R7.29- Percy Grainger Fund

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Recitals

1. George Percy Grainger, musician, born in Melbourne, and later of New York in the United States of America, presented to the University £9,950 14s. for the building and endowment within the University of a Grainger museum to be devoted to records of himself and his family and "of other Nordic musicians" and "for the preserving of all things bearing upon the musical life of Melbourne or Australia".
2. The sum of £4,573 15s. was applied to the building of a Grainger museum in the grounds of the University and the remaining amount, the capital of which at 31 December 1994 was $39,075.

It is provided as follows-

1. The sum of $39,075 forms a fund known as the "Percy Grainger Fund" ("the fund") and any accumulations or additions to the sum must be paid into the fund and the fund must be paid into an investment pool and remain there until the Council directs otherwise.
2. The net income of the fund is to be used in the first place to defray the costs of maintenance of the museum and any surplus income may be used at the discretion of the Council either to increase the endowment of the fund or to carry out the founder's intention of "preserving all things bearing upon the musical life of Melbourne or Australia".