UA-R-GC-1914-01-01-1926-10-29_Page-049

Appendix E 47 October 29, 1926. REPORT OF THE FINANCE COMITTEE OF THE AMERICAN UNIVERSITY AT CAIRO TO THE BOARD OF TRUSTEES For 1925-26 Meetings held: - Meetings of the Committee were held in Pittsburgh on May 20, 1926, and in New York City on October 29, 1926. The remainder of the necessary actions were taken by circular on May 12, May 26, and June 27, 1926. The following is a summary of the principal items of business transacted by the Committee during the year: Due to the generous help of the Trustees and other friends, funds for the 1925-26 budget were secured and another financial year closed without a deficit on June 15, 1926. In order to understand what is involved in this statement, attention is called to the following fr cts: a. The budget of $95,290 was the largest in the history of the University. b. $2,250 hitherto carried by the Stewardship Incorporated account was in-cluded in the budget. c. 1925-26 was the first year in which we had no New World Movement pledges to count on. d. The period for raising funds was short because the financial year had been changed to run from July 1, 1925, to June 15, 1926, and the follow-ing year from June 16, 1926, to May 31, 1927. e. A great many subscribers who had given in terms of 41,000 and $500 in previous years reduced their subscriptions to $100 and 4200. The only explanation for this is that the demand which is being made by so many worthy causes is having its effect on these people. They are not people who have been neglected, but, on the other hand, are those upon whom con-siderable time has been spent. The following gifts for special purposes were received: $53,000 payment on account, for Auditorium 1,515 for the Child Welfare Clinic from the wives of the Trustees 2,000 for a scholarship from Miss Lydia A. Kelly 125 for a scholarship from the lNoman's Guild of the Church of St. John By-the-Sea, Ventnor, N. J. 5,000 for the purchase of the Mandara property from Dr. end Mrs. Hill 100 toward a fund to purchase an automobile for Dr. latson. The Finance Coi:mittee sanctioned the borrowing of $22,500 for building a wing on the auditorium. ' . The carrying charges and the payments on the principal sum are to be paid annually from rentals on the three faculty apartments to be in-cluded in the proposed building, all said rentals being a part of the Univer-sity's annual budget for current expenses. Mr. George V. Sullivan, State College, Pa . , ,was appointed to take charge of the publicity work of the University on a part time basis, under the guidance of the secretary, Mr. Lum, as an experiment from December 15, 1925, to June 15, 1926, at a salai of $25 per month. If this experiment proves successful, the matter is to be resubmitted to the Committee for an extension of this agree-ment