UA-R-GC-1914-01-01-1978-09-12_Page-074

• ~ .. ~, I • I . .,. , :"\" 'IiI ,; :" ; If' I J " ~ ,, 77/78 ~ ,;' , ! I 1, '' , , '.,i: " \ ~ 79/80 ,. Summary of 77/78, 78/79 and 7()/f3~~ ,~' budr,ets The estimated actual fif.ud~s present i1 f' IOI 'e filvo:;::able budget picture that we were projecting at the October meetinl'. Ha~ical ly, this is because of substantially lower dollar and pound eXf'onditures primarily due to lower foreign faculty costs and a slmu'(",m iTl 1,~r:~.; spending levels. On the dollar side, we ended IIp with a defirit o~ $2 12,700 includin~ a transfer of $75,000 to Plant Fund to CGVf!r ['rojected nevi library and other construction ezpen:>cs . On the pound side, d proj ected deficit turned into a small surplus of J,[.19, 7r'fj l'0'~i1uf:C of higher revenues and lower expenses, even after includill r ,J LI'.-m,;[er of LE.125,000 to the Plant Fund for completion of on go:inr construction projects. The picture has brir,ht ened since the Oc~cb~r ~eeting: projected income is up $152,000 due to hir:h ".!r forei.vn s til'lt::n t enrollment at AUC, I~ES and DPS while we are redllc inr expenditure f.'rnj'~cticns ty $11,600. The deficit droPG therefor!) from $Eifi0,OOO t,) :~ I I'l7 ,000, most of Vlhich, if we get approval, Vie plan to fin~~ce out o f crnlvcrtinr LE.265,000 out of our 78/79 PL480 pound surplus :into !':,; ciolli'lr's . The final projected deficit is therefore only $165,SIt3. On the pound side, we project a sur­plus of LE.20,500* after transferrinr Lf.lOO,OOO toward amortization of the l10bil loan, LE.40,ono to the Plant I"und for renovations and LE.265,OOO being converted into doll ar ~, Vlhich, as s t~terl above, requires that Vie get the necessary USAID/I:,fTvpt:i im Govr; J 'i!~(:nt rermission. Higher than expected student inco:ne and lOv/f~r' expen:;e~; are m,1terializing this year, even when the most likely level of Tr'ustee slI),plerr,ent to adjust for recent changes in the U.S. tax lavr is LIken into account. NOTE - We have also requested an additjrmal $SO(J ,OOO from USAID for 78/79 which we are still ho~eful of ~etting. We project a sharp increase in student tuition and the USAID English Language Training fees ne:<t Y '~Cl r and a1"" forecast ing an increi.1se in contributions. We plan to hold expenrli t ure i ncreases to rour,hly the same level as this year althouf~continuin~ inflation may chanee that plan somewhat. On the dollar side, we pro:i ect i1 small deficit ($15,250) when taking conversion of another LE . 2G5,000 into account. On the pound side, we project a minl1te slJrplus of LE.2,000 after transfer of LE.IOO,OOO for arnort hation of the l10bil loan, LE. 58 ,000 for construction/renovation and T.l;.:!tl5,I/O() tu U.S. dollars. :'t -We would like to trims fer thj s amount to ['ollnd Quas i-Endowment. , j