FINANCIAL REPORT PUBLISHED
First Payment on Dartmouth Hall Reconstruction Shown
THE ANNUAL financial report of the College, compiled by the treasurer, Halsey C. Edgerton '06, and the bursar, Max A. Norton '19, has been published for the last fiscal year which ended June 30. Copies of the report may be secured by addressing the Treasurer's Office, Parkhurst Hall, Hanover, New Hampshire.
In submitting the report to the Trustees, Mr. Edgerton states in his introduction, in regard to the financial condition of the College, that "The net result is the most satisfactory since the beginning of the present depression." In explaining the income and expense summaries for the year, he reports:
"The year 1934-35 proved to be a most satisfactory year. The Alumni Fund was more than sufficient to meet the difference between expenses and income thereby eliminating any deficit. Expenses for the year exceeded those of the previous year but income for the year was also larger. The increased income from investments amounted to $26,169.52. This is partially represented by income on increased endowment, partially by a better return from securities, and partially by more satisfactory operating results from the College dormitories. Income from students increased $28,121.93 due primarily to some increase in enrollment. Scholarship aid to students was continued at the former high level. The increase in expenses was largely accounted for by the College's taking over from the Athletic Council the greater part of the expense of recreational athletics and by some salary adjustments made as a partial offset to the reductions in salaries which had been put into effect earlier. There was also some increase in the item for Plant Operation and Maintenance due in part to higher material costs, especially for fuel, but more particularly to the need of providing for some items which were deferred from previous years because of financial exigencies.
"A tabulation is given showing the percentages of total income and expense represented by the various major classifications in our accounts and the figures reduced to a per student basis. Attention is again called to the care which should be used in drawing conclusions from any per student figures. They are included in the hope that the value of the figures may exceed the dangers of misunderstandings and misapplications."
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. In concluding his report he states:
"The result of the Dartmouth College Alumni Fund on the Tucker Foundation was most gratifying. It not only made possible the balancing of the College budget but with the saving in expenses effected by the College it also provided a substantial sum which is to to meeting the cost of the reconstruction of Dartmouth Hall.
"The total contributions for the year aggregated $82,454.69, the highest figure since 1932 The record of the Alumni Fund for the year was noteworthy for another reason in that six thousand eight hundred and five Dartmouth men contributed to this result. This is a showing in which we can take the greatest pride. I regret that I have not the ability to express adequately what the Alumni Fund has meant to the financial administration of Dartmouth College during the past year and during all the years of the existence of the fund. If it not been for the fund, the Dartmouth College of today, as we know her, would not have been possible. To all who have participated in one way or another in this achievement I, as the official custodian of the funds, wish to express the sincere and grateful appreciation of Dartmouth College."
The financial report shows the grand total of figures on the balance sheet to be $24,406,870.92. This total represents an increase over last year of $544,206.36. The total figure for educational plant is $6,698,745.48 which shows a loss over last year, due to the destruction of Dartmouth Hall. The total of endowment and reserve funds is $17,209,301.97. This represents an increase during the year of $457,437.10, or 2.73 per cent. The larger increases during the year included a bequest from Henry B. Dillenback of Brookline, Mass., to create an endowment fund for instruction purposes, $160,672.09: a final settlement of the estate of Edmund Hayes of Buffalo, N. Y., an additional $27,373.98; and the proceeds of a trust fund created by Mrs. Helen L. Bullard added to the Harold C. Bullard Endowment Fund, $73,086.98.
Income and Expense for the Year 1934-1935 Amount Proportion Amount INCOME for Year of Total % per Student Students $ 880,285.86 51.18' $356.82 Net income from investments 601,114.48 34.95 243.66 Miscellaneous 73.354-31 4-27 29.73 Gifts 165,138.10 9.60 66.94 Totals $1,719,892.75 100.00 $697.16 * * * * * EXPENSE Instructional, including libraries $1,180,037.02 68.61 $478.33 Administration 165,647.46 9.63 67.14 General 125,670.03 7.31 50.94 Plant operation and maintenance 175,151.52 10.18 71.00 Restricted current funds 24,349.72 1.4.2 9.87 Annuities and additions to principal... . 49,037.00 2.85 19.88 Totals $1,719,892.75 100.00 $697.16
