University Reveals Loss Of $161,000 for '51-52
HAA Is $446,000 in Red for Biggest Drop; Faculty of Arts and Sciences Loses Money
The University took a loss of $161,884,87 last year, according to the 1951-52 financial report issued yesterday by Paul C. Cabot '21, Treasurer of Harvard College, and Edward R. Reynolds '15, administrative vice-president.
The drop sharply contrasts with a 1950-51 profit of nearly $200,000 and of $827,220.56 for 1949-50. Since 1949 the University's departmental balance has dropped off $989,105.43.
This loss does not mean a deficit for the University, since both the endowment fund and general investments show a higher balance than in 1950-51. But this is the first time since the war the University's departmental expenditures exceeded its departmental income.
Expenses last year totaled $33,636,900.25, an increase of approximately one-and-one-half million dollars over the preceding year. Income also went up by more than a million to $33,475,015.38.
The biggest single loser was the Committee on Athletics, which went $466,352.26 in the red. This deficit exceeds the 1950-51 figure by $150,000 and that of 1949-50 by more than $350,000.
Stadium Repairs Costly
Carroll F. Getchell, business manager of the Harvard Athletic Association, said last night the rise may be attributed to heavy expenses on Stadium repairs. But he pointed out no liability was incurred by the removal of the Stadium's steel stands. Sale of the steel converted the operation into a profit for the University.
Irving B. Parkhurst, director of Buildings and Grounds, said nearly $75,000 of the added athletic deficit came from the work done on reinforcing the Stadium's steel frame. Two new rows of columns were added all around the Stadium to bolster the 50-year-old frame.
The Faculty of Arts and Science also suffered a deficit, amounting to $14,726.54. This represents a considerable drop, since the Department was $182,000 in the black for 1950-51 and $770,000 ahead for the year before that. Expenses rose more than half-a-million dollars, while income climbed only slightly more than $300,000.
The Dining Halls showed a considerable gain last year, with a $36,906.06 profit. The preceding year, they had dropped over $75,000.
The Graduate School of Business Administration, the Medical School, and the School of Public Health remained well ahead in the black ink columns.
Even though its costs have been pared down to a minimum, the Divinity School continued to lose money almost $25,000 last year. During the past three years, the School has lost more than $80,000
Law School in Red
Rising costs also forced the Law School further into the red. A $47,016,04 deficit for last year means a two-year drop of nearly $80,000. In 1949-50, the School wound up more than $55,000 in the black, but expenses have risen sharply during the last two years.
For the second consecutive year, the Hygiene Department was in the debit column, taking a $25,000 loss.
The Design School again showed a deficit, but it was only $3,061.47 last year, compared with nearly $20,000 for 1950-51. Costs in the School were cut sharply in the last year.
After showing profits for 1949-50 and 1950-51, the School of Education also fell into the red, with a loss of over $11,000. Fogg continued to lose money at the rate of nearly $25,000 a year.