UA-R-GC-1914-01-01-1923-11-27_Page-009

208 November 27, 1923. Appendix A. REPORT OF THE FINANCE CO'.IMITTEE OF THE AMERICAN UNIVER:'ITY AT UAIRO For the Year 1922-23. Meetings Held: Since the last meeting of the Trustees on October 28, 1922, the Finance Committee has held meetings on the following dates: May 4, 1923, June 4, 1923, and November 27, 1923. The following summary gives in outline the matters which have been taken up and acted upon by the Committee during the past year: 1. Objectives for the Year: The first objective for the year was to eet the requirements of the current budget for the year 1922- 23, amounting to 979,189.30. Toward this goal only $51,695.48 was received during the year from general and designated gifts. The balance was ,.,ade up from two sources: (a) the sale of Liberty Bonds which had been received as contributions during several preceding years; this brought in $15,140.10: (b) a cash balance brought forward from the preceding year. Thus the year closed with all current oblig-ations fully _yet. A second objective was to secure as large an amount of money as possible to reduce the debt on the property amounting to 9104,000. During the year remarkable progress was made in reducing this debt from $104,000 to $.40,000. This was made possible through the following generous gifts: J. H. Lockhart $35,000, Dr. W. B. Hill $15,000 and 814,000 released from the conditional gift of Dr. Hill by reason of Mr. J. W. Walker's gift of this amount to the School of Oriental Studies. 2. Special Appropriations: It was voted that the $200 bonus omitted from Mr. McCuiston's account in the budget for 1922-23 be paid him from the Emergency Fund. 3. Investment: The Finance Committee voted to purchase the United Kingdom of Great Britain and Ireland bonds with the $2,000 given by Miss I.tia A. Kelley for a scholarship fund. These bonds are 5P is due 1937, and selling at 103 7/8, to yield approxii!Lately 5.15%. The additional amount necessary to purchase these bonds was to be taken from the Emergency Fund of the University and repaid from the interest on these bonds. 4. Increase in Secretary's Salary: The Co;..mittee voted un-animously to increase the salary of the Secretary from $3500 to $4000 per year. 5. Appointment of Bursar's Assistants: ia'Ir. H. V.. Vandersall was appointed First Assistant Bursar and Mr. Russell Galt Second Assistant Bursar, commencing September 15, 1923, to act during the absence of Mr. Wendell Cleland, the Bursar. 6. Budget for 1923-24: After a careful study of the Univer-sity budget for 1923-24, the Finance Committee approved the budget submitted, subject to the following changes, and expenditures were authorized subject to the approval of the Trustees at their next fall meeting. (See Appendix B)