FINANCES

At some point during the fiscal year 1961-62, Dartmouth College became worth $100 million. Total assets on June 30, 1962, were $110,017,839, according to the annual financial report made to the Trustees last month by Treasurer John F. Meek '33 and Comptroller Robert D. Funkhouser '27. This is an increase of $11,234,638 over the $98,783,201 posted on June 30, 1961, and more than half of the gain came in the plant category.

The breakdown of the grand total gave $78,810,506 in endowment funds, $24,632,493 in plant assets, $5,745,354 in current funds, and $1,275,405 in loan funds. Temporarily included with endowment funds, however, was $6,710,051 reserved for plant construction.

The College's current operations in 1961-62 resulted in a black-ink balance of $35,918. "This favorable outcome," stated the report, "was directly dependent upon the outstanding success of the 1962 Alumni Fund, which once again provided sufficient additional unrestricted income to close the gap between Dartmouth's mounting expenditures and the revenue available from other sources." The Alumni Fund income utilized was $1,050,000, after the transfer of $150,660 to reserves for the Hopkins Center, Baker Library, and the Tucker Foundation.

Operating expense for the year amounted to $14,806,818 and was $1,219,837 higher than for the year before. Income amounted to $14,842,737 or $1,249,850 more than the year before. These figures include athletics and auxiliary activities as well as the educational and general operations of the College. The clearest picture of the operations of the College as an educational institution is given by the totals of $11,289,602 for income and $10,724,376 for expense. Added income of approximately $476,850 was produced by the $l5O increase in the tuition fee, bringing it to $1550. All but $125,000, earmarked for use in 1962-63, was utilized as current operating income.

Instructional and departmental research expense rose $571,224, of which $295,374 for research was offset by additional grants for this purpose. Student services increased $160,595 in cost, and scholarship grants, amounting to $936,142, rose by $88,165 or 10.4%. The scholarship funds came 41% from endowment, 19% from current gifts, and 40% —or $375,959 - from current income. Loans to students during the year totaled $422,549.

Gifts and bequests received during 1961-62, including the Alumni Fund and Capital Gifts Campaign payments, totaled $7,592,572. Of this, $2,868,925 was additional endowment and $3,905,647 was for current use. The latter figure included $1,926,856 in research grants, compared with $1,271,688 the year before.

Dartmouth's investments at book value on June 30 amounted to $78,598,801. On the basis of average total investment, the net return for the year was 3.98% compared with 4.14% the previous year. On securities alone, the rate of return at average market value was 3.79% compared with 4.09% the year before. The decline in the rate of return was largely due to lower interest rates on bonds and the fact that the bulk of the College's new funds, received near the end of the fiscal year, did not earn a full year's income.