Financial Report

The long string of "in-the-black" financial reports released by the College in the postwar years came to an end in fiscal 1967-68. As shown in the adjoining statements, operating expenses for 1967-68 exceeded revenues by $61,101; but in view of an increase of $2.4 million in total costs over the year before, holding the deficit down to that size amounted to a highly creditable financial performance.

Utilization of the 1968 Alumni Fund, in excess of $2 million, was the real lifesaver in the College's effort to stay within reach of the mounting cost of operating itself. The $2.14 million of free funds provided by the Alumni Fund last year was nearly $300,000 more than the $1.85 million utilized the year before.

Other important factors on the revenue side were increases of $600,000 in tuition income and of $230,000 in endowment income, plus transfers of $1,053,931 from reserves and special funds compared with only $539,312 of such transfers the year before.

Among the higher costs for 1967-68, the increase of $822,000 for instruction and departmental research was by far the largest. Most of this increase came from higher compensation, which was the chief factor in higher costs for various categories of administration also. Cost figures for student aid, libraries, student services, plant operation, institutional programs, development, and athletics and physical education were all up by sizable amounts. The higher development and public rela- tions figure reflects the special fund-rais-ing activities of the Bicentennial period. Auxiliary enterprises, which ran a small deficit the year before, balanced out for 1967-68 despite increased expenses of $693,780.

Total assets of the College as of June 30, 1968 were $179,294,730 compared with $160,854,473 the year before. This total consisted of endowment and similar funds of $128,880,537 at book value, $35,767,044 in plant fund assets, $3,323,783 in loan funds, and $11,323,366 in current funds. At market value the endowment assets were considerably higher, and on that basis Dartmouth's assets today are well in excess of $200 million.

Operating Revenue, 1967-68

1967-68 1966-67 EDUCATIONAL AND GENERAL Student Tuition and Fees $ 7,607,069 $ 7,004,159 Endowment Revenue Utilized 3,855,970 3,586,913 Alumni Fund Utilized 2,144,248 1,850,000 Gifts Utilized 749,610 803,719 Sponsored Research 4,118,759 4,123,489 Other Sponsored Programs 1,773,855 2,118,599 Organized Activities Relating to Education Hopkins Center 184,886 161,929 Computation Center 181,730 74,897 Foreign Study 150,266 51,773 Medical School 294,544 128,948 Other 52,099 59,325 Other Sources Including Transfers 1,645,940 1,046,858 Total Educational and General $22,758,976 $21,010,609 ATHLETICS AND PHYSICAL EDUCATION 511,833 411,630 AUXILIARY ENTERPRISES Dartmouth Dining Association 1,879,238 1,640,457 Student Housing 1,444,346 1,368,153 Other 1,621,963 1,369,884 TOTAL REVENUE $28,216,356 $25,800,733

Operating Expenditures, 1967-68

1967-68 1966-67 EDUCATIONAL AND GENERAL Instruction and Departmental Research $ 6,887,678 $ 6,065,516 Organized Activities Relating to Education Hopkins Center 704,993 658,593 Computation Center 495,324 443,560 Foreign Study 139,655 58,105 Sponsored Research 3,505,143 3,585,276 Other Sponsored Programs (Less Transfers to Instruction and Student Aid) 1,301,669 1,576,528 Libraries 1,101,070 979,943 Student Services 2,049,720 1,819,068 Plant Operation and Maintenance 1,668,896 1,527,739 General Administration 827,371 756,757 Development and Public Relations 795,403 714,035 General Institutional 574,823 467,095 Total Educational and General $20,051,745 $18,652,215 STUDENT AID 1,963,633 1,679,100 ATHLETICS AND PHYSICAL EDUCATION 1,173,536 1,042,532 AUXILIARY ACTIVITIES Dartmouth Dining Association 1,893,867 1,657,587 Student Housing 1,442,012 1,210,271 Other 1,752,664 1,526,906 TOTAL EXPENSES $28,277,457 $25,768,611 Excess of Expenses Over Revenue $ 61,101 Excess of Revenue Over Expenses $ 32,122