Part 1 - The Institute Libraries - Institute for Advanced Study

subdivisicn costs, with Interest xetxosctive to March. 87
As will be detailed in the next chspter, the Director's eon-
versations with Mr. Bunberger and Hrs. Fuld at hrray Bay so encouraged
him to believe they intended to resume gifts to endowment for staff in
physics and econmics that he was prompted to suggest and work out a new
By-Lau, by whlch a more foml budget procedure woule be established- It
would bve done little good to propose such a thing when d-nds were made
for funds which were not there. We hoped to persuade the Trustees to ap-
prove a provision for an annual reserve as a percentage of income, but
found there was reasoned opposition from Aydelotte and Strsus znd others,
No such provision was enacted.
But a Budget C mittee was set up in the By-laws in October,
1937, by which the Director was required to take the "recamendationsn of
the several schools for their needs, prepare a budget with them as sub-
mitted, and then C O W U ~ about ~ it with the Chairman of the Board and make
such amendments as they deemed sdvisable. Thereupon the budget went to
the Budget Cmittee of three members in addition to the Chaimn, t&
Teasurer and the Director as ~mbers ex officio, with power to amend. No
professor Trustee could be a member of this Cmittee. The Budget Carmfttee
submitted its recormndations to the Bozrd. The Director hsd suggested in
1931 that he should consult the schools on their needs, but had received
no answer. Now the Trustees had become increasingly aware of various pres-
sures and were willing to see them met. The Director's explanation for
the move was his expectation of more funds to conserve, and the need for
more careful scrutiny than the Board could give the budget, as he told
the Trustees, But he also confided to &. Aydelotte that it was necessary