UA-R-GC-1914-01-01-1954-11-12_Page-054

40 REPORT OF THE TREASURER 1953-54 It has been my privilege to serve as Treasurer of the Board of Trustees since 1921, just one year after my election to the Board. I have enjoyed my duties and association with members of the staff, both those in the Philadelphia office and faculty when on furlough in America. It has been a pleasure to meet candidates for teaching appointment as well as an occasional graduate. I have watched the University develop from a struggling infant to a struggling adult, and I am happy to have had a share in this Christian work for the young people of Egypt and the Middle East. With the Finance Committee, I have been concerned about the annual deficits in our budget account. However, I was pleased with Mr. Craig's suggestion that five trustees, either new or present members, bring $10,000 annually toward the current expense account. In this way the budget would be met, the morale of the staff and Board would soar, and the work would improve commensurately. I am happy to be one of the Trustees to contribute a larger sum than usual to current expenses for 1954-55, and have indicated my intention to give $5000 before December 31, 1954. If other Trustees can join me it will be most encouraging. Special gifts are coming in. One of our new trustees sent check for $1000 in July, and in August was instrumental in securing a $5000 gift from a family foundation. Another trustee has just sent $2500 - a substantial increase over last year's gift. Mrs. Ahmed Hussein, the wife of the Egyptian Ambassador to the United States and one of our alumnae, in making another of her many enthusiastic endorsements of our work this time enclosed fifty dollars. So, as Treasurer, I am encouraged and thrilled at the prospect of all of us standing back of the President-elect and proving that current expenses can be met if we bend every effort to do so. Our resources must equal our opportunities. As Treasurer, I would report also that the Bursar's report shows a con-siderable saving on expenses in Cairo. At the end of the year $10,418.18 was returned to the Trustees on a budget of $139,334. The Philadelphia office also showed good stewardship with a net saving of $4,421.56 on a budget of $43,740. As I come to another milestone in my life, I should like to suggest to the Board (1) that Mr. T. J. Gillespie, Jr., be elected Treasurer, and (2) that Mr. Thornton continue as Assistant Treasurer. I shall be happy, as sug-gested, and if the Board so desires, to be Assistant Treasurer and to con-tinue to sign checks and be available for consultation in Philadelphia. Three financial statements for the year 1953-54 are submitted for your information and approval. JOSEPH M. STEELE Attached: Receipts and Expenditures Treasurer Balance Sheet Retirement Fund 1