Balanced Books

WITH the help of $772,000 from the Alumni Fund and the Capital Gifts Campaign, the College met its operating expenses of $10,983,501 for the fiscal year 1958-59 and balanced its books out at zero. Before the utilization of these funds, the net income figure was a record $10,211,501, up $437,174 over the previous year, but expenses also increased by about the same amount to a new high.

The report of balanced books for 1958-59 was made to the Trustees at their annual fall meeting last month by John F. Meek '33, Vice President and Treasurer, who also reported that the assets of the College had increased during the year by $8,802,830 to a grand total of $80,138,379. Included in this grand total are endowment and .similar funds of $64,626,404, among which temporarily are some funds reserved for plant construction.

On the expense side for the fiscal year ended June go, total educational and general expense of $7,642,142 was $385,703 greater than for the previous year. Instruction and research costs rose $275,696, library costs $45,263, administration $91,787, scholarship aid $30,000, and health service $6,000, while plant operation and maintenance costs remained almost exactly the same as for the year before and miscellaneous expenses decreased by $63,000.

On the income side, student fees of $3,504,751 were within $1,520 of matching the year before. Net endowment income of $1,967,475 was up $311,975 over the previous year, gifts for current use totaling $857,387 were $61,410 greater, and contract research grants of $119,108 were $50,374 greater. Miscellaneous income of $306,377 was $95,586 less than in the previous year, and health service income of $27,302 was down $3,135.

For auxiliary activities (athletics, outing properties, Dining Association, golf course, etc.) total expense of $3,341,358 was $265,316 greater than income. This compared with a net loss of $246,993 the previous year.