75 816,606.78 $ 4,475.00 $2,613,334.40
CONDITION OF THE FUNDS AS OF JUNE 30, 1962
FUNDS AWAITING WORKING FUND INVESTMENT BALANCE TOTAL
Gallery $ 31,124.34 * $ 31,124.34 Clark Addition Maintenance $ 11,809.52 11,837.43 23,6^.95 Art School Fund 872.64 - 1,671.75 799.11 Art School Fund - Students' Relief 544.27 544.27 Endowment 4,912.79 .01 4,912.78 Anna E. Clark 1,577.69 4,751.20 6,328.89 W. A. Clark 709.42 8,474.31 9,183.73 Mary E. Maxwell _44.71 319.83 364.54
TOTAL $ 19,926.77 $ 55,379.62 $ 75,306.39
* Gallery Fund includes $500 Petty Cash and $8,001.25 in the Purchase Fund for Works of Art.
As of the close of Business June 30, 1962, The Corcoran Gallery of Art has no obligations outstanding other than for current expenses.
Respectfully submitted,
Corcoran Thom, Jr. Treasurer r^/Tie 'wwcwwn
6, Q). ^
CORCORAN THOM, JR. FRANK D. PARULSKI TREASURER COMPTROLLER
EDWARD A. MITCHELL, Jr. ASSISTANT TREASURER October 16, 1962
The Board of Trustees The Corcoran Gallery of Art Washington 6, D. C.
Gentlemen:
The Treasurer of the Gallery has filed; with the Director; a detailed re¬ port covering financial transactions for the six months' period ending June 30; JL962. This report has been submitted to our Auditors and their examination is in agreement with the recorded transactions contained in the Treasurer's report.
A detailed report of the security transactions covering the period of April 27; 1962 through October 16, 1962 is attached to this report.
A summary of the investment securities and CASH TOTAL CASH INVESTMENT AWAITING ENDOWMENT AVAILABLE FOR FUND SECURITIES INVESTMENT FUNDS EXPENSES TOTAL Gallery $ 30,367.00 * $ 30,367.00 Endowment $1,755,929.15 $12,600.25 $1,768,529.40 1,768,529.40 Clark Addn.Mtce. 465,585.47 -3,711.79 461,873.68 6,070.36 467,944.o4 Art School 169,292.53 612.75 169,905.28 45,790.17 215,695.4-5 Anna E. Clark 113,932.43 3,558.09 117,490.52 3,839.03 121,329.55 W. A. Clark 118,295.59 2,863.47 121,159.06 10,090.79 131,249.85 Mary E. Maxwell 4,475.00 44.71 4,519.71 319.83 4,839*5^ Students' Relief 544.27 _544.27 TOTAL $2,627,510.17 $15,967.^8 $2,643,477.65 $ 97,021.45 $2,740,499.10 * Gallery Fund includes $700 Petty Cash and $7,909-^1 iu the Purchase Fund for Works of Art. Respectfully submitted, ?CLujuJ^cJELlSx* Assistant Treasurer Attachment 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. SALE OF STOCK SHAKES STOCK PROCEEDS BOOK VALUE PROFIT OR LOSS ENDOWMENT FUND: 500 Bethlehem Steel Corp. $15,238.83 $22,946.03 $-7,707.20 200 Texaco 9,34o.i4 5,722.61 3,617.53 110 First Ha. City Bk. of N.Y. io,748.6o 2,709.12 8,039.48 Total $35,327.57 $31,377.76 $ 3,9^9.81 27/100 Walgreen Drugs (Stock Dividend) $ 12.49 AHMA E. CLARK FOND: 100 Cincinnati Gas & Elec. Co. $ 4,502.35 $ 1,850.03 $ 2,652.32 W. A. CLARK FUND: 49 Sears, Roebuck & Co. $ 3,522.32 $ 918.17 $ 2,6o4.i5 TOTALS $43,352.24 $34,145.96 $ 9,206.28 STOCK PURCHASES AMOUNT ART SCHOOL FUND: 45 Public Service Co. of Colorado $ 1,057.50 (+ 450 rights) ANNA E. CLARK FUND: 100 Ford Motor Co. $ 4,453.56 50/IOO General Motors (to round out exchange) 24.21 $ ^77-77 W. A. CLARK FUND: 70 General Motors Corp. $ 3,868.67 TOTAL $ 9,^03.94 DONATIONS; Art School Helen S. Tiencken (Eugen Weisz Memorial Fund) $ 10.00 CORCORAN GALLERY OF ART COMBINED STATEMENT OF RECEIPTS January 1,1962 to September 30,1962 Gallery- Clark Addn Art School INCOME FROM INVESTMENTS: Total Fund. Mtce fund Fund Interest on realestate notes 5U, 71*9.71 39,850.93 10,278.96 1*,619.82 Dividends on stocks U0j977»90 30,286.98 7,808.1*0 2,882.52 Gross income from investments 95,727.61 76,137791 TS7S8736 77507.3H Less: Accrued interest on realestate notes 20l*.06 199.1*8 1*.58 Service charges on realestate notes 1,232.52 922.17 208.32 102.03 Supervision fee on realestate notes 1,993.29 1,1*83.27 367.19 11*2.83 Shipping charges on stocks 7.81* 3.58 1*.26 Total deductions 3,1*37 *Y1 73*971? Net income from investments 92,289.90 67,532.99 17,503.69 7,253.22 OTHER INCOME: Donations 39,1*35.02 12,71*0.02 11,000.00 15,695.00 Less: nonbudget expenses 11,916.10; 5,581*. 80 208.61* 6,123.00 ■S77OT3B 16,791.36 9,572.00 Sales desk receipts 11,106.79 11,097.79 9.00 Membership contributions ( dues) 29,U93.U6 29,1*93.1*6 Art Rental Gallery 2,701.25 2,701.25 Packing and crating 1*67.1*0 1*67.1*0 Sale of rights and royalties 1,233.27 1,233.27 Art school Tuition 106.01*0.00 71*,31*8.50 Regular classes Saturday classes ll*, 1*66.00 Summer adult classes 7,501*. 50 Summer childrens classes 6,633.00 Ceramic classes 3.088.00 Locker rental 1,003.00 1,003.00 Store sales over purchases 6,738.95 6,738.95 Miscellaneous income 1,295.00 1*07.31* 887.66 Sale of -works of art 5,619.93 5,619.93 Total other income 193,217.63 58,175.66 10,800.36*121*, 211.61 Total operating income 285,507.53 125,708.65 28,30l*.05 131,l*9l*.83 Total Budget expenses 251,251.29 127,082.38 31*, 808.1*7 89.360.1*1* Excess income over expenses -51*,2'56."?H -- I*-?,T3l*.39 Excess expenses over income 1,373.73 6,501*. 1*2 -iw CORCORAN GALLERY OF ART OPERATION OF THE BUDGET January 1, 1962 to September 30. 1962 BUDGETARY TOTAL % OF TOTAL ALLOWANCE EXPENDED REMAINDER DEFICIT EXPENDED OPERATING EXPENSE: Equipment 3,725.00 2,934.73 790.27 78.78 Entertainment and travel 1,400.00 1,344.41 55.59 96.03 Exhibitions 20,800.00 8,449.05 12,350.95 40.62 Insurance - general 3,400.00 3,389.01 10.99 99.68 Insurance - group 3,200.00 2,608.45 591.55 81.52 Membership activities 9,800.00 7,098.55 2,701.45 72.49 Operation of the building 30,100.00 21,859.62 8,240.38 72.62 Postage and telephone 4,425.00 3,081.97 1,343.03 69.65 Printing 14,075.00 9,149.70 4,925.30 65.07 Professional fees 900.00 425.00 475.00 47.50 Publicity 3,670.00 2,550.20 1,119.80 69.49 Purchases for sales desk 9,000.00 8,431.53 568.47 93.68 Purchases of drawings 500.00 435.50 64.50 87.10 Restoration of works of art 2,500.00 121.11 2,378.89 4.85 Restoration of frames 500.00 275.00 225.00 55.00 The Art Rental Gallery 2,500.00 2,576.79 76.79 103.07 Miscellaneous expenses 2.650.00 1.993.40 656.60 _ 75.22 Total Operating Expense 113,145.00 76,724.02 36.497.77 76.79 67.81 36,420.98 SALARIES, SOCIAL SECURITY AND PENSIONS: SALARIES: Administration and Staff 89,300.00 67,733.25 21,566.75 75.84 Art School Staff 54,590.00 38,402.05 16,187.95 70.35 Guards and workmen 73,650.00 55,022.78 18,627.22 74.71 Models 10.000.00 6.657.25 3,342.75 66.57 Total Salaries 227,540.00 167,815.33 59,724.67 73.75 Social Security-employer^s contribution 6,700.00 4,866.94 1,833.06 72.64 Pensions 2.460.00 1.845.00 615.00 7.5.-.QQ Total Salaries, Pensions and Social Security 236,700.00 174,527.27 62,172.73 73.73 Total Budget Expended 349,845.00 251,251.29 98,593.71 71.81 NON-BUDGETED EXPENSES: Purchase of works of art 4,353.31 Unemployment Compensation 1,430.74 Ceramic Class - Art School 5,504.94 Total Non-budgeted expenses 11,288.99 TOTAL EXPENSES 262,540.28 ~2» CORCORAN GALLERY OF ART OPERATION OF THE BUDGET GALLERY FUND January 1,1962 to September 30,1962. BUDGETARY TOTAL LG % OF TOTAL ALLOWANCE EXPENDED REMAINDER DEFICIT EXPENDED OPERATING EXPENSES: Equipment 1,360.00 772.8U m 587.16 56.86 Entertainment & travel 1,200.00 i,3ia.ia ita.ia 111.78 Exhibitions 20,800.00 8,14(9.05 12,350.95 1(0.62 Insurance-general i;370fc00 1,329.914- 1(0.06 97.07 Insurance -group 1,1(00.00 1.255.94 3M.06 91.17 Membership activities 9,800.00 7,098.55 2,701.45 72.1-9 Operation of the building m, 390. oo 9.717.95 1,672.05 85.32 Postage & telephone 3,500.00 2,456.94 1,01(3.03 70.70 Printing 10,075.00 6,6o4.70 3,1(70.30 32.90 Professional fees 1(00.00 175.00 225.00 1(3.75 Publicity 1,325.00 I,l81i.l6 140.84 89.37 Purchase of drawings 500.00 435.50 64.50 87.10 Purchases for sales desk 9,000.00 8,1(31.53 568.1(7 93.68 Restoration works of art 200.00 (886.1(2)* 1,086.1(2 * -4.32 Restoration of frames Art Rental Gallery 2,500.00 2,576.79 76.79 103.07 Miscellaneous expense 550.00 1(68.19 81.81 83.31 2l,T76.13 218.20 TOTAL OPERATING EXPENSES 75,370.00 51,1(12.07 23,957793 68.21 SALARIES SOCIAL SECURITY & PENSIONS SALARIES:- Administration and staff 55,800.00 1(3,182.27 12,617.73 77.38 Guards and workmen 38,Uoo.oo 28,730.1i( 9,669.86 74.82 TOTAL SALARIES 9h,200.06 7I79IOTC “75.-81T " Pensions 2,1(60.00 1,81(5.00 615.00 75.00 Social security employer's Contribution 2,800.00 1,912.90 887.10 _68.32_ __ TOTAL SALARIES ,SOCIAL SECURITY AND PENSIONS 99,k60.00 75,670.31 23,789.69 76 .08 TOTAL Budget EXPENDED* 174,830.00 127,082.38 1(7,71(7.62 72.69 * $1,200. received from insurance company on damaged paintings -3- CORCORAN GALLERY OF ART OPERATION OF THE BUDGET CLARK ADDITION MAINTENANCE FUND January 1,1962 to September 30,1962 BUGETARY TOTAL % OF TOTAL ALLOWANCE EXPENDED REMAINDER DEFICIT EXPENDED OPERATING EXPENSES: Equipment 565.00 1,153.83 588.83 201+.22 Entertainment and travel 200.00 3.00 197.00 1.50 Insurance- general 900.00 810.61 89.39 90.00 Insurance-group 1*00.00 328.33 71.67 82.08 Operation of the building 6,960*00 5,081.26 1,878.71+ 73.00 Postage and telephone 125.00 105.50 19.50 81+.1+0 Printing 950.00 5.00 91+5.00 5.26 Professional fees 150.00 75.00 75.00 5o.oo Publicity 100.00 100.00 Restoration of works of art 2,300.00 1,007.53 1,292.1+7 1+3.05 Restoration of frames 500.00 275.00 225.00 55.oo Miscellaneous expenses 385.00 1+0.88 3U+.12 JLO.62 5,237.89 588.83 TOTAL OPERATING EXPENSES 13,535.00 8,885.91+ 1+, 61+9.06 65.65 SALARIES & SOCIAL SECURITY: SALARIES : Administration and staff 17,800.00 13,029.90 1+,770.10 73.21 Guards and workmen 15,750.00 12,267.15 3,1+82.85 77.89 Total salaries 33,550.0(5 25,297.(55 8,252.95 "75.HO" " Social security employer's Contribution 1,000.00 625.1+8 371+.52 62.55 Total salaries and social security 31+,55<5.(50 '25;927.55 F,"55771+7 757o5 “ “ TOTAL BUDGET EXPENDED: 1+8,085.00 3l+,808.1+7 13,276.53 72.39 -4- CORCORAN GALLERY OF ART OPERATION OF THE BUDGET ART SCHOOL FUND January 1. 1962 to September 30. 1962 BUDGETARY TOTAL OF TOTAL ALLOWANCE EXPENDED REMAINDER DEFICIT EXPENDED OPERATING EXPENSES: Equipment 1,800.00 1,008.06 791.94 56.00 Insurance - general 1,130.00 1,248.46 118.46 110.48 Insurance - group 1,400.00 1,024.18 375.82 73.16 Operation of the building 11,750.00 7,060.41 4,689.59 60.09 Postage and telephone 800.00 519.53 280.47 64.94 Printing 3,050.00 2,540.00 510.00 83.28 Professional fees 350.00 175.00 175.00 50.00 Publicity 2,245.00 1,366.04 878.96 60.82 Miscellaneous expenses 1.715.00 1.484.33 230.67 86.54 Total Operating Expenses 24,240.00 16,426.01 7.932.45 118.46 7,813.99 67.67 SALARIES AND SOCIAL SECURITY: Administration and staff 15,700.00 11,521.08 4,178.92 73.82 Guards and workmen 19,500.00 14,025.49 5,474.51 71.93 Art School staff 54,590.00 38,402.05 16,187.95 70.35 Models 10.000.00 6.657.25 3,34.2.21 66.57 Total Salaries 99,790.00 70,605.87 29,184.13 70.76 Social Security - Employer's Contribution 2.900.00 2,328.56 571.44 80.29 Total Salaries and Social Security 102,690.00 72,934.43 29,755*57 71.03 Total Budget Expended 126,930.00 89,380.44 37,569.58 70.40 31* %cwccwam* nfVa/t/u’n^fo'tz 6, Q). CORCORAN THOM, JR. FRANK D. PARULSKI TREASURER COMPTROLLER EDWARD A. MITCHELL, Jr. October 1 , ASSISTANT TREASURER 6 1962 The Board of Trustees The Corcoran Gallery of Art Washington 6, D. C. Gentlemen: The Treasurer of the Gallery has filed, with the Director, a detailed re¬ port covering financial transactions for the six months' period ending June 30, 1962. This report has been submitted to our Auditors and their examination is in agreement with the recorded transactions contained in the Treasurer’s report. A detailed report of the security transactions covering the period of April 27, 1962 through October 16, 1962 is attached to this report. A summary of the investment securities and cash to the credit of the various funds as of September 30, 19^2 is given below: CASH TOTAL CASH INVESTMENT AWAITING ENDOWMENT AVAILABLE FOR FUND SECURITIES INVESTMENT FUNDS EXPENSES TOTAL Gallery $ 30,367.00 $ 30,367.00 Endowment $1,755,929.15 $12,600.25 $1,768,529.40 1,768,529.40 Clark Addn.Mtce. 465,585.47 -3,711.79 461,873.68 6,070.36 467,944.04 Art School 169,292.53 612.75 169,905.28 45,790.17 215,695.45 Anna E. Clark 113,932.43 3,558.09 117,490.52 3,839.03 121,329.55 W. A. Clark 118,295.59 2,863.47 121,159.06 10,090.79 131,249.85 Mary E. Maxwell 4,475.00 44.71 4,519.71 319.83 4,839.5^ Students' Relief 544.27 544.27 TOTAL $2,627,510.17 $15,967.48 $2,643,477.65 $ 97,021.45 $2,740,499.10 * Gallery Fund includes $700 Petty Cash and $7,909«4l in the Purchase Fund for Works of Art. Respectfully submitted, £ GUuulk . Assistant Treasurer Attachment 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. 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. THE CORCORAN GALLERY OF ART WASHINGTON, D. C. FOR THE PERIOD JANUARY 1 TO JUNE 30, 1962 F. W. LAFRENTZ 5. CO. CERTIFIED PUBLIC ACCOUNTANTS EXECUTIVE OFFICES: 62 WILLIAM ST., N EW YORK CITY CABLE. AMDIT, NEW YORK 1. F. W. Lafrentz <3c Co. N EW YORK ATLANTA LOS ANGELES RESIDENT PARTNERS CERTIFIED PUBLIC ACCOUNTANTS BALTIMORE NEW ORLEANS J. ROGER YATES, C. R A . BOSTON OAKLAND EDWARD J. BURNS, JR.,C. P. A. CHICAGO RICHMOND EXECUTIVE OFFICES NEW YORK CITY CLEVELAND SAN FRANCISCO DALLAS SEATTLE HOUSTON WASHINGTON TOWER BUILDING WASHINGTON 5,D.C. CORRESPONDENTS IN FOREIGN COUNTRIES September 18, 1962 The Trustees of the Corcoran Gallery of Art 17th and New York Avenue, N. W. Washington, D. C. Gentlemen: We have examined the report submitted to us by your Treasurer, Mr. Corcoran Thom, Jr., and found it to be in agreement with the recorded cash transactions of the Corcoran Gallery of Art for the six-month period ended June 30, 1962. Our examination 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. FINANCIAL POSITION Cash in bank and on hand - 75,306.39 Cash in bank, 74,806.39, was reconciled with amounts reported directly to us by the Riggs National Bank. Cash of the various funds at June 30, 1962, is shown in the following summary: Gallery fund 31,124.34 Endowment fund 4,912.78 Clark Addition Mainte:nance fund 23,454.45 Art School fund (809.11) Students' Relief fund 544.27 Anna E. Clark fund 6,418.89 W. A. Clark fund 9,296.23 Mary E. Maxwell fund 364.54 Total 75.306.39 The petty cash fund of 500.00 was verified by inspection and count during the course of our examination. The following is a summary of the beginning balances, receipts and disburse¬ ments and closing balances of the cash in all funds, for the six-month period ended June 30, 1962, as disclosed by the records, which is in agreement with the Treasurer's report: Balance Balance January June 30, Fund 1, 1962 Receipts Disbursements 1962 Gallery 31,505.90 109,919.16 110,300.72 31,124.34 Endowment 5,661.83 237,890.64 238,639.69 4,912.78 Clark Addition Maintenance 22,574.65 83,354.44 82,474.64 23,454.45 Art School 4,235.22 115,918.32 120,962.65 (809.11) Students' Relief 544.27 544.27 Anna E. Clark 12,137.78 31,351.68 37,070.57 6,418.89 W. A. Clark 15,127.42 7,797.32 13,628.51 9,296.23 Mary E. Maxwe11 283.29 81.25 364.54 Totals 92,070.36 586.312.81 603.076.78 75.306.39 Investments - 2,613,334.60 The real estate notes at June 30, 1962, amounting to a total of 1,586,655.87, were examined or accounted for at the Riggs National Bank on September 14, 1962, and found to be in agreement with the records. All preferred and common stocks at June 30, 1962, were confirmed directly to us by the Trust Department of the Riggs National Bank, where they are being held for safekeeping and reinvestment. We examined the bond in the Mary E. Maxwell fund at the Customer Security Department of the Riggs National Bank on September 14, 1962. The investment in securities at June 30, 1962, amounted to 1,026,678.73, at cost. A summary of the real estate notes, securities, and cash to the credit of the various funds at June 30, 1962, which is in agreement with the Treasurer's report, is shown on the following page. 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. ART SCHOOL - SUMMER SCHOOL 1962 I960 1961 1962 RECEIPTS: Adult classes I4.,1^2.60 6,233.30 7,3014.30 Children 14,786.00 7,330.00 6,633.00 Total Tuition 8,936.60 1XF63730 lTOT775n Locker rentals 126.00 139.00 122.00 Commission on Vending Machines 38.87 66.00 32.62 Sales - Art School Store 6I49.39 1,020.91 1,396.17 Total Receipts 9,732.86 lli,789.21 13,908.29 DISBURSEMENTS: Salaries 1,623.00 3,633.86 14,130.63 Models 307.30 370.00 210.00 Social Security 31.00 108.00 133.60 District Unemployment Compensation 117.20 Advertising 3I4Q.93 30I4.2I4 313.66 Postage and telephone 129.20 103.00 91.03 Printing 103.33 127.00 196.00 Operation of building 2I4O.OO 330.00 334.71 Equipment 280.00 3914.00 193.96 Total Disbursements 3,079.00 3,790.10 3,94)4.83 Excess Receipts over Disburse¬ ments 6,6714.71 8,999.11 9,963.46 io. HERMANN WARNER WILLIAMS, JR. METROPOLITAN 8-3211 DIRECTOR AND SECRETARY October 23, 1962 Director The Corcoran Gallery of Art Washington 6, D. C. Dear Mr. Williams: The Curator begs to submit the following report covering the period June 1 - September 30, 1962. PUBLICATIONS The Corcoran School of Art, 1962-1963, 16 pages (separate cover), 25 illustrations. This was printed by the H. K. Press in an edition of 4,670 at a cost of $2,160. The Corcoran Gallery of Art: The 1962-1963 Program and an Invitation to Membership, 16 pages, 9 illustrations. This was printed by the H. K. Press in an edition of 50,000 at a cost of $4,120. The Edith Gregor Halpert Collection, 8 pages (separate cover with colored illustration). The catalogue for the exhibition held from September 28 - November 11, 1962, printed by the H. K. Press in an edition of 3,000 at a cost of $737. Copies sell for 25£. CONSERVATION The Beauvais tapestry in the Clark Collection (26.259) which had been sent to Karekin Beshir, New York, for cleaning and repair was re¬ turned and rehung. The cost of the work was $300. The Ispahan rug (26.296), formerly displayed in gallery 76, was returned by Karekin Beshir, New York, after cleaning and partial backing at a cost of $450. This rug has now been put in storage. Two Barye bronzes, Lion Hunt (73.32) and Theseus and the Minotaur (73.38) were restored by Stanley Myllo, Linthicum, Maryland, at a cost CONSERVATION (con't) of $30.00 and $45.00 respectively. Mr. Myllo is now working on the res¬ toration of the bronze Lafayette on Horseback (58.1.6) by Paul Wayland Bartlett. NEW INSTALLATION IN THE CLARK COLLECTION During the summer, examples from the collections of Majolica, Palissy and Delft ware were installed in corridor #3 and gallery 76 of the Clark Wing. It is planned to extend this to include the rarer examples of lace in a new arrangement in corridor #3. DISPOSAL OF SURPLUS WORKS OF ART 1) . No sales of objects on consignment have been reported by Hirschl and Adler (see CWA Report, April 25, 1960, p. 5). 2) . The following paintings on consignment with Victor D. Spark have been sold: Sanford R. Gifford, The Catskills from the Hudson (54.8) $200.00 Felicie Waldo Howell, A New England Street (19.33) $400.00 No further sales were reported by Mr. Spark (see lists, CWA Reports, April 25, 1960, p. 6; October 24, 1960, p. 5; January 30, 1961, p. 2; April 24, 1961, p. 3; October 17, 1961, p. 3; January 29, 1962, p. 2; CWA Minutes, June 11, 1962, attached list II). 3) . The staff consulted Mr. Edelman at C. G. Sloan & Co., Inc., Washington, as to the most advantageous way of disposing of the paintings on list I, CWA Minutes, June 11, 1962. We were advised to include them in a catalogue sale to be held October 12 and 13, 1962. 4) . As instructed by the Committee on Works of Art (Minutes, June 10, 1962) the staff has been in touch with the State Department concerning the possible sale or loan of the paintings on lists III and IV for use in em¬ bassies abroad. The State Department has not as yet come to a decision on the matter. CLAIMS AGAINST OUR FINE ARTS INSURANCE Old Claims 1). A check in the amount of $1,950. was received from our agent to cover the repair of the damage to three paintings and the total loss of a fourth caused by a steam leakage in the Curatorial Office (see CWA Reports, April 16, 1962, p. 3 and June 30, 1962, pp. 2 and 3). 2). An estimate totalling $275.00 of the cost of the repair of the frames damaged by an unknown vandal has been submitted by Mr. Ross Wheat, Washington. Our agent has approved this and the restoration of the frames is proceeding. New Claims There are no new claims. PERSONNEL 1) . Mr. Donald McClelland, Research Associate, left the employ of the Gallery at the termination of his contract, June 30, 1962. 2) . Mr. Donelson F. Hoopes assumed his duties as Curator of Exhibi¬ tions on June 1, 1962. 3) . In addition to the volunteer assistants listed in previous Quarterly Reports during 1962, the staff has been assisted by Mrs. Shirley Bennett, Miss Theodora Dracopolous and Miss Patricia Smith during the sum¬ mer months. 4) . Mrs. Eileen Rose was hired as Biennial Secretary as of September 17, 1962, for a period of three to four months. 5) . Changes in the staff of The Corcoran School of Art are included in the School's report which follows. REGISTRATION AND SUMMARY OF ART SCHOOL ACTIVITIES 1) . June - August, 1962. Summer Session classes were held for both children and adults. The adult classes were conducted by Charles Forsythe (Design and Composition), Jack Perlmutter (Painting), and Douglas Teller (Interior Design). A total of 105 adult students and 75 children attended the eight-week session, as compared with 98 adult students and 154 children in the summer session of 1961. A separate financial report is filed with the Minutes of the October 29, 1962, Board of Trustees Meeting. 2) . September - October, 1962. On September 24, the adult classes for the Fall Term commenced. The registration, as of October 15, was: Corcoran students 370 (10 of these are Veterans) George Washington Univ. students 135 Total 505 REGISTRATION AND SUMMARY OF ART SCHOOL ACTIVITIES (con't) This compares to 414 students registered in adult classes for the Fall Term of 1961. The children's Saturday morning classes opened on October 6th. A report on registration and programming will be included in the next Quar¬ terly Report. 3). Changes in Faculty. Mr. John Ruddley was appointed Vice Prin¬ cipal of the School, replacing Mr. Charles Forsythe who left in order to carry on his own creative painting. Mr. Ruddley will teach Design and Composition during the fall and spring term and will be in charge of the 1963 Summer School. Mrs. Barbara Pronin replaced Miss Dolores Seeman as School Secretary. Mr. Richard Lafean was appointed Head of the Ceramics Department. He is assisted by Mrs. Eleanor Bookout and Mr. Joseph Carter. The new Ceramics Department was made partially possible by a grant of $15,000 from The Eugene and Agnes E. Meyer Foundation. The ceramics classes showed a total registration of 70 students on October 15. Mr. Peter Thomas joined the faculty to teach an afternoon and evening class in Design and Composition. Mr. Joseph Taney was appointed to be Head of the Commercial Art classes. Mr. Don Turano was appointed to assist Mr. Heinz Warneke in sculpture classes. Respectfully submitted, y ^(/lUAa ■ i '\- Curator