The Andrew W Mellon Foundation · The Andrew W Mellon Foundation Report from January z z973 through...

The Andrew W Mellon Foundation

Report from January z� z973 through December JI., z973

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

TrusteesWilliam 0. BakerJohn B. ConnallyLauder GreenwayPaul Mellon

William H. MortonNathan M. PuseyStoddard M. Stevens

Officers*Nathan M. Pusey PresidentAlbert O'B. Andrews Vice President and SecretaryJohn E. Sawyer Vice PresidentJ. Kellum Smith, Jr. Vice President and SecretaryKenneth J. Herr Treasurer and Assistant Secretary

Program DirectorsClaire ListDavid Saltonstall

General Counsel Sullivan & Cromwell

* Mr. Sawyer joined the staff of the Foundation on January 1, 1974 and Mr. Smitha month later, assuming the duties of Secretary on April 3, 1974 at the time ofMr. Andrews' retirement.

5

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 Andrew W.Mellon Foundation. Avalon Foundation had been founded by Ailsa Mel-lon 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 "aid 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".

The Foundation grants funds to institutions in higher education, incultural affairs and the performing arts, and in certain environmental,civic and social service areas. Applications are considered throughout theyear, and no special forms are required. Ordinarily a simple letter settingforth the need, the nature and the amount of the request and the justifica-tion for it, together with evidence of suitable classification by the InternalRevenue Service and any supplementary exhibits an applicant may wish tosubmit, will suffice to assure consideration. Applicants must realize, how-ever, that the Foundation is able to respond favorably only to a smallfraction of the requests that it receives. The Foundation does not makegrants to individuals or to strictly local organizations outside the NewYork metropolitan area.

6

The Andrew W. Mellon Foundation endeavors to assist various kindsof organizations and institutions of humane purpose and proven

strength to foster well-being for individuals and society.In pursuit of this objective, with its special interest in higher edu-

cation, the Foundation has made a particular effort in recent years toaid several kinds of institutions which play important roles in the de-velopment of young scholars. Under this program it made grants toliberal arts colleges for faculty development; to university presses toenable them to publish more of the results of the research achievementsof scholars, especially young scholars; and to a number of independentresearch libraries to help them to make their materials more readilyavailable for scholarly inquiry.

In an extension of this effort during 1973 the Foundation awardedmore than four million dollars to fifteen privately-supported medicalschools to enable them, in a period of unusual financial stringency, toencourage a significant number of their most promising younger mem-bers to continue their development as research scientists. The in-dividuals are to be chosen from among young researchers whoseaccomplishments to date have marked them as likely to contribute tothe advance of medical science in the years ahead. It is also a reason-able assumption that many of the next generation of teachers in thenation's medical schools will come from their ranks.

Somewhat similar in intent were other grants made last year totwelve universities in the United States and Canada, which have de-veloped strong programs of advanced training and research in EastAsian studies, to assist them to enlarge and make more effective use oftheir library holdings in support of these studies. East Asian studiesconstitute an immensely rich but difficult field which is now cominginto increased prominence. Publications in the field are rapidly in-creasing in number, and at the same time, international developmentshave opened new opportunities for acquiring research materials. Buthere as elsewhere costs have risen, with the result that the task ofkeeping up with the library needs of the increasing number of scholarsworking in this field has been made increasingly difficult for univer-

7

sities. This is of course true for other fields as well as East Asianstudies. But the considerations that the East Asian field has not beenwell explored, that it covers such an enormous extent in space andtime, and that there is now such greatly increased scholarly interest init, seemed to the Foundation to justify a specific effort to aid this fieldat this time.

It is our expectation that awards of the kinds mentioned above,though designed to relieve pressures at particular points, will none-theless contribute indirectly to the general strength of the institutionsaided. This intent plays a part in another program, inaugurated in1972, under which grants were made during 1973 to an additional fourlarge urban universities. The purpose of this program is to assist insti-tutions of this kind by helping them to make more space for human-istic studies in curricula which are largely-if also necessarily-voca-tionally-oriented. And in another effort to achieve a specific purposeand advance the general purposes of the institutions benefited, awardswere made to six institutions where faculty are seeking more effectiveways to relate liberal studies to the wider and more advanced careeropportunities that are now opening in the United States for collegewomen. The aim in this undertaking is in no degree to occasion or tofurther movement away from liberal studies, but rather to assist in-terested faculty to alert women students to the new opportunities, andto encourage these students both to set more ambitious career goals forthemselves and to work courageously to achieve them.

For a number of years the Foundation has had a special interestin black colleges. This led in 1973 to a program of grants designed toassist individuals in these colleges to make their libraries livelier andmore effective educational instruments. The Foundation also made asubstantial grant to Howard University to assist it to recruit and en-courage young members for its medical faculty. In a continuing effortto strengthen theological education two awards were made to blacktheological schools. Another of this kind, to the American Associationof Theological Schools, is intended to provide increased opportunityfor study and development for faculty and staff from many theological

8

institutions throughout the country. Endowed chairs were also awardedto eight more universities with strong graduate programs to help themstrengthen their offerings in the humanities. There were others, butthese were the principal grants made by the Foundation in support ofhigher education to which approximately twenty-one million dollarswas contributed in various programs last year.

Awards totaling more than eleven million dollars were made dur-ing 1973 to institutions serving the arts, another area of major concernto the Foundation. Substantial appropriations were made to the Na-tional Gallery of Art in Washington, D.C., to the Museum of ModernArt, the Metropolitan Museum of Art and the American Museum ofNatural History in New York, and to the Philharmonic-SymphonySociety of New York, Inc. Other sizable grants were made to a num-ber of New York City institutional theatres, and to a program at theUniversity of Minnesota providing assistance to promising new play-wrights. Large grants were also made to four institutions to help themtrain conservators for the arts, and numerous smaller awards weremade in support of several scholarly programs in the arts, and to assistother museums, children's and experimental theatre activity, and com-munity arts and musical organizations. There was an additional majorgrant for television theatre. While the Foundation continues to havea special concern for arts institutions in New York, it is expected thatits program in this area will gradually become more national incharacter.

Though higher education and the arts continue as areas of principalconcern, the Foundation seeks also to be helpful in other fields. In pur-suit of a variety of interests, it awarded more than a million dollarslast year in support of community and social service agencies whichminister to a wide range of human need. Though most of the organi-zations aided are situated in the metropolitan New York area, theoutreach of some of those assisted is in fact nationwide. Notable amonggrants made by the Foundation to service agencies during the pastyear is one of a half million dollars made to the Community BloodCouncil of Greater New York, Inc. to enable it more adequately to

9

meet the needs for blood of the 250 hospitals in this area which dependupon it for this aid. But I must leave to the detailed account of grantswhich follows the task of indicating the full range of both the Foun-dation's present interests and its activity during 1973.

It can be said in summary that the Foundation made 138 appro-priations during 1973 in a total amount of $33,852,100. In makingthese awards it could respond favorably to only a fraction of the manyrequests for assistance received during this period. The total amountawarded for charitable purposes by the Foundation and its predecessorfoundations has now reached the sum of $294,182,971. The Foundationreceived $33,265,101 in net income during 1973. The market value ofits assets as of December 31, 1973 was $647,924,000.

Several important additions were made to the ranks of thoseserving the Foundation during 1973. The Honorable John B. Connallyof Houston, Texas, was elected to membership on the Board of Trustees.John E. Sawyer, who retired as President of Williams College in Juneof the year, and J. Kellum Smith, Jr., were elected Vice Presidents ofthe Foundation. Mr. Smith has now also succeeded Albert O'B. Andrewsas Secretary of the Foundation. Mr. Andrews was elected Vice Presidentand Secretary of Avalon Foundation in 1967 and continued to dischargethe duties of these offices with The Andrew W. Mellon Foundationuntil his retirement in March of this year. This Foundation and itsphilanthropic activity owe much to his skill and devotion.

NATHAN M. PUSEYPresident

April 5, 1974

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Summaries of Certain Selected Grants

EDUCATIONProgram for Young Research Scientists inPrivate Medical Schools- $4,400,000

The Foundation made awards to fifteen private medical schoolsto assist them in supporting selected young teachers and researchersworking in the medical sciences, as follow: $450,000 each to ColumbiaUniversity, Harvard University, Johns Hopkins University; $325,000each to University of Chicago, Duke University, Stanford University,Yale University; $275,000 each to Cornell University and New YorkUniversity; $200,000 each to Case Western Reserve University, Uni-versity of Pennsylvania, University of Rochester, Vanderbilt University,Washington University and Yeshiva University.

Endowed Chairs in the Humanities- $6,000,000Continuing its program of awarding endowed professorships,

chiefly in the humanities, to institutions with strong graduate programs,the Foundation established chairs, named for Andrew W. Mellon, eachin the amount of $750,000, at Boston University, Claremont UniversityCenter, Duke University, Emory University, Harvard University, JohnsHopkins University, Massachusetts Institute of Technology and RiceUniversity.

East Asian Research Libraries- $1,800,000The Foundation made grants to twelve universities in North

America to assist them to acquire, catalogue and make available forscholars additional materials for their East Asian library collections, asfollow: $200,000 each to Harvard-Yenching Library (Harvard Uni-versity), University of California (Berkeley), Columbia University;$150,000 each to University of Chicago, Cornell University, Universityof Michigan, Princeton University, the Hoover Library (Stanford Uni-versity), University of Washington, Yale University; $75,000 each toUniversity of British Columbia and University of Toronto.

11

Program in Support of Improved Career Opportunitiesfor College Women- $720,000

Grants were made to five colleges to help their faculties andadministrations find effective ways to encourage their undergraduatewomen students to aspire to careers in the new fields and at the higherlevels of managerial responsibility that have now become accessible tothem, as follow: $100,000 each to Manhattanville College, MountHolyoke College, Simmons College; $75,000 each to Mary BaldwinCollege and Marymount Manhattan College.

In addition an appropriation of $270,000 was made to PaceUniversity in support of a new two-year Master's degree program inBusiness Administration it is developing for women with undergraduatedegrees in the liberal arts who are interested in managerial careers inbusiness.

Theological Education- $1,475,000American Association of Theological Schools, Vandalia, Ohio

$450,000 in support of its study grants program for faculty and staffof member theological schools.

Interdenominational Theological Center, Atlanta, Georgia-$500,000 to endow a chair of theology.

Toronto School of Theology, Toronto, Canada -$125,000 toassist it in the development of centralized theological library facilitiesand services.

Virginia Union University, Richmond, Virginia -$400,000in support of an endowed chair of theology in its School of Theology.

Urban University Program -$1,830,000The Foundation made awards to an additional four urban

universities primarily to assist them to strengthen the liberal componentin career-focused curricula, as follow: Loyola University of Chicago,$500,000; Marquette University, $500,000; Northeastern University,$355,000; Polytechnic Institute of New York, $475,000.

Program for Librarians in Black Colleges -$665,000American Library Association, Chicago, Illinois -$350,000

12

in support of an Academic Library Internship Program for administra-tors of predominantly black college libraries, to be administered by theAssociation of College and Research Libraries, a division of the Ameri-can Library Association.

Atlanta University, School of Library Service, Atlanta, Georgia-$165,000 to support a fellowship program that seeks to train librar-ians able to stimulate the more effective use of library resources in blackcolleges.

North Carolina Central University, Durham, North Carolina- $150,000 in support of faculty and materials for its library educationprogram.

Other Selected Grants to Education-$2,750,000American Council of Learned Societies, New York, New York

-$100,000 toward the maintenance and operation of its UniversitiesService Center in Hong Kong.

Aspen Institute for Humanistic Studies, Aspen, Colorado-$150,000 to support a fellowship program designed to involve promisingyoung faculty members and postdoctoral students from the humanitiesdepartments of universities in the Institute's programs.

Carnegie-Mellon University, Pittsburgh, Pennsylvania-$500,000 toward renovating existing space for its College of Fine Arts.

Chinese University of Hong Kong, Hong Kong $300,000in support of its Chinese Studies Program.

Howard University, College of Medicine, Washington, D. C.-$350,000 to establish a revolving loan fund for the recruitment ofnew faculty, and to encourage research activities on the part of promisingyoung faculty members.

Southeastern Library Network, Inc., Atlanta, Georgia$600,000 to assist in the development and initial operation of the Net-work which will establish an effective library system with rapid tele-communications to facilitate cooperative use of library resources.

Wesleyan University, Middletown, Connecticut-$750,000to assist in the construction of a new college library building, conditionalon other funding.

13

CULTURAL PROJECTS

Conservator Troaining Program -$657,350The Foundation made awards to strengthen four programs

concerned with graduate-level training of conservators of works of art,as follow: Faculty-Student Association of State University College atOneonta, Inc. (Conservation of Historic and Artistic Works, Coopers-town Graduate Programs), $150,000; Fogg Art Museum, HarvardUniversity, $107,350; Intermuseum Conservation Association, $200,000;University of Delaware, $200,000.

Program for Institutional Theatres -$230,000Grants were made to four New York City non-commercial

theatres to help them reinforce and sustain their programs, as follow:New York Shakespeare Festival, Lincoln Center, $100,000; AmericanPlace Theatre, Inc., $50,000; Circle in the Square, Inc., $50,000; Round-about Theatre Company, Inc., $30,000.

University of Minnesota (Office of Advanced Drama Re-search), Minneapolis, Minnesota- $60,000 in support of the Office'sprogram of assistance to new playwrights.

National Gallery of Art, Washington, D. C. $5,000,000toward the completion of the Gallery's new wing to provide neededspace for its expanded collections, temporary exhibitions and othermuseum activities.

Metropolitan Museum of Art, New York, New York$1,000,000 to establish "The Andrew W. Mellon Fund", the incometo be used to encourage the use of the Museum's resources by advancedscholars.

Museum of Modem Art, New York, New York-$750,000toward the Museum's current endowment campaign.

American Museum of Natural History, New York, New York-$500,000 toward the Museum's capital funds drive.

South Street Seaport Museum, New York, New York-$100,000 toward the restoration of the ship WAVERTREE.

14

Brooklyn Institute of Arts and Sciences (Brooklyn Children'sMuseum), Brooklyn, New York-$100,000 toward equipping theMuseum's new building.

New York Studio School of Drawing, Painting and Sculpture,Inc., New York, New York- $100,000 toward the retirement of themortgage on the School's building.

National Endowment for the Humanities (EducationalBroadcasting Corporation), Washington, D. C. -$750,000 to theNational Endowment for the Humanities toward matching its grantto the Educational Broadcasting Corporation for the production, forexhibition in the nation's Bicentennial year, of a television series de-picting the history of our country from 1750 to 1900 as seen throughthe lives of John Adams and his descendants.

Philharmonic-Symphony Society of New York, Inc., NewYork, New York-an award of $500,000 for endowment and of$75,000 for current operations.

Metropolitan Opera Association, Inc., New York, New York-$100,000 for the general purposes of the Association.

City Center of Music and Drama, Inc., New York, New York- $150,000 for the general purposes of the Center.

CIVIC PROGRAMS AND COMMUNITY SERVICES

Community Blood Council of Greater New York, Inc., NewYork, New York -$500,000 toward the Council's current developmentprogram to expand its facilities.

United Neighborhood Houses of New York, Inc., New York,New York -$120,000 for general support.

Recording for the Blind, Inc., New York, New York-$100,000 to assist the agency in converting its educational materialsfrom reel tapes to cassettes.

Fountain 'House Foundation, Inc., New York, New York-$100,000 toward the addition of new program space at its headquartersbuilding.

15

The Andrew W. Mellon Foundation

Summary of Grants, 1973

UnpaidJan. 1,1973

A/ppro-priated Paid

UnpaidDec. 31,1973

Civic Programs andCommunity Services.

ConservationCultural Projects:

Performing ArtsMuseumsOther Cultural Projects

Education

Health and Medicine:Education in theHealth Sciences

Other Grants forHealth and Medicine

Youth Programs .Total

. $ 817,000 $ 1,010,000

. $ 898,300 $ 110,000

. $ 241,000 $ 2,046,500249,990 7,579,000203,000 1,759,350

$ 693,990 $11,384,850. $ 855,750 $16,037,250

$ 1,504,000 $ 323,000$ 235,000 $ 773,300

$ 2,072,500 $ 215,0002,744,960 5,084,0301,176,350 786,000

$ 5,993,810 $ 6,085,030$13,318,534 $ 3,574,466

$ 275,000 $ 4,975,000 $ 5,075,000 $ 175,000

366,000 300,000$ 641,000 $ 5,275,000$ 25,000 $ 35,000

$3,931,040 $33,852,100

366,000$ 5,441,000$ 50,000

$26,542,344

300,000$ 475,000$ 10,000$11,240,796

16


Classification of Grants

CIVIC PROGRAMS ANDCOMMUNITY SERVICES

American Council for Emigresin the Professions, Inc.,New York, N.Y.:

Support of program for thejob placement of trainedrefugees

American Society ofInternational Law,Washington, D.C.:

Support of the operationsof the Society which servesas a forum for the exchangeof thought among pro-fessionals in the field ofinternational law . . .

Brookings Institution,Washington, D.C.:To finance a study of the

Japanese economy . . .

S $ 10,000 $ 10,000$ -

50,000 30,000 20,000

300,000 250,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

SO,OOO

CIVIC PROGRAMS AND

COMMUNITY SERVICES(continued)

Citizens' Committee on

Population and theAmerican Future,Washington, D.C.:

General support of theCommittee which wasformed to publicize andinterpret the findings andrecommendations of theNational Commission on

Population Growth andthe American Future . .

Community Blood Council ofGreater New York, Inc.,New York, N.Y.:To assist its current

development program .

Fountain House Foundation, Inc.,New York, N.Y.:Toward the addition ofnew program space atits headquarters .

Goodwill Industries of GreaterNew York, Inc.,Astoria, N.Y.:

General support of thisagency which providesvocational rehabilitationservices and shelteredemployment programs forthe handicapped . . .

Harvard University,Cambridge, Ma.:

Support of studies in"technology, work andcharacter" in companiesthat create new electronicstechnology

$ - $ 25,000 $ 25,000$ -

500,000 500,000

100,000 100,000

25,000 25,000

20,000 20,000

17

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

18


(continued)

Home Advisory Council ofNew York, Inc.,New York, N.Y.:

General support of theCouncil which providescounseling services tocourt-referred families.

Hudson Guild, Inc.,New York, N.Y.:To provide for two deep

wells at the HudsonGuild Farm in Andover,New Jersey .

Institute of JudicialAdministration, Inc.,New York, N.Y.:To assist in financing its

Juvenile JusticeStandards Project . . .

Lawyers' Committee for CivilRights Under Law,Washington, D.C.:To assist it in maintaining

its Washington, D.C.headquarters office .

Legal Aid Society,New York, N.Y.:

General support of its pro-grams available to thoseunable to afford legaladvisory service andrepresentation

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

For general support of itsactivities which include,in addition to specialprojects, provision ofobjective informationabout China.

$ $ 15,000 $ 15,000 $

10,000 10,000

200,000 - 100,000 100,000

50,000 50,000 -

25,000 25,000

67,000 - 34,000 33,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973


(continued)

New York Urban Coalition, Inc.,New York, N.Y.:

For general support .

Overseas Development Council,Washington, D.C.:

For general support of theCouncil which providesanalysis and appraisalof the needs of developingcountries.

Recording for the Blind, Inc.,New York, N.Y.:To assist in converting its

educational materialsfrom reel tapes tocassettes.

United Neighborhood Housesof New York, Inc.,New York, N.Y.:

General support of thiscentral federation whichprovides fund raising,joint programs, technicalassistance and otherservices for its membersettlement houses .

Volunteer Opportunities, Inc.,Bronx, N.Y.:

General support of its pro-gram of rehabilitationservice for ex-addicts andex-offenders throughindividual counseling,education and supportwork projects . . .

Total Civic Programsand Community Services

$ 100,000 $

100,000

$ 100,000

50,000 50,000

100,000 100,000

- 120,000 50,000 70,000

- 10,000 10,000

$ 817,000 $ 1,010,000 $ 1,504,000 $ 323,000

19

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

20

CONSERVATION

Conservation Foundation, Inc.,Washington, D.C.:

General support of theFoundation's research andeducational activities inthe field of naturalresources. $ 125,000 $ $ 75,000 $ 50,000

National Audubon Society,New York, N.Y.:

General support of itsvaried activities in the con-

servation field . ...

National Park Foundation,Washington, D.C.:Toward the purchase of

additional acreage on

Cumberland Island,Georgia, to be established as

a National Seashore

Smithsonian Institution,Washington, D.C.:

Support of its land acquisitionprogram at the ChesapeakeBay Center for Environ-mental Studies . .

Student ConservationAssociation, Inc.,

Vashon, Wa.:General support of studentconservation program inthe National Parks .

90,000

683,300

50,000 40,000

683,300

- 100,000 100,000

10,000 10,000 -

Total- Conservation $ 898,300 $ 110,000 235,000 $ 773,300

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

CULTURAL PROJECTS

Performing Arts

American Place Theatre, Inc.,New York, N.Y.:

For general support . $

American Puppet ArtsCouncil, Inc.,New York, N.Y.:


American Shakespeare FestivalTheatre and Academy,Stratford, Ct.:

General support of theTheatre's presentations andeducational programs .

$ 50,000 $ 25,000 S 25,000

5,000

66,000

Chelsea Theatre Center, Inc.,Brooklyn, N.Y.:Toward capital improvements

in the Theatre'sManhattan Annex .

Circle in the Square, Inc.,New York, N.Y.:


City Center of Musicand Drama, Inc.,New York, N.Y.:

Support of program to pro-vide discount-priced or

free tickets to studentsand to underprivilegedchildren


50,000

5,000

66,000

15,000 15,000

50,000 25,000 25,000

25,000 25,000150,000 75,000 75,000

Clarion Music Society, Inc.,New York, N.Y.:

General support of its con-cert programs - * 5,000

21

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

5,000

22

CULTURAL PROJECTSPerforming Arts (continued)

Educational BroadcastingCorporation,New York, N.Y.:'Toward production of a

pilot film in its series onthe lives of John Adamsand his descendants . . $ 150,000 $ 150,000 $

Meri Mini Players Company, Inc.,New York, N.Y.:Toward cost of equipment

and for certain alterationsto the Company's per-forming space . .7.,.

Metropolitan OperaAssociation, Inc.,New York, N.Y.:


National Endowment for theHumanities,Washington, D.C. :2

For production of a tele-vision series by EducationalBroadcasting Corporationdepicting the history of ourcountry from 1750 to 1900as seen through the livesof John Adams and hisdescendants.

New York Shakespeare Festival,New York, N.Y.:

Support of program of freetheatre presentations inCentral Park, and for itsMobile Theatre program .

100,000 100,000

750,000 750,000

25,000 25,000

I See also National Endowment for the Humanities, p. 222See also Educational Broadcasting Corporation, p. 22

UL paidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

7,5007,500

CULTURAL PROJECTS

Performing Arts (continued)

New York Shakespeare Festival,New York, N.Y.:

(continued)Support of its programs at the

Vivian Beaumont andForum Theatres atLincoln Center . .

Opera Association ofNew Mexico,Santa Fe, N.M.:

For general support . .

Opera Orchestra ofNew York, Inc.,New York, N.Y.:

General support of theOrchestra which offers a

program of operas inconcert form .

Philharmonic-Symphony Societyof New York, Inc.,New York, N.Y.:


Endowment fund . . . .

$ 100,000 $ 100,000 $

25,000 25,000

5,000 5,000

- 75,000 75,000500,000 500,000

Roundabout TheatreCompany, Inc.,New York, N.Y.:

For general support . . .

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

the International Centrefor Theatre Research whilein residence at the BrooklynAcademy of Music .

30,000 15,000 15,000

25,000 25,000

23

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

24

CULTURAL PROJECTSPerforming Arts (continued)

Theatre for the Forgotten, Inc.,New York, N.Y.:

General support of its pro-gram of theatrical pro-

ductions and workshopsfor inmates of prisons andcorrectional institutions

Washington Drama Society, Inc.,Washington, D.C.:

General support of the ArenaStage, a repertory companyproducing classics andnew work .

Subtotal

$ $ 4,000 $ 4,000 $ -

100,000 50,000 50,000$ 241,000 $ 2,046,500 $ 2,072,500 $ 215,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

CULTURAL PROJECTSMuseums

American Museum ofNaturat History,New York, N.Y.:


Toward capital funds drive.$

Brooklyn Institute ofArts and Sciences,Brooklyn, N.Y.:To assist the Brooklyn

Children's Museum toequip its new museumbuilding.

Hot Jazz Society, Inc.,New York, N.Y.:Toward the renovation of

the New York JazzMuseum building .

Metropolitan Museum of Art,New York, N.Y.:To establish "The AndrewW. Mellon Fund" .

Museum of Modern Art,New York, N.Y.:

For endowment .

$ 25,000 $ 25,000 $

- 500,000 500,000

100,000 100,000

4,000 4,000 -

1,000,000 1,000,000 -

750,000 750,000 -

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

Support of its sponsoredresearch projects atCarnegie-Mellon Universityrelative to the preservationof paintings .

Support of sponsored researchprojects at Carnegie-MellonUniversity applyingtechniques of nuclearscience to the problem ofart identification . .

83,000 83,000

62,960 64,030

25

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

126,990

26

CULTURAL PROJECTSMuseums (continued)


(continued)A. W. Mellon Lectures in

the Fine Arts ....

Toward completion of theGallery's building program

South Street Seaport Museum,New York, N.Y.:Toward restoration of the

ship WAVERTREE

Virginia Historical Society,Richmond, Va.:Toward endowment to

support a curatorship ofrare books on the Society'slibrary staff

Whitney Museum ofAmerican Art,New York, N.Y.:

Support of its college-leveleducational programs at theMuseum's Art ResourcesCenter.

Subtotal

Other Cultural Projects

American Horticultural Society,Mount Vernon, Va.:

General support of theSociety's program to pro-mote American horticulture

$ 20,000 $ $ 10,000 $ 10,000

5,000,000 5,000,000

100,000 100,000

(~p

\~V100,000 100,000

20,000 10,000 10,000

$ 249,990 $ 7,579,000 $ 2,744,960 $ 5,084,030

200,000 200,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

CULTURAL PROJECTSOther Cultural Projects

(continued)

American School of ClassicalStudies at Athens, Greece:To complete excavation of theAgora of Athens, subjectto matching requirements $ 450,000 $ $ 450,000

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

General support of its pro-grams to encourage thedevelopment of the arts inthe United States andCanada

Association of American DanceCompanies, Inc.,New York, N.Y.:

General support of thisnational service agency fordancers and dancecompanies 20,000 10,000 10,000

Bloomingdale House ofMusic, Inc.,New York, N.Y.:To assist this community

music school in renovatingits new building .

Brooklyn Arts and CultureAssociation, Inc.,Brooklyn, N.Y.:To assist this arts council in

purchasing lighting andsound equipment for use

in community art programs

10,000 10,000

10,000 10,000

27

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

20,000 20,000

28


(continued)

Children's Art Carnival,New York, N.Y.:To assist the Carnival, a

community-based creativeart educational facility,in renovating and furnishingits new facility . . . . $

Corporation for PublicBroadcasting,New York, N.Y.:Toward the cost of producing

a television program on an

exhibition of works of artfrom the Soviet Unionpresented at the NationalGallery of Art .

Faculty-Student Association ofState University College atOneonta, Inc.,Oneonta, N.Y.:To establish a revolving loan

fund to assist graduatestudents in the Conservationof Historic and ArtisticWorks program atCooperstown to meet theireducational and studyexpenses.

Harvard University,Cambridge, Ma.:Dumbarton Oaks ResearchLibrary and Collection,Washington, D.C.Support of a program of

restoration andpreservation at theMonastery of Hilandari,on Mt. Athos, Greece .

- $ 25,000 $ 25,000 $

50,000 50,000 -

-1150,000 150,000

15,000 15,000 t'

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973


(continued)

Harvard University,Cambridge, Ma.: (continued)Fogg Art MuseumTo cover the salary of a

Science Associate, andtoward the purchase oflaboratory equipment . $ $ 107,350 $ 107,350 $

Peabody Museum ofArchaeology and EthnologyTo support research work on

the control ofinternational trade inartistic and archaeologicaltreasures 7,000

Intermuseum ConservationAssociation,Oberlin, Oh.:Toward the development of

facilities to support itstraining program in artconservation. - 200,000 200,000

International Theatre Instituteof the United States, Inc.,New York, N.Y.:

General support of the Institutewhich provides a liaisonservice between Americantheatre and theatre visitorsfrom abroad

New York Botanical Garden,Bronx, N.Y.:Toward publication costs ofVolume 6: "Wild Flowersof the United States- TheCentral Mountains andPlains," one of a series ofpublications on wild flowersin the United States .

45,000 15,000 30,000

67,000 66,000

29

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

7,000

133,000

30


(continued)

New York Public Library atLincoln Center,New York, N.Y.:To assist the Dance Collection

of the Library & Museumof the Performing Arts inestablishing an oral historyprogram.

New York Studio School ofDrawing, Painting andSculpture, Inc.,New York, N.Y.:Toward retirement of mort-

gage on its building

North Carolina School of theArts Foundation, Inc.,Winston-Salem, N.C.:Toward the cost of renovation

of the educational andperformance facilities of theNorth Carolina School ofthe Arts ......

Smithsonian Institution,Washington, D.C.:To support the Oral HistoryProgram of the Archivesof American Art, a bureauof the Institution . . .

Society of the Third StreetMusic School Settlement, Inc.,New York, N.Y.:To assist this community

music school in its NewBuilding and ProgramDevelopment Fund .

$ 15,000 $ 15,000 $

100,000 100,000

50,000 50,000

15,000 15,000

50,000 50,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973


(continued)

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

General support of its programto enlarge the potentialaudience for the theatre bymaking low-cost ticketsavailable to persons whomight otherwise notattend. $ 30,000 $ - $ 30,000 $

University of Delaware,Newark, De.:Toward the development of

a conservator training pro-gram to be conducted bythe University and theWinterthur Museum

University of Minnesota,Minneapolis, Mn.:

Support of the work of theOffice for Advanced DramaResearch in assisting newplaywrights.

Subtotal $

Total- Cultural Projects $ 4

- 200,000 200,000

60,000

$ 1,759,350

$11,384,850

30,000

$ 1,176,350

$ 5,993,810

31

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

30,000

$ 786,000

S 6,085,030

32

EDUCATION

American Academy of Artsand Sciences,Boston, Ma.:To support planning and

development studies for theproposed establishment ofa national humanitiescenter .$... . . -

-\v. ut American Association ofTheological Schools,Vandalia, Oh.:

Support of a study grantsprogram for faculty andstaff of member theologicalschools .

American Council ofLearned Societies,New York, N.Y.:To help maintain and operate

the Universities ServiceCenter in Hong Kong .

Support of scholarly projectsof its Committee on Studiesof Chinese Civilization .

$ 25,000 $ 25,000 $

450,000 150,000 300,000

.S100,000 50,000 50,000

25,000 25,000

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

Support of program ofseminars for collegepresidents and othercollege officers . . . 75,000 25,000 50,000

7 t* American Library Association,*Chicago, II.:

Support of an AcademicLibrary Internship Programfor administratois ofpredominantly blackcollege libraries . 350,000 61,450 288,550

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

'I

EDUCATION (continued)

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

Support of the Socie'ty's workin the arts and humanities $

Aspen Institute forHumanistic Studies,Aspen, Co.:

Support of a fellowship pro-gram for young facultymembers and postdoctoralstudents from thehumanities departments ofuniversities in Aspenprograms.

Association of AmericanColleges, Inc.,Washington, D.C.:

Support of its Commissionon Liberal Learning

( Atlanta University,School of Library Service,Atlanta, Ga.:

Support of a fellowship pro-

gram to train librarians inpredominantly black collegelibraries to motivate studentsand faculty to utilizelibrary resources .

Atlantic Institute forInternational Affairs,Washington, D.C.:Toward support of the library

programs of the Institutein Paris, France .

50,000 $ $ 50,000 $

150,000 50,000 100,000

20,000 20,000

165,000 55,000 110,000

120,000 40,000 80,000

33

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

(V

34


Boston Theological Institute,Cambridge, Ma.:

For support of its librarydevelopment program tocentralize libraryacquisitions for itsmember theologkcal schools $ 25,000 $ $ 25,000 $ -

Boston University,Boston, Ma.:To endow "The Andrew W.

Mellon Professorship in theHumanities".

Carnegie-Mellon University,Pittsburgh, Pa.:Toward cost of renovating

existing space for itsCollege of Fine Arts

750,000 750,000

500,000 500,000

Catalyst, Inc.,New York, N.Y.:

General support of theorganization which assistseducated women desirousof combining familyresponsibilities and outsideemployment. 30,000 30,000

Chinese University ofHong Kong, Hong Kong:

Support of its Chinese StudiesProgram.

Claremont University Center,Claremont, Ca.:To endow "The Andrew W.

Mellon All-ClaremontProfessorship in theHumanities".

- 300,000 100,000 200,000 7

- 750,000 750,000 -

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

t11)

- 9>


Columbia University,New York, N.Y.:To increase its library

resources in support ofEast Asian studies .

Operating support for itsResearch Institute onCommunist Affairs .

Cornell University,Ithaca, N.Y.:To increase its library


Dartmouth College,Hanover, N.H.:To assist the University Press

of New England in theconstruction of a

distribution and warehousecenter.

Duke University,Durham, N.C.:To endow "The Andrew W.Mellon Professorship inthe Humanities"

Emory University,Atlanta, Ga.:To endow "The Andrew W.

Mellon Professorship inthe Humanities" . ...

Graduate Theological Union,Berkeley, Ca.:

For general support

- $ 200,000 $ 200,000 $

150,000 150,000 1j)

- 150,000 150,000 -

- 75,000 75,000

- 750,000 750,000

- 750,000 750,000 -

50,000 50,000

35

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

100,000

36


Harvard University,Cambridge, Ma.:To endow "The Andrew W.

Mellon Professorship inthe Humanities"

To increase its libraryresources in support ofEast Asian studies .

Fellowship support at theHarvard University Centerfor Italian RenaissanceCulture at I Tatti,Florence, Italy . ...

A'$

$ 750,000 $ 750,000 $

02,0200,000 200,000

45,000

Henry Street Settlement,New York, N.Y.:

For support of itsChildren's School

15,000 30,000

60,000 40,000 20,000 '3

Institute for EducationalManagement,Cambridge, Ma.:

For general support of theInstitute's programs

designed to improve thequality of educationalmanagement in institu-tions of higherlearning

-lCC Interdenominational TheologicalCenter,Atlanta, Ga.:To endow a professorship

in theology .....

International Council on theUniversity Emergency, Inc.,New York, N.Y.:Toward expenses of confer-

ence on "The Crisis ofthe University" .

25,000 25,000

- 500,000 500,000

10,000 10,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973


Johns Hopkins University,Baltimore, Md.:To endow "The Andrew W.

Mellon Professorship inthe Humanities" .

Loyola University of Chicago,Chicago, II.:To strengthen the study of

liberal education,particularly for career-

focused students

Manhattanville College,Purchase, N.Y.:To help the faculty and

administration encourage

women's growing career

aspirations

Marquette University,Milwaukee, Wi.:To strengthen the influence

of liberal arts studies,particularly for career-

focused students

Mary Baldwin College,Staunton, Va.:To help the faculty and

administration encouragewomen's growing career

aspirations

Marymount Manhattan College,New York, N.Y.:To help the faculty and



aspirations

$ 750,000 $ 750,000 $ -

500,000 500,000

100,000 100,000

500,000 500,000 -

- 75,000 75,000

75,000 75,000 -

37

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

38


Massachusetts Institute ofTechnology,Cambridge, Ma.:To endow "The Andrew W.

Mellon Professorship inthe Humanities" $ - $ 750,000 $

Middlebury College,Middlebury, Vt.:

For support of its ChineseSummer School and Japa-nese Summer School

Mount Holyoke College,South Hadley, Ma.:To help the faculty and



aspirations

National Academy of Sciences,Washington, D.C.:

For support of the NationalBoard on GraduateEducation

National Endowment for theHumanities,Washington, D.C.:

For support of the FourthInternational Congress on

the Enlightenment to beheld at Yale Universityin 1975 ......


Fellowships for training ofmuseum curators

750,000 $

a..25,000 25,000

100,000 100,000

100,000 50,000 50,000

40,000 40,000

24,000 24,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

48,000


North Carolina CentralUniversity,Durham, N.C.:

For support of its libraryeducation program . $ $ 150,000 $ 50,000 $ 100,000

Northeastern University,Boston, Ma.:To strengthen the study of

liberal education, particu-larly for career-focusedstudents

Pace University,New York, N.Y.:To attract women to the

University's two-yearM.B.A. program

Polytechnic Institute ofNew York,Brooklyn, N.Y.:To strengthen its liberal

arts curriculum andfaculty

355,000 355,000

- 270,000 270,000

- 475,000 475,000

Princeton TheologicalSeminary,Princeton, N.J.:

For support of Center ofContinuing Educationfor ministers 150,000 50,000 100,000

Princeton University,Princeton, N.J.:To increase its library

resources in support ofEast Asian studies . - 150,000 150,000

39

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

40


Rice University,Houston, Tx.:To endow "The Andrew W.

Mellon Professorship inthe Humanities"

Salzburg Seminar in AmericanStudies, Inc.,Cambridge, Ma.:

General support of theSeminar which providesopportunity for Europeansto learn about Americaninstitutions

Simmons College,Boston, Ma.:To help the faculty and

administration encouragewomen's growing career

aspirations

$ $ 750,000 $ 750,000 $

20,000 20,000

- 100,000 100,000

Southeastern Library Network,Inc.,Atlanta, Ga.:To assist in the development

and initial operations ofthe Network in establish-ing an effective librarynetwork facilitatingcooperative use of libraryresources. - 600,000

-0-0

600,000"'I

Stanford University,Stanford, Ca.:To increase the library

resources at its HooverLibrary in support of EastAsian studies - 150,000 150,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973


Toronto School of Theology,Toronto, Ontario, Canada:To assist in the development

of single integrated andcentralized theologicallibrary facilities andservices $ $ 125,000 $ 62,500 $ 62,500

University Centers for RationalAlternatives, Inc.,New York, N.Y.:

For support of conferenceon contemporary liberalarts education .... 25,000

University of British Columbia,Vancouver, British Columbia,Canada:To increase its library

resources in support ofEast Asian studies

University of California,Berkeley,Berkeley, Ca.:To increase its library


University of California,Los Angeles,Los Angeles, Ca.:

General support of theBlack Law Journal,a publication of itsSchool of Law .

University of Chicago,Chicago, II.:To increase its library


75,000

25,000 -

75,000

200,000 200,000 -

25,000 25,000

150,000 150,000

41

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

42


University of Michigan,Ann Arbor, Mi.:To increase its library


To support the William L.Clements Library programin the History ofDiscoveries

University of Toronto,Toronto, Ontario, Canada:To increase its library


University of Washington,Seattle, Wa.:To increase its library


Virginia Foundation forIndependent Colleges,Lynchburg, Va.:To support its program of

developing financial aidfrom the business com-

munity for its membercolleges

Virginia Union University,Richmond, Va.:To endow a professorship

in theology at its Schoolof Theology . . .

$ $ 150,000 $ 150,000 S

- 180,000 180,000

75,000 75,000

- 150,000 150,000

250,000 83,334 166,666

- 400,000 400,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973


Wesleyan University,Middletown, Ct.:To assist in the construction

of a new college librarybuilding, conditional onother funding .

Yale University,New Haven, Ct.:To increase its library


To fund the Bollingen Prizein Poetry ......

Exchange Fellowships withClare College,Cambridge, England

Total- Education

$ -- $ 750,000 $

150,000 150,000

- 100,000 100,000

142,750

$ 855,750

62,250

$16,037,250

62,250

$13,318,534

43

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

$ 750,000

t t'

142,750

$ 3,574,466

44

HEALTH AND MEDICINEEducation in the Health Sciences

American Fund for DentalEducation Inc.,Chicago, II.:

Support of scholarshipprogram for minoritydental students . . . $ 25,000 $

Case Western ReserveUniversity,Cleveland, Oh.:To provide fellowship funds

for its School of Medicinein support of selectedyoung teachers andresearchers working inthe basic medicalsciences

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

for its College of Physiciansand Surgeons in supportof selected young teacbersand researchers workingin the basic medicalsciences

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

for the Cornell MedicalCollege in support ofselected young teachersand researchers workingin the basic medicalsciences

$ 25,000 $

200,000 200,000

- 450,000 450,000

275,000 275,000

UnpaidJan. 1,1973

Ajppro-priated Paid

UnpaidDec. 31,1973


(continued)

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


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

for the Harvard MedicalSchool in support ofselected young teachersand researchers workingin the basic medicalsciences

Howard University,Washington, D.C.:To establish a revolving loan

fund at its College ofMedicine for the recruit-ment of new faculty, andto encourage researchactivities on the partof selected facultymembers.

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


$ $ 325,000 $ 325,000 $

450,000 450,000

350,000 350,000

450,000 450,000

45

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

46


(continued)

Medical College ofPennsylvania,Philadelphia, Pa.:To assist in its facilities

expansion program .

National Medical Fellowships,Inc.,Downers Grove, II.:

Support of its scholarshipprogram for minority medi-cal students .

$ 225,000 $

150,000 -

225,000 $

75,000 75,000

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


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


Syracuse University,Syracuse, N.Y.:Toward construction of a new

School of Nursing .

275,000 275,000

325,000 325,000 -

100,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

100,000


(continued)

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

for its Pritzker School ofMedicine in support ofselected young teachersand researchers workingin the basic medicalsciences

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

for its School of Medicinein support of selectedyoung teachers andresearchers working inthe basic medicalsciences . .

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

for its School of Medicineand Dentistry in supportof selected young teachersand researchers workingin the basic medicalsciences

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

for its Medical Schoolin support of selectedyoung teachers andresearchers working inthe basic medicalsciences

$ $ 325,000 $ 325,000 $

200,000 200,000

200,000 200,000

200,000 200,000

47

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

48


(continued)

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

for its School of Medicinein support of selectedyoung teachers andresearchers working inthe basic medicalsciences $ $ 200,000 $ 200,000 $ -

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


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

for the Albert EinsteinCollege of Medicine insupport of selectedyoung teachers andresearchers working inthe basic medicalsciences 200,000

Subtotal $ 275,000 $ 4,975,000

Other Grants for Healthand Medicine

Human Resources Center,Albertson, N.Y.:To assist in the development

of a computer center forthe training of the disabledand retarded .

200,000

$ 5,075,000 $ 175,000

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

- 325,000 325,000

S 100,000 $$ 100,000 s

49

HEALTH AND MEDICINEOther Grants for Health and Unpaid UnpaidMedicine (continued) Jan.1, priated Paid 31,

Manhattan Eye, Ear and ThroatHospital,New York, N.Y.:Toward construction of anew hospital building . $ 150,000 $ - $ $ 150,000

Planned Parenthood Federationof America, Inc.,New York, N.Y.:

General support of itsCenter for Family PlanningProgram Development . 66,000 - 66,000

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

For general support . . . 50,000 - 50,000

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

General support of theCouncil which serves asa clearing house for infor-mation in the field ofpopulation studies . . . 300,000 150,000 150,000

Subtotal $ 366,000 S 300,000 S 366,000 $ 300,000Total- Health and Medicine $ 641,000 S 5,275,000 $ 5,441,000 $ 475,000

50

YOUTH PROGRAMS

Big Brothers, Inc. of New YorkCity,New York, N.Y.:Toward cost of renovations

at two of its centers

Girls Clubs of America, Inc.,New York, N.Y.:Program support of this

national organization whichprovides the overallleadership, training andgeneral direction for itslocal clubs .

UnpaidJan. 1,1973

Appro-priated Paid

UnpaidDec. 31,1973

$ 10,000 $ 10,000 $ -

25,000

Young Life Campaign,Colorado Springs, Co.:

Support of renovation projectat Saranac Village, YoungLife's northeastern camp .

Young Women's ChristianAssociation of the City ofNew York,New York, N.Y.:

Support of jointYMCA-YWCA summercamp program .

Total- Youth Programs

Grand Totals

$ 25,000

$3,931,040

15,000 10,000

10,000 10,000

15,000

$ 35,000

$33,852,100

15,000

$ 50,000

$26,542,344

$ 10,000

$11,240,796

Financial Statements

53

OPINION OF INDEPENDENT ACCOUNTANTS

To the Board of Trustees ofThe Andrew W. Mellon Foundation

In our opinion, the accompanying statements of net assets and principal andinvestment securities resulting from cash transactions and the related statements ofincome collected and expenses disbursed and changes in principal present fairly theassets and principal of The Andrew W. Mellon Foundation at December 31, 1973resulting from cash transactions, and the income collected and expenses disbursed andchanges in principal for the year then ended, and are presented on a basis consistentwith that of the preceding year. Our examination of these statements was made inaccordance with generally accepted auditing standards and accordingly included suchtests of the accounting records and such other auditing procedures as we considerednecessary in the circumstances, including confirmation of cash and securities ownedat December 31, 1973 by correspondence with the depositaries.

PRICE WATERHOUSE & CO.

60 Broad StreetNew York, N.Y. 10004March 14, 1974

54


Statement of Net Assets and Principal Resulting fromCash TransactionsDecember 31, 1973

Net Assets

Investments, at fair market value at dates of acquisition or at cost:Bonds and notes, less premium amortization.Stocks.

Total investment securities (approximatemarket value of $633,524,000) .

Interest in coal properties .Total investments .

CashInterest purchased .Office building, at cost, less accumulated depreciation of $55,000Land, Washington, D. C., at cost (Note 3) .Deposit relating to proposed sale of land (Note 3).

PrincipalAppropriated for unpaid grants, payable in later years .

Unappropriated balance .

. $189,482,531424,790,008

. 614,272,5391,283,705

. 615,556,244186,909176,455695,000311,952

(140,000)$616,786,560

$ 11,240,796. 605,545,764$616,786,560

55


Statement of Income Collected and Expenses DisbursedFor the Year Ended December 31, 1973

Income collected:

Dividends .Interest on bonds and notes, less amortization

of premiums of $35,346Income received from trust (Note 2) .Net income from coal properties.

Total income collected.

Expenses disbursed:

Federal excise tax on prior years' income .

Salaries and provision for employees' pensions.Investment advisory and custody fees .

Other administrative and office expenses includingmaintenance and depreciation of office building

Total expenses disbursed .

Excess of income collected over expenses c

........ . . . .... 1,289,191........ . . . .... 396,643........ . . . .... 362,183

277,516........ . . . .... 2,325,533

lisbursed. . . $33,265,101

......... . . . . ... $22,103,829......... . . . .... 12,354,141......... . . . . ... 810,698......... . . . . ... 321,966......... . . . .... 35,590,634

56


Statement of Changes in PrincipalFor the Year Ended December 31, 1973

Balance at beginning of year . . . . . . . . . . . . . . $604,162,932Excess of income over expenses, per attached statement . . . . . 33,265,101Net gain on sales of securities . . . . . . . . . . . . . 5,900,871Grants paid . . . . . . . . . . . . . . . . . . . (26,542,344)

Balance at end of year . . . . . . . . . . . . . . . . . $616,786,560

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1973

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

disbursements except that depreciation expense and amortization of bond premiums arerecorded in the accounts. Accrued investment income and accrued excise tax not recordedtotaled approximately $3,906,000 and $1,372,000, respectively, at December 31, 1973. Otheritems of income and expense not included in the statements are not significant.NOTE 2:

The Foundation has the remainder interest in a trust established by the late AilsaMellon Bruce during her lifetime and is residuary legatee under her will. Pursuant to thetrust instrument, cash totaling $810,698, which represented income received by the trust,was distributed to the Foundation during the year. No other principal amounts were receivedin 1973, although additional trust and estate distributions may be received in the future.NOTE 3:

In March 1972 the Foundation agreed to sell, subject to certain conditions, its Wash-ington, D. C. property for $1,400,000. If the sale is not consummated, the Foundation maybe required to refund the deposit of $140,000.

57


Investment SecuritiesDecember 31, 1973

PrincipalBonds and Notes: Amount

U. S. Treasury Bills due March 7, 1974 . $1,040,000

Other U.S. Government obligations:Federal Home Loan Banks

7.15%, May 26, 1997 . . . . . 2,000,000Federal National Mortgage Association

71/2 %, September 10, 1980 . . . 3,000,000

Total U. S. Government obligations .

ApproximateBook Value Market Value

$ 1,019,989 $ 1,020,000

2,010,281 1,845,000

3,018,571 3,034,000

5,028,852 4,879,000

6,048,841 5,899,000

Commercial paper:Beneficial Corp.

91/4%, January 14, 1974C.I.T. Financial Corp.

8½/2%, January 18, 197491/2%, January 25, 197481/2%, February 25, 1974

Ford Motor Credit Co.93/4 %, January 4, 1974

General Electric Credit Co.9.85%, January 18, 1974

Morgan Guaranty Trust Co.97/8 %, January 7, 197410%, January 7, 1974 .91/2%, January 28, 1974

J. C. Penney Financial Corp.93/4 %, January 4, 1974

Sears, Roebuck Acceptance Corp.9.5 5%, January 14, 1974

Westinghouse Credit Corp.95/8%, January 11, 1974

Total commercial paper

1,000,000

400,000350,000200,000

977,646

391,783'347,414195,797

978,000

392,000347,000196,000

. 1,060,000 1,060,000 1,060,000

. 2,150,000 2,133,529 2,133,000

. 3,900,000

. 4,200,000

. 1,900,000

585,000

200,000

3,900,0004,200,0001,900,000

585,000

196,870

500,000 500,000

. . . . 16,388,039

3,900,0004,200,0001,900,000

585,000

197,000

500,000

16,388,000

BONDS AND NOTES (continued)Corporate and other:

Public utility:

PrincipalAmount

American Telephone & Telegraph Co.61/2%, December 1, 1979 . . . 2,000,0007%, February 15, 2001 . . . 4,000,000

Bell Telephone Co. of Canada4.85%, September 1, 1995 . . . 500,0006.90%, September 17, 1998 250,000

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

Consumers Power Co.85/8%, February 1, 2003 . . . 2,500,000

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

Illinois Bell Telephone Co.6%, July 1, 1998 . . . . . . 3,000,000

International Telephone &Telegraph Corp.8.90%, October 1, 1995 . . . 2,000,000

Louisville Gas & Electric Co.814 %, August 1, 2001 . . . . 500,000

Michigan Bell Telephone Co.85/8%, February 1, 2010 . . . 3,250,000

Mountain States Telephone &Telegraph Co.8%, October 1, 2009 . . . . 2,000,000

New Jersey Bell Telephone Co.65/8 %, April 1, 2008 . . . . 1,500,00073/4%, September 1, 2013 . . . 1,000,000

Ohio Edison Co.81/4 %, September 1, 1999 . . . 1,900,00081/8%, September 1, 2003 . . . 2,500,000

Oklahoma Gas & Electric Co.63Y8%, January 1, 1998 . . . 3,000,00071/8 %, January 1, 2002 . . . 1,000,000

ApproximateBook Value Market Value

1,933,020 1,925,0003,765,235 3,640,000

500,000250,000

335,000220,000

3,059,481 3,112,000

1,718,320462,085

1,002,881

1,660,000421,000957,000

2,560,313 2,603,000

1,196,297 1,135,000

1,484,975 1,534,000

1,906,070 1,815,000

2,547,295 2,419,000

2,166,068 2,100,000

534,375 522,000

3,334,213 3,384,000

1,920,185 2,000,000

1,376,425 1,286,000966,250 974,000

1,884,628 1,928,0002,534,048 2,525,000

2,709,840 2,531,000972,920 919,000

58

BONDS AND NOTES (continued)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

. 2,500,000

. 1,000,000

. 3,000,000

. 2,000,000

. 2,000,000

Industrial and other:Abbott Laboratories

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

73/4 %, March 15, 2001 . . . . 3,000,000American Cyanamid Co.

73/8%, April 15, 2001 . . . . 4,000,000Associated Dry Goods Corp.

71/8 %, February 1, 1996 . . . 2,000,000Beneficial Corp.

71/2%, May 15,1998 . . . . 2,000,0007.45%, February 1, 2000 . . . 2,000,000

Bethlehem Steel Corp.67 %, March 1, 1999 . . . . 2,800,000

Caterpillar Tractor Co.67A8%, June 1, 1992 . . . . . 2,200,000

C.I.T. Financial Corp.75/8%, December 1, 1981 . . . 2,500,000

Consolidated Foods Corp.73/8%, November 1, 1996 . . . 4,000,000

Corn Products Co.5 3/4 %, August 15, 1992 . . . 4,000,000

Deere & Co.5.40%, February 15, 1992 . . . 500,000

Dow Chemical Co.6.70%, June 1, 1998 . . . . 2,000,000

Federated Dept. Stores, Inc.71/8%, May 15, 2002 . . . . 2,000,00083/8%, September 15, 1995 . . 2,000,000

59

Principal ApproximateAmount Book Value Market Value

2,425,000

968,020

3,045,893

2,000,000

1,884,560

51,108,397

996,250

3,040,302

3,947,500

1,913,750

1,917,3802,011,830

2,479,092

1,967,286

2,505,859

3,940,000

3,466,625

500,000

1,899,128

1,977,5002,022,883

2,422,000

919,000

3,052,000

1,900,000

1,750,000

49,988,000

977,000

2,940,000

3,925,000

1,852,000

1,897,0001,880,000

2,572,000

2,046,000

2,509,000

3,860,000

3,350,000

392,000

1,780,000

1,867,0002,057,000

60

Principal ApproximateBONDS AND NOTES (continued) Amount Book Value Market Value

Ford Motor Co.81/8%, January 15, 1990 . . . 2,000,000 1,988,178 2,040,000

Ford Motor Credit Co.71/2%, November 15, 1991 . . 2,000,000 1,996,875 1,920,000

General Electric Co.71/2%, March 15, 1996 . . . . 5,000,000 5,044,750 4,937,000

General Motors Accept. Corp.71/8%, December 1, 1990 . . . 1,500,000 1,360,540 1,399,00073/4%, October 1, 1994 . . . 3,000,000 2,989,881 2,947,000

H. J. Heinz Co.71/4%, August 1, 1997 . . . . 2,000,000 2,000,000 1,885,000

Hershey Foods Corp.71/4%, November 1, 1997 . . 2,430,000 2,430,000 2,336,000

Household Finance Corp.71/4%, January 1, 1990 . . . 1,300,000 1,219,135 1,212,00071/2%, August 1, 1995 . . . . 1,500,000 1,478,315 1,427,000

Inland Steel Co.61/2%, December 1, 1992 . . . 1,000,000 862,500 875,000

Inter-American Development Bank85/8%, October 1, 1995 . . . . 3,000,000 3,294,457 3,120,000

International Bank for Reconstructionand Development57/8%, September 1, 1993 . . . 2,500,000 1,950,000 2,025,00063/8%, October 1, 1994 . . . 2,000,000 1,703,500 1,705,00085/8%, August 1, 1995 . . . . 2,000,000 2,000,000 2,090,00081/2%, August 1, 1996 . . . 1,500,000 1,480,770 1,511,000

International Nickel Co.6.85%, April 1, 1993 . . . . 3,000,000 2,664,208 2,655,000

Kimberly-Clark Corp.57/8%, September 1, 1991 . . . 3,000,000 2,500,800 2,539,000

Kraftco Corp.67/8%, April 1, 1996 . . . . 3,000,000 2,944,375 2,812,000

Nabisco, Inc.73/4%, May 1, 2001 . . . . . 4,000,000 4,012,052 3,980,000

New England MutualLife Insurance Co.73/8%, April 1S, 1997 . . . . 2,000,000 1,972,990 1,867,000

Owens-Corning Fiberglas Corp.67/8%, February 1, 1994 . . . 1,000,000 915,590 921,000

Owens-Illinois, Inc.75/8%, April 1, 2001 . . . . 2,000,000 1,981,330 1,927,000

J. C. Penney Financial Corp.77,8%, September 15, 1991 . . 4,150,000 4,177,870 4,020,000

61

BONDS AND NOTES (continued)

Pittsburgh Plate Glass Co.5S/g%, August 1, 1991 .

Procter & Gamble Co.7%, May 15, 2002.

Province of Ontario83/8%, September 1, 1999

Quaker Oats Co.7.70%, June 15, 2001 .

Ralston Purina Co.7.70%, March 15, 1996

G. D. Searle & Co.71/2%, December 1, 1980 .

Sears, Roebuck & Co.63/8%, April 1, 1993

Standard Brands, Inc.73/4%,Mayl,2001 .....63/4 %, June 1, 1993.

Standard Oil Co. of California5 3/4 %, August 1, 1992 . .

Standard Oil Co. of Indiana6%, January 15, 1998 .

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

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

7.65%, July 15, 1994 . .

5.20%, May 1, 1991 . .

Total industrial and other

Principal ApproximateAmount Book Value Market Value

3,000,000

3,000,000

1,500.000

1,000,000

1,000,000

2,000,000

4,000,000

1,500,0001,500,000

2,000,000

1,750,000

3,000,0001,000,000

2,500,0001,000,000

2,548,030

2,970,000

1,457,736

960,000

1,007,337

2,006,611

3,773,162

1,520,8711,393,066

1,798,500

1,477,207

2,992,500987,500

2,491,2331,000,000

115,937,254

2,482,000

2,820,000

1,530,000

982,000

979,000

2,010,000

3,580,000

1,476,0001,365,000

1,670,000

1,468,000

2,940,0001,032,000

2,456,000791,000

113,635,000Total corporate and other . . 1167,045,651 163,623,000

62

Corporate Stock:Abrasives:Carborundum Co. .

Aluminum:Aluminum Co. of America

Automobile:Ford Motor Co. .

General Motors Corp. .

Banks:BankAmerica Corp.Chase Manhattan Corp.Citizens & Southern National BankMellon National Corp.

Building materials:United States Gypsum Co.Jim Walter Corp.Jim Walter Corp. $1.60 conv. pfd.

Chemicals:E. I. duPont de NemoursKoppers Co. .

Monsanto Co. .

Union Carbide Corp.

ApproximateShares Book Value Market Value

98,900 3,906,550 4,055,000

435,100 21,824,122

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

4,527,660

119,76015,00070,862

400,880

50,00080,00015,000;&Co.. . 4,300..... . . .. 69,200..... . ..... 2,900..... . . .. 47,000

Drugs:Bristol-Myers Co.Merck & Co.Schering-Plough Corp.SmithKline Corp.Upjohn Co.Warner-Lambert Co.

Electrical and electronic:Ampex Corp.General Electric Co.Hewlett-Packard Co.Honeywell, Inc. . -

Finance:C.I.T. Financial Corp.

20,00060,20050,00025,00050,00025,000

75,00095,00050,00021,000

2,764,903576,568531,810

20,795,65024,668,931

1,854,6242,297,434523,210

4,675,268

669,2561,560,200137,947

2,568,7754,936,178

1,402,0192,643,1221,432,8131,383,4621,132,466648,535

8,642,417

1,181,2503,454,8131,112,5001,979,3527,727,915

31,654,000

1,741,0003,387,0005,128,000

5,584,000848,000

1,382,00017,538,00025,352,000

869,0001,100,000289,000

2,258,000

684,0002,906,000158,000

1,604,0005,352,000

925,0004,861,0003,550,0001,250,0003,588,000934,000

15,108,000

291,0005,985,0004,044,0001,473,000

11,793,000

60,000 2,107,190

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

2,422,000

CORPORATE STOCK (continued)Foods:CPC International, Inc.General Foods Corp.General Mills, Inc. .

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

Office equipment:International BusinessMachines Corp. .

Rank Organisation, Ltd.Xerox Corp. .

Oil:Gulf Oil Corp. .

40,00050,00023,000

55,000123,75018,00060,000

32,152200,00062,973

1,646,3561,532,3691,192,4224,371,147

564,3504,259,053565,567

2,024,8107,413,780

1,773,5591,433,4434,764,1007,971,102

. ......10,213,709 265,161,392

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

Photography:Eastman Kodak Co. .

Retail:Sears, Roebuck & Co..

Rubber:B. F. Goodrich Co. .

209,300 7,087,59984,600 2,869,69160,000 1,299,32052,500 1,157,18754,000 1,104,82370,000 977,569

14,496,189

72,800 4,123,680

8,000 501,616

54,000 2,146,830

Steel:Hanna Mining Co. .National Steel Corp.

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

14,168,520

63


1,075,0001,187,0001,265,0003,527,000

1,691,0006,729,0003,672,0002,010,000

14,102,000

7,933,0001,550,0007,730,00017,213,000

241,299,000

10,884,0002,728,0001,072,0001,805,0003,199,0002,739,000

22,427,000

8,445,000

642,000

884,000

15,309,000756,000

16,065,000

64

CORPORATE STOCK (continued)Utilities:American Telephone& Telegraph Co.

Commonwealth Edison Co. .

Delmarva Power & Light Co.Florida Power & Light Co.Gulf States Utilities Co.Middle South Utilities, Inc.Northern Illinois Gas Co.Northern Indiana

Public Service Co.Northern Natural Gas Co.Southern California Edison Co.Texas Gas Transmission Corp.

Miscellaneous:American Hospital Supply Corp.Corning Glass Works .Dun & Bradstreet, Inc.Lubrizol Corp.Minnesota Mining & Mfg. Co. .

NL Industries, Inc.Sybron Corp.

50,00013,00055,00025,20054,000

106,00014,000

45,60025,00027,03215,000

21,00016,25036,00038,00050,00082,00015,000

Total corporatestock.

$614,272,539 $633,524,000


3,007,218670,422

1,444,447842,036

1,060,6192,422,009535,168

1,486,4971,238,608606,882492,677

13,806,583

314,1841,174,098744,312786,524

1,448,0292,641,084504,707

7,612,938424,790,008

2,506,000379,000756,000621,000776,000

1,789,000304,000

826,0001,213,000500,000364,000

10,034,000

822,0001,231,0001,161,0001,415,0003,900,000912,000413,000

9,854,000447,614,000

Total investment securities

The Andrew W Mellon Foundation · The Andrew W Mellon Foundation Report from January z z973 through...

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Transcript of The Andrew W Mellon Foundation · The Andrew W Mellon Foundation Report from January z z973 through...