The Indianapolis Star from Indianapolis, Indiana • Page 47

SEC. 2 PAGE 23 THE INDIANAPOLIS STAR SUNDAY, JUNE 12, 1977 ftSSETS WORTH LESS Lilly Grants Expected To Decline This Year SONYSQR-6750 $199.00 AMFM stereo quad. 100 watts. Reg. 600.00 SONYSTR-7045 $179.00 60-Watt AMFM itnto receiver.

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Rag. 785.00 SONY 5150 $99.00 Pra-amp. tunar combination. Rag. 280.00 EPIOP AMP.

$249.00 200 Watts par channal of powar. Rag. 600.00 SANSUI 551 $129.00 30-Watt AMFM stsrao racalvar. Reg. 239.00 DYNACO ST-120 $99.00 Powar amp.

with 120 watts. Rag. 209.00 PIONEER SA-7500 $179.00 40-Watt Integrated ampullar. Rag. 299.95 An estimated 5,000 religious, educational and charitable organizations throughout the world apply to Lilly Endowment for grants each year, yet less than 500 receive financial help.

And, because of the decreasing value of the endowment's stocks and assets, the grants are expected to decline this year and in 1978. The approximate market value of the endowment's investments has declined from $1,003 billion in 1974 to $671 million in 1976 a drop of $332 million in two years. The dollar amount of grants paid out has increased slightly. Last year, the endowment paid out $51.9 million, compared to $49.2 million in 1974. As former Indiana Richard O.

Ristine, the endowment's executive vice-president and secretary, explained, "We had been paying out more than our income, and won't be able to do that any longer." THE PRICE OF Eli Lilly Co. stock, the endowment's principal asset, has plummeted in the last two years as have most drug industry issues to a recent low of less than $37 a share, about half of its value two years ago, according to Byron P. Hollett, a member of the endowment's board of directors. Since the passage in 1969 of the first Federal tax act requiring all private foundations to pay out a certain individually determined percentage of their assets, the Lilly Endowment has been forced to spend much of its principal. Prior to that, it had been spending only income received from its investments.

In 1976, the endowment was required to pay out 634 per cent of its assets. Although the Federal Tax Act of 1976, which went into effect last October, reduced that requirement to 5 per cent, the decline in Lilly's assets' value is expected to decrease its grant-giving. THE ENDOWMENT, established in 1937 on the late Eli Lilly's suggestion to his father, Josiah K. Lilly, and brother, Josiah K. Lilly is in little danger of financial bankruptcy.

But for groups which traditionally depend on Lilly's support as their financial Hfeblood, the trend could be devastating. The endowment's board of directors is in the process of evaluating its priorities, but it has agreed that grants which have been committed in previous years will be honored. That makes the situation even more bleak for groups who haven't yet applied for grants. How does the endowment determine which groups will receive grants? The Lilly Endowment divides its grant money three ways for religious, educa tional and community development groups. Tradition allows Indianapolis and Indiana groups to receive special consideration.

"IT'S A MATTER of precedent," Ristine said. "Eli Lilly, his father and his grandfather were concerned about their community and state and that tradition has Last year, $17.4 million went to groups in Indiana; of that amount, $9.5 million went to Marion County groups. Marion County projects received $8 million in 1974 and $13.7 million in 1975, its peak year. This year, $3.7 million has been paid or promised to Marion County groups. The vast majority of inquiries are rejected after the first step referral to one of 25 program officers but only after careful scrutiny.

"It's always an unhappy situation when we have to turn someone down, so we try not to give quick summary rejections," Ristine said. "It's terribly important to everyone who applies. That's why we try to give a conscientous and thorough review of each inquiry." The officer determines whether the goal of the group's project duplicates those of other grants and if it is in line with the established guidelines of the endowment the guidelines which the board is now reviewing. UNDER PRESENT policy, the endowment is cutting back on grants for projects on health care, biological and physical sciences research, housing, transportation, environment and population. Projects generally rejected are related to construction of buildings, establishment of endowment funds, scholarships, or grants for more than a two-year period.

James P. Carroll, public relations associate for the endowment, pointed out some areas in which the endowment is interested: juvenile justice, organizations serving women, faculty development, liberal arts colleges, the black church and alternative and theological education. The international grants focus largely on the rural development of Latin America and Africa. The second step, largely routine, is to determine that the applicant has the proper non-profit tax-exempt status from the Internal Revenue Service. AFTER THE GRANT is approved by the proper division, it is scrutinized by the corporate office committee.

The final step is approval by the executive committee of the board or by the board itself, depending on the size of the grant requested. Ristine emphasized that vociferous community support and competent lead-, ers always help a project's acceptance. S.M.A. i yi JL D) WfW if so 9 Oty's Limited! Many Items AT or BELOW Store 1 Bakeries Contract Ratified This is your once in a lifetime chance to save hundreds on the final closeout of discontinued goods at these low-low prices. Save on many new in the box or save even more on demonstrator models.

Please note the following special locations of the sale: Save even more on these Demos Only Some require accessories and parts available from the manufacturer. SONYPS-5550 $99 Servo controlled automatic. Reg. 249.00 yesterday. Route drivers were scheduled to return tomorrow.

Exact terms of the new contract were not disclosed, but Loran W. Robbins, president of Local 135, said the package of wage, insurance, pension, holiday and other benefits "exceeds any agreement settled by the so-called Big Three (ITT Continental, Colonial and American) in the country this year." Settlements were reached earlier between the union and Muncie Bread Company, Holsum Baking Company at Anderson and Richmond, Holsum Baking doing business as Bedford Baking Company and Perfection Biscuit Company at Resumption of normal business was expected tomorrow as Local 135 of the Teamsters Union ended its six-week strike against the three largest Midwestern baking companies. The 250 striking workers ratified a contract Friday with ITT Continental and Colonial baking companies of Indianapolis and American Bakeries of Louisville and Cincinnati, along with Perfection Baking Company at Fort Wayne. During the strike, which began May 1, some 500 members of the Bakery Workers Union had refused to cross picket lines at the 19 plants that were affected. A spokesman for ITT Continental said production workers were back on the job EAST 8323 EAST WASHINGTON STREET 897-8687 $99 DUAL 1249 (East Only) Fully automatic profeiiional.

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Reg. 249.95. Includes base and dust cover. SONY PS-4750 (East Only) nQ Direct drive Super buyl Reg. 300.00 9 1 9 Many more unadvertised specials at all 5 Indianapolis locations.

Not all items available at all stores. Remember quantities are limited and at these prices bound to sell fast. gutters must be rounded; building sites must be made passable for salamanders; grading of Sally's habitat vegetation must be kept to a minimum and contin-ous retaining walls longer than 100 feet must have gently sloped ramps for them. "People are saying we must be joking when they learn of the requirements," said Robin Felburg, an associate planner for the county. "They tell us we are putting salamanders before people, but we felt we could preserve the salamander's habitat without unusual Santa Cruz, Calif.

(AP) Sally is protected now. Sally is a nickname for the endangered Santa Cruz long-toed salamander. The creature occupies only two spots in the world, Ellicott Pond and Valencia Lagoon, both in Santa Cruz County. The total population is about 10,000. To protect her, the county board of supervisors has adopted an "SP" (salamander protection) district in which any construction must take into account the habits of the shy, slow-moving salamander.

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459.00 CHARGE IT! MASTER CHARGE BANKAMERICARD AMERICAN EXPRESS PLAYBACK ARRANGED FINANCING SALE ENDS JUIIE 18, 1977 UST-1321 Wsshingtsn Delly 10-9, Set. 104, Sun. II-J WI5T-492J W.it 31th StrMt-3T7-1414 OMrgetewn Csntsr Daily 114, Set. 104, Clssed Svn. NOITH-2602 (ett 42nd Strsst-2374391 Acrots from Clsndsl CenHr Delly 16-V, Sat.

104, Sua 12-S SOUTH-9144 Seut Modlien Sewthgate Ibb Dolly 114, Sal. 104, CIW Sen. KOKOMO-MerUand kus 4S7-0O0 Seme Him Not AvaDsMs In Kekams i Free At Lust The first president, Al Schilling (right), joins current president Charles Pierson for the burning of the Antelope Club's mortgage at ceremonies outside the club at 615 North Delaware Street. (Star Photo) A Quality Company ot Hydrpmptais inv inc.