UA-R-GC-1914-01-01-1977-05-12_Page-008

THE AMERICAN UNIVERSITY IN CAIRO REPORT OF THE BUDGET AND AUDIT COMMITTEE The Committee met at the Exxon Office in New York at 9:00 A. M., Wednesday, May 11, 1977. There had been mailed to all members of the Committee a copy of the Summary of the proposed University Budget for 1977/78, both as to pounds and dollars. The Budget was reviewed in detail on an item by item basis. Mr. Bickford pointed out that the Budget does not show any dollar contri­bution by AID, which has for the last few years contributed $200,000 to $250,000 per year. The Budget does show a dollar surplus of $48,160. It was suggested that it might be bad policy to let a year pass without showing a dollar contri­bution by AID. Mr. O'Connor said that in the past AID has not been disturbed by the University having a surplus in dollars. There was a general agreement that the Budget should show a hoped for contribution from AID of $250,000. In order to avoid reflecting this entire amount in the dollar surplus it was decided that the anticipated amount of dollar contributions be reduced from $450,000 to $350,000 and that the resultant excess of $150,OOObe reflected in the dollar surplus, increasing it from $48,160 to $198,160. It was pointed out that Management Extension Services in the Budget show income of $1,200,000 . Against this amount of income are a considerable number of expense items, both in pounds and dollars but largely in pounds. Since these expense items are scattered through the Budget and in some cases form a part o