UA-R-GC-1914-01-01-1924-10-25_Page-022

249. October 25, 1924. Appendix B. REPORT OF THE FINANCE COMMITTEE •OF THE AMERICAN UNIVERSITY AT CAIRO For the Year 1923-24 Meetings Held: Since the last meeting of the Trustees on November 27, 1923, the Finance Committee has held meetings on the following dates: June 11, 1924; October 9, 1924; and October 25, 192.4. The following summary gives in outline the matters which have been taken up and acted upon by the Committee during the past year: 1. Financial Objectives: Financial objectives were set up on the basis of the years July 1, 1923, to June 30, 1925, as follows: (1) Current Budget 1923-24 $ 84,000. (2) Current Budget 1924-25 95,000. (3) Purchase of Lard, Suburban Site 50,000. (4) Debt on Property, City Site 40,000. (5) Endowment 74,000. (6) Auditorium and Residential Quarters 120,000. (1) Funds for the budget of 1923-24 amounting to $84,000 were secured but the postponement of the payment of several large pledges made it necessary to call on the Contingent Fund for $17.04. (2) A report on the budget of $95,000 for 1924-25 appears in the Treasurer's report. See Appendix B (5) . (3) Through the foresight and generosity of Mr. W. S. George, the entire amount of x`50,000 for the purchase of land for the suburban site of the University was provided. (4) Since the close of the financial year 1923-24, the debt on the property has been reduced from $40,000 to $33,000. This was made possible by reason of Mr. J. W. Valker's $7,000 gift to the School of Oriental Studies, which thereby released $7,000 from the conditional gift of Dr. W. B. Hill. (5) The $75,000 goal for endowment was oversubscribed by $10,000. The feat of raising the total endowment from $150 to $85,150 was accomplished from the children of Frederick Weyerhaeuser as a memorial to their father. (6) No progress can be reported on the $120,000 for auditorium and residential quarters. 2. The following Allowances were approved by the Finance Committee, and sub-mitted to the Trustees for action by circular