In May 1938, Bush accepted a prestigious appointment as president of the Carnegie Institution of Washington (CIW), which had been founded in Washington, . Also known as the Carnegie Institution for Science, it had an endowment of $33 million, and annually spent $ million in research, most of which was carried out at its eight major laboratories. Bush became its president on January 1, 1939, with a salary of $25,000. He was now able to influence research policy in the United States at the highest level, and could informally advise the government on scientific matters.  Bush soon discovered that the CIW had serious financial problems, and he had to ask the Carnegie Corporation for additional funding.