UNIVERSITY FUNDS INCREASE AS COSTS OF OPERATION GROW

Pointing to an increase in University endowment funds and in operating expenses, a brief extract from the report of H. L. Shattuck '01, treasurer of the University, to the Board of Overseers, covering the operating expenses for the twelve months ended June 30, 1931, was made public yesterday afternoon at University Hall.

Operating expenses were $13,466,991, or $1,218,814 more than the figure for the year ending June, 1930. The book value of endowment funds exclusive of land and buildings used for educational purposes, was $117,204,250, an increase of $9,116,787 over the figures for last year.

How Expenses Were Met

Last year's report listed the income sources from which expenses were paid. Yesterday's announcement states: "The expenses were met by income from endowment funds and by gifts and receipts for special purposes to the extent of $7,525,624. Dining hall and Faculty Club expenses were met by their income, athletics were self-supporting, and tuition accounted for a part of the expenses of instruction. Expenses Classified

The expenses are "classified as follows": Salaries for Administration instruction and research  $4,244,011.10 Other expenses of administration, instruction, and research  4,078,274.51 Maintenance and operation of buildings and grounds  1,547,973.48 Student scholarships, loans and prizes  735,249.70 Dining halls and Faculty Club  1,018,105.08 Athletics and physical education  991,946.31 Medical School Heat and Power Plant  262,989.28 Annuities, retiring allowances and other non-departmental activities  588,441.96   $13,466,991.42

The increase in the value of the University's endowment funds was fore- shadowed by President Lowell's announcement at the Alumni Exercises last June of gifts totalling $14,421,697. These included contributions from Edward S. Harkness of $4,310,239 "additional, toward the construction of the Houses," and of $100,000 "for the libraries of the Houses."

The treasurer's report for last year stated: "These expenses . . . which exceeded the expenses of the preceding 12 months by about $600,000 . . . were paid from the following sources:

Income from Funds and from Gifts  $5,406,316.81Income from Tuition Fees  3,130,617.08Income from Dormitory Rentals  773,840.69Income from Dining Halls and Harvard Union, to cover cost of student board  862,749.45Income from Athletic Sports for use in meeting athletic expenses  1,189,948.72From Other Operating Income  884,804.22  $12,248,176.8

The increase in the value of the University's endowment funds was fore- shadowed by President Lowell's announcement at the Alumni Exercises last June of gifts totalling $14,421,697. These included contributions from Edward S. Harkness of $4,310,239 "additional, toward the construction of the Houses," and of $100,000 "for the libraries of the Houses."

The treasurer's report for last year stated: "These expenses . . . which exceeded the expenses of the preceding 12 months by about $600,000 . . . were paid from the following sources:

Income from Funds and from Gifts  $5,406,316.81Income from Tuition Fees  3,130,617.08Income from Dormitory Rentals  773,840.69Income from Dining Halls and Harvard Union, to cover cost of student board  862,749.45Income from Athletic Sports for use in meeting athletic expenses  1,189,948.72From Other Operating Income  884,804.22  $12,248,176.8