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As the 1960s drew to a close, so did the presidency of Frederick B. Adams Jr. Under his leadership, the Society completed a successful campaign that helped finance major capital renovations; the Society's board was restructured and the Society's first female trustee was elected; the Society adopted a total return ap­proach to the spending of investment proceeds from endowment; and the Pintard Fellows were established. In addition, the Society's renovated exhibition spaces and expanded emphasis on public programs positioned it to serve a larger con­stituency than it ever had before.

Not all the news had been good, however; the latter part of Adams's tenure exhibited a shift away from the careful stewardship that characterized his early years. Whereas Adams had shown great caution in 1963, warning the Society of impending budget problems and urging a capital campaign even as the Society was running surpluses, he and the board did not anticipate or respond to the financial difficulties of the late 1960s. There is no mention of financial concern in the remaining reports of the period; in fact, it was not until 1970, after the Society suffered its first operating deficit in many years, that Adams sounded the alarm. That was the first year that the Society's total return investment policy and 5 percent spending rule did not provide sufficient income to cover expenditures. As he turned over the presidency to Robert G. Goelet, Adams warned that "the prospect for 1971 and beyond is not cheerful; we shall have to draw heavily on our carefully husbanded Reserve Fund balance to make up operating deficits."

Formula for disaster: dramatic change outside, status quo inside, 1971-1982

The 1970s proved to be an extraordinarily difficult decade for all cultural insti­tutions, especially those that depended on endowment for much of their income. The "stagflation" of that period affected these institutions negatively in terms of both revenues and expenses. On the revenue side, the recessionary economy that prevailed during the early 1970s reduced the return on these institutions' investments, driving down total income. In 1973 and 1974, for example, the annual total return for domestic common stocks was -14.8 percent and -26.4 per­cent, respectively.

Kennedy and Schneider (1994, p. 19).
As for expenses, inflationary pressure from the oil crisis, among other things, drove up the cost of operations during the same period.

The Society's ability to meet the challenges was constrained. First, the capi­tal improvements and renovations had reduced the Society's unrestricted reserves, inhibiting its financial flexibility. Second, and equally important, the Society con­tinued to move aggressively to expand its services to a rapidly growing public constituency just as the financial noose was tightening. As had happened at other times in the Society's history, the expansion of services (and the concomitant growth in expenditures) was not matched by a comparable growth in existing rev­enue or by the identification of new sources of revenue.

Questions & Answers

Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
characteristics of micro business
for teaching engĺish at school how nano technology help us
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
what is the actual application of fullerenes nowadays?
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
is Bucky paper clear?
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Do you know which machine is used to that process?
how to fabricate graphene ink ?
for screen printed electrodes ?
What is lattice structure?
s. Reply
of graphene you mean?
or in general
in general
Graphene has a hexagonal structure
On having this app for quite a bit time, Haven't realised there's a chat room in it.
what is biological synthesis of nanoparticles
Sanket Reply
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Source:  OpenStax, The new-york historical society: lessons from one nonprofit's long struggle for survival. OpenStax CNX. Mar 28, 2008 Download for free at http://cnx.org/content/col10518/1.1
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