Financial Growth

THE total assets of Dartmouth College on June 30, 1955, were $46,109,925, it was reported to the Dartmouth Trustees by Treasurer John F. Meek '33 at the annual fall meeting of the Board on October si. This represents an increase of nearly $15,000,000 or 47% during the ten years of President Dickey's administration.

The ten-year gain has been achieved almost entirely in the College's endowment funds and funds functioning as endow- ment, which have grown from some $22,000,000 to the present total of $36,699,929, an increase of 65%.

For the year 1954-55 covered by the Treasurer's report, the College operated in the black by a margin of $8,263. Before the utilization of $605,000 from the 1955 Alumni Fund the expenses of the year exceed income by $596,737. This "deficit" was the difference between total 1954-55 expense of $6,921,699 and total income of $6,324,962. Not counting auxiliary activities (the DCAC, Dining Association, outing properties, dormitories, Hanover Inn, etc.), educational and general expenses totaled $4,674,035 or 6.9% more than the previous year, and net educational and general income was $4,203,245 or 6.1% more than the year before.

Student fees produced $2,281,954 or 47-5% of educational and general income, compared with 49.2% the year before and 51% in 1952-53. A higher tuition and extra fee of $980 went into effect this fall.

Gross income from endowment exceeded that of 1953-54 by $382,732 or approximately 18%. Endowment income utilized for the year was $1,311,202 after transfers and deferrals of $475,636, mostly in accordance with the specifications of donors. The net return for the year on the total average investment at book value was 5.47%. On security investments alone the return at book value was 5.65% as compared with 5.46% the year before. On the basis of average market values, computed quarterly, the net return on security investments was 3.89% as compared with 4.3% for the preceding year.

On the expense side of the ledger, instructional costs for 1954-55 were up by $91,542 or 4.6%. Scholarship expense at $434,185 was $22,868 or 5.6% greater than the year before, health service costs rose 13-6%, miscellaneous costs 5.5%, and plant operation and maintenance 23.4%. This last increase, the largest of the year percentage-wise, amounted to $135,795 for plant improvements voted by the Trustees. It was covered partially by $96,874 from maintenance and plant improvement reserves set aside for the purpose during the previous two years.