ESSEX INSTITUTE ANNUAL REPORT April 1, 1974-March 31, 1975 OFFICERS (As of June 9, 1975) Richard S. West (1967), President Andrew Oliver (1971) , Senior Vice-President Peter B. Seamans (1972), Second Vice-President Edward C. Johnson, 3rd (1967) , Third Vice-President Albert Goodhue (1954) , Secretary Edward H. Osgood (1969) , Treasurer COUNCIL (As of May 20, 1975) Term expires 1976 Mrs. W. Benjamin Bacon (1972) W. Hammond Bowden (1955) Robert W. Lovett (1970) Robert S. Pirie (1973) Term expires 1977 J. Sanger Attwill (1953) Sargent Bradlee (1970) Ernest S. Dodge (1951) James R. Hammond (1968) Term expires 1978 Mrs. Bertram K. Little (1959) Peter B. Seamans (1972) Willoughby I. Stuart (1971) Charles S. Tapley (1949) Term expires 1979 Albert Goodhue (1954) Edward C. Johnson, 3rd (1967) Richard S. West (1967) David P. Wheatland (1955) Ex Officio Mrs. Emerson T. Oliver, Chairman, Ladies Committee (October 1973) (Dates after names indicate original election to Council) Annual Report Committees (As of May 20, 1975) 2 LADIES Mrs. Emerson T. Oliver, Chairman EXECUTIVE COMMITTEE, SPECIAL Andrew Oliver, Chairman Richard S. West Edward H. Osgood Albert Goodhue Bryant F. Tolies, Jr. FINANCE COMMITTEE, STANDING Willoughby I. Stuart, Chairman Edward C. Johnson, 3rd Edward H. Osgood Richard S. West LIBRARY COMMITTEE, STANDING Robert W. Lovett, Chairman W . Hammond Bowden Robert S. Pirie Charles S. Tapley PUBLICATIONS COMMITTEE, STANDING W. Hammond Bowden, Chairman Ernest S. Dodge Robert W. Lovett LEGAL COMMITTEE, SPECIAL Peter B. Seamans, Chairman Robert S. Pirie MUSEUM COMMITTEE, STANDING J. Sanger Attwill, Chairman Sargent Bradlee Edward C. Johnson, 3rd Albert Goodhue Andrew Oliver Peter B. Seamans MAINTENANCE COMMITTEE, SPECIAL James R. Hammond, Chairman Albert Goodhue, Co-Chairman J. Sanger Attwill David P. Wheatland Charles A. Steward DEVELOPMENT COMMITTEE, SPECIAL Richard S. West, Chairman Mrs. W. Benjamin Bacon Ernest S. Dodge Peter B. Seamans EDUCATION COMMITTEE, SPECIAL Albert Goodhue, Chairman Mrs. Stephen Phillips Peter B. Seamans Mrs. David P. Wheatland MEMBERSHIP AND PUBLIC RELATIONS COMMITTEE, SPECIAL Mrs. W. Benjamin Bacon, Chairman W. Hammond Bowden Richard S. West HONORARY CURATORS (As of May 20, 1975) Honorary Curator of Silver Honorary Curator of Costumes Honorary Curator of Dolls Honorary Curator of Essex County History Honorary Curator of Horticulture Martha Gandy Fales John R. Burbidge Madeline O. Merrill Samuel Chamberlain * Daniel J. Foley * Died January 10, 1975 Annual Report 3 I STAFF Bryant F. Bartlett H. Hayes David B. LIBRARY Mrs. Charles A. Potter, Librarian Miss Mary M. Ritchie, Assistant Librarian Mrs. Arthur R. Norton Reference Librarian * Mrs. Thomas L. Haggerty, Jr Manuscript Librarian * Miss Elizabeth J. Beston, * Marylou Birchmore, * Barbara Adams Blundell, Library Assistants * Christopher Hassell, Library Page Barbara Adams Blundell^ Boston University American Studies Scholar Charles A. Hammond, National Endowment for the Humanities Library Fellow EDUCATION * Mrs . Alvin Shutzer MAINTENANCE Ray K. Moore, Superintendent Wilfred J. Pelletier, Louis F. Tellier,^ Assistant Superintendents Mrs. Caroline A. Gagnon, 7 Mrs. Edward F. Marquis, Mrs. James McIntosh,® Housekeepers , Jr . , Director1 Interim Administrator2 3 4 5 Director^" * George R. Crowdis, Robert G. Dufour? Edward Leonard, * Reginald M. Mclntire, Harold J. Shallow, Constables MUSEUM Mrs. Gilbert R. Payson, Curator * Mrs. John Hassell, Registrar Robert Egleston,11 * John Hardy Wright, Assistant Curators *Mrs. Emerson H. Lalone,12 Assistant to the Curator *Miss Mary E. Huntley, Assistant to the Registrar *Miss Mary Silver Smith, Museum Assistant ^ Miss Mary Perry McIntosh, Administrative Assistant Mrs. Gerald W. R. Ward,14 Boston University American Studies Scholar * Mrs. Montgomery Merrill, * Mrs. Ray K. Moore, *+Mr. and Mrs. Gerald W. R. Ward *+Mrs. Earl Doliber, *+Mr . and Mrs. John Carr, *+Robert L. Howie, Jr., *+F. Calvert Bacon, *+Miss Constance D. Vallis, *+Holway D. Farrar, III, House Guides "'Part-time t-Temporary 1. 11/4/74 2. 6/1/74-12/31/74 3. Retired 6/15/74 4. First Semester 1974 5. Resigned 10/13/74 6. 10/15/74 7. Resigned 6/3C/74 8. 9/16/74 9. 3/23/75; City of Salem constable 10. Retired 3/16/75 11. Resigned 12/20/74 12. Died 2/25/75 13. 3/3/75 14. Second Semester 1975 Tolies Jr . , Little Annual Report 4 MUSEUM (cont.) Mr. and Mrs. H. H. Gibson, Jr., Mr. and Mrs. Donald F. Hunt, Mr. and Mrs. Ray K. Moore, House Custodians ADMINISTRATION Charles A. Steward, Business Officer * Peter R. Doran Assistant Treasurer - - - j- Mrs. M. K. Cunningham, J Administrative Secretary Mrs. Lincoln D. Richardson, 16 Assistant to the Director * Mrs. Irving J. Duffy, Office Manager * Mrs. Hugh Nelson, Mrs. D. Randall Williams;17 Mrs. Peter B. Ward,1® Administrative Assistants * Rev. David W. Norton,1^ * Joseph E. Crowley, Supervisors on Weekends * Miss Susan Abbondanza, * Miss Elizabeth Allen, * Miss Elise T. Ballou, * Miss Pamela S. Fillos, * Miss Alisandy Cunningham, Tellers * Part-time 15. Resigned 8/31/74 18. + Temporary 16. 1/2/75 19. 17. Resigned 5/31/74 20. 21. 10/1/74 Retired 9/29/74 10/5/74 Mr. Gibson died 5/17/75 5 Annual Report REPORT OF THE PRESIDENT The past year was an eventful one for the Essex Institute, a year in which many challenges arose and were, I believe, squarely met. The year commenced with the retirement of our previous direc¬ tor which was announced at last year's annual meeting. The Coun¬ cil was fortunate in procuring the services of Bartlett H. Hayes, Jr. to serve as its consultant until a new director could be selected and installed. Mr. Hayes, who for years was Director of the Addison Gallery of American Art at Andover, brought to our aid his long ex¬ perience and wise advice, and for upwards of six months lent the Institute invaluable assistance. After diligent and fairly exhaustive search throughout the summer, the Council found and called as Director of the Institute Bryant F. Tolies, Jr., who took office and moved into residence in the Andrew-Saf ford House on October 22, 1974, with his wife and children. The first few months of Mr. Tolies' tenure justifies the Council's enthusiasm in his choice and gives every promise of vig¬ orous and imaginative leadership. He is by now known not only to the Salem community but also to most of the Institute's members and friends . During the year the Institute's collection of coins was sold and the proceeds, in excess of $370,000, added to its resources. The collections within the Institute's field of interest are grow¬ ing, by purchase and by gift, the use of its library holdings is increasing, and the publications in process and in projection for the future will maintain the high standing that has been established. It is a pleasure to commend not only our director but every member of his staff for their loyal and unstinting work without which the Institute would be unable to maintain its high standing and place in the community. Respectfully submitted, ANDREW OLIVER President Annual Meeting 6 REPORT OF THE DIRECTOR It gives me great pleasure to deliver to you my first annual report as Director of the Essex Institute. As many of you are r- aware, I commenced my duties here in November after serving as Assistant Director and Librarian of the New Hampshire Historical Society. For my wife, twenty years a resident of Andover, our move to Essex County constituted somewhat of a homecoming! My contacts with the Institute extend back several years to the time when I was conducting doctoral research at Boston University. In fact, my first published article appeared in the Essex Institute Historical Collections in 1971. This past year in the Institute's history has been one of productive transition. Upon the retirement of David B. Little, in June, the Council arranged with Bartlett H. Hayes, Jr., an experi¬ enced museum director, to serve as interim administrator. We are grateful to him for steering a smooth and straight course, and for supplying us with many useful recommendations. The Institute was blessed again this year by the steadfast support of its membership and friends. Between April 1, 1974 and March 31, 1975, we received $63,281 in donations and bequests. We thank you with sincere enthusiasm! Nonetheless, spurred on by in¬ flation, our operating expenses have continued to climb — recently we raised our admission fees in response to this disturbing trend. Our Ladies Committee, capably led by Mrs. Emerson T. Oliver, has assisted the Council and staff in immeasurable ways, especially in the development of stimulating programs, such as the 1974 Spring Lecture Series, the Fall Outing field trip to Rockport and Glouces¬ ter, and the Winter Film Festival. Staff members and the Ladies Committee also jointly planned the New England Repertory Orchestra and Paul Madore Chorale Concert last May, the annual Christmas program, exhibition openings, and the hosting of visiting groups. Guided by the new Committee on Membership and Public Relations, we have established a student membership category, and have launched a drive to add Corporate/lnstitutional members. In the late fall, the Institute became a member of the Metro¬ politan Cultural Alliance, a group of Boston-area museums and other cultural institutions. In the period since, we have profited from directors' meetings, staff seminars, and the Alliance's Newsletter. Our efforts to participate in our nation's bicentennial have been initiated, and will continue to unfold. We cooperated with the Salem Bicentennial Commission on a June museum open house weekend. Annual Report 7 on the reconstruction of the Mclntire arch on Salem Common, and on other projects. Two excellent bicentennial exhibits of broadsides, paintings , prints, and objects have already been prepared by Mrs. Gilbert Payson and her museum staff. Several pertinent publications are in the works . Staff Supplemented by the indispensable aid of the Ladies Committee, our house guides, and other volunteers, the staff continued to perform yeoman service during the past year in the face of mounting bicentennial pressures. Last spring, the Institute was saddened by the deaths of Rosamond Little, the wife of my predecessor; Mrs. Dorothy Lalone, Assistant to the Curator; and Mr. Harold Gibson, Jr., resident curator of Peirce-Nichols House. In January, Mrs. Lincoln D. Richardson joined the staff as Assistant to the Director, replacing Mrs. Mary Kay Cunningham. For the inestimable assistance that Mrs. Richardson, Mrs. Duffy, Mrs. Nelson, Mrs. Peter B. Ward (a new staff member), and our faithful office volunteers have given me, I am most grateful. Last December, Robert Egleston departed the Institute to become Curator of the New Haven Colony Historical Society. Our museum staff was strengthened in March when Miss Mary Perry McIntosh was hired as Administrative Assistant. Upon the retirement of Father David W. Norton as weekend supervisor, we were fortunate to acquire the services of Joseph E. Crowley. Our new City-of-Salem-f inanced constable is Robert G. Dufour. The maintenance department received three new assistants in Louis F. Tellier, Mrs. Margaret McIntosh, and Joseph Hennessey. Several special project and part-time personnel were also hired. Our staff now stands at 19 full-time and 18 part-time employees. Maintenance In the area of maintenance, 1974-1975 was a year of considerable accomplishment. In Daland House — our library — the entire second floor and the rear stairwell were painted and reorganized. The main office areas were brightened by new wall-to-wall carpeting. New flags — including one with an Essex Institute rooster design — now bedeck our main complex. In October, Safford House was made ready for the new director by the repainting of several rooms and the installation of a security system. The Peirce-Nichols House received new exterior paint last fall, with paint donated by Sears Roebuck Company. The Crowninshield-Bentley House and the Lye Tapley Shoe Shop benefited similarly in the spring. Storm windows were added to four buildings. Interior painting has been completed in the Peirce-Nichols, Assembly, and Gardner-Pingree Houses. The war against pigeons in all our buildings was relentlessly pursued! A new ticket booth now exists in our rear parking area to service Annual Report 8 summer visitors. Our present top priority project, for which pre¬ servation grant money is being sought, is to provide a new roof for the museum building, Plummer Hall. A list of other important main¬ tenance projects awaits our attention in the immediate future , funds permitting. Museum Our museum and houses, so beautifully kept up by Ray Moore and his maintenance and housekeeping staff, have been viewed by over 46,000 people in 1974-75. Attendance was down about 9,000 from the previous year, largely due to the energy crisis, but recent figures have shown an improvement. Of special groups visiting the Insti¬ tute last year, 128 were comprised of children and 60 of adults. Especially impressive is the fact that 52 volunteer house guides gave 2000 hours of their time last summer. We could not do without them! We are most pleased this year by the number (over 300) and the quality of gifts, purchases, and loans which were reviewed by our Museum Committee. Among the major gifts to the Institute were: a mahogany tilt-top table carved by Salemite Joseph True (1820-1840) , from Mrs. Arthur T. Wellman; a large collection of late 18th and 19th century English and American pewter from Mrs. Henry McKean; an oil portrait of John Carder Pedrick (1804-71) of Marblehead from Bernard L. Green and Mrs. Martha G. Park; a Hepplewhite mahogany shield- back Salem side chair and a Queen Anne walnut tea table from Mrs. Mary B. Yuska; and a large collection of engravings, mostly English 18th century, from Edward H. Osgood. The major restoration project, aided by a grant from the Massa¬ chusetts Council on the Arts and Humanities, was to reupholster chairs and to replace bed hangings, damaged when the Crown in shield- Bentley furnace malfunctioned two years ago. Rearrangement of our storage areas has continued. Furniture, long in storage at Father Mather Hall across Essex Street, was shifted to the Annex. Loans from our collections have been made to several other institutions, organizations, and firms in the Northeast. Fabrics from our tex¬ tile collection were reproduced for sale. Exhibitions covered diverse topics. "Furniture of the Federal Period, " "The David Wheatland Collection of Scientific Instruments and Books," and "Salem Views" accompanied the 1974 Spring Lecture Series. One of our honorary curators, John Burbidge, assisted the staff in the preparation of two lovely costume exhibits. Barbara Blundell, Boston University student intern, arranged last summer's exhibition, "19th Century American Needlework." The Print Room accommodated "Paintings and Poetry by Mrs. F. Dike Mason," and our two bicentennial exhibitions. This fall we will feature the paintings Annual Report 9 and lithographs of Vera Andrus, noted Rockport artist, and an ex¬ hibit of our 19th century trade catalogues, with A. Hyatt Mayor, formerly of the Metropolitan Museum, serving as guest curator. Start¬ ing on December 15, we will recreate the Institute's 1876 Ladies Com¬ mittee Centennial Exhibition. Library As the bicentennial era moves upon us, the library faces a period of what could be unprecedented use. Fortunately, this will come when the last of the projects occasioned by the addition of the fireproof ell in the late '60's are being completed. The railroad history collection has been moved and will be rearranged and cata¬ logued. Our colorful World War I posters were thinned, with rep¬ resentative copies retained for future study and exhibition. Statistics tell of the able services provided by Mrs. Potter and her staff. A total of 3,279 patrons frequented our reading room. Eleven groups and over 130 individuals have been helped with school tours, teaching programs, and library procedures. Over 100 scholars, principally graduate students from this country and abroad, consulted our rich manuscript holdings. The past twelve months have seen noteworthy accomplishments in paper conservation. The New England Document Conservation Center and the Museum of Fine Arts have restored over 100 Institute items, mostly broadsides. Numerous books and periodicals were repaired and bound. In January, George M. Cunha of the Conservation Center sur¬ veyed the library and museum, and laid out an admirable long-term conservation program. Currently, the Institute is participating in a Massachusetts historic documents inventory. Among the several important additions to the library collections were: a lot of 700 personal bills, receipts, notes, etc., added to the Waters family papers (purchase) ; Lavalette family Civil War let¬ ters (gift of Mrs. Charles W. Bourne, Malden); 36 Hutchinson family diaries, 1871-1903 (gift of Mrs. Joseph Chandler , Peabody) ; and 123 volumes of the official records of the Union and Confederate Armies, 1880-1902. Our printed gifts totaled 869 items and our printed pur¬ chases 659. The library accessioned 878 periodicals which came to us by subscription, exchange, and gift. This year, Dorothy Potter, our librarian, completed thirty years of dedicated service to the Institute. We marked this special occasion with a staff coffee hour in March. Publications 1974-75 has been a year of productivity and planning for the Annual Report 10 Institute's publication program. January saw the appearance of the Records of the First Church of Salem, 1629-1736, edited by the late Richard D. Pierce, and completed and introduced by Prof. Robert E. Moody. The long-awaited last volume (IX) of the Records and Files of the Quarterly Courts of Essex County, Massachusetts (1683-1686) will be published in June, under the editorship of Mrs. Ralph L. Thresher. Both of these valuable works could not have been possible without benefit of the James Duncan Phillips Fund which also sup¬ ported a special edition of the Notebook of Reverend John Fiske, 1644-1675 , originally published by the Colonial Society of Massachusetts. In March, we initiated the publication of the Essex Institute Newsletter, treating Institute programs, events, and happenings. During the same monttv arrangements were made with Virginia L. Close, Reference Librarian at Dartmouth College, to compile the fifth index volume (1950-1969) for the Historical Collections. We are hoping for a late 1976 publication date. The Collections have again been published quarterly. Currently, attention is being de¬ voted to the Institute's houses in a series of illustrated articles by Gerald W.R. Ward, a former Boston University intern. Under new editorship, minor format changes have been made, and new members named to the Board of Editors. In March, we received the gratifying news that the McCarthy Family Foundation Charity Fund had made the Institute a grant to support the publication of exhibition catalogues and related exhib¬ ition expenses, and to launch two special bicentennial booklet series — one covering our houses, and the other treating our special museum and library collections. Those proposed booklets will make our hold¬ ings better known. The first should be ready in the late fall or early winter. Bicentennial publications for 1976-77 will include our General John Glover manuscript letterbook, edited by Russell Knight, and a new biography of Capt. Samuel Tucker by Philip C. F. Smith. Charles Hammond, another Boston University intern, is developing a photo¬ documentation study of Salem in 1876 from the Institute's photograph collection. Community Relations Our education program, now broadly characterized under the term "community relations," was continued this year by Mrs. Phyllis Shutzer in a part-time capacity. We are developing plans but await the avail¬ ability of funds to expand this program to the status that it de¬ serves. Mrs. Shutzer' s energies were concentrated on: school tours. F Annual Report 11 demonstrations, and slide programs; outreach programs for the Salem public schools; the preparation of press releases, radio and T.V. spots; and the writing of a weekly column in the Salem Evening News entitled "Two Hundred Years in Salem." Our contacts with the media continue to grow. The loyal assistance of our educational volun¬ teers has helped to make this possible. Next year's program will concentrate on curriculum development. Conclusion In conclusion, I look to the future with the anticipation of continuing the notable traditions, accomplishments, and services of the Institute, as well as developing new programs and approaches, especially those related to the auspicious occasion of the bicen¬ tennial. As I put my historian's "hat" on, and review the Institute's past, it is evident that there exist impressive foundations upon which to build. Respectfully submitted, BRYANT F. TOLLES, JR. Director Annual Meeting 12 REPORT OF THE TREASURER The audited statements of account prepared by Coopers Lybrand for the fiscal year March 31, 1975 accompany this report, and the books of the Institute are available in the Treasurer's office for examination by any member who wishes to see them. During the past fiscal year, the Council completed a review of insurance coverage. As a result of this study, the Council adopted the following policy: "It is the policy of the Institute to buy insurance, where possible, against known risks of catastrophic loss or loss of sufficient magnitude to substantially effect the Institute's financial position and ability to carry on as a library and museum; but not in general to buy insu¬ rance against losses to collections. Where insurance is carried, and where practical, to self-insure the first $1,000 of any risk. Specific exceptions to this approach are where: (1) insurance is required by statute or contract (2) interests of others would be seriously impaired in the event of loss (3) desirable services are provided such as better protection of the museum's employees or patrons, or safety inspections and claim settlement which the museum is not well-equipped to undertake itself, or (4) the ratio of net premium to the probability and the amount of loss covered appears in the museum's favor." The value of endowment funds on 3/31/75 was $2,880,282 as compared with $2,783,675 a year ago. Respectfully submitted, EDWARD H. OSGOOD Treasurer Annual Report 13 COOPERS & LY BRAND CERTIFIED PUBLIC ACCOUNTANTS IN PRINCIPAL AREAS OF THE WORLD To the Council of the Essex Institute: We have examined the balance sheet of the Essex Institute as of March 31, 1975* and the statement of sources of revenues and funds used to meet expenses of current operations and the summary of changes in fund balances for the year then ended. Our examina¬ tion was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We previously examined and reported upon the financial statements of the Institute for the year ended March 31* 1974- In our opinion, the aforementioned financial statements present fairly the financial position of the Essex Institute at March 31, 1975 and 1974* its sources of revenues and funds used to meet expenses of current operations for the years then ended, and the changes in its fund balances for the year ended March 31* 1975* in conformity with generally accepted accounting principles applied on a consistent basis. Boston, Massachusetts May 13* 1975 Annual Report ESSEX INSTITUTE BALANCE SHEET, March 31, 1975 and 1974 ASSETS 1975 1974 Current fund assets: Cash $ 47,692 $ 60,305 Dividends and interest receivable 28,580 26,820 Publications 30,309 15,707 Prepaid expense (principally insurance) 9,583 3,105 116,164 105,937 Endowment fund assets (Notes A and D) : Investments, at cost: Cash held for investment Short-term investments (which approximate market) Fixed income Equities 510,788 1,563,557 894,898 250,000 934,494 945,457 2,969,243 2,129,951 Plant fund assets (Note A): Land Institute buildings and improvements Period houses Cash 101,288 769,517 224,589 9,514 101,288 767,409 223,029 9,514 1,104,908 1,101,240 #4,190,315 $3,337,128 * Restated to conform to 1975 classifications. The accompanying notes are an integral part of the financial statements. LIABILITIES AND FUND BALANCES 1975 1974* irrent fund balances and liabilities: Accrued expenses $ 11,088 $ 9,500 Membership dues received in advance 6,615 5,350 General fund balance 24,569 16,610 Unexpended balance of gifts, investment income, and other receipts for designated purposes 73,892 74,477 116,164 105,937 ndowment fund balances and liabilities: Restricted as to income 1,265,037 874,371 Unrestricted as to income 1,182,642 1,213,648 Liability for investment purchases 521,564 41,932 2,969,243 2,129,951 lant fund balances: Expended for plant 1,095,394 1,091,726 Unexpended 9,514 9,514 1,104,908 1,101,240 84,190,315 $3,337,128 I I 4 Annual Report ESSEX INSTITUTE SUMMARY OF CHANGES IN FUND BALANCES for the year ended March 31* 1975 Balance March 31, 1974* Gifts Endowment funds: Restricted as to income $ 874,371 $ 8,405 Unrestricted as to income 1,213,648 11,192 Total invested funds 2,088,019 19,597 James D. Phillips Trust investment income (Note C) Plant funds: Expended Unexpended Current funds: General fund 1,091,726 9,514 16,610 29,669 Gifts, investment income, and other receipts for designated purposes 74,477 14,552 $3,280,346 $63 ,8l8 Life membership Sale of books and objects New realized gain on sales of investments Sale of Essex Institute coins Other * Restated to conform to 1975 classifications. The accompanying notes are an integral part of the financial statements. Used to Meet Investment Income Other Receipts Transfers In (Out) Used for Plant Additions Expenses of Current Operations Balance March 31, 1975 $ 60,421 100,085 $376,728 7,822 $(54,888) (50,020) $(100,085) $1,265,037 1,182,642 160,506 384,550 (104,908) (100,085) 2,447,679 40,873 (20,436) (20,437) - $3,668 1,095,394 9,514 48,604 (70,314) 24,569 14,662 76,740 (3,668) (102,871) 73,892 $201,379 $399,212 — $(293,707) $3,651,048 250 11,173 13,056 371,244 3,489 $399,212 Annual Report ESSEX INSTITUTE STATEMENT OF SOURCES OF REVENUES AND FUNDS USED TO MEET EXPENSES OF CURRENT OPERATIONS for the years ended March 31, 1975 and 1974 OPERATING EXPENSES: 1975 1974* Direct expenses: Museum # 52,104 # 51,432 Houses 32,065 28,383 Publications 28,581 64,097 Library 57,429 39,910 Education 5,554 5,765 Costs attributable to all Institute activities: Administration and general 106,819 91,667 Operation and maintenance 66, 803 59,330 REVENUES AND FUNDS USED: #349,355 #340,584 Operating income: Admissions 22,801 18,909 Membership dues 17,410 17,195 Publications 14,527 22,825 Other income 910 1,195 55,648 60, 124 James D. Phillips Trust 20,437 21,692 Endowment fund unrestricted income 100,085 95,070 Gifts, investment income, and other receipts for designated purposes availed of 102,871 137, 328 Unrestricted funds used to meet operating expenses 70,314 26,370 #349,355 #340,584 * Restated to conform to 1975 classifications. The accompanying notes are an integral part of the financial statements. Annual Report 17 ESSEX INSTITUTE NOTES TO FINANCIAL STATEMENTS A. Summary of Significant Accounting Policies: The Institute maintains its accounts on the accrual basis. Land, Institute buildings, period houses and major improvements are reflected in the balance sheet at cost. No provision for depreciation has been charged to operations. Investments are carried at cost, or if donated, at market value at the date of donation. Gains and losses from sales are reflected in the period in which realized. Investment income is distributed on a unit basis reflecting the ratio thereto of the related funds invested in the pooled portfolio at market value . Certain publications sponsored by the Institute are charged against the James D. Phillips Fund. Proceeds from the sales of such publications are taken into operating income. During fiscal 1975, accumulated net gains from the sales of securities were distributed to their respective funds. The 1974 financial statements have been restated to conform to 1975 classifications . The Institute is reviewing the source of designation of its funds in order to classify the funds between Council Designated (quasi¬ endowment) funds and Donor Designated (true endowment) funds. The Institute has accounted for the funds and the income thereon in accordance with the restrictions designated by the donor or by the Council. B. Retirement Plan: The Institute participates in contributory retirement plans _ administered by the Teachers Insurance and Annuity Association ( TIAA ) and College Retirement Equities Fund (CREF) which cover all designated full-time employees. Plan assets are not included in the Institute's financial statements. Pension expense charged to operations was $3,041 and $3,331 in fiscal 1975 a^d 1974, respectively. The plan is a defined contribution type plan wherein benefits are based on accumulated contributions . Annual Report 18 ESSEX INSTITUTE NOTES TO FINANCIAL STATEMENTS, Continued C. James D. Phillips Trust: The Institute is a beneficiary of the James D. Phillips Trust. The assets of the Trust are managed by its trustees and are not included in the assets of the Institute. Under the terms of the will, ten percent of the net income is annually added to principal. The will further provides as follows: "If and when the total fund shall be One Hundred Thousand (100,000) Dollars in excess of /the original fund set up under the trust, and if the Trustees of Essex Institute so desire, that sum shall be turned over to the Trustees of Essex Institute for the erection of a building to be named after some member of my family, but no part of the fund shall ever be used to pay for a building already erected". The value of the original fund set up under the Trust was $484,521. As of March 31, 1975 the market value of the Trust was in excess of $950,000. D. Investments: Total market value of follows at March 31: Short-term Fixed income Equities investment securities 1975 $1,455,795 1,411,812 $2,867.607 was approximately as 1974 $ 250,000 838,000 1,694,000 $2,782,000 Annual Report 19 CALENDAR OF EVENTS April 1 , 1974 - March 31, 1975 April 2. Annual Spring Meeting of the Ladies Committee April 3. Guides ' Lecture Spring Lecture Series April 18. "Federal Furniture" by Charles F. Montgomery, Cu¬ rator of the Garvan Collection, Yale University Art Gallery. April 25. "The Young Gentleman and Lady's Philosophy" by David P. Wheatland, Curator Emeritus of the Scientific Instruments Collection, Harvard University. May 2 . "Views of Salem" by Sinclair Hitchings> Keeper of Prints, Boston Public Library. May 19. Concert by the New England Repertory Orchestra and the Paul Madore Chorale, with guest organist Alicia Pocharski. May 21. Annual Meeting. September 25. Ladies Committee Fall Outing to Gloucester and Rockport . November 13. Reception for the Tolies family. December 13. Christmas Party with Thomas Morley Singers, Salem High School, and slide show, "Christmas in Art" by Mrs. Gil¬ bert R. Payson. Winter Film Festival January 14, 15, 16. The Colonial Naturalist (Mark Catesby) . February 11, 12, 13. 18th Century Life in Williamsburg. March 11, 12, 13. Time to Begin; Northeast Farm Community. March 3 . Guides' Tour. Meetings Sponsored by Outside Institutions April 30. Guild of the Chicago Historical Society. May 8. Essex County Historical Council. May 9. Lynn Hospital Auxiliary. May 2 1 . Historic Salem, Inc. September 26. North Shore Catholic Charities League of Peabody. October 20. Boston Organ Society Annual Report 20 February 20. Children ' s Friend and Family Service Society Annual Meeting. Museum Exhibitions Auditorium Three exhibitions related to the Spring Lecture Series: Furniture of the Federal Period. April 18. The David P. Wheatland Collection of Scientific Instruments and Books . April 22-25. Salem Views. May 1-September 15. Fashions in Time. September 18-December 6. The Bustle of Christmas (later called Bustle of the Times) . December 10-March 16. Print Room Salem’s Essex County Neighbors. Continued to April 30. American Needlework of the Nineteenth Century. May 15-July 15. Double Exposure: Paintings and Poetry by Mrs. F. Dike Mason. July 24-October 15. Revolution Brewing: First Bicentennial Exhibition. Decem¬ ber 13 -April 6. Annual Report 21 DONORS TO THE ESSEX INSTITUTE FUND April 1, 1974 - March 31, 1975 Allen, Ruth H. Anonymous Appleton, Francis R. , Jr. Attwill, J. Sanger Bacon, Dr. & Mrs. William Benjamin Baldwin, Mr. & Mrs. James T. Barnett, Eleanor G. Batchelder, Mrs. Roland B. Betts, Barbara B. Bird, Mr. & Mrs. Charles Sumner Bishop, Bailey Blair, Mrs. George K. Bourgoin, Mrs. Alice S. Bowden, Mr. & Mrs. W. Hammond Boynton, Mrs. Charles T. Bradlee, Mr. & Mrs. Sargent Broadhead, Eleanor Brooks, Mrs. Francis Brookwood School, Inc. Brown, Chester A. Chamberlain, Mrs. Carey J. Chase, Hazen P. Chenery, Augustine J. Chisholm, Mrs. William Christen, Elizabeth H. Chute, Janet Clapp, Mary A. Clark, James W. , Jr. Clement, Wilhelmina Y. Clewes, Alice Colburn, Mr. & Mrs. I. W. Connolly, Mr. & Mrs. John B. Cooper, Mrs. Henry E., Ill Crocker, Mrs. U. Haskell Cruttenden, Florence B. (u/w) Curran, Margaret M. Curtis, E. Mabel Danielson, Mrs. Richard E. DeBlois , Dr. Elizabeth Dethier, Mrs. Charles Doane, Mrs. Lewis Doering, Mr. & Mrs. Ralph H., Jr. Donovan, Mrs. Alfred F. Donovan, Dr. & Mrs. Alfred M. Drinkwater, Ralph W. , Construction Co., Inc. Driver, Mrs. Robert M. Durnin, Richard G. Dyer, Mrs. John R. Eilts, Hon. Hermann F. Ekman, Mrs. Gunnar A. English, Mrs. William D. Err ion. Dr. & Mrs. Arthur R. Ervin, Adele Q. Ervin, Mrs. Robert G. Fales, Mrs. Dean A., Sr. Felton, Mrs. Cornelius C. Felton, Mr.- & Mrs .Cornelius C.,Jr. Fenollosa, Mr. & Mrs. Georcre M. Forbes, F. Murray Gamage, Mr. & Mrs. Peter Gardner, Mr. & Mrs. G. Peabody Gildrie, Mr. & Mrs. Richard P. Glover, George Goodhue, Mr. & Mrs. Albert Gougli, Dr. Geoffrey R. Gowing, Mrs. Charles D. Gray, Francis C. Gray, • Hope Hacker, Mr. & Mrs. William P. Hagopian, Robert C. Harrington, M.C. Heath, Mrs. J. Andrew Henderson, Robert G. Hinds, Mrs. E. Sturgis Hixon, Frederick W. Homans, George C. Hood, Harvey P. Houghton, Mr. & Mrs. William M. Howson, Mrs. Hubert A. Hunt, Mr. & Mrs. Donald F. Hussey, Mr. & Mrs. Harold D. Hussey, Mr. & Mrs. Robert C. Johnson, Mrs. Richard B. Jones, Mrs. Homer Annual Report 22 Kauders, Mr. & Mrs. Erick Kingsley, James Grafton Lee, Joseph Leonard, Mrs. Laurence B. Little, Mrs. Bertram K. Little, Mr. & Mrs. David B. Lodge, Hon. & Mrs. Henry Cabot Lord, Mr. & Mrs. Philip H. Loring, Caleb, Jr. Lovett, Robert W. Lunt, Daniel B. Lyman, A. Theodore, Jr. MacKeen, Virginia L. Marsh, Mr. & Mrs. James A. Mason, Mrs. Henry L. McDougall Associates, Inc. McKean, Mrs. Henry P. Merrill, Richard Misc . Morris, Mrs. Charles W. Nash, Nathaniel C. Nichols, Dr. George, Jr. Nichols, Capt. & Mrs. Henry C. Nichols, Marion W. Nutting, Donald E. Oliver, Mr. & Mrs. Andrew Ordway, Mrs. Samuel H. Osgood, Mr. & Mrs. Edward H. Osgood, Mary E. Parker, Mr. & Mrs. Richard B. Payson, Mr. & Mrs. Gilbert R. Peabody, William W. Philbrick, Mr. & Mrs. Richard B. Pickering Oil Heat, Inc. Pingree, Mrs. Sumner Proctor, Mrs. Thomas E. Putnam, Mr. & Mrs. Alfred P. Rogers, Bertha F. Saltonstall, Sen. & Mrs. William L. Sawtelle, Chester M. Sawyer, John A. Seamans, Donald C. Seamans, Peter B. Sears, Francis P., Jr. Sedgwick, Mrs. Ellery Setze, Josephine Shaw, Miriam Shepard, Frederick J. , Jr. Chari¬ table Trust, Trustees of (in memory of Frederick J. Shepard, Jr.) Smith, Mrs. Austin Smith, Philip C. F. Smith, Mrs. Philip Horton Smith, S. Abbot Stenberg, Henry G., Jr. Stevens, Mr. & Mrs. Ezra F. Steward, Campbell Steward, Mr. & Mrs. Charles A. S tor row, James J. Stuart, Willoughby I. Sutton, Mr. & Mrs. Gardner Taft, Edward A., Trust of Taradash, Michael H. Taylor, Helen P. Thompson, Dr. & Mrs. Richard H. Thorndike, Mrs. Richard K. Tivnan, Dr. Paul E. Townsend, Gertrude Upton, George, Jr. Upton, King Ver Planck, Warburton K. Walkley, Mrs. Edward I. Wallace, William & Co. Warner, Mrs. Frederick L. (in memory of Mrs. Alexander Hutchins) Weddendorf, Mrs. H. G. Wendt, Mrs. Henry 0. Wheatland, Stephen Wheeler, Mrs. Howard White, Mr. & Mrs. John C. Winship, William H. Winthrop, Clara B., Charitable Fund Young, Mrs. Charles M. Zargaj, Dr. & Mrs. Tomislav Annual Report 23 DONORS TO THE MUSEUM AND HISTORIC HOUSES Annable, Dorothy Bacon, Mrs. Arthur R. Bevins, Mrs. Wesley E., Jr. Broadhead, Eleanor Broadhead, Elizabeth Brown, Mrs. Francis Campbell, Philip G. Cate, Mary Ropes Chestnut Street Associates Cummings, Evelyn Donnelly, R.R., and Sons Company Fellows, Mr. & Mrs. Joseph E., Jr. Goodhue, Albert Greer, Bernard L. , Jr. Hawes, Mrs. W. B. Hooper, Mrs. George W. Jones, Quinton 0. Kulakowski, Mrs. Raymond Little, Mr. & Mrs. David B. Little, Philip, Jr. Marquis, Mrs. Edward F. Mason, Mrs. Frederick D. McKean, Mrs. Henry P. Merrill, Mr. & Mrs. Richard Moody, Eunice P. Nichols, Andrew, Heirs of Nichols, Charlotte S., Estate of Nichols, George, M.D. Osgood, Edward H. Osgood, Herbert T. Park, Martha G. Parkhurst, Albert, M.D. Phillips, Mrs. Stephen Proctor, Mrs. George N. Rolfe, Maurice Seamans, Mrs. Peter B. Spatrick, Florence Ulton, Olive Richardson Wellman, Mrs. Arthur T. White, Mrs. Udell S.R. Women's Auxiliary to the Essex South District Medical Society Yusko, Mary B. DONORS TO THE JAMES DUNCAN PHILLIPS LIBRARY American Heritage Books Ames, Mrs. Edward W. Andrews, Roberta G. Annable, Dorothy Arendale, Mrs. H. Benton Arthaud, John B., M.D. Babcock, Mr. & Mrs. Philip R. Bacon, Mrs. Arthur R. Baukus, Mrs. C. B. Belonga, Pearl E. Benjamin, Edwin B. Billings, Elsie The Boston Globe Bourgeault, Ronald Bourne, Charles W. Bowen, Harold D. Bradlee, Sargent Broadhead, Eleanor & Elizabeth Brooking, William H. Buhler, Mrs. Yves H. Burris, Arthur P. Butts, Mrs. Charles A. Carlisle Historical Society Carlson, Mrs. James Annual Fund 24 Cartolaro, Donna Cate, Mary R. Chandler, Mrs. Joseph Chenery, Augustine Chipman, John H. Estate of City Clerk's Office, Salem, Mass. Clark, C.E. Frazer, Jr. Clark, James W. , Jr. Commonwealth of Massachusetts Conant, Mrs. Harry Connelly, Mrs. Charles J. Cooley, John Country Beautiful Corporation Cox, Beverly J. Creese, Guy 0. Day, Jane Dexter, Ralph W. Didio-Comeau, Mrs. Mark Dix, Mr. & Mrs. Ben Dodge, Ernest S. Dolloff, Francis W. Drogue, Mrs. Walter Duffy, Mrs. Irving Dyer, Mrs. John, Sr. Elwell, Florence R., Estate of Emerson, Charles L. Emerson, Mrs. Ralf P. Everitt, Harold E. Farwell, Grace Feenan, Alice Finlay, Susan C. Foley, Daniel J. Fulton, Mrs. John F. Garland, Jane P. Garvin, Charles E. Garvin, Langton C. Gavenda, Davit T. The Geneao logical Institute Gingras, Raymond, Giunta, Mrs. John Goodhue, Albert Goubeau, Mrs. Vincent deP. Green, Mrs. Chandler T. Haley, Kenneth Harris, Marguerite L. Harrison F. Lyman Library, Mu¬ seum of Science, Boston, Mass. Hayes, Bartlett H. , Jr. Heard, Mrs. Arthur Hebard, Franklin A. Henley, Mrs. Thomas L. Herndon, Mrs. B. W. Hill, Ruth H. Holt, Mrs. Carlyle H. Holyoke Mutual Insurance Co. Hooper, Edwin B. Hooper, George W. Hunnewell, Mrs. James F. Indiana University Press Ipswich Historical Society Jeranek, Jeanette F. Kiepper, James J. Kimball, Frederick M. King, Mrs. Frederick J. Langmuir, Mrs. E. J. LaPiana, John C. Lavender Printing Company Lawrence, Mrs. Albert C. Lefavour, Mrs. Edgar L. Liepshutz, Elaine B. Little, Mr. & Mrs. David B. Little, Philip, Jr. Louis Joseph Auction Galleries Lubar, Milton N. Lynn Public Library Maas , David E . MacFarland, Evelyn Malcolm A. Love Library, San Diego State University Manchester Yacht Club Marblehead Historical Society Marquis, Mrs. Edward F. Massachusetts Historical Commission Massachusetts Historical Society McKeon, Russell The Memorial Libraries, Deerfield, Mass. Mlot-Mroz, Josef Monastic Manuscript Microfilm Library Annual Report 25 Montgomery, Charles F. Moreland, Helen F. Roberts, Kenneth D. Ropes, Ruth R. Nash, Mrs. Harold National Park Service New Hampshire Historical Society New York State American Revolution Bicentennial Commission Nichols, George, Jr., M.D. Nichols, Mrs. George Nichols, Henry C. Norris, Kenneth R. Norton, Arthur R. Oliver Wendell Holmes Library, Phillips Academy Omaha Public Library Osgood, Herbert T. Owen, Barbara J. Salem Chamber of Commerce Salem Maritime National Historic Site Sampson, Carl W. Samuel Oxx Memorial Library and Family Association Sawtell, Chester M. Shepley, Hayden R. Shutzer, Mrs. Alvin W. Small, Mrs. Edwin W. Smith, Mrs. Austin Smith, Gordon Smith, Philip C. F. Smith, Mr. & Mrs. Stanley M. Snell, Charles W. Swan, Marshall W. S. Parga, Ramon Payson, Mrs. & Mrs. Gilbert R. Peabody Museum of Salem, Trustees Peckham, Eleanor Perley, Eleanor Philbrick, Burton S. Phillips, Hazel S. Pingry, Mrs. E. M. Prince, S. Hardy Pulsifer, Susan Rakip, Mrs. John J. Rea, Herbert E. Thurlow, Charles Tolies, Bryant F., Jr. of Tree Toys Tucker, Ralph L. Turner, Arlin Tyler, Ruth University of Missouri Press Varrell, William M. Virginia Museum of Fine Arts Wade, Mrs. John C. Walker, Harold S. Wellesley Historical Society Wellman, Mrs. Arthur T. Wentworth, Bernice R. Wheatland, David P. Wilkinson, Harry Williams, Robert B. Wolf, Eileen M. Woods, Frank H. Wright, John H. Annual Report 26 Anonymous: Assembly House, Council office equipment, Victorian room Assembly House: Aldrich, Mrs. Talbot Smith, Mary Silver Clock Repairs: Bourne, Philip W. West, Richard S. Essex County Economic History Projects: Davisson, William I. Paul T. Haskell Fund: Haskell, Mrs. Paul T. Library Purposes: Borntraeger, Mrs. Henry W. Bradlee, Sargent Collison, Mr. & Mrs. Garry Goodhue, Pauline B. (in memory of Eleanor Perley) Jewell, Margaret H. (u/w) Jewett Family of America, Inc., The Lord, Mrs. Priscilla Mills, Mrs. Henry P. Proctor, Joseph R. Slade, Mrs. William A., Jr., Ci-n memory of Mrs. Emerson H. Lalone) Honor of David B. Little: Carr, John H., Jr. Louise du Pont Crowninshield Gardens: Harrison, Mrs. Alfred C. Museum Objects Fund: Anonymous donations in the Museum Contribution Box Office Equipment: Steward, Gilbert L., Jr. lighting maintenance. Peirce-Nichols House Endowment Fund: Hardenbergh, Mrs. Clarence Nichols, Mrs. George Charlotte Palmer Phillips Fund: Phillips, Charlotte Palmer Foundation, Inc. Photographs and Slides: Bradstreet, Horton D. Conley, Mrs. Patrick Freeman, Mrs. William W.K. Giles, Mrs. Paul D. Graham, Rev. Robert Hayes, Donald Holt, Rinehart & Winston Isquick, Peter Keenan, Charles H. King, Mrs. Joyce Muller, Mrs. Eric Payson, Gilbert R. Phillips, Roma Pulsifer, Frank Richers, Otto R. Ryerson, Bill Welch, Mrs. Ellen C. Pingree House Endowment Fund: Fulton, Mrs. John F. Ingraham, Mrs. Franc D. Purchase Italian Cameo Jewelry: Mifflin, Jane A. & George H. , Memorial Fund Purchase of Portrait: West, Mr. & Mrs. Richard S. For the conservation or improved cataloguing of maritime docu¬ ments of Salem: Salem Marine Society DONORS TO SPECIAL PROJECTS fund Annual Report 27 NECROLOGY NAME DATE ELECTED DATE DECEASED Mrs. Walter W. Annable September 11, 1945 November 12, 1974 Francis R. Appleton, Jr. April 12, 1949 August 5, 1974 Mrs. William M. Baum September 8, 1970 July 1974 Samuel V. Chamberlain May 9, 1968 January 10, 1975 Howard C. Dickinson March 14, 1967 October 1, 1974 A. Miles Herrold February 14, 1939 February 6, 1975 Bradshaw Langmaid October 11, 1955 December 9, 1974 Ralph Lawson September 10, 1963 January 7, 1975 Catherine G. Little December 6, 1926 April 23, 1974 Mrs. George A. Morison March 8, 1955 September 27, 1974 Eleanor S. Perley November 13, 1956 November 2, 1974 Burton G. Philbrick March 3, 1924 December 7, 1974 Oliver G. Pratt September 13. 1938 December 7, 1974 Frank E. Raymond, Jr. March 13, 1956 December 4, 1974 Frederick J. Shepard, Jr. January 14, 1958 December 12, 1973 Mrs. Charles F. Sprague May 19, 1970 February 17, 1975 Edward A. Taft November 8, 1955 June 6, 1974 Mrs. Guy P. Tassinari September 10, 1957 April 8, 1974 ' ' 3 ■ v * ■ _ ■ A 1 f WELLS BINDERY, INC. SEP 1979 WALTHAM, MASS. 02154