UniCouncil_1960_047

Legal responsibilities To its Board of Trustees: The Board of Trustees of the University is empowered, by its Articles of Incorporation,to own and operate the University and to receive, invest, and control gifts and grants to current, capital, and endowment funds* If the Board of Trustees did not own the University, the University would lose its ability to function* During the average fiscal year the University receives 25$ of its total operational income from student fees and charges# This means that three-fourths of its funds come from, outside Egypt, practically all from America* Of the three-fourths, only about one-third comes as income from permanent, invested funds# Therefore, the total annual budget of the University can be balanced only if half or more of its annual income is received as gifts* The importance of financial responsibility is revealed even more clearly in perspective* The annual expenditures of the University are doubling every five years# There is no possibility of meeting these costs unless gift income more than doubles# Gifts come from individuals, foundations, and business organizations* They are given to the University as an American-owned and operated institution* It is fair to state that it would be impossible to secure funds sufficient to operate the institution at a quality level if this were not so# The United States Government, through the International Educational Exchange Service of the State Department, has recently made its first gift to the University* It is mostly for the purpose of building a science building and providing a student services facility# This in no sense changes the University's traditional and cherished independence of the United States government# The University in every way maintains its neutrality and freedom on political or other issues# It is axiomatic that responsibility and ownership are ultimately inseparable# If the University is to assume the responsibilities for itself without which it cannot be a university, it cannot avoid the burdens of ownership and financial management* To the United Arab Republics In addition to responsibility to its intellectual ideals, and responsibility to its Board of Trustees, the University has yet another responsibility namely, to the society it serves, and to the government which directs that society