UA-R-GC-1914-01-01-1971-02-09_Page-012

THE AMERICAN UNIVERSITY IN CAIRO Report of the Budget Committee January 14, 1971 A meeting of the:: Committee was held on January 14, 1971, at the Recess Club, New York, with the following persons in attendance: James Barco, George Bickford, Richard Crabbs, Miner Crary, Peter Nichols, Charles O'Connor, Frederick Payne, Landon Thorne, and Edward Dirks, Chairman. Budget details, as revised, for 1970/71 and with comparisons for two previous years, had been circulated to the members of the Committee in advance . After the meeting was opened with the election of Dirks as chairman, Mr. Barco made a number of statements concern­ing the proposed budget and the financial situation which needed to be known to the Trustees. He pointed out that the Pound situation is good and the proposed budget raises no problems, because of AID support at the level that was requested. He noted that we should anticipate drawing heavily on the corpus of the Fund and that the possibility of investing the Fund in the U.A.R . in the foreseeable future as a viable way of producing sufficient LE income was less and less in the minds of those in Washington . When Mr . Barco turned to the dollar side of the Budget, he stated that we are in very serious trouble . He said that if it were not for the past generosity of Mrs . Wallace, this year's anticipated deficit of $107,000 would be $145,000 greater . Her past gifts were not given as restricted endowment but were put into "quasi-endowment" 1F