The Andrew W. Mellon Foundation · 7 sects nurtured in Englandtookhold with enormousvitality in the New World.Its opportunities wereenhancedby thenature andtimingofthe cultural transfer

The Andrew W. Mellon Foundation

Report from]anuary I., I976 through December JI., I976

140 East 62nd Street, New York, New York 10021

TrusteesWilliam 0. Baker, Chairman

v John B. Connally"' Lauder Greenway, Paul Mellon , ;,

William H. Mortonv Charles A. Ryskamp- John E. Sawyer

, John R. Stevenson

Honorary TrusteeStoddard M. Stevens

OfficersJohn E. SawyerJ. Kellum Smith, Jr.Kenneth J. Herr

Program DirectorsDavid SaltonstallClaire ListJames M. Morris

General Counsel Sullivan & Cromwell

PresidentVice President and SecretaryTreasurer and Assistant Secretary

THE ANDREW W. MELLON FOUNDATION, a Not-for-Profit Corpora-tion under the laws of the State of New York, is the result of the consoli-dation on June 30, 1969 of Old Dominion Foundation into AvalonFoundation with the name of the latter being changed to The AndrewW. Mellon Foundation. Avalon Foundation had been founded by AilsaMellon Bruce, daughter of Andrew W. Mellon, in December 1940 as acommon law charitable trust. In 1954 it was incorporated under theMembership Corporations Law of the State of New York. Old Domin-ion Foundation had been established in 1941 under the laws of theCommonwealth of Virginia by Paul Mellon, son of Andrew W. Mellon.

The purpose of the Foundation is to "eaid and promote such religious,charitable, scientific, literary, and educational purposes as may be in thefurtherance of the public welfare or tend to promote the well-doing orwell-being of mankind."

Within this broad charter purpose the Foundation currently makesgrants on a selective basis to institutions in higher education, in culturalaffairs and the performing arts, and in certain environmental and publicaffairs areas. Applications are considered throughout the year, and nospecial forms are required. Ordinarily a simple letter setting forth theneed, the nature and the amouent of the request and the justification forit, together with evidence of suitable classification by the Internal Reve-nue Service and any supplementary exhibits an applicant may wish tosubmit, will suffice to assure consideration. Applicants must realize,however, that the Foundation is able to respond favorably only to a smallfraction of the requests that it receives. The Foundation does not awardfellowships or other grants to individuals or make grants to strictly localorganizations.

6

PRESIDENT'S REPORT

The 200th anniversary of the oldest major republic of the modernworld has provided a natural occasion for celebration and for com-

ment on many aspects of our national life-in forms varying from theTall Ships and "The Adams Chronicles" to local fairs or scholarly anal-yses of our institutions. This event also offers an occasion for reflectionon the history, nature and purpose of a distinctive pattern of philanthropythat has emerged in this country, one that the world generally recognizesin its present form as an essentially American creation-the independentgrant-making foundation.

Though the total contributions of all 25,000-30,000 foundationsamount to less than ten per cent of all charitable giving each year-andtheir total capital assets add up to less than a quarter of the annual ex-penditures now administered by the United States Department of Health,Education and Welfare the independent American foundations haveplayed a special role in the private support of a great variety of voluntaryactivities in the United States. With wisdom in their guidance and widerunderstanding of their purpose, foundations should long be able tomake a distinctive contribution to the pursuit of excellence, to pluralismof initiative and responsibility, and to the flexibility, resourcefulness andresponsiveness of American life.

I.

The present and prospective role of foundations is a natural out-growth of their historic origin in the tradition of voluntary associationsand the concept of "stewardship of wealth" that flowered in Englandand America in the 17th to 18th centuries. Utilized as a way to sustaindissenting chapels and congregations not eligible for the state fundingof the Established Church, the principle of voluntary organization andsupport was extended on both sides of the Atlantic to a widening arrayof humanitarian, educational, and other secular causes. The pattern ofinitiative and association that Daniel Defoe had set forth in An EssayUpon Projects in 1697 and that the Quakers and other nonconforming

7

sects nurtured in England took hold with enormous vitality in the NewWorld. Its opportunities were enhanced by the nature and timing of thecultural transfer from Great Britain and northwest Europe in the 17th,18th and early 19th centuries. This gave the young country strong rep-resentation of the generative ideas and institutions of the time, with aminimum of the restrictive feudal inheritance, or of the darker Augus-tinian perceptions of human nature and the human prospect. As a teacherof American economic history, I had analyzed features of this selectivetransfer in an article published twenty-five years ago:

The American offshoot, coming when it did and as it did, heavily em-phasized certain special lines of thought within the European heritage-notably Puritanism, Lockian individualism, Newtonian ideas of theworking of automatic harmonies, the late Enlightenment's faith in theinexorable relation of reason and individual effort to human progress.Given the new lands and opportunities, American society fused theseelements into a new faith, into a new vision of the promise of Americanlife. Oriented toward building an ever-expanding future spelled out interms of increasing material welfare, confident of the inevitable progressof man therefrom, glorifying economic achievement, mobility, compe-tition, change, boldness, bigness, it was a creed designed to fortify cre-ative and aggressive entrepreneurship. It was, moreover, a creed that ata moment of unusual clarity and simplicity was crystallized and codifiedin the basic symbols and laws of the Republic.

Early in our history a French-born observer, Hector St. John de Creve-coeur-who had served under Montcalm, travelled throughout the OhioValley, and then settled down in 1769 to farm in New York State-entranced European readers with his description of the American, this"new man who acts upon new principles": "From involuntary idleness,servile dependency, penury, and useless labour," he has passed to "labourfounded on the basis of self-interest" to produce "ample subsistence ...without any part being claimed either by a despotic prince, a rich abbot,or a mighty lord."

The conviction that both the individual and general good would berealized through enlightened individual effort found its natural home ina setting marked by the relative absence of established religion or hier-

8

archy, the minimal presence of government, and the acute needs of smallcommunities emerging on a new continent. The principles of decentral-ized initiative, voluntary association, and private funding thus had be-come broadly and deeply rooted in the activities, structure, and values ofAmerican society long before the first modern foundation appeared.

The Library Company of Philadelphia, the Pennsylvania Hospital,the Fire Company, the Permanent Watch, and other organizations forcivic betterment launched by Benjamin Franklin and his associates ofthe Junto-a group that began to meet in the 1730's for social companyand "mutual improvement"-represented the essential pattern. Theseorganizations not only reflect the kinds of activities thus begun and sup-ported; they illuminate the combination of practicality and idealism, theconcern to preserve and improve, the belief in orderly progress througheducation and the "promotion of useful knowledge," and the commit-ment to thrift, individual effort and enterprise that have characterizedso much of the voluntary sector's enormous contribution to the growthand achievements of this nation.

In 1831 exactly one hundred years after the formation of theLibrary Company in Philadelphia-another remarkable French observer,Alexis de Tocqueville, came to this country and, after an extensive tour,wrote in his celebrated Democracy in America:

Americans of all ages, all conditions, and all dispositions constantly formassociations. They have not only commercial and manufacturing com-panies, in which all take part, but associations of a thousand other kinds,religious, moral, serious, futile, general or restricted, enormous or dimin-utive. The Americans make associations to give entertainments, to foundseminaries, to build inns, to construct churches, to diffuse books, to sendmissionaries to the antipodes; in this manner they found hospitals,prisons, and schools. If it is proposed to inculcate some truth or to fostersome feeling by the encouragement of a great example, they form asociety. Wherever at the head of some new undertaking you see the gov-ernment in France, or a man of rank in England, in the United States youwill be sure to find an association.

The needs of the present day are no less numerous or diverse thanthose of Tocqueville's time. No single foundation could possibly meet

9

all of them, and few can provide large funding even in any one area.But since their emergence as a continuing partner in the philanthropicfield foundations have effectively and usefully provided widely variedsupport to those addressing the problems and hopes of successive gen-erations. They have been better able to do so because of their numberand diversity.

In many sectors of human or civic need that had long been left toreligious bodies or private alms, or simply left unattended-in health,welfare, and much of education-the massive entry of government pro-grams has taken over large parts of the field. (A foundation's efforts insuch areas may today bring greatest yield when focused on planning orpilot projects, or on critical evaluations leading to improved managementand training.) But government programs leave many kinds of need un-met, and government agencies are often encumbered by political con-straints and procedural barriers. Both large and small foundations,standing as they do between the problems of government support andthe personal giving preferences of individuals, have been alternativeplaces to present a case-for university presidents, symphony orchestras,ballet companies, or scientists. In this they have offered an option notavailable on a comparable scale in any other country. The smaller, morelocally oriented foundations have played a special and valuable role intheir sensitivity and responsiveness to a broad spectrum of regional needs.

The larger foundations bear a particular responsibility for sus-tained analysis, a longer look, and larger commitment to undertakingsthat may be beyond the reach of most private donors and that are notfunded-nor perhaps suitable for funding-through the political proc-ess. Without illusions of clairvoyance, and without ever losing an essen-tial openness to the ideas and experience of those best informed, thelarge foundation has opportunities to use its resources and its freedom ofaction to serve the society in quite distinctive ways. The possibilities aremultiple. Such a foundation can assist processes of basic research andtraining that require exceptionally long lead times. It can try to recog-nize and nurture important ideas or fields whose time has not yet comeand anticipate the kinds of knowledge that will be needed; try to aid the

10

exploratory project that might guide subsequent larger programs; try tosense when to operate counter-cyclically to the swings of public fundingin order to sustain activities or institutions of lasting value; try to pro-vide more effective connections in our increasingly fragmented worldbetween centers of knowledge and the formulation of policy.

At best, pursuit of such objectives will occasionally lead to dramaticbreakthroughs, as has occurred in the medical sciences. More generally ittends to focus the foundation's resources on points of higher leverage orsignificant "multiplier effect," and on cumulative achievement in par-ticular fields. At the very least it supports research, training, and planningof long-term importance, and reinforces institutions that appear best ableto generate creative responses to persisting needs of the society.

To attempt to remove all risk from the process would exact too higha price in curtailment of innovative exploration. Each foundation mustdetermine its own course, choose its own sectors of operation, and thenset priorities that reflect its capacities and sense of where worthwhileresults appear possible from the scale of support it can provide. These arejudgments that Trustees and staff together must make, mindful of limitsof time and competence, and they are inevitably fallible judgments.

II.Both history and conviction have shaped The Andrew W. Mellon

Foundation's primary commitment to excellence in higher education,the arts, humanities, and selected areas of the biomedical sciences, withspecial but by no means exclusive attention to institutions that providethe highest levels of instruction, inquiry, and accomplishment. Withinthese fields-as also in those of the environment, population, and certainsectors of public affairs-priority is given to high-leverage opportunitiesto assist fundamental advances and to universities and cultural institu-tions which, through the standards they set, the training they provide,and the capacities they offer, constitute critical national resources. Acrossa broad front they offer a depth of learning, an investigative edge, and areserve elasticity for future response that can materially affect where wemay be ten, twenty or thirty years from now.

11

In a nation that has long had ambivalent feelings about its dualgoals of excellence and equality, that has long shared Jefferson's concernfor both the common man and an aristocracy of talent, it is essential thatthe most distinguished performance and achievement not be neglected.Last year's remarkable American sweep of Nobel Prizes illustrates thepoint, for in chemistry, physics, medicine and economics they reflectaccomplishments built upon long years of effort and investment in basicresearch. Such efforts cannot be turned on and off, nor can their supportswing with the pendulums of fashion; and they typically yield most whenconcentrated where the most gifted investigators can attract and train thenext generation's most promising talent. It is thus no accident that, ofthe more than 100 Americans who have won or shared the Nobel awardsin these fields since 1901, most have studied or taught or carried outtheir critical research, or done all three, at one or more of approximatelya dozen major universities-among which the leading independent insti-tutions have figured strikingly.

Having moved into a world shaped increasingly by systematicknowledge- and one relentlessly subject to the second law of thermo-dynamics-we must recognize advanced research and training as capitalinstruments which have to be maintained consistently and at theirhighest levels of effectiveness. Given the natural and quite proper gravi-tation of democratic processes toward the distributive, egalitarian sideof the scale, it has seemed to us both sensible and legitimate for one ormore major foundations to devote substantial resources to the sustainednurture of leadership institutions.

At the same time we have felt that this Foundation's commitmentto outstanding talents should be accompanied, to the extent incomeallowed, by programs to aid a wider range of organizations in realizinghighly promising potentials within program areas in which the Founda-tion is active. We have also felt a particular concern that channels ofaccess to educational opportunity remain open. The Foundation's pro-grams have accordingly included a series of grants to large urban uni-versities serving predominantly first-generation entry to college, and afurther series to support minority access to education in arts and sciences,

12

medicine, engineering, library management, public administration, andthe ministry. Although needs here vastly exceed the combined capabilitiesof private giving and must rightly look to public funding, foundationscan continue to play a critical role in discerning and encouraging the mostpromising ideas.

Finally, it seems of the greatest importance that the society main-tain strengths in the private as well as the public sector in virtually allcritical fields. The vagaries and vulnerabilities of life are such that, thegreater the sensitivity of an area of investigation or instruction, the morecompelling is the case for maintaining a strong independent presence.As was true in Franklin's or Tocqueville's time, an open society appearsbest served by diversity of funding, association, and initiative.

III

In the calendar year 1976 The Andrew W. Mellon Foundation hascontinued to place major emphasis on the objectives noted above.

It has carried to completion a large program of grants to a total of24 independent universities to counter in some measure the severe con-traction in postdoctoral opportunities in the humanities. Begun at atime when near-term budgetary and demographic trends threatened thecareer plans and prospects of even the ablest young scholars comingthrough the graduate schools, these grants have a twofold objective.They are intended to assist younger scholars in the humanities towardcontinued growth in their own fields or training in allied fields that offerbetter opportunities. At the same time it is hoped that the grants willcontribute to the strength, vitality, and morale of the universities byallowing them to make an additional few appointments of gifted juniorscholars in a period when financial constraints threaten to produce astatic-and steadily aging--academic community. This series of grants,totalling a little more than $22 million, has now created an estimated280 positions at leading universities on funds expendable over three tofive years, and has established approximately 65 rotating appointmentson an endowed basis thereafter. All appointments are made directly by

13

the universities according to their own procedures; the Foundation itselfawards no fellowships.

The Foundation has continued its efforts to help the nation's majorresearch libraries meet their responsibilities for the preservation andtransmission of knowledge. Our grants have gone primarily toward moresophisticated cooperative ventures, and toward the planning and devel-opment of what may become national systems of bibliographic control,preservation, and storage. The largest single appropriation, to the Coun-cil on Library Resources, is part of a multi-foundation effort to sustainthe activities of an organization, hitherto financed almost wholly by theFord Foundation, that has advanced programs of value for libraries gen-erally and for research libraries in particular. Another set of grants wasdesigned to increase scholarly use of the highly specialized collectionsof several leading independent research libraries; and a grant to theNew York Public Library will be used to rehabilitate and preserve theMain Public Catalog of its Research Libraries.

The Foundation has also made substantial further investments inadvanced medical research and training. A study whose results werereported in Science last April provided further evidence of the high yieldof basic research in understanding how living organisms function, howcells and systems act and react-explorations not constrained by ties tospecific diseases. The study concluded that such fundamental inquiry hasbeen almost twice as fruitful of key discoveries as all other types of re-search and development combined. Long persuaded of the wisdom ofthis approach, and at a time when funding for basic research has beendeclining (in terms of real purchasing power), the Foundation made asecond set of grants totalling $4,400,000 to fifteen leading medicalschools to assist the continued professional development of young bio-medical investigators of exceptional promise. It also appropriated $1.5million in continued support over the next five years of the RockefellerUniversity's program in cell biology, with its special concentration onthe complex functions of cell membranes.

Responding to a quite different need in a different context, assist-ance was given to the City College of New York toward the costs of a

14

special program which takes high school graduates from medicallyunderserved districts of the metropolitan region and prepares them forservice in such areas. This program enables the candidates, while quali-fying for a BS degree, to receive premedical and preclinical training thatassures advanced entry into one of eight cooperating medical schools.Other appropriations were designed to assist access of young people fromminority groups and other less-favored sectors to better educational andcareer opportunities. A grant to the United Negro College Fund enabledit to carry forward a Premedical Summer Institute located at Fisk Uni-versity for qualified candidates enrolled in UNCF colleges; and anothersustained a program based at Barnard College which strengthens thescience background of premedical students entering leading Easterncolleges and universities. Two programs at Howard University also re-ceived assistance. A grant to the Center for Advanced Study in the Be-havioral Sciences in Stanford will enable it to conduct summer insti-tutes for scholars selected from a broader range of universities andcolleges than is normally represented among its regular fellows, and toenable it to add to its regular program younger fellows drawn from thiswider range of institutions.

Not least, the Foundation has maintained its interest in helping anumber of the country's leading liberal arts colleges to develop programsfor faculty development and curricular renewal in anticipation of theeffects of budgetary retrenchment and reduced faculty turnover in theyears ahead. Institutions have been chosen on a basis of academicstrength, national or regional leadership, effective mobilization and useof resources, and a convincing proposal rooted in their respective natures,needs, and plans. Grants this past year, to an additional thirteen col-leges, totalled $2.7 million.

IV

As in the past the Foundation made substantial grants in the artsduring 1976.

Mindful of the leadership provided by New York cultural institu-tions and of the severe financial cutbacks they have had to absorb, the

15

Foundation made grants to a number of important New York artsorganizations-though none of the awards is as visible as the 1975grant which enabled the New York Philharmonic and the MetropolitanOpera to acquire a new mobile shell for their summer park concerts.The 1976 grants provided assistance to the Whitney Museum, for prepa-ration of a special catalogue for a comprehensive exhibition of the workof Edward Hopper; to the Morgan Library, for preparation of two cata-logues and for staff assistance to make better available to scholars itsexceptional collection of drawings; to the American Museum of NaturalHistory, for technical assistance in its unparalleled anthropological col-lections; to the Brooklyn Museum, toward strengthening and increasingthe effectiveness and earning capacity of its education and membershipdivisions; and to the Metropolitan Opera, as a development fund toextend its earned-income base.

Following on 1975 contributions to provide an artistic director'sdiscretionary fund at ten major modern dance companies, the Founda-tion this year made similar grants to seven leading American classicalballet organizations, again to enable the companies to strengthen theircreative activity. Both programs reflect the growing recognition at homeand abroad of American accomplishments in these fields.

To encourage more coherent national efforts in art conservation,appropriations were made in further support of basic research and oftraining programs for young conservators. Since 1950 The Andrew W.Mellon Foundation and its predecessors had funded, through grants tothe National Gallery of Art, a research project based at Carnegie-MellonUniversity on the chemistry of varnishes and pigments and on factorsaffecting the stability and durability of organic materials used by artists.After extensive review an additional grant was made to enable thisprogram to develop in service, significance, and scale, through the pub-lication of handbooks, the addition of postdoctoral students, and theinvestigation of problems in paper deterioration. The renewed grantsfor the training of conservators will support three programs admittingabout 25 or 30 students a year on a highly selective basis for three yearsof study, and a more advanced apprenticeship program. Both levels of

16

training are designed to develop competence in examination, documen-tation, chemical analysis, instrumentation, remedial procedures, andsound practice in the conservation field. These skills have been woefullyneglected in a country that has experienced an explosion of museumgrowth and collecting but has done little to learn how to preserve whathas been assembled.

The Foundation has also continued its substantial contribution tothe completion of the striking new building which the National Galleryof Art has been constructing on the Mall in Washington, on a site con-tiguous to the original Gallery. Already greeted as an exceptionally in-teresting public building, it will provide much-needed space for presentand future collections and for large temporary exhibitions. It will alsocontain a library and other facilities for advanced study in the visualarts; and within its underground connecting link with the original build-ing there will be an auditorium, a large cafeteria, workshops, and stor-age areas. It is expected to be completed by the early summer of 1978.

V

Reflecting continuing concerns in areas of the environment andpublic affairs, appropriations were made in 1976 for projects rangingfrom energy studies and research in oceanography and international lawto the more effective working of the U.S. economy. Grants in the firstcategory went to Massachusetts Institute of Technology for explorationof alternative regional energy needs and strategies, and to Resources forthe Future for an intensive analysis of U.S. energy policy options andtheir costs.

Two grants related to the oceans. The first went to the AmericanSociety for International Law for legal research projects that includeprotection of the ocean environment in a world of nationalized coastalzones. A larger grant to the Woods Hole Oceanographic Institution sup-ports a new program in marine policy and applied oceanography thatwill bring engineering and allied disciplines to join the basic scientificstrengths concentrated at Woods Hole. In days when the oceans weresimply navigated and fished by hand, but not otherwise exploited, neither

17

management nor systematic environmental studies were necessary; butit has now become critically important to plan for the coming use of thecontinental shelf and slope, and the deep sea bottom beyond. The newprogram is designed to develop the scientific basis needed for under-standing the relevant environmental processes, to examine the en-vironmental data, and to develop instrumentation, engineering, andmanagement policies needed for responsible entry into the increaseduse of ocean resources.

In addition to continued support of the Conservation Foundation'seffort to bridge the gulf in understanding and communication betweenenvironmentalists and the business community through a program ofresearch, conferences and publication, a matching challenge grant wasauthorized in the current year to aid this organization in mobilizing aworking capital fund more adequate to the scale and significance of thefunctions it performs.

To try to foresee the global environmental impact of a developingworld economy, and to analyze in quantitative terms the interregionalrelationships and environmental repercussions of projected lines andlevels of economic activity, a grant went to New York University'sCourant Institute. It will assist a small research team in developing amulti-regional input-output model able to address these topics, in aprogram to be conducted with the Brookhaven National Laboratory andthe U.S. energy program.

An appropriation was also made to the Committee for EconomicDevelopment toward the research costs of a two-year study on "Improv-ing the Long-Term Performance of the U.S. Economy." The CED hasoperated for thirty years as an independent, non-profit, non-partisanorganization of 200 leading businessmen and educators. It was led toundertake the present project by its sense of the inability of governmentto deal adequately with current problems of inflation, unemployment,energy, and growth; by apprehension that this could lead by default toforms of national planning incompatible with the enterprise system anddemocratic government; and by a desire to increase understanding ofthese problems among scholars, businessmen, and other leaders.

18

VI

A Summary of major grants follows, arranged under main pro-gram headings, and thereafter a complete listing of all grants madeduring 1976 by category and institutional recipient. In all, the Founda-tion made appropriations of $40,903,250 in 1976 and paid out$35,675,018. The total amount appropriated for charitable purposes byThe Andrew W. Mellon Foundation and its predecessors, the Avalonand Old Dominion Foundations, has now reached $417,961,012. TheFoundation received $41,190,020 in net income during 1976, and themarket or appraised value of its assets on December 31, 1976 was$776,665,000.

To minimize confusion and frustration for grant applicants it maybe helpful, in closing, to add a further word about current operatingpolicies and procedures. In allocating its resources, the Foundation notonly has to work within defined program areas and priorities, but usuallyhas to ask whether a given institution or proposal represents "the bestinstrument" for carrying out a particular inquiry, or can set patternsfrom which a significant body of other institutions or programs mightbenefit. Further, the Foundation's policy of operating with a very smallstaff limits the number and kinds of programs we can enter into, oradequately investigate at any one time, and necessarily excludes grantsthat would require extensive operating, administrative, or monitoringobligations. It does, however, permit us to devote to program purposesmore than 97 per cent of after-tax income; and it should allow greatersimplicity of communication and response. We regret the large numberof applications of merit that have to be declined because they fall out-side the scope of existing programs or do not qualify within them. Itremains our firm intent to be receptive to promising ideas in our programfields, and to try to see that all inquiries are treated promptly, reasonably,and courteously.

JOHN E. SAWYERPresident

March 1, 1977

19

Summary of Selected Grants inMajor Program AreasHIGHER EDUCATION

Universities- Postdoctoral Huinanities ProgramUnder a program to encourage the continued academic growth

of young non-tenured scholars in the humanities the Foundation madegrants to an additional seven universities for postdoctoral or other juniorfaculty appointments: Duke University, $1,200,000; Emory University,$600,000; Rice University, $600,000; Tulane University, $600,000;University of Southern California, $650,000; Vanderbilt University,$750,000; and Washington University, $600,000.

Research LibrariesThe Foundation made awards to four independent research

libraries to help them promote wider scholarly use of their collectionsand resources: $400,000 each to Folger Shakespeare Library, Henry E.Huntington Library and Art Gallery, Newberry Library; $282,000 toAmerican Antiquarian Society.

Association of Research Libraries, Washington, D.C.-$110,000 in support of a project to design and test a procedure for theanalysis of acquisition, retention, and preservation policies at universityresearch libraries.

Council on Library Resources, Washington, D.C. -$1,000,000for general support of its activities.

New York Public Library, New York, N.Y.-$625,000toward the costs of rehabilitating and preserving the Main Public Cata-log of the Research Libraries.

Stanford University, Stanford, Cal. -$280,000 in support ofa cooperative program to share the library resources of Stanford Uni-versity and the University of California, Berkeley.

Independent Liberal Arts CollegesUnder a program directed toward faculty development and

20

curricular revitalization at a limited number of colleges of academicstrength and regional leadership, the Foundation made awards to anadditional thirteen institutions: Austin College, $180,000; Colby Col-lege, $185,000; Connecticut College, $200,000; Davidson College,$230,000; Drew University, $175,000; Earlham College, $185,000;Franklin and Marshall College, $210,000; Lehigh University, $225,000;Mount Holyoke College, $250,000; Occidental College, $240,000;Pomona College, $220,000; Skidmore College, $210,000; SwarthmoreCollege, $200,000.

Other Selected GrantsBarnard College, New York, N.Y. -$300,000 in support of

the PREP Summer College Transitional Program for minority studentsabout to enter premedical programs in a group of cooperating colleges.

Center for Advanced Study in the Behavioral Sciences, Stan-ford, Cal. -$782,000 to enable the Center to conduct summer institutesfor scholars selected from a broader range of universities and colleges,and to add to its regular program younger fellows drawn from this rangeof institutions.

Clark University, Worcester, Mass.- $360,000 in support ofplans to develop its concept of a university-college through a programthat assists faculty development and the interrelation of graduate andundergraduate study.

Duke University, Durham, N.C. -$250,000 in support of itsCanadian Studies Center.

Howard University, Washington, D.C.-$910,000 to helpthe College of Liberal Arts strengthen its Humanities Division througha comprehensive program of faculty and curricular development, andto strengthen a Master's degree program in Business and Public Admin-istration.

Johns Hopkins University, Baltimore, Md. -$250,000 for theCenter of Canadian Studies at its School of Advanced InternationalStudies.

New York University, New York, N.Y. -$750,000 in sup-port of a program to assist the Faculty of Arts and Sciences and the

21

faculties of the various professional schools to strengthen the humanitiesthroughout the University.

United Negro College Fund (UNCF), New York, N.Y.-$47 5,000 in support of a Premedical Summer Institute at Fisk Universityfor qualified students enrolled at UNCF colleges, and of teaching andstudy opportunities in the Institute for selected science teachers fromUNCF member institutions.

Wellesley College, Wellesley, Mass. -$348,000 to enablefaculty members from Wellesley and other colleges and universities toconduct research on women's careers and life patterns and to incorporatethe findings into curricular materials and teaching methods.

MEDICAL EDUCATION AND RESEARCH

The Foundation made grants to fifteen private universities foruse by their medical schools to assist them in providing teaching andresearch opportunities for outstanding young faculty members workingin the basic medical sciences: $450,000 each to Columbia University,Harvard University, Johns Hopkins University; $325,000 each to Uni-versity of Chicago, Duke University, Stanford University, Yale Univer-sity; $275,000 each to Cornell University, New York University;$200,000 each to Yeshiva University (Albert Einstein College of Medi-cine), Case Western Reserve University, University of Pennsylvania,University of Rochester, Vanderbilt University, and WashingtonUniversity.

Rockefeller University, New York, N.Y. -$1,500,000 forsupport of its research programs in cell biology.

City College of the City University of New York, New York,N.Y. -$450,000 toward the costs of urban medical training at its Cen-ter for Biomedical Education.

CULTURAL PROJECTS

Art ConservationGrants were made to strengthen programs concerned with the

22

training of conservators: $300,000 to the Institute of Fine Arts Founda-tion, New York University; $300,000 to University of Delaware;$237,000 to New York State Historical Association, Conservation ofHistoric and Artistic Works, Cooperstown Graduate Programs.

The Foundation also made an appropriation of $271,000 tothe Intermuseum Conservation Association in support of its advancedprograms in conservation, including graduate training, internships,curatorial seminars, extension of staff expertise, and the developmentof an information retrieval system.

Carnegie-Mellon University, Pittsburgh, Pa. -$650,000 foruse by the Carnegie-Mellon Institute of Research in support of the Re-search Center on Materials of the Artist and Conservator.

Classical BalletGrants were made to seven professional ballet companies to

establish at each an artistic director's discretionary fund to assist andstimulate the quality of the company's creative activity: $350,000 each toBallet Theatre Foundation, Inc. (American Ballet Theatre), City Centerof Music & Drama, Inc. (New York City Ballet); $250,000 to Founda-tion for the Joffrey Ballet, Inc.; $200,000 each to Pennsylvania BalletAssociation, San Francisco Ballet Association; $100,000 each to DanceTheatre of Harlem, Inc., Original Ballets Foundation, Inc. (Eliot FeldBallet) .

Other Selected GrantsAmerican Museum of Natural History, New York, N.Y.

$425,000 to assist a program of curatorial support services in the Mu-seum's Department of Anthropology.

Brooklyn Institute of Arts and Sciences, Brooklyn, N.Y.$245,000 for use by the Brooklyn Museum toward strengthening theprograms of its Membership and Education Divisions and increasingtheir income-generating capacity.

Metropolitan Opera Association, Inc., New York, N.Y.$450,000 to be used as a development fund to assist the Opera as it seeksto broaden and extend its earned-income base.

23

National Gallery of Art, Washington, D.C.-$7,500,000toward completion of the Gallery's new building to provide space for itsexpanded collections, its library, and other museum activities.

Pierpont Morgan Library, New York, N.Y.- $425,000 inpartial support of permanent curatorial and technical assistance in itsDepartment of Drawings, and toward expenses of preparing two majorcatalogues for publication.

Whitney Museum of American Art, New York, N.Y.-$150,000 in support of curatorial and other expenses related to a com-prehensive study of, and preparation of a catalogue raisonne on, thework of Edward Hopper.

CONSERVATION AND THE ENVIRONMENT

American Society of International Law, Washington, D.C.-$180,000 toward the costs of a program of legal research and publica-tion on maritime environmental problems.

Conservation Foundation, Washington, D.C.-$500,000 ona matching basis toward the development of a working capital fund.

Woods Hole Oceanographic Institution, Woods Hole, Mass.-$750,000 in support of its Program in Marine Policy and AppliedOceanography.

PUBLIC AFFAIRS

Committee for Economic Development, New York, N.Y.-$375,000 toward the research costs of a study on "Improving the Long-Term Performance of the U.S. Economy."

Economic Development Council of New York City, Inc., NewYork, N.Y. -$225,000 to sustain and strengthen its High School Re-newal Project.

Trilateral Commission, New York, N.Y.-$150,000 in sup-port of the Commission, which, with a membership representing theUnited States, Japan, and Europe, seeks to develop practicable solutionsto political and economic problems of the member countries.

24


Summary of Grants, 1976

UnpaidJan. 1,1976

Conservation and theEnvironment

Cultural ProjectsPerforming ArtsMuseumsOther .

Higher EducationMedical Education an

ResearchPublic Affairs

Ti

Appro-priated Paid

UnpaidDec. 31,1976

. $ 1,061,000 $ 1,566,000 $ 992,000 $ 1,635,000

$ -0- $ 2,200,000 $ 1,950,000 $ 250,000. 10,020,000 8,745,000 8,198,500 10,566,500. 1,162,000 1,937,000 1,311,000 1,788,000

$11,182,000 $12,882,000 $11,459,500 $12,604,500. $ 8,582,332 $19,137,750 $17,571,018 $10,149,064

d* * $ 375,000 $ 6,400,000 $ 5,000,000 $ 1,775,000* . $ 210,000 $ 917,500 $ 652,500 $ 475,000Dtals $21,410,332 $40,903,250 $35,675,018 $26,638,564

25


Classification of Grants

CONSERVATION ANDTHE ENVIRONMENT

UnpaidJan. 1,1976

American Society of Inter-national Law,Washington, D.C.:Toward the costs of a pro-gram of legal research andpublication on maritimeenvironmental problems . $

Conservation Foundation,Washington, D.C.:To support a program of

research, education, andpublication to increaseunderstanding betweenenvironmentalists and thebusiness community . . .

Toward development of aworking capital fund

225,000

Appro-priated Paid

UnpaidDec. 31,1976

$ 180,000 S 80,000 $ 100,000

150,000 75,000

500,000 250,000 250,000

26


(continued)UnpaidJan. 1,1976

Appro-priated

UnpaidDec. 31,

Paid 1976

Environmental Law Institute,Washington, D.C.:Toward expansion of itsprogram of providinglibrary and documentservices on environmentallaw and disseminatinginformation thereon . . $ 16,000 $ $ 16,000 $

Institute of Ecology,Washington, D.C.:To assist this federation of

university and researchorganizations, through par-tial support for its corestaff, to reach a self-sustaining program andposition .

Massachusetts Audubon Society,Lincoln, Mass.:Toward the costs of planning

and developing regionalenvironmental internprograms.

Massachusetts Institute ofTechnology,Cambridge, Mass.:To help support a Workshopon Alternative EnergyStrategies in its assessmentof international options .

For use by the Center forInternational Studiestoward the costs of an inter-national environmentalmonitoring program.

60,000 30,000 30,000

16,000 16,000

40,000 100,000 90,000 50,000

200,000200,000


(continued)

National Audubon Society,New York, N.Y.:Toward the development of

a scientific capacity torespond to new calls uponit on a wider range ofenvironmental issues . $ 270,000 $ $ 90,000 $ 180,000

Resources for the Future, Inc.,Washington, D.C.:

In support of a researchstudy for the formulationof national strategies forenergy supply and use,

based on comprehensiveanalysis of technical,economic, and environ-

mental factors .

To support the planning-workshop phase of a

proposed environmentalpolicy evaluation program.

Woods Hole OceanographicInstitution,Woods Hole, Mass.:To support a Program inMarine Policy and AppliedOceanographyTotal- Conservation andthe Environment .

250,000 250,000

20,000 20,000

$ 1,061,000

750,000

$ 1,566,000

250,000

$ 992,000

500,000

$ 1,635,000

27

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

28

CULTURAL PROJECTSPerforming Arts

American Shakespeare FestivalTheatre and Academy ofConnecticut,Stratford, Conn.:

General support of theTheatre's presentations andeducational programs . . $

Ballet Theatre Foundation, Inc.,New York, N.Y.:To establish an artistic

director's discretionaryfund at the AmericanBallet Theatre

Carnegie Hall Society, Inc.,New York, N.Y.:

For the Carnegie HallNational EndowmentFund .

City Center of Music & Drama,Inc.,New York, N.Y.:To establish an artistic

director's discretionaryfund at the New YorkCity Ballet .

Dance Theatre of Harlem, Inc.,New York, N.Y.:To establish an artistic

director's discretionaryfund.

Foundation for the JoffreyBallet, Inc.,New York, N.Y.:To establish an artistic

director's discretionaryfund at the Joffrey Ballet

- $ 10,000 $ 10,000 $

350,000 350,000

100,000 100,000

350,000 350,000

- 100,000 100,000

- 250,000 250,000 -

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

CULTURAL PROJECTSPerforming Arts (continued)

Metropolitan Opera Association, Inc.,New York, N.Y.:To assist the Opera while it

seeks to broaden andextend its earned-incomebase ... . . . . . $

Original Ballets Foundation,Inc.,New York, N.Y.:To establish an artistic

director's discretionaryfund at the Eliot Feld Ballet

Pennsylvania Ballet Association,Philadelphia, Pa.:To establish an artistic


St. Felix Street Corporation,Brooklyn, N.Y.:To support the activities of

the Royal ShakespeareCompany while in resi-dence at the BrooklynAcademy of Music

San Francisco Ballet Association,San Francisco, Cal.:To establish an artistic


Theatre, Inc.,New York, N.Y.:Toward operating costs of

the Phoenix Theatre

$ 450,000 $ 200,000 $ 250,000

100,000 100,000 -

- 200,000 200,000 -

15,000 15,000

200,000 200,000

15,000 15,000

29

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

30

CULTURAL PROJECTSPerforming Arts (continued)

Waverly Consort,New York, N.Y.:Toward the costs of a new

production of the RomandeFauvel.

Working Theatre, New York,Inc.,New York, N.Y.:To support a demonstration

project in methods fortraining teachers for thetheatre in basic approachesto voice, movement, andacting

Subtotal

$ 10,000 $ 10,000 $

- 50,000 50,000 -

$ $ 2,200,000 $ 1,950,000 $ 250,000

Museums

American Museum ofNatural History,New York, N.Y.:To assist a program of

curatorial support servicesin its Department ofAnthropology . ......$ $ 425,000 $ 100,000 $ 325,000

Brooklyn Institute of Artsand Sciences,Brooklyn, N.Y.:

For use by the BrooklynMuseum toward the costsof strengthening theprograms of its Educationand MembershipDivisions and increasingtheir income-generatingcapacity . - 245,000 123,500 121,500

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

CULTURAL PROJECTSMuseums (continued)

National Gallery of Art,Washington, D.C.:Toward completion of the

Gallery's buildingprogram

For the A. W. MellonLectures in the Fine Arts

J Pierpont Morgan Library,New York, N.Y.:

In partial support ofpermanent curatorial andtechnical assistance in itsDepartment of Drawings,and toward expenses ofpreparing two majorcatalogues for publication .

$10,000,000 $ 7,500,000 $ 7,500,000 $10,000,000

20,000 20,000

10/s

- 425,000 425,000

Whitney Museum ofAmerican Art,New York, N.Y.:Toward expenses of a

comprehensive study ofits collection of the workof Edward Hopper, andthe preparation of a

catalogue raisonne' of theartist's work . . . . . - 150,000 50,000 100,000

Subtotal $10,020,000 $ 8,745,000 $ 8,198,500 $10,566,500

Other Cultural Projects

Academy of American Poets,New York, N.Y.:Toward support of its

Affiliated Societiesprogram .$.. . . . $ 10,000 $ 10,000 $

31

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

32

CULTURAL PROJECTSOther Cultural Projects

(continued)

| American Crafts Council,New York, N.Y.:Toward support of its library

and resource center . . . $

American Dance Festival,New London, Conn.:Toward support of the

Dance TelevisionWorkshop.

Associated Councils of the Arts,New York, N.Y.:

For general support of itsprograms to encourage thedevelopment of the artsin the United States andCanada.

Carnegie-Mellon University,Pittsburgh, Pa.:

For use by the Carnegie-Mellon Institute ofResearch in support of theResearch Center on theMaterials of the Artistand Conservator . .

$ 25,000 $ 25,000 $ -

12,500 12,500 -

30,000 30,000

650,000 150,000 500,000

College Art Association ofAmerica,New York, N.Y.:

Matching grant in support ofthe project, Re'pertoireInternational de laLitterature de l'Art, an

abstracting and indexingservice for the currentliterature of art history inthe major Westernlanguages. 60,000 60,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

120,000


(continued)

Dance Notation Bureau,New York, N.Y.:Toward the cost of

equipment for itsComputer-AssistedNotation project . . . . $ $ 12,500 $ 12,500 $ -

Institute of Fine ArtsFoundation,New York, N.Y.:To support the Conservation

Center of the Institute ofFine Arts, New YorkUniversity.

Intermuseum ConservationAssociation,Oberlin, Ohio:

In support of its advancedprograms in conservation,including graduatetraining, internships,curatorial seminars,extension of staff expertise,and the development ofan information retrievalsystem.

50,000 300,000 50,000 300,000

271,000

International ContemporaryMusic Exchange,New York, N.Y.:

For general support of itsprogram devoted to therecognition, dissemination,and promotion ofcontemporary music.

International ExhibitionsFoundation,Washington, D.C.:

For support of its catalogueprogram

- 271,000

22,500 22,500 -

60,000

33

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

60,000

34


(continued)

Metropolitan Opera Association, Inc.,New York, N.Y.:

For construction anddelivery of a mobile stageand shell for the City ofNew York (see alsoPhilharmonic-SymphonySociety of New York, Inc.) $ 276,000 $ $ 276,000 $ -

National Corporate Fund forDance, Inc.,New York, N.Y.:Toward support of the

Fund's EducationalProgram for CorporateExecutives.

National Trust for HistoricPreservation,Washington, D.C.:To augment the resources

available for revolvingloans under the NationalHistoric Preservation Fund

14,500 14,500

250,000

New York Foundation forthe Arts,New York, N.Y.:Toward the costs of

completing a filmbiography of Charles Ives

New York State HistoricalAssociation,Cooperstown, N.Y.:To provide stipends for

students completing theirthird year of training inthe Conservation ofHistoric and ArtisticWorks program atCooperstown

250,000 -

22,000 22,000

237,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

237,000


(continued)

Opportunity Resources for theArts, Inc.,New York, N.Y.:

For general support of itsplacement service for artsorganizations seekingprofessional personnel . . $ 20,000 $ $ 20,000 $

Philharmonic-SymphonySociety of New York, Inc.,New York, N.Y.:For construction and delivery

of a mobile stage and shellfor the City of New York(see also MetropolitanOpera Association, Inc.)

Theatre CommunicationsGroup,New York, N.Y.:For general support of this

national service agency forthe non-profit professionaltheatre.

Theatre Development Fund,Inc.,New York, N.Y.:

For general support of itsprogram to enlarge theaudience for the theatre

276,000 - 276,000

90,000 50,000 40,000

50,000 - 30,000 20,000

University of Delaware,Newark, Del.:Toward support of the

Master of Science Programin the Conservation ofArtistic and HistoricObjects conducted by theUniversity and theWinterthur Museum

Subtotal $ 1,162,000Total- Cultural Projects $11,182,000

35

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

300,000

$ 1,937,000

$12,882,000$ 1,311,000

$11,459,500

300,000

$ 1,788,000

$12,604,500

36

HIGHER EDUCATION

A Better Chance, Inc.,Boston, Mass.:To develop programs in three

major metropolitan areas

as part of ABC's nationalservice that prepares

minority students forcollege .. . . . . . $ 110,000 $ $ 55,000 $ 55,000

American Antiquarian Society,Worcester, Mass.:Toward the costs of

publishing the microformseries, Early AmericanImprints, and for thedevelopment of an

educational program toincrease scholarly use ofthe Society's Library .

American Council of LearnedSocieties,New York, N.Y.:

In support of a program ofadvanced training forspecialists in China studies

Toward support of a

National Enquiry into theProduction andDissemination of ScholarlyKnowledge .

In renewed support of a

program to enable theCouncil to providepublication awards tomember presses of theAssociation of AmericanUniversity Presses

- 282,000 282,000

250,000

50,000

250,000

50,000

215,000 215,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

37

HIGHER EDUCATION(continued) -

American Council of LearnedSocieties,New York, N.Y.: (continued)

For partial support of theCouncil's American StudiesProgram, which brings tothe United States foreignscholars professionallyengaged in that field. . . $

To help maintain and operatethe Universities ServiceCentre in Hong Kong

American Council on Education,Washington, D.C.:

In support of a program ofseminars for collegepresidents and othercollege officers.

American Historical Association,Washington, D.C.:Toward the costs of planning,

in cooperation with theAmerican Political ScienceAssociation, a BicentennialEra Project .

American Library Association,Chicago, Ill.:

In support of an AcademicLibrary Internship Programfor administrators ofpredominantly Blackcollege libraries . . .

UnpaidJan. 1,1976

Appro-priated

500,000 $ $

Paid

UnpaidDec. 31,1976

$ 500,000

150,000 60,000 90,000

175,000 35,000 140,000

12,000 12,000

168,768 92,964

v Nl-

.Y.

161,732

38

HIGHER EDUCATION(continued)

Asia Society, Inc.,New York, N.Y.:

In support of the Society'swork in the arts andhumanities. $ 30,000 $ $ 30,000 $

To assist its ExhibitionCatalogue and PerformingArts programs

Aspen Institute for HumanisticStudies,Aspen, Colo.:

In support of a fellowshipprogram for young facultymembers and postdoctoralstudents from thehumanities departmentsof universities .

Association of ResearchLibraries,Washington, D.C.:Toward support of its

Center for ChineseResearch Materials

In support of a project todesign and test a procedureto analyze the acquisition,retention, and preservationpolicies at universityresearch libraries .

Atlantic Institute forInternational Affairs,Paris, France:Toward support of the

library program of theInstitute .

240,000 80,000 160,000

150,000 50,000 100,000

200,000 100,000 100,000

110,000 110,000 -

4-0N900

40,000 90,000 40,000 90,000 \1'$+-

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976


Austin College,Sherman, Tex.:To support a program of

faculty development. $

, ,: Barnard College,New York, N.Y.:To support the PREPSummer College Transi-tional Program forminority students enteringpremedical programs in a

group of cooperatingcolleges.

- $ 180,000 $ 180,000 $

300,000 150,000 150,000

Brookings Institution,Washington, D.C.:Toward support of a

conference volume on

public policy and privatehigher education . 55,000 55,000

Brooklyn College Foundation,Brooklyn, N.Y.:

For use in the currentacademic year as a Presi-dent's discretionary fund

Center for Advanced Study inthe Behavioral Sciences,Stanford, Cal.To enable the Center to

conduct summer institutesfor scholars selected froma broader range ofuniversities and colleges,and to add to its regularprogram younger fellowsdrawn from this rangeof institutions .

100,000 100,000

782,000 200,000 582,000 C,a

39

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

40


4(43 City College of the CityUniversity of New York,New York, N.Y.:

For use in the currentacademic year as a Presi-dent's discretionary fund . $

C Claremont Graduate School,Claremont, Cal.:

$ 100,000 $ 100,000 $

To support a program ofstudy for communitycollege faculty memberswho teach in thehumanities.

Clark University,; )'K(..v Worcester, Mass.:

To support a program offaculty development andthe interrelation ofgraduate and under-graduate study

l_\ Colby College,Waterville, Me.:To support a program of

faculty and curriculardevelopment.

Columbia University,New York, N.Y.:

For support of its ResearchInstitute on InternationalChange.

To support the work of an

office of central academicplanning; to endow a

program of postdoctoralappointments in thehumanities; toward thecosts of planning anddeveloping new programsin the arts .

180,000 55,000 125,000

360,000 360,000

185,000 185,000

50,000 50,000

- 250,000 1,250,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

1,500,000

41


Columbia University,New York, N.Y.: (continued)

In renewed support of thescholarly publicationprogram of the ColumbiaUniversity Press . .

To assist its library indeveloping internal systemsand services as requiredfor program needs of theResearch Libraries Group

LI Connecticut College,New London, Conn.:To support a program of


Cornell University,Ithaca, N.Y.:

In renewed support of thescholarly publicationprogram of the CornellUniversity Press . .

Council on Library Resources,Washington, D.C.:

For general support. .

Dartmouth College,Hanover, N.H.:

In renewed support of thescholarly publicationprogram of the UniversityPress of New England.

LI Davidson College,Davidson, N.C.:To support a program of


UnpaidJan. 1,1976

$ 90,000 $

Appro-priated Paid

UnpaidDec. 31,1976

- $ 90,000 $

- 140,000 50,000 90,000 V

200,000 200,000 -

70,000 70,000

1,000,000 - 1,000,000

30,000

v-"'

30,000 -

- 230,000 230,000

42


Li Drew University,Madison, N.J.:To support a program of

faculty and curriculardevelopment .$.. .

Duke University,Durham, N.C.:To provide additional

opportunities for theappointment of youngnon-tenured postdoctoralscholars in the humanities .

To support the activities ofits Canadian StudiesCenter.

l Earlham College,Richmond, Ind.:To support a program of


Emory University,Atlanta, Ga.:To provide additional


Folger Shakespeare Library,Washington, D.C.:Toward support of the Folger

Institute of Renaissance andEighteenth-Century Studies

$ 175,000 $ 175,000 $

1,200,000 350,000 850,000 v

250,000 250,000

185,000 185,000 -

600,000 600,000

400,000 400,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

r1e3


L \ Franklin and Marshall College,Lancaster, Pa.:To support a program of

faculty development. . . $

Graduate School and UniversityCenter of the City Universityof New York,New York, N.Y.:

For support of a postdoctoralhumanities fellowsprogram in collaborationwith the senior four-yearcolleges of the Universitysystem.

Harvard University,Cambridge, Mass.:To establish an endowment

fund at the HarvardUniversity Center forItalian Renaissance Studiesat I Tatti.

In renewed support of thescholarly publicationprogram of the HarvardUniversity Press .

To assist its Library indeveloping internal systemsand services as requiredfor program needs of theResearch Libraries Group

To support a project at itsEast Asian Research Centeron comparative analysis ofhigh culture and popularculture in the civilizationsof China, Korea, Japan,and Vietnam .

$ 210,000 $ 210,000 $

480,000 160,000 320,000

1,400,000 - 1,400,000

100,000 100,000 -

- 180,000 60,000 120,000 V

- 172,000 36,000 136,000

43

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

44


Higher Education ResearchInstitute,Los Angeles, Cal.:To finance a study of career

opportunities, both insideand outside of academiclife, for young peopletrained in the humanities . $ 200,000 $ - $ 150,000 $

Howard University,Washington, D.C.:To assist the College of

Liberal Arts to strengthenits Humanities Divisionthrough a comprehensiveprogram of faculty andcurricular development.

To enable the School of51 Business and Public

Administration tostrengthen a Master'sdegree program in Businessand Public Administration

Hunter College of the CityUniversity of New York,New York, N.Y.:

For use in the currentacademic year as a Presi-dent's discretionary fund

Henry E. Huntington Libraryand Art Gallery,San Marino, Cal.:To establish and support an

office of Coordinator ofResearch Activities at theHuntington Library .

650,000 80,000 570,000

260,000 260,000

100,000 100,000

400,000 400,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

50,000


Indiana University,Bloomington, Ind.:

In renewed support of thescholarly publicationprogram of the IndianaUniversity Press . . $ 50,000 $ $ 50,000 $

Institute of InternationalEducation, Inc.,New York, N.Y.:

For operating costs . 20,000

International Council on theFuture of the University,New York, N.Y.:Toward the costs of a

conference on the relation-ships between universitiesand governments.

20,000

c

25,000 25,000

Johns Hopkins University,Baltimore, Md.:

In renewed support of thescholarly publicationprogram of the JohnsHopkins University Press

To support the Center ofCanadian Studies at itsSchool of AdvancedInternational Studies

Lehigh University,Bethlehem, Pa.:To support a program of

faculty development .

70,000 70,000

250,000 250,000

225,000 225,000

45

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

6SC

46


Library of Congress,Washington, D.C.:To establish a series of

Advisory Committees toreview existing programsand to advise on ways tocoordinate our nationallibrary resources . . . . $

Maryland Historical Society,Baltimore, Md.:

In support of the editorialand research costs of ThePapers of BenjaminHenry Latrobe . .

$ 25,000 $ 25,000 $ - "

25,000 25,000 -Z

Massachusetts Institute ofTechnology,Cambridge, Mass.:

In renewed support of thescholarly publicationprogram of the M.I.T.Press . 50,000 50,000

McGill University,Montreal, Canada:

In renewed support of thescholarly publicationprogram of the McGill-Queens University Press

Middlebury College,Middlebury, Vt.:To strengthen its LanguageSchools.

Lk Mount Holyoke College,South Hadley, Mass.:To support a program of


150,000 150,000

- 250,000 250,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

30,000 30,000


National Academy of Sciences,Washington, D.C.:Toward support of a

preliminary planningconference to reassess thequality of graduateprograms in the UnitedStates .$.. . . . .

National Archives Trust FundBoard,Washington, D.C.:

For use by the NationalHistorical Publications andRecords Commission insupport of its educationaland training programs forhistorical editors .

National Council of NegroWomen, Inc.,New York, N.Y.:To help establish educational

programs and supportingcounseling services for itsCenter for Education andCareer Advancement

$ 10,750 $ 10,750 $

156,000 156,000

80,000 50,000 30,000

National Fund for MinorityEngineering Students,New York, N.Y.:Toward costs of establishing

a permanent scholarshipprogram to enable schoolsof engineering to increaseundergraduate enrollmentof minority students . 75,000 50,000 25,000

National Gallery of Art,Washington, D.C.:

For fellowships to trainmuseum curators. 45,600

47

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

lz.

45,600

48


New York Public Library,New York, N.Y.:Toward the costs of

rehabilitating andpreserving the Main PublicCatalog of the ResearchLibraries .$.. . . .

New York University,New York, N.Y.:

In renewed support of thescholarly publicationprogram of the New YorkUniversity Press .

To support a program tostrengthen the humanitiesin curricula throughoutthe University .

To support a research projectat its Courant Institute ofMathematical Sciences

VNewberry Library,Chicago, Ill.:Toward support of its

Research and EducationPrograms.

U

$ 625,000 $ 625,000 $

50,000 50,000

750,000 250,000 500,000

165,000 165,000 -

400,000 400,000 VW

North Carolina CentralUniversity,Durham, N.C.:

For support of its School ofLibrary Service .

Occidental College,L 0 Los Angeles, Cal.:

To support a program offaculty development .

65,000 40,000 25,000

240,000 240,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976


Lt \ Pomona College,Claremont, Cal.:To support a program of

faculty and curriculardevelopment .. . . . $ $ 220,000 $ 220,000 $ -

Princeton TheologicalSeminary,Princeton, N.J.:

For support of its Center forContinuing Education . 100,000 50,000 50,000

Princeton University,Princeton, N.J.:

In renewed support of thescholarly publicationprogram of the PrincetonUniversity Press .

To support a program atPrinceton UniversityLibrary to studyacquisitions policy, retrainLibrary staff, and improveaccess to the Library'sresources

Queens College of the City^5hS University of New York,

Flushing, N.Y.:For use in the currrent

academic year as a Presi-dent's discretionary fund .

Renaissance Society of America,New York, N.Y.:To provide scholarships at itssummer workshops inpaleography and archiveand manuscript research

100,000 100,000 -

190,000 190,000 -

100,000 100,000

15,000 60,000 15,000 60,000 5

49

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

50


Rice University,Houston, Tex.:To provide additional

opportunities for theappointment ofyoung non-tenuredpostdoctoral scholars inthe humanities

Saint Louis University,St. Louis, Mo.:

For support of a fellowshipprogram that will assistscholars to make greateruse of the manuscriptcollection in its Vatican

- Film Library.

Salzburg Seminar in AmericanStudies,Cambridge, Mass.:

For general support of theSeminar, which providesopportunity for Europeansto learn about Americaninstitutions .

_ \ Skidmore College,Saratoga Springs, N.Y.:To support a program of


Smithsonian Institution,Washington, D.C.:Toward editorial and

research costs of a projectat the National PortraitGallery to prepare forpublication the papers ofCharles Willson Pealeand his family .

UnpaidJan. 1,1976

Appro-priated Paid

$ 600,000 $ 600,000 $

135,000 135,000

10,000 10,000

210,000 210,000

100,000 100,000

UDDe

1'

vpaidc. 31,976

,&\ 0-.. __\1)


Stanford University,Stanford, Cal.:

In renewed support of thescholarly publicationprogram of the StanfordUniversity Press .

In support of a cooperativeprogram to share thelibrary resources ofStanford University andthe University ofCalifornia, Berkeley.

$ 30,000 $ $ 30,000 $

- 280,000 280,000

I

\

Swarthmore College,Swarthmore, Pa.:To support a program of


Temporary State Commissionon the Future ofPostsecondary Education,Albany, N.Y.:Toward the costs of its study

of public and privatepostsecondary educationin New York State .

200,000 200,000

c (

DS

25,000 25,000

Tulane University,New Orleans, La.:To provide additional


Toward the costs of an

institutional planningreview.

600,000 600,000

50,000 50,000

51

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

52


United Negro College Fund,New York, N.Y.:To support a PremedicalSummer Institute at FiskUniversity for qualifiedstudents enrolled inmember colleges, and toprovide teaching and studyopportunities in theInstitute for selectedscience teachers . . . . $

University Centers for RationalAlternatives, Inc.,New York, N.Y.:Toward support of a

conference on the role ofgovernment in highereducation, and thepreparation of a volumethat will result from theconference.

$ 475,000 $ 175,000 $ 300,000

UU'sQ

20,000 20,000

University of California,Berkeley, Cal.:

In renewed support of thescholarly publicationprogram of the Universityof California Press .

University of Chicago,Chicago, Ill.:

In renewed support of thescholarly publicationprogram of the Universityof Chicago Press .

University of Edinburgh,Edinburgh, Scotland:Toward the completion of the

Atlas of the Dialects ofLater Middle English

100,000 100,000 -

160,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

100,000 100,000

160,000


University of Illinois,Urbana, Ill.:

In renewed support of thescholarly publicationprogram of the Universityof Illinois Press .

G~ University of Iowa,Iowa City, Iowa:To enable selected faculty

o- ' -) d members from liberal artscolleges in the region toparticipate in study,research, and curricularplanning with members ofthe University's faculty .

University of Michigan,Ann Arbor, Mich.:

In renewed support of thescholarly publicationprogram of the Universityof Michigan Press .

To assist its Center forChinese Studies to advanceits research on the Chineseeconomy and for thetraining of scholars inthat field

University of Minnesota,Minneapolis, Minn.:

In renewed support of thescholarly publicationprogram of the Universityof Minnesota Press .

University of Nebraska,Lincoln, Neb.:

In renewed support of thescholarly publicationprogram of the Universityof Nebraska Press .

$ 30,000 $ $ 30,000 $

375,000 150,000 225,000

30,000

250,000

30,000

125,000 125,000

30,000 30,000

30,000

53

UnpaidJan. 1,1976

Appro-I priated Paid

UnpaidDec. 31,1976

30,000 -

54


University of North Carolina,Chapel HilL N.C.:

In renewed support of thescholarly publicationprogram of the Universityof North Carolina Press . $ 50,000 $

University of Oklahoma,Norman, Okla.:

In renewed support of thescholarly publicationprogram of the Universityof Oklahoma Press . 50,000

$ 50,000 $

50,000

University of Oxford,Oxford, England:To facilitate publication by

Clarendon Press of theproposed complete editionof the works of John Locke 105,000 35,000 70,000

University of SouthernCalifornia,Los Angeles, Cal.:To provide additional

opportunities for theappointment of young non-

tenured postdoctoralscholars in the humanities .

University of Texas at Austin,Austin, Tex.:

In renewed support of thescholarly publicationprogram of the Universityof Texas Press .

650,000 650,000 -

50,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

50,000


University of Toronto,Toronto, Canada:

In renewed support of thescholarly publicationprogram of the Universityof Toronto Press. . . . $

University of Washington,Seattle, Wash.:

In renewed support of thescholarly publicationprogram of the Universityof Washington Press

University of Wisconsin,Madison, Wis.:

In renewed support of thescholarly publicationprogram of the Universityof Wisconsin Press .

Vanderbilt University,Nashville, Tenn.:To provide additional


Virginia Foundation forIndependent Colleges,Lynchburg, Va.:

In renewed support of itsprogram of developingfinancial aid from thebusiness community forits member colleges .

Wake Forest University,Winston-Salem, N.C.:To strengthen its program

in the Fine Arts

70,000 $

30,000

30,000

- $ 70,000$ -

30,000

30,000

C-

750,000 750,000 -

200,000 - 80,000 120,000

- 100,000 150,000

55

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

250,000

56


Washington University,St. Louis, Mo.:To provide additional

opportunities for theappointment of youngnon-tenured postdoctoralscholars in the humanities . $

,: Wellesley College,Wellesley, Mass.:To enable faculty members

from Wellesley and othercolleges and universities toconduct research onwomen's careers and lifepatterns and to incorporatethe findings into curricularmaterials and teachingmethods .

Wesleyan University,Middletown, Conn.:

In renewed support of thescholarly publicationprogram of the WesleyanUniversity Press .

Yale-China Association,New Haven, Conn.:Toward the costs of

implementing an Inter-national Asian StudiesProgram at the ChineseUniversity of Hong Kong

$ 600,000 $ 600,000 $

348,000 348,000

30,000 30,000

20,000 20,000 5

Yale University,New Haven, Conn.:

In renewed support of thescholarly publicationprogram of the YaleUniversity Press . 90,000 -

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

90,000 _

57


Yale University,New Haven, Conn.: (continued)

To provide support formembers of the ResearchLibraries Group to developjoint programs and toimprove services through acooperative effort . . . . $

For Exchange Fellowshipswith Clare College,Cambridge, England .

To assist its library indeveloping internal systemsand services as requiredfor program needs of theResearch Libraries Group

UnpaidJan. 1,1976

Appro-priated

250,000 $

Paid

UnpaidDec. 31,1976

$ 250,000 $

C.1

125,000 ~125,000 62,500 187,500

160,000 55,000

Total- Education $ 8,582,332 $19,137,750 $17,571,018105,000 '(,S

$10,149,064-

58

MEDICAL EDUCATIONAND RESEARCH

Case Western ReserveUniversity,Cleveland, Ohio:To provide fellowship funds

for its School of Medicinein support of selectedyoung teachers andresearchers working in thebasic medical sciences . . $

City College of the CityUniversity of New York,New York, N.Y.:Toward the costs of urban

medical training at itsCenter for BiomedicalEducation.

Columbia University,New York, N.Y.:To provide fellowship funds

for its College ofPhysicians and Surgeonsin support of selectedyoung teachers andresearchers working in thebasic medical sciences

Cornell University,Ithaca, N.Y.:To provide fellowship funds

for the Cornell MedicalCollege in support ofselected young teachersand researchers working inthe basic medical sciences

- $ 200,000 $ 200,000 $ -

450,000 225,000 225,000

- 450,000 450,000

275,000 275,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976


(continued)

Duke University,Durham, N.C.:To provide fellowship funds

for its School of Medicinein support of selectedyoung teachers andresearchers working in thebasic medical sciences

Harvard University,Cambridge, Mass.:To provide fellowship funds

for the Harvard MedicalSchool in support ofselected young teachersand researchers working inthe basic medical sciences

Johns Hopkins University,Baltimore, Md.:To provide fellowship funds

for its School of Medicinein support of selectedyoung teachers andresearchers working in thebasic medical sciences .

$ 325,000 $ 325,000 $ -

450,000 450,000

- 450,000 450,000

National Medical Fellowships,New York, N.Y.:

In support of its scholarshipprogram for minoritygroup medical students. 125,000 - 75,000 50,000

New York University,New York, N.Y.:To provide fellowship funds

for its School of Medicinein support of selectedyoung teachers andresearchers working in thebasic medical sciences . - 275,000 275,000

59

UnpaidJan. 1,1976

Ab/pro-priated Paid

UnpaidDec. 31,1976

60


(continued)

Planned Parenthood ofNew York City, Inc.,New York, N.Y.:

For use by the AdolescentServices Fund in its birthcontrol program foradolescents . $ 100,000 $ $ 100,000 $

To facilitate planning for themaintenance of adequatefamily planning servicesin New York City

Population Council, Inc.,New York, N.Y.:

For general support of theCouncil, which serves as a

center of research andinformation in the field ofpopulation studies . . . 150,000

50,000 50,000 -

- 150,000

Rockefeller University,New York, N.Y.:Toward support of its

research programs in cellbiology. 1,500,000 - 1,500,000

Stanford University,Stanford, Cal.:To provide fellowship funds

for its School of Medicinein support of selectedyoung teachers andresearchers working in thebasic medical sciences . 325,000 325,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976


(continued)

University of Chicago,Chicago, Ill.:To provide fellowship funds

for its Pritzker School ofMedicine in support ofselected young teachersand researchers working inthe basic medical sciences

University of Pennsylvania,Philadelphia, Pa.:To provide fellowship funds


University of Rochester,Rochester, N.Y.:To provide fellowship funds

for its School of Medicineand Dentistry in supportof selected young teachersand researchers working inthe basic medical sciences

Vanderbilt University,Nashville, Tenn.:To provide fellowship funds

for its Medical School insupport of selected youngteachers and researchersworking in the basicmedical sciences .

$ 325,000 $ 325,000 $

- 200,000 200,000

- 200,000 200,000 -

200,000 200,000

61

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

62


(continued)

Washington University,St. Louis, Mo.:To provide fellowship funds

for its School of Medicinein support of selectedyoung teachers andresearchers working in thebasic medical sciences . . $

Yale University,New Haven, Conn.:To provide fellowship funds


Yeshiva University,New York, N.Y.:To provide fellowship funds

for the Albert EinsteinCollege of Medicine insupport of selected youngteachers and researchersworking in the basicmedical sciences .

$ 200,000 $ 200,000 $

325,000 325,000

- 200,000 200,000 -

Total Medical Educationand Research . . . . . $ 375,000 $ 6,400,000 S 5,000,000 $ 1,775,000

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

PUBLIC AFFAIRS

American Geographical Society,New York, N.Y.:Toward the costs of planning

the reestablishment of theSociety's Library and MapCollection .$.. . . .

American Law Institute,Philadelphia, Pa.:Toward completion of its

study of federal securitiesregulations .

Toward cost of completing a

handbook on "Conflict ofInterest Problems in theAdministration ofMuseums, Arts, and OtherNonprofit Organizations"

Commission on PrivatePhilanthropy and Public Needs,Washington, D.C.:Toward costs of completing

its inquiry into the role ofprivate philanthropy inthe United States .

Committee for EconomicDevelopment,New York, N.Y.:Toward research costs of a

study on "Improving theLong-Term Performanceof the U.S. Economy" .

$ 7,500 $ 7,500 $ -

75,000 75,000

10,000 10,000

25,000 25,000 -

375,000 100,000 275,000

63

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

64

PUBLIC AFFAIRS(continued)

Council on Foreign Relations, Inc.,New York, N.Y.:To support its 1980's Project,

a systematic reexaminationof the institutions,relationships, rules, andprocesses of theinternational system . . . $ 50,000 $ $ 50,000 $

Economic Development Councilof New York City, Inc.,New York, N.Y.:To strengthen its High SchoolRenewal Project .

National Committee on UnitedStates-China Relations, Inc.,New York, N.Y.:

For general support .

Overseas Development CouncilWashington, D.C.:

For general support of theCouncil, which providesanalysis and appraisal ofthe needs of developingcountries

225,000 225,000

50,000 30,000 20,000 *

160,000

Trilateral Commission,New York, N.Y.:For general support .

Total Public Affairs $ 210,000

Grand Totals $21,410,332

80,000 80,000

150,000

$ 917,500

$40,903,250

50,000

$ 652,500

$35,675,018

100,000

$ 475,000

$26,638,564

UnpaidJan. 1,1976

Appro-priated Paid

UnpaidDec. 31,1976

Financial Statements

67

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Trustees ofThe Andrew W. Mellon Foundation

In our opinion, the accompanying statements of assets and principal resultingfrom cash transactions and contributions received and investment securities and therelated statements of income collected and expenses disbursed and of changes in prin-cipal present fairly the assets and principal of The Andrew W. Mellon Foundationat December 31, 1976 resulting from cash transactions and contributions received, andthe income collected and expenses disbursed and changes in principal for the yearthen ended, and are presented on a basis consistent with that of the preceding year.Our examination of these statements was made in accordance with generally acceptedauditing standards and accordingly included such tests of the accounting records andsuch other auditing procedures as we considered necessary in the circumstances,including confirmation of cash and securities owned at December 31, 1976 by corre-spondence with the depositaries.

PRICE WATERHOUSE & CO.

60 Broad StreetNew York, N.Y. 10004March 21, 1977

68


Statement of Assets and Principal Resulting fromCash Transactions and Contributions ReceivedDecember 31, 1976

AssetsInvestments, at fair market value at dates of acquisition or at cost:

Bonds and notes, less premium amortization........ . $240,566,373Stocks.................... . 421,675,402

Total investment securities (approximatemarket value of $762,892,000)........ . 662,241,775

Interest in coal properties . . . . . . . . . . . . . . . 1,049,238Total investments . . . . . . . . . . . . . . 663,291,013

Cash...................... . 196,428Interest purchased . . . . . . . . . . . . . . . . . . 125,300Office building, at cost, less accumulated depreciation of $88,000. . . 662,000

$664,274,741

PrincipalAppropriated for unpaid grants, payable in later years . . . . . . $ 26,638,564Unappropriated balance . . . . . . . . . . . . . . . . 637,636,177

$664,274,741

69


Statement of Income Collected and Expenses DisbursedFor the Year Ended December 31, 1976

Income collected:Dividends.$.................... $24,883,959Interest on bonds and notes, less amortization of premiums of $37,015. 18,003,542Income from coal properties . . . . . . . . . . . . . . . 1,139,959

Total income collected . . . . . . . . . . . . . 44,027,460

Expenses disbursed:Federal excise tax on prior year income . . . . . . . . . . . 1,625,846Salaries and provision for employees' pensions . . . . . . . . 540,937Investment advisory and custody fees . . . . . . . . . . . . 381,139Other administrative and office expenses including

maintenance and depreciation of office building . . . . . . . 289,518Total expenses disbursed . . . . . . . . . . . . 2,837,440Excess of income collected over expenses disbursed . . . . $41,190,020

70

The Andrew W. Mellon Foun&ation

Statement of Changes in PrincipalFor the Year Ended December 31, 1976

Balance at beginning of year . . . . . . . . . . . . . . $652,399,240Excess of income collected over expenses disbursed . . . . . . 41,190,020Net gain on sales of securities . . . . . . . . . . . . . 5,360,499Distribution from Estate of Ailsa Mellon Bruce (Note 2) . . . . 1,000,000Grants paid . . . . . . . . . . . . . . . . . . . (35,675,018)

Balance at end of year . . . . . . . . . . . . . . . . $664,274,741

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1976

NOTE 1:The accounts of the Foundation are maintained on the basis of cash receipts

and disbursements except that contributions of securities are recorded at fair marketvalue at dates of acquisition and depreciation expense and amortization of bondpremiums are recorded in the accounts. Accrued investment income and accrued ex-cise tax not recorded totaled approximately $5,802,000 and $1,925,000, respectively,at December 31, 1976. Other items of income and expense not included in the state-ments are not significant.

NOTE 2:During 1976, $1,000,000 was received from the Estate of Mrs. Ailsa Mellon

Bruce. The Foundation continues to be residuary legatee under her will, and additionalestate distributions may be received in the future.

71


Investment Securities

December 31, 1976

Bonds and Notes:PrincipalAmount Book Value

ApproximateMarket Value

U.S. Treasury Bills due:January 6, 1977 .February 17, 1977 .

February 24, 1977 .

March 10, 1977 .March 24, 1977 .April 28, 1977

.. . . . .$600,000...... . . . ... 50,000...... . . . ... 135,000.. . . . . 3,845,000...... . . . ... 400,000...... . . . ... 600,000

Other U. S. Government obligations:U.S. Treasury Bonds

63/4%, February 15, 1993 .

7%, May 15, 1998 .

77/8%, February 15, 2000.83/8%, August 15, 2000

U.S. Treasury Notes61/2%, April 30, 1978 .

75/8%, August 15, 197851/4 %, December 31, 197867/8 %, August 15, 197971/2%, March 31, 19807%, November 15, 1981 .

73/4 %, November 15, 19818%, May 15, 1982 .

7 7/8 %, November 15, 19828%, February 15, 19838%, August 15, 1986 .

Federal Home Loan Banks8.65%, February 26, 1979

Federal Home Loan Mortgage Corp.7.15%, May 26, 1997.8.2%, March 15, 2005 .

Federal Land Banks8.70%, October 20, 1980 .

8.20%, January 20, 1983 .

7.95%, April 22, 1991.

5,000,0002,000,0005,000,000

2,500,000

3,000,0002,000,0004,800,0001,500,0003,500,0002,000,0001,000,0005,000,0001,000,000200,000

2,000,000

1,000,000

2,000,0003,055,800

1,500,0003,000,0001,000,000

Total U.S. Government obligations .

$ 597,92549,368131,369

3,806,970389,383585,563

5,560,578

4,572,4901,830,0004,814,3502,483,906

2,992,9691,994,6534,795,3021,499,0623,506,0161,995,6521,007,5005,023,571989,062200,000

2,019,656

1,001,093

2,008,9693,029,062

1,509,8442,972,344993,750

51,239,251

56,799,829

$ 598,00049,000131,000

3,807,000390,000586,000

5,561,000

4,931,0001,987,0005,356,0002,787,000

3,052,0002,070,0004,788,0001,543,0003,666,0002,072,0001,064,0005,375,0001,070,000216,000

2,170,000

1,056,000

1,930,0003,155,000

1,618,0003,232,0001,060,000

54,198,00059,759,000

72

BONDS AND NOTES (continued)

Commercial paper:General Electric Credit Co.5%, February 1, 1977 . . . .

5%, February 16, 1977 . . .

General Motors Acceptance Corp.41/2%, January 6, 1977 . . .51/8%, January 12, 1977 . . .

5%, February 16, 1977 . . .Sears, Roebuck Acceptance Corp.

41/2%, January 6, 1977 . . .

4.3%, January 6, 1977. . . .

41/2%, January 7, 1977 . . .

51/8%, January 13, 1977 . . .

5%, January 25, 1977. . . .

United States Steel Credit Corp.51¼%, January 3, 1977 . . .

5%, January 17, 1977 . . . .

Total commercial paper.

December 31, 1976Principal ApproximateAmount Book Value Market Value

600,000800,000

1,775,000500,000900,000

600,0002,500,0001,336,000500,000200,000

1,000,000550,000

592,500789,778

1,774,550493,594888,375

599,4752,492,8331,336,000493,594197,500

986,729543,048

11,187,976

592,000790,000

1,775,000494,000888,000

599,0002,493,0001,336,000494,000197,000

987,000543,000

11,188,000

Corporate and other:Public utility:American Telephone & Telegraph Co.7%, February 15, 2001. . . . 4,000,000

Baltimore Gas & Electric Co.83/8%, September 15, 2006 . . 2,000,000

Chesapeake & Potomac Telephone Co.87 %, June 1, 2009. . . . . 3,000,000

Cincinnati Gas & Electric Co.85/8%, December 1, 2000 3,000,000

Commonwealth Edison Co.61/4%, February 1, 1998 . . . 2,000,00063/8%, October 1, 1998. . . . 500,00075/8%, June 1, 2003. .. 1,000,000

Dallas Power & Light Co.73/8%, November 1, 2001. . . 1,200,000

Florida Power Corp.7%, November 1, 1998 . . . 1,700,000

Florida Power & Light Co.7%, December 1, 1998. . . . 2,000,000

3,765,235 3,820,000

1,985,000 2,095,000

2,981,525 3,277,000

3,052,773 3,157,000

1,718,320462,085

1,002,588

1,710,000433,000991,000

1,195,392 1,150,000

1,484,975 1,543,000

1,906,070 1,812,000

73



Georgia Power Co.113/4%, December 1, 2005

Houston Lighting & Power Co.81/8%, February 1, 2004

Illinois Bell Telephone Co.6%, July 1, 19988%, December 10, 2004

International Telephone &Telegraph Corp.8.90%, October 1, 1995

Louisville Gas & Electric Co.81/2%, November 1, 2006.

New Jersey Bell Telephone Co.65/8%, April 1, 2008 .

73/4%, September 1, 2013.Northern States Power Co.

83/8%, January 1, 2004 .

Oklahoma Gas & Electric Co.63A8%, January 1, 1998.71/8%, January 1, 2002 .83/8%, January 1, 2004 .

Pacific Gas & Electric Co.73/4%, June 1, 2005. .

Public Service Co. of Indiana71/8%, January 1, 1999.

South Central Bell Telephone &Telegraph Co.81/4%, December 1, 2004 .

Southwestern Electric Power Co.71/2%, October 1, 2001.

Texas Power & Light Co.65/8%, January 1, 1998.

Total public utility

1,500,000 1,492,500 1,732,000

. 3,000,000 2,970,825 3,075,000

. 3,000,000

. 1,000,0002,547,295 2,550,000997,075 1,040,000

. 2,000,000 2,156,849 2,120,000

. 3,000,000 3,049,260 3,146,000

1,500,000. 1,000,000

1,376,425 1,326,000966,250 1,025,000

. 3,000,000 3,043,377 3,191,000

* 3,000,000. 1,000,000. 1,000,000

2,709,840972,920

1,012,650

2,546,000931,000

1,059,000

1,500,000 1,432,500 1,459,000

. 1,000,000 968,020 940,000

3,000,000 3,041,379 3,154,000

2,000,000 2,000,000 1,925,000

. 2,000,000 1,884,56052,175,688

1,760,00052,967,000

Industrial and other:Abbott Laboratories

75/8%, March 1, 1996 . . . . 2,000,000American Cyanamid Co.

7!Y8%, April 15, 2001 . . . . 4,000,000

1,916,050 2,035,000

3,947,500 4,010,000

74


Associates Corp. of North America85/8%, January 15, 1981

Beneficial Corp.71/2%, May 15, 1998 .

7.45%, February 1, 2000C.I.T. Financial Corp.

75/8%, December 1, 1981California Federal Savings& Loan Association75/8%, June 15, 1984 . . .

Caterpillar Tractor Co.678%, June 1, 1992 .

Consolidated Foods Corp.73/8%, November 1, 1996 . .

Corn Products Co.53,4%, August 15, 1992 . .

Corning Glass Works73/4 %, November 15, 1998 .

Du Pont (E.I.) de Nemours & Co.8.45%, November 15, 2004 .

Federated Department Stores, Inc.71/8%, March 15, 2002 .

Firestone Tire & Rubber Co.91/4%, December 1, 2004 . .

Ford Motor Co.7.85%, January 15, 1994

Ford Motor Credit Co.71/2%, November 15, 199183/8%, November 1, 2001. .

General Motors Corp.85/8%, April 1, 2005 . .

General Motors Acceptance Corp.71/8%, December 1, 1990.73,4%, October 1, 1994. .

H. J. Heinz Co.71/4%, August 1, 1997. .

Hershey Foods Corp.71/4%, November 1, 1997 .


1,000,000

2,000,0002,000,000

3,500,000

2,000,000

3,000,000

4,000,000

4,000,000

2,000,000

3,000,000

2,500,000

2,000,000

1,000,000

2,000,0002,000,000

3,000,000

1,500,0002,500,000

2,000,000

3,000,000

997,500

1,917,3802,010,491

3,465,656

1,989,000

2,661,286

3,940,000

3,466,625

1,840,740

2,942,560

2,410,150

2,000,000

953,840

1,996,8752,060,000

2,976,250

1,360,5402,493,155

2,000,000

2,943,450

1,026,000

1,937,0001,915,000

3,618,000

2,020,000

2,936,000

3,910,000

3,480,000

2,032,000

3,259,000

2,422,000

2,202,000

1,024,000

1,955,0002,075,000

3,322,000

1,459,0002,525,000

1,967,000

2,951,000

75

December 31, 1976Principal Approximate

BONDS AND NOTES (continued) Amount Book Value Market Value

Household Finance Corp.71/4%, January 1, 1990 . . . 1,300,000 1,219,135 1,258,00071/2%, August 1, 1995 . . . . 1,500,000 1,478,315 1,470,000

Inland Steel Co.87A%, April 15, 1999 . . . . 2,000,000 1,992,500 2,158,000

Inter-American Development Bank85/8%, October 1, 1995. . . . 4,000,000 4,240,679 4,170,000

INCO Ltd.6.85%, April 1, 1993 . . . . 3,000,000 2,664,207 2,647,000

International Paper Co.8.85%, December 15, 2000 - 3,000,000 3,000,000 3,285,000

Kimberly-Clark Corp.57/8%, September 1, 1991 . . 3,000,000 2,500,800 2,655,000

Kraftco Corp.67/8%, April 1, 1996 . . . . 3,000,000 2,944,375 2,944,000

Nabisco, Inc.73,4%, May 1, 2001. . . . . 3,000,000 3,010,737 3,067,000

New England Mutual LifeInsurance Co.73/8%, April 15, 1997 . . . . 2,500,000 2,427,340 2,344,000

Owens-Corning Fiberglas Corp.9½/2%, January 1, 2000. . . . 1,000,000 992,500 1,121,000

Owens-Illinois, Inc.75/8%, April 1, 2001. . . . . 3,000,000 2,909,020 2,992,000

J. C. Penney Co.9%, June 15, 1999 . . . . . 2,500,000 2,500,000 2,731,000

J. C. Penney Financial Corp.778%, September 15, 1991 5,000,000 4,958,937 4,881,000

Pittsburgh Plate Glass Co.55/8%, August 1, 1991 . . . . 3,000,000 2,548,030 2,662,000

Procter & Gamble Co.7%, May 15, 2002 . . . . . 3,000,000 2,970,000 2,966,000

Province of Ontario101/4%, October 1, 2004 . . . 2,500,000 2,500,000 2,853,000

Quaker Oats Co.7.70%, June 15, 2001 . . . . 1,250,000 1,185,275 1,264,000

Ralston Purina Co.7.70%, March 15, 1996 4,000,000 3,596,444 4,040,000

76


Sears, Roebuck & Co.638%, April 1, 1993

Sears, Roebuck Acceptance Corp.83/8%, December 31, 1986

Standard Brands, Inc.73/4%, May 1, 2001 . . . .

Standard Oil Co. of California53/4%, August 1, 1992 .

Standard Oil Co. (Indiana)6%, January 15, 1998 . .

Western Electric Co.71/2%, June 15, 1996 . . .

83/8%, October 1, 1995. .Weyerhaeuser Co.

7.65%, July 15, 1994 . . .

Total industrial and other .

Total corporate and other .

Total Bonds and Notes .

December 31, 1976Principal ApproximateAmotunt Book Value Market Value

4,000,000

1,000,000

1,500,000

2,000,000

1,750,000

3,000,0002,000,000

4,000,000

3,773,163

991,250

1,517,763

1,798,500

1,477,208

2,992,5001,987,500

3,937,654120,402,880172.578,568

240,566,373

3,725,000

1,056,000

1,517,000

1,715,000

1,525,000

3,030,0002,120,000

4,095,000124,371,000177,338,000

248,285,000

Corporate Stock:

Abrasives:Carborundum Co.

Aluminum:Aluminum Co. of America .

Automobile:Ford Motor Co. .

General Motors Corp.....

Banks:BankAmerica Corp.Chase Manhattan Corp. .

Mellon National Corp.

Building materials:Boise Cascade Corp.United States Gypsum Co.Jim Walter Corp. .

Jim Walter Corp. $1.60 conv. pfd.Weyerhaeuser Co. .

Chemicals:Du Pont (E.I.) de Nemours & Co.Koppers Co. .

Union Carbide Corp. .

Drugs:Merck & Co. .

SmithKline Corp. .

Upjohn Co. .

Warner-Lambert Co. .

Electrical & electronic:Ampex Corp.General Electric Co.Hewlett-Packard Co. .

Honeywell, Inc. .

Perkin-Elmer Corp.Westinghouse Electric Corp.

197,800 3,906,550

380,650 12,916,122

43,000 1,458,25073,424 3,069,410

4,527,660

239,520 2,764,90315,000 576,568

350,880 18,201,900

21,543,371

35,00050,00050,00015,00070,000

4,300119,40047,000

60,20035,00050,00025,000

75,00095,00025,00021,00024,00045,000

1,125,2501,854,6241,465,625523,210977,569

5,946,278

669,256747,187

2,568,775

3,985,218

2,643,1221,974,9001,132,466648,535

6,399,023

1,181,2503,454,813556,250

1,979,352687,000641,250

8,499,915

77

December 31, 1976Approximate

Shares Book Value Market Value

7,047,000

21,792,000

2,644,0005,764,0008,408,000

7,246,000459,000

20,351,000

28,056,000

1,177,0001,319,0001,956,000626,000

3,255,000

8,333,000

581,0003,089,0002,908,000

6,578,000

4,101,0002,778,0001,925,000772,000

9,576,000

628,0005,284,0002,181,0001,019,000504,000793,000

10,409,000

. . . . .

. . . . .

. . . . .

. . . . .

78

CORPORATE STOCK (continued)



Financial services:American Express Co.C.I.T. Financial Corp.

Foods:CPC International, Inc.General Foods Corp. .

General Mills, Inc. .

Insurance:Capital Holding Corp.Connecticut General Insurance Corp. .General Reinsurance Corp.Travelers Corp.

Office equipment:Burroughs Corp.International Business

Machines Corp. .

Rank Organisation, Ltd..Xerox Corp. .

Oil:Gulf Oil Corp. .

30,000 1,169,12560,000 2,107,190

3,276,315

40,00050,00046,000

55,000123,75018,00060,000

1,646,3571,532,3691,192,422

4,371,148

564,3504,259,053565,567

2,024,810

7,413,780

22,000 2,117,500 2,016,000

61,839200,00062,973

7,989,2741,433,4434,764,100

16,304,317

10,213,709 265,161,392 294,921,000

Paper:International Paper Co.Kimberly-Clark Corp.St. Regis Paper Co.Union Camp Corp.

Photography:Eastman Kodak Co.

Rubber:Goodrich (B.F.) Co. .

72,800 4,123,680 6,261,000

54,000 2,146,830 1,451,000

1,219,0002,437,000

3,656,000

1,900,0001,513,0001,581,000

4,994,000

1,224,0007,224,0003,456,0002,205,000

14,109,000

17,261,000425,000

3,684,00023,386,000

175,00084,60052,50060,000

6,026,5622,869,6911,157,187828,930

10,882,370

12,053,0003,722,0002,028,0003,998,000

21,801,000

79

CORPORATE STOCK (continued)



Steel:Hanna Mining Co.National Steel Corp. .

Utilities:American Telephone& Telegraph Co.

Commonwealth Edison Co. .Delmarva Power & Light Co.Florida Power & Light Co.Gulf States Utilities Co.Middle South Utilities, Inc. .

Nicor, Inc.Northern Indiana

Public Service Co.Oklahoma Gas & Electric Co. .

Southern California Edison Co.Texas Utilities Co. .

Miscellaneous:American Hospital Supply Corp.Corning Glass Works .Diebold, Inc.Dun & Bradstreet, Inc.International Telephone& Telegraph Corp. .

Lubrizol Corp.Minnesota Mining& Manufacturing Co.

NL Industries, Inc. .

Pittston Co. .

Sybron Corp.

Total corporate stock .

Total investment securities

300,182 12,827,86525,000 1,340,655

14,168,520

50,00013,00055,00055,20054,000

106,00014,000

45,60044,00027,032100,000

21,00016,25057,49436,000

3,007,218669,317

1,444,4471,479,5361,060,6192,422,009535,168

1,486,497793,000606,882

1,923,866

15,428,559

314,1841,174,098804,928744,312

16,210,0001,128,000

17,338,000

3,175,000411,000777,000

1,525,000783,000

1,776,000432,000

906,000864,000618,000

2,175,000

13,442,000

646,0001,158,000790,000

1,098,000

67,500 1,350,000 2,287,00038,000 786,524 1,368,000

50,000 1,448,02982,000 2,641,08425,000 906,48815,000 504,707

10,674,354421,675,402...... $662,241,775

2,831,0001,691,000891,000289,000

13,049,000514,607,000

$762,892,000

PRINTED IN U.S.A.

S. D. SCOTT PRINTING CO., INC.

NEW YORK

Documents

The Andrew W. Mellon Foundation · 7 sects nurtured in Englandtookhold with enormousvitality in the New World.Its opportunities wereenhancedby thenature andtimingofthe cultural transfer