1970-71 Finances

At the first general meeting of the Dartmouth College faculty, on September 30, President Kemeny carried out his promise to make information about College finances more freely available. He outlined the current year's budget, which has been revamped into a simpler and more understandable form, and he also rescinded a policy of some years' standing by making known the present range of salaries for the various faculty ranks.

Gross expense for the fiscal year 1970-71 is budgeted at $33,810,000. Under six major "budget centers"—administration, student affairs, academic programs, academic services, plant, and auxiliary activities—the budget total is distributed among 19 sub-categories, for each of which is shown the amount of "assignable revenue" from specified endowment and other sources and the amount that is "net expense" and must be met from general funds. Of the grand total, $16.55 million is to be financed by assignable revenue and $17.26 million from general funds.

The sums budgeted for the six major categories, each of which will have tighter budget control under the new system, are: administration, $4.3 million; student affairs, $3.17 million; academic programs, $13.88 million; academic services, $3.54 million; plant, $2.54 million; and auxiliary activities (dormitories, dining halls, Hanover Inn, etc.) $6.38 million.

Revenue budgeted to meet the net expense of $17.26 million is: student fees, $7.87 million; endowment (not earmarked), $4.42 million; Alumni Fund, $2.5 million; Third Century Fund expendable, $1.65 million; and gifts (not earmarked), $820,000. Under the new budget form, financial aid is not shown as offsetting totals on both the income and expense sides; the $7.87 million figure for student fees is the amount of money actually received.

In announcing the faculty salary ranges for the current year, President Kemeny also gave the median for each rank (last year's median is given in parentheses): Professors—$16,000 to $24,000, median $18,500 ($17,500); Associate Professors—$13,000 to $16,000, median $14,000 ($13,750); Assistant Professors—slo,ooo to $12,500, median $11,000 ($10,750); Instructors —$8,000 to $10,500, median $9,500 ($9,000).

These are figures for base salaries, not total compensation. Fringe benefits include annuity payments by the College (16% of salary for most faculty members), Social Security, insurance, major medical expense, and children's college scholarships (up to $1700 a year). For the tenured ranks, fringe benefits in general are figured at 23.5% of base pay.