Gifts Set Record
GIFTS and bequests to Dartmouth College during the fiscal year 1956-57 amounted to 14,789,026, which was the highest annual total in the College's history, exceeding by more than $350,000 the previous record established just the year before. Alumni gifts and bequests, including contributions to the 1957 Alumni Fund, totaled $2,333,236.
The total of $1,910,774 received from foundations, trusts and corporations ineluded $1,463,500 from the Ford Foundation, which made a second payment of $1,215,500 under its program of endowment and accomplishment grants for faculty salaries and also gave $250,000 to endow Medical School faculty salaries. The two payments from the Ford Foundation for College faculty salaries make a grand total of $2,368,500, which is approximately $300,000 greater than the amount originally announced as being awarded to Dartmouth.
Including the 1956-57 grants from the Ford Foundation, gifts and bequests added to endowment totaled $2,973,958. There were a number of substantial anonymous gifts ranging from $101,806 to $14,500. Also added to endowment were $135,000 from the estate of Alvin H. Dessau '13, $25,000 from the James Foundation of New York for the William Jewett Tucker Foundation, $20,000 from the estate of Prof. Louis H. Dow, M.A. '08, a member of the Dartmouth faculty for 37 years; $17,500 from the estate of Elsie B. Abbott in memory of William T. Abbott 'go; and additions of $42,333 to the Anton A. Raven Fund and $ 19,549 to the Samuel H. Hudson '85 Fund.
The College also received from the estate of Henry N. Teague '00 the entire capital stock of the Mt. Washington Summit House, Inc., a corporation which owns the summit of Mt. Washington, the land at the base station of the cog railway, and the entire stock of the Mt. Washington Railway Company which, in turn, owns the railway right of way up Mt. Washington, the railway rolling stock and certain other property. The stock of the Mt. Washington Summit House, Inc., has been valued by the College at $290,000.
Gifts for plant during the year amounted to $76,769, exclusive of gifts for the Hopkins Center project. Of this amount, $46,748 was in support of the Dartmouth Skiway at Holt's Ledge. With previous gifts, the total raised for the ski project through June 30 was $134,913. The College also received $15,200 from Charles E. Brundage '16, to be applied to the cost of the Dartmouth Skiway base lodge in memory of Robert Peter Brundage '45. The total of the Brundage Memorial Fund now stands at $48,370.
Gifts for current use, exclusive of the Alumni Fund, amounted to $774,759 for the year, and receipts from trusts held by others totaled $34,947. Among the gifts in this category were two grants of $95,300 and $28,000 from the National Science Foundation in support of Prof. Millett G. Morgan's research program at Thayer School; nine grants totaling $151,768 from the National Institute of Health in support of Medical School research; four grants totaling $104,100 from the Alfred P. Sloan Foundation in support of the Sloan National Scholarship Program, research at Tuck School, and mathematical research; and $40,000 from the Carnegie Corporation of New York for a research project by Profs. John W. Masland and Laurence I. Radway of the Government Department.
The report on gifts and bequests for the year 1956-57 was made to the Trustees by Treasurer John F. Meek '33 as part of a general financial report which is summarized on Page 32 of this issue.
