In May 1922, the Carnegie Corporation approved a $25,000 grant to fund the Committee's report. The proceedings from the ALI's first Annual Meeting include a statement by the ALI's Council to the Carnegie Corporation, which reads: "The Committee could not have undertaken the work of preparing the Report without financial assistance. It was a work requiring study, constructive thought, painstaking criticism and thorough discussion." The report recommended the "creation and constitution of The American Law Institute," including specific mandates for organization and process, and became the basis for the ALI's founding principles and for the way in which the Institute operates today.