UA-R-GC-1914-01-01-1986-05_Page-071

~ ~. , . • MINUTES FINANCE COMMITTEE THE BOARD OF TRUSTEES THE AMERICAN UNIVERSITY IN CAIRO (Edited 7/10/86) May 21, 1986 Wednesday River Club 10:30 AM Attending: Mr. Crary (Chairman), Mr. Hannon, Mr. Hedlund, Mr. Kruger, Mr. McCloy, Dr. Pedersen, Dr. Lamont, Mr. Snaith, Mr. Winder 1. Agenda: The Agenda was approved. 2. Minutes: The Minutes of the last meeting were approved. 3. Endowment Report: Mr. Crary presented the general performance of the Univer­sity's endowment funds through March 31, 1986: McConnell & Miller Smith Affiliated The Common Fund Market Value $10,608,133 $8,859,476 $4,922,077 Total Return Up 148% since 9/82 Up 128% since 9/82 Up 127% since 9/82 Mr. Harry Burn of McConnell & Miller and Mr. Robert Smith of Smith Affiliated reported on the performance of AUC's endow­ment funds. The Committee accepted the reports. 4. Report on the 1986/87 Preliminary Budget: Mr. Snaith advised the Committee that the 1986/87 budget will be tighter than has been the case in previous years. Approximately $500,000 of increased expenditures resulted from higher than expected equipment requests in our engineering and science programs and new teaching and administrative positions. Although expenditure increases for AUC's educational enterprises are generally modest, units such as Commercial & Industrial Training and Management Development will suffer reduced margins. Almost 50% of income in 1986/87 will corne from tuition. Finance Committee -1- May 21, 198