RESUME OF TREASURER'S REPORT FOR 1918-19

Dartmouth College closed its last completed fiscal year with no current indebtedness and with outstanding notes payable reduced to $35,000, the lowest figure in eighteen years according to the annual report of H. C. Edgerton, college treasurer, which has recently come from the press. The $35,000 represents the unpaid balance of the Alumni Gymnasium's cost. It is being reduced by the alumni at the rate of $5,000 a year.

"The total assets", reads the second paragraph of the report, "comprising Educational Plant, Investments of endowments, and Current assets; and the total liabilities, gifts for buildings and for endowment funds being included as liabilities, show a new highwater mark at $6,616,428.49, a net increase for the year of $465,259.82."

In the balance sheet as of June 30, 1919, assets are grouped as follows.

Educational plant assets $1,865,168.40 Investment assets 4,583,291.30 Current assets 131,945.40 Item carried as "deficit" 36,023.39 Total assets $6,616,428.49 The liabilities are grouped thus: Educational plant endowments and capital accounts 1,914,504.72 Total Endowment funds 4,595,906.51 Current liabilities 106,017.26 Total liabilities $6,616,428.49

Of income during the fiscal year ending June 30, 1919 the report says: "At the beginning of the year, Dartmouth, like the other colleges of the country, was confronted with the serious problem of finding some means, despite a decreasing enrollment, to secure sufficient income to maintain at least the nucleus of its organization.

"In June, 1918 the operation of a training detachment for training soldiers in vocational subjects for the War Department was started and continued throughout the summer. In September the Student Army Training Corps was established, the vocational work being continued as Section B, S.A.T. C.

"While these operations had to be undertaken without any satisfactory knowledge as to costs or the extent to which reimbursement would be made, the settlements finally made by the government, everything considered, were very satisfactory. Receipts, after deducting that portion necessary to meet the costs of subsistence and that portion allowed as income on dormitory investment gave the figure of $75,095.01 as applicable towards meeting the remaining cost of conducting these operations; that is, costs similar to those ordinarily included among the expenses of a year.

"Income from students, of course, shows a decrease, but the large numbers of students returning to college after January 1 brought the total receipts from students to within $19,000 of the amount received in the previous year. By adding the net receipts from the Students' Army Training Corps to the receipts from students, we find over the comparable receipts of the previous year of approximately $56,000, or about 42%."

The report shows that expenses of administration increased from $41,760.20 to $50,896.80, while instruction costs, despite many salary increases, fell from $227,192.62 to $204,755.77.

During the year Dartmouth College bought $25,000 of the Fourth Liberty Loan 4¼% bonds and $15,000 of the 4¾% bonds of the Victory Loan. Changes in investment of funds were greater in number and amount than for many years. A principal change was the sale of the Lowell, Mass. property held since 1875 in the Wentworth Fund. Although the past year offered an advantageous condition for sale of these properties, a loss had to be written off. By vote of the trustees it was determined that part of the income from the Wentworth fund would be set aside annually until the fund should again stand at the figure established in the Tappan Wentworth will in 1875. The liquidated assets were placed in high grade bonds except for $100,000 still carried as a mortgage on one of the former Wentworth properties.

Edward Tuck was again Dartmouth's largest benefactor in 1918-1919. His gift of 500 shares of the stock of the Chase National Bank (New York), valued at $220,000 and designated for application of income to salary purposes, "brings the total book value of Mr. Tuck's gifts for income producing endowment to $1,360,900, and with other gifts from him for the construction of Tuck Hall, Tuck Drive, etc. makes the grand total of his benefactions well over one and one half million dollars."

Among other gifts were: that of $128,331.97 from Alice Hamilton Smith, a bequest made in 1906 which did not become available until last year, a gift of 100 shares of United States Steel preferred stock from Edward C. Johnson to establish a fund for library purposes in memory of his son, E. Phelps Johnson, and a gift of $7,000 from the Reverend John E. Johnson, the income to be used for the Dartmouth Outing Club.

Of the Alumni Fund the report says: "This year the Alumni fund has been conducted as the Sesqui-Centennial fund, and the results have been very gratifying. In addition to the general subscriptions, the class of 1894 by its 25th reunion fund established a new record for Dartmouth classes and presented to the college through the Alumni Fund a gift of $25,365, to be increased later for the purpose of establishing scholarships of major size. Contributions to special class funds, the income from such funds, payment of student loans and interest, and income . to the General Fund brought the total available for distribution to $63,317.26.

"In addition to paying the deficit for the year and the $5,000 installment on the Gymnasium indebtedness, $1,500 was appropriated for the support of the American University Union abroad; $2,591 has been added to the special Class Fund in accordance with their terms; the class of 1894 fund has been established, and the balance, amounting to $9,613.34, was added to the principal of the General Fund of the Dartmouth College Alumni Fund on the Tucker Foundation."