Word: deficit
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Dates: during 1940-1949
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Although it operated on a deficit of $58,605.15 last year the University added $288,590.08 to its reserves when it closed its books in June. How the University can run under a deficit and still show a surplus at the end of the year is but one of the many complexities of Harvard's book keeping system...
According to William H. Claflin Jr. '15, the Treasurer of the University, the deficit merely indicates that for the first time in recent years Harvard ran over its budget. The deficit was payed out of special department reserves...
...deficit arose despite a decrease of $68,706.15 in the running expenses of the University. Income for the year fell off $128,154.53, Clafflin's report revealed. A sharp decline in the amount of gifts received for immediate use, and a decrease in the interest from University investments were largely responsible for the deficit, officials stated...
...departments of instruction, research, and administration, income declined by $174,881.35, while expenses were only reduced by $52,107.97, leaving a deficit of $83,926.36 in sharp contrast to the previous year's surplus...
Partly offsetting the deficit in the departments of instruction, research, and administration, is a surplus of $25,321.21 in the service and maintenance departments. Drastic economics erased the previous year's deficit of $38,003.79 in the service departments...