Trust Indenture dated December 2, 1953 that created a California charitable trust was "the diffusion of artistic and general knowledge." The trust is governed by a 13-member board of trustees. Trustees are elected to serve four-year terms, with a maximum limit of three terms. The board is self-perpetuating with the board electing or re-electing the trustees. The board holds an annual meeting in May or June of each year. Although the board conducts most of its work through committees, a number of important decisions are reserved for the entire board including approval of any art acquisition costing more than $1 million. On October 2, 2006, the California Attorney General issued a report following an investigation of the trust and its operations. At the close of the investigation an independent monitor was hired to assure proper governance and expenditures of the trust. On May 7, 2008, the Attorney General closed the monitoring process. The trust was hurt by the economic downturn following 2007 and reduced its annual budget by 14%. In 2007, the trust had $6.4 billion in endowment, but this amount dropped to $4.5 billion in 2009. In 2009, the trust had $300 million in expenses down from $349 million in 2008. For example, GRI co-produced the Avery Index to Architectural Periodicals with the Avery Architectural and Fine Arts Library, but transferred that activity to Columbia University on July 1, 2009. With the recovery of the post-recession economy, the trust rose to $6.9 billion by 2018. J. Paul Getty Medal The J. Paul Getty Medal was established in 2013 by the Trustees of the J. Paul Getty Trust to honor extraordinary contributions to the practice, understanding and support of the arts. The first recipients of the Getty Medal, which was presented in December 2013, were Harold M. Williams and Nancy Englander, who were honored for their leadership in creating the Getty as it exists today. In November 2014, the Getty Medal was presented to Jacob Rothschild, 4th Baron Rothschild, a volunteer cultural leader known for his dedication to the preservation and public interpretation of Waddesdon Manor. In September 2015, the Getty Medal was awarded to architect Frank Gehry, who has built an architectural career over five decades and produced public and private buildings in America, Europe, and Asia. His work has earned Mr. Gehry several of the most significant awards in the architectural field, including the Pritzker Architecture Prize. The