One Aspect of Financing the Arctic Institute

Abstract

Last December in Washington, in my report to the Board of Governors, some aspects of Institute financing were described, especially some of he major sources of support. Today I want to discuss with the Board a segment of Institute financing that, I believe, is little understood but with the essence of which each Governor, I think, should be familiar. I want to outline what the Institute does with the unrestricted funds that it obtains. Only by understanding the use of unrestricted funds can each of you expect to be effective in assisting your organization to acquire the unrestricted funds it needs to advance toward its objectives. The basic aim of the Arctic Institute is to encourage and support the acquisition of knowledge about the polar regions and to disseminate that knowledge. Anything that the Institute does should be toward that aim. In the financial year that ended on June 30, 1963 the Institute acquired a total of $118,000 that was free for use in any way the Institute desired. The money came from such items as contributions from governments, corporations, foundations, and individuals; interest and dividends; and gain on the sale of securities. It does not include $12,000 from membership dues and sales of publications because the auditors apply that income to reduce the cost of administration of Institute operations.