Financial Report

$123,706.

Despite these and other department losses listed in the report, the University as a whole last year had a favorable balance of $497,753, compared with 1947-1948's total deficit of $390,811.

This 1948-1949 excess of income over expenses was achieved only because of a $508,742 surplus accrued in the University's administrative offices. Acting like a holding company for its numerous departments, the University was able to accumulate this $508,742, and thus absorb the deficit budgets of some departments.

Besides the graduate schools, library, and HAA, these deficit budgets were also incurred in veterans housing and administration, seven University museums, Memorial Church, the University Printing Office, and the Faculty Club.

Those departments, other than the Faculty of Arts and Sciences, which reported surpluses included: the Houses, $98,231; the Hygiene Department and Stillman Infirmary, $31,619; the dining halls, $17,179; and eight scientific museums and research institutions.

In achieving their surplus, the Houses fell just short of the $100,000 surplus they are expected to show yearly because of the Corporation's original outlay in building the Houses.

Tuition Big Income

Viewing as a whole the University's income and expenses, the financial report also broke down total income and expenses into percentage groups.

The sources of all-over University income were as follows: tuition and other student income, 42 per cent; fund income used during the year, 24 per cent; and gifts, 12 per cent.

The breakdown of expenses worked out as; wages, 32 per cent; salaries of Corporation appointees, 27 per cent; equipment, 22 per cent; scholarships, four per cent; and retirement allowances and pensions, three per cent.

The entire financial report was signed by both Vice-President Reynolds and Treasurer Cabot. In former years, the annual statement was simply a treasurer's report. When Cabot last year succeeded William H. Claflin '15 as treasurer, it was decided that future reports would be on a joint basis-the treasurer, it was decided that future reports would be on a joint basis-the treasurer reporting on the University's investment activities and the vice-president reporting on his administration of the departmental budgets.