Boldly signed DS, signed “Walter E. Disney,” two pages, 8.5 x 11, December 4, 1962. Document setting down the conditions of a donation that Disney made to the Chouinard Art Institute. In part, “Enclosed is Walt Disney Productions Voting Trust Certificate number 1720 for 525 shares constituting an endowment grant…subject to the following terms and conditions:…Until December 4, 1972, the principal shall be held by Chouinard Art Institute only as endowment, and the income therefrom shall be used only to increase faculty salaries…apportion such salary increased in any manner among teachers (of the rank of instructor or higher) who teach classes in the liberal arts or sciences, whether graduate or undergraduate, or who teach classes in other graduate curricula. After December 4, 1972, the prinicpal and income therefrom may be used for any educational purposes…By acceptance of this payment…Institute certifies that it is now and shall continue to conduct its operations within and subject to all of the provisions of its charter as it now exists and subject to Section 501(c) (3) of the Federal Internal Revenue Code…shall report to the undersigned donor, from time to time, on its use of the grant herein provided…the Endowment Grant, is a single, non-recurring grant and it is made with the understanding that the undersigned donor has no obligation to provide other or addition support.” Signed on the second page in blue ballpoint by Disney and also signed by Royal Stark on behalf of the Chouinard Art Institute. The Chouinard Art Institute was a professional art school founded in 1921 in Los Angeles, California by Nelbert Murphy Chouinard (1879-1969). Nelbert Chouinard’s age and health led to Walt and Roy Disney along with Lulu May Von Hagen, then chairman of the Los Angeles Conservatory of Music, overseeing a 1961 merger of the Chouinard Art Institute with the Music Conservatory to create the California Institute of the Arts. In fine condition, with expected punch and staple holes to top edge. PSA/DNA Auction LOA and R&R COA.
