On Sun, 4 Jul 1999 15:54:39 EDT, Melissa  wrote:
>
>The use of proceeds is a controversial aspect of deaccessioning.  A
>number of organizations have adopted policies regarding the use of funds
>from deaccessioning including AAM, AAMD, AASLH, ICOM and RC-AAM.  While
>most policies state that proceeds should be used solely for acquisitions,
>the AAM Code of Ethics, adopted in 1994, states that "proceeds from the
>sale of ... collections...in no event shall be used for anything other
>than acquisitions or DIRECT CARE of collections."
>
                snip
 
>        Do you know of any interesting cases regarding the use of funds
>from deaccessioning?

Approximately two and a half years ago during the reversal of an
unwanted merger, the parties agreed to split the endowment fund 50/50
and to put the Permanent Collection into a jointly held trust.
Included in the collection was approximately $1.5 million as proceeds
from deaccessioning  of the Outerbridge collection.  This entire
amount is  to be used only for new acquisition however, any earnings
from these dollar funds are earmarked for offsetting the direct care
of the collection.

John Bing
Laguna Beach

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