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An LVMH executive who attended both shareholder meetings said the option grants were made in public.
Sometimes large grants were made to entire religious communities numbering in the hundreds or more.
The A.H.A. awarded the first such grant, known as Career Investigatorship, in '51; two more grants were made in '53.
Grants were made based in part on a company's revenues during its last pre-9/11 tax year.
Mr. Cheshire said records might have been poorly kept, but he defended the manner in which many grants were made.
The National Institute of Colonization created new towns and resettled thousands of people to whom land grants were made.
Similar(32)
Their desires will affect how grants are made by family foundations for decades.
While the grants are made each year, the options cannot be exercised immediately.
"That may be the way things are done in business, but it's not how grants are made in the nonprofit world," said the former Google.org executive.
Finra has said that expungement is supposed to be an "extraordinary" remedy, but the report shows that such grants are made routinely.
The grants are made possible in part by the Warhol foundation's increased art sales, including this week's sale at Christie's, which brought in more than $17 million.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com