Surplus Shown in Financial Report Published for Year Ending June 30
THE ANNUAL financial report of the College, compiled by the treasurer, Halsey C. Edgerton 'O6, and the bursar, Max A. Norton 'l9, has been published for the last fiscal year, ending June 30, and is now being distributed to about a,OOO alumni. Copies of the report may be secured by addressing the Treasurer's Office, Parkhurst Hall, Hanover, New Hampshire.
In his preface to the report, addressed to the Trustees of the College, Mr. Edgerton calls attention to the surplus that resulted this year from reductions in instructional expense and income from the Alumni Fund
campaign. In explaining the income and expense summaries for the year, he reports:
"When the books were closed, the Alumni Fund was found adequate to cover the entire deficit of the year as well as the balance of the deficit brought forward from the previous year and to show a balance of $3,023.66. This showing was considerably better than had been anticipated when the budget was adopted.
"The receipts, while less than the preceding year, were larger than had been expected when the budget was prepared. The increase from receipts for tuition, due to the increased enrollment, slightly exceeded the decrease in the income from endowments. The principal shrinkage occurred in Miscellaneous Income and in Gifts for Current Use. The total expenses were cut in the aggregate 6.8 per cent. By far the greater part of this is represented in the reduction in salaries which became effective with the beginning of the year and which affected practically all of the classifications under which expense is divided. By far the largest amount was represented in payments for instructional services. In view of the cuts which had been made in previous years there was not as much opportunity for savings in other directions but the excellent co-operation shown all along the line resulted in substantial economies at other points. One annuity on which the College had been paying $16,000 matured early in the year. Further relief appeared in a smaller obligation for sabbatical leave. Plant operation and maintenance showed some further saving notwithstanding the unusually cold winter and high fuel prices.
"While the colleges were exempt from direct application of the provisions of the National Industrial Recovery Act, Dartmouth attempted to cooperate with some of the principles involved by reducing hours in the janitorial and mechanical fields. The old basic nine-hour day was replaced with an eight-hour day.
"For a number of years it has been our practice to show the percentages of total income and expense represented by the various major classifications in our accounts. With this has also been shown the amounts reduced to a per student basis for the benefit of any persons desiring to study the figures in this form. While this per student figure may be susceptible of misinterpretation, we believe the value in showing it exceeds the dangers."
The treasurer again finds the Alumni Fund to be the principal factor in enabling the College to show a good financial result for the year. He calls attention to the record of the 1934 Fund campaign with its total of 172,518.73 received from 5,289 contributors. These totals exceed those of the previous year. In his tribute to the record of the Fund he concludes:
"The showing of the Fund in another "non-quota" year is one of which we are all proud. Words are entirely inadequate to picture how much the Alumni Fund has meant in the operation of Dartmouth College. To all who have participated in making this possible I want to express, even in this all too feeble way, the most sincere appreciation."
The financial report shows the grand total of the figures on the balance sheet to be $23,862,664.06. This total is substantially the same as a year ago. The total figure for educational plant is $6,764,348.05 which is 28.3% of the total assets. The total of endowment and reserve funds is $16,751,-864.87, according to the report. The net increase during the year was $105,244.46. The total now represents 70.2% of the balance sheet assets. The largest addition during the year came through the bequest of Maria K. Gould, widow of Charles H. Gould '92, amounting to $40,446.29.
The report lists all investments of the College in detail. A summary of the different classifications of investments held by the College is shown in the table at the left.
Stocks Bonds Real estate mortgages.... Real estate outside of Han- Book ValueJune }o, 1934 $ 6,391,743.30 5,972,718.52 629,273.00 Proportionof Total% 37-6 35-i 3-7 Net Incomefor Year $119,707.08 279.583-87 25,173.82 Net Incomeon AverageInvestment% 1.92 4.85 3.81 over Dormitories Dormitories and refectory Other real estate in Han- 4">579-i9 2.233,301.00 365,000.00 2.4 13.1 2.2 644.48* 113,511.78 467.21 5.08 0.13 over Miscellaneous 994,614.43 3,275.00 5-9 35.953-74 1,188.94 3.46 Totals * Expense. $17,001,503.44 100.0 I574.941-96 3-44
INCOME Students Net income from investments Miscellaneous Gifts ....: Amountfor Year $ 852,163.93 574,941.96 50,105.37 115.I37-38 Proportionof Total % 53-52 36.11 3-14 7-23 Amountper Student $353-89 238.76 20.81 47.81 Totals $1,592,348-64 100.00 $661.27 EXPENSE Instructional, including libraries Administration General Plant operation and maintenance Restricted current funds Annuities and additions to principal... Amountfor Year $I.O75.957-8A 145,531.81 131,128.89 152,032.62 31,648.29 53.025.55 Proportionof Total % 67.70 9.16 8-25 9-57 I-99 3-33 Amountper Student $446.83 60.44 54-45 63.14 13.14 22.02 Totals Gain for year I1.589,324.98 3,023.66 $I.592.348-64 100.00 $660.02 1.25 $661.27
