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Chapter II.-Income and Receipts

Upon financial resources depend the standing of the institution, the extent and variety of its activities, the number of curricula offered, the number and salaries of the teaching staff, the size of the student body, the nature of the physical plant, and the available equipment for the conduct of its functions. The distribution of expenditures determines in a large measure the educational policy, the academic program, and the final attainment of objectives.

Notwithstanding the fact that finances constitute such an important phase of the land-grant college, no subject has been more neglected. Governing boards frequently content themselves with a general appraisal of the progress of their institutions. Chief executives keep themselves more or less informed of developments by periodical reports and overhead supervision of the different branches. More genuine knowledge, however, is obtainable on the exact status of the institution, whether progress is being made, whether the educational program is being carried out, and whether objectives are being achieved by a specific analysis of finances. The study of a financial sheet giving detailed items of income and expenditure for a fixed year as compared with previous years, providing such records are kept, reveals information that is basic and fundamental for revision of policies and changes of procedure. The proportion of support received from different sources over a period of years discloses data of intrinsic value in securing additional revenues. Comparative figures on expenditures among the various activities from year to year present an accurate criterion of whether they are being equitably distributed. With such a guide curtailment of excessive expenditures and augmentation of needed expenditures for the different functions may be effectively made.

Any survey of the finances of a group of higher educational institutions involves a careful review of tabulated material showing classifications of income by sources and amounts and of expenditures by distribution and by amounts. Compilations of salaries of the educational and administrative staffs, of capital investments in physical plants, of revenues from student fees, of student loan funds, of scholarships, of trust funds, and of revolving and rotary funds are essential. Each of the subjects will be taken up in turn.

Receipts

The land-grant college occupies a strategic financial position. It is supported by public taxation and is therefore reasonably assured of a stable income. Sources of support of private institutions are confined to interest on endowment, gifts, and student fees. Not only does the land-grant college enjoy practically all these sources of support but it also receives regular revenues from both the Federal and State Governments.

In an examination of the finances of the land-grant colleges, one fact of great significance is outstanding. There has been a remarkable and almost unbelievable increase in the receipts of the colleges during the past 20 years. So great has been the enhancement and so important the effect upon the entire problem of financing public institutions of higher education that no study would be complete without giving it consideration. It was the plan of this survey to secure data on the annual receipts and expenditures at 5-year intervals beginning with 1910 in order to make a comparative analysis of growth in resources. In the early years, however, the returns were so incomplete that any attempt at accurate appraisal is futile. Figures of reasonable accuracy were obtained for the year 1915, which can be compared with similar figures for the year 1928. Table 4 shows the receipts from Federal funds, State funds, private gifts, institutional funds, earnings, and miscellaneous sources for 1915 as compared with 1928 by institutions, with gains made during this period.

TABLE 4.-Receipts of land-grant colleges from Federal funds, State funds private gifts, institutional funds, earnings, and miscellaneous sources for 1915 and 1928, showing gains

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TABLE 4.-Receipts of land-grant colleges from Federal funds, State funds, private gifts, institutional funds, earnings, and miscellaneous sources for 1915 and 1928, showing gains-Continued

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TABLE 4.-Receipts of land-grant colleges from Federal funds, State funds, private gifts, institutional funds, earnings, and miscellaneous sources for 1915 and 1928, showing gains-Continued

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