UA-R-GC-1914-01-01-1989-11_Page-013

President's Report Page 5 November, 1989 Final instructions will soon be conveyed to the architect as a result of these consultations. But it is already safe to say that the building will be a splendid one in the best classical library style, that it will be a valuable research library at the outset (with our 20-30,000 volumes), and that we will have ample room for expansion as we steadily enlarge the collection. By emphasizing our scholarly research and graduate work capabilities the library will be more important than just a library. If we can make it the best research library in the world on Egypt, as I think we can, it will help transform AUC from what essentially is an undergraduate institution into an important world center for scholars and an important graduate school. We are now spending $ 50,000 a year for rare books on Egypt and Islamic Art and Architecture. We already have extensive holdings, and continued acquisition at that level should soon enable us to reach our goal. Meanwhile we are continuing with other campus remodeling to house our increasing work. In particular the new apartment on Mohamed Mahmoud is under remodeling, and a new floor going up on top of DPS. We hope to use both in the spring term. I have reported so often that we are buying a building in Heliopolis for adult education that I hesitate to say anything again until we actually have the deed. But we think this time we do have a building; details are being given to the Committee. Finally, we are starting architectural work for a new faculty apartment building on the property we own next to CAC, as well as starting studies on the academic or administrative uses we will make of the Falacki Street dormitory. Finances At the May meeting there was some doubt as to how well we would do financially in 1988/89 and the $ 500,000 forward transfer to help cover the large salary increases I asked for was therefore only contingently allocated. This can be confirmed now, and decisions also be made to transfer substantial amounts to endowment and to plant fund, within which I am asking for over $ 400,000 to be allocated to the Sheikh Rihan renovation. Similarly, following the end of our worries about freshman admissions, we view the 1989/90 budget as being a highly sound one. The budget will reach $ 35 million this year, and although requests for financial aid have increased considerably, overall tuition income will be sharply up. So even with the increased faculty and staff entailed by implementation of the Long Range Plan and with the sharp salary increases we adopted, we can report a balanced budget