Newspapers / Salem College Student Newspaper / Dec. 13, 1974, edition 1 / Page 3
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Friday. December 13, 1974 THf SAL€MIT£ Chandler Announces 1974-1975 Budget Do the DolldTs CoTYie Ftotu? STOOeNTS (tuition ^ f\eSlt>£NtE, P£p.^^ aM,l7l,8t5,Oo Misteu.^eou's *11,9.10.00 GRAPH I Where Do the Dollars Go? GRAPH II Page Three Editors Note: In a recent faculty meeting Dr. Chandler discussed the financial situation of Salem College. In cooperation with Dr. Chandler the Salemite is printing the figures and charts discussed at the meeting. Dr. Chandler feels as I do that this information should be made available to the students. If there are any important questions Dr. Chandler or I will be glad to answer them. SALEM COLLEGE 1974-75 BUDGET INCOME $2,694,005 EXPENSE 2,687,732 Excess of Income over Expense before transfers to other funds $6,273 Examples of Transfers to Other Funds: Restricted Funds Plant Funds “WHAT DO THE DOLLARS BUY?” Expense by Object Amount Percentage Salaries/Wages $1,527,051 56.82 'Benefits 168,755 6.28 Instructional and Office Supplies, Services, and Equipment 274,990 10.23 Student Financial Aid 131,000 4.88 Utilities, Telephone, Taxes 132,600 4.93 Food 245,201 9.12 Repair and Maintenance Supplies and Services (Bldgs., Grounds, Equip) 127,700 4.75 Travel, Recruiting, Entertainment 24,260 .90 Library — Acquisitions, Binding 54,000 2.01 Other 2,175 .08 TOTAL EXPENSE $2,687,732 100.00 —This financial report is to the best of my knowledge the first of its kind ever rendered to anyone other than the Board of Trustees. —The intention of the report is simply to share basic in formation about where our revenues come from and where they go, and in this way to convey to those who may be interested in the general picture of our financial condition as projected for the current year. —The categories being used here are those used generally at other similar schools. The figures are taken from the budget which has been approved on a line-by-line basis by the Finance and Executive Committees of the Board of Trustees. —Final authority and responsibility in all budget matters rests with the Board of Trustees. It may be of interest to know that the Finance Committee of the Board re views our entire budget and actual figures each month to verify our actual status relative to the budget projec tions. GRAPH I —Another set of categories, to show who the people are who are responsible for providing our revenue. —Students — this includes tuition and all fees, including those for auxiliary enterprises. —Patrons — Fine Arts Center rental. Lifespan Center, Cen ter for Special Ed., Summer Conferences. —Misc. — Interest on investments, small items. Students: 44.6% Patrons: 6.6% Benefactors: 6.4% Endowmeht: 41.7% Misc.: 8% GRAPH II —Instruction: Primarily faculty salaries, supplies, equip ment in all curricular areas. —Student .Services: Dean of Students, Health Service, Registrar. Financial Aid, Admissions, etc., all costs. —Institutional: President’s Office, Business Office, De velopment, Alumnae, Publications, Lifespan Center, Spe cial Ed Center, Preparatory School of Music. —Auxiliary Enterprises: Residence Halls and Dining Ser vice. —Note: at the other college used for comparison previously, the following percentages show: Instruction: 29.6%, compared with 42.45% Student Services; 7.4%, compared with 6.07% Instit. Support: 22.4%, compared with 20.38% Plant: 11%, compared with 15.01% Fin. Aid: 6.5%, compared with 4.8% Aux. Ent: 23.1%, compared with 11.22% —But, on the whole, we seem to spend our income pretty much as other schools do, with the lion’s share to salaries, wages and benefits, as is to be expected, and the largest part of this by far to the instructional program, again, as one would expect. VI. Conclusion: It is clear from the above that our develop ment office has an important job to do in attempting to increase our income, and the rest of us have an important job to do in holding our expenses down as much as possible. All of us need to render whatever assistance we can to our admissions people, to assure their success. There are other implicafmrs as well; the continuing health and vitality of our acadend' program is important, for it constitutes a strong appeal o prospective students. Also we must con stantly monitor for cost efficiency in all areas of the opera tion of the college, to be sure we are not paying more than we should.
Salem College Student Newspaper
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Dec. 13, 1974, edition 1
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