'67 HSA Profits Fail to Cancel Standing Deficit

The Harvard Student Agencies is still in the red despite a $4722 profit in the past fiscal year, it was revealed today.

The $4722 profit lowered last year's cumulative deficit $6994 to $2272. In August of this year HSA had estimated that it would come out with a surplus of about $3000, but the final audit which was released today proved they had been too optimistic.

HSA president Andrew P. Tobias '68 said yesterday that there were several reasons why they had not been able to wipe out the deficit as expected. Many of the businesses have been contributing less than they used to in order to be able to pay better wages. The HSA pays higher average wages than any other college student agency.

Tobias said that there were a few businesses which had not been doing very well. The union news stand, the entertainment business, the Watson skating rink, and the football stadium novelty concession all have lost money over the past year.

Corporation expenses were also much higher this year than ever before, with much more money going for customer services. HSA installed a machine to answer the telephone and take messages at night; and also prints a weekly gripe sheet in the Harvard Student Calendar.

Tobias emphasized that HSA was doing better than the figures showed, because much of the profit goes back to the students. He says HSA will probably be able to wipe out the deficit and have a surplus next year. Tobias said that any surplus would be used to start new businesses and maybe to buy a new building. HSA is expanding even without a surplus: the Information Gathering Service (IGS) moved into the third floor of the Putnam Furniture Company on Mass Ave this week.