FINANCIAL STATEMENT OF H. A. A. FOR LAST YEAR

Receipts for the 12 Months Ended June 30, 1931$1,071,498.66 Guarantees Paid to Visiting Teams  293,277.69   -- Amount Available for Athletics and Physical Education  $ 778,220.97 Total Expenses for All These Purposes  727,668.62 Excess of Income over Expenses  $ 50, 552.35   INCOME AND EXPENSES OF ATHLETIC ASSOCIATION   *Income  Expense University Baseball Team  $ 17,870.62  $ 27,821.12 University Crew  4,386.04  42,425.84 University Football  613,211.17  119,492.76 University Track Team  14,302.47  39,116.30 University Hockey Team  12,141.70  20,648.49 Minor Sport Teams and Physical Education Department  148,543.48 Maintenance and Operation of Athletic Buildings and Grounds  170,617.40 Permanent Improvements, Grounds and Buildings  28,208.18 Administrative and Other Expenses  130,795.05   --   $727,668.62   -- *Income after deducting guarantees paid to Visiting Teams