Financial Report Reveals Surplus

The Faculty of Arts and Sciences incurred a deficit of $.7 million during fiscal 1969 while the University produced a surplus, according to the annual Financial Report to the Board of Overseers.

The Faculty deficit, the first since fiscal 1967, represents only 29 per cent of the losses originally anticipated by Dean Ford. It will be offset with funds from the departmental balance-an accumulation of previous surpluses. Ford declined to comment on the budget until Tuesday's Faculty meeting, when the complete Financial Report will be released.

The University surplus, $721,863, is the smallest in over live years. It was gained however, during a year when Harvard was expected to run a deficit.

According to the Financial Report, University income for 1969 totaled $176.3 million. of which the government provided 36 per cent. Of the remaining 64 per cent, 20.6 came from endowment, 15 from special gifts. 16.9 from tuition and fees, and 4.5 per cent from board and lodging charges.

The Report reveals that 15 of 38 budgetary departments were in the red for the year ending last June 30. Next to the Faculty, the University Account-the Administration budget-and the Houses and

College dormitories showed the largest losses.

Department budget officers attributed the 1969 losses and the projected 1970 deficit to a decline in government reimbursements for University expenditures on grants and contracts. Government payments dropped from $63.9 million in 1968 to $63.7 million in 1969-the first recent fiscal year in which reimbursements did not increase at least 14 per cent.

For fiscal 1970, Corporation Treasurer George F. Bennett '33 has predicted a large deficit although "the Corporation has been tougher this year and depart-mercial budgets are tighter. Such a deficit would be the first in 15 years.