Notes of Early Barnard Finances

Note on the Early History  of Barnard Finances

Initial capitalization — $10,000 a year from 40 Associates for $100 each for 4 years
 

10,000

 

Ist year of operations 1889-90 [14 regulars; 22 specials à 36 enrollments]
Income
Subscription commitments — $10,000 [40 Associates; 91 donors in all]
Tuition — $1,650 (14% of income)
Other gifts — $350
Total income — $12,000

Expenditures
Salaries — $4,000
Plant — $5000
Supplies — $1,000

Balance/Surplus  — $2000

11/13/1890
Schiff: “deficit could not continue… the College will only tire its friends and lose them.”m

2nd Year – 1890-91 [19 regulars; 34 specials à 53 enrollment]
Income
Subscription commitments — $10,000 [40 Associates] [78 donors in all]
Tuition — $3250 [20% of all revenues]
Other gifts — $900
Previous year’s balance — $2000
Total income — $16,000

Expenditures
Salaries — $11,000
Plant — $4000
Supplies — $1,000
Total Expenditures — $16,000

Covered budget-year deficit with previous year’s surplus of $2,000;
no balance going forward
$90,000 from Fayerweather estate

5/8/91 – “this, as will readily be conceded, is a very unsatisfactory state of affairs, and ways and means should at once be devised  to cover the deficiency.”

3rd Year – 1891-92   [30 regulars/32 specials à 62 enrollments]
Income
Subscription commitments — $10,000 [40 Associates] [37% of all revenues] [86 donors in all]
Tuition — $6,000 [22% of all revenues]
Other gifts — $5,500 [20% of all revenues]
Borrowed – $5,500 [20% of all revenues]
Total income — $27,000

Expenditures
Salaries — $19,000
Plant — $5,130
Supplies — $1,000
Interest — $2,000
Total Expenditures — $27,000

Covered expenditures with borrowing of $5,500, with its attendant interest costs to be covered until paid back

4th year – 1892-93 [ 51 regulars; 27 specials à 78 enrollments; 8 seniors about to graduate]

Income
Subscription commitments — $10,000 [40 Associates] [37% of all revenues] [92 donors in all]
Tuition — $9,000 [26% of all revenues]
J P Morgan “Founder” Gift — $5000
Other gifts — $5,500 [20% of all revenues]
Borrowed – $5,500 [20% of all revenues]
Total income — $35,000

Expenditures
Salaries — $ 17,200
Plant — $4.100
Supplies — $650
Interest — $5,000
Repayment of Loan — $6000
Total Expenditures — $35,000

Managed to balance year’s budget with $5000 gift from J P Morgan

Upcoming year could expect no tuition increase – already 4 classes and overcrowded building;
accounted for about 1/3rd of  expenditures
No longer the assured $10,000 in subscriptions
Already effected economies in salaries/plant/ins’tl supplies
No action taken on conditional $100,000 building gift requiring $160,000 purchase of M/Side site.

Treasurer’s report 1893-94 —  1/24/1894 –  Expenditures à $46,000
Plimpton appeal to the citizens of NY: It seemed strange that this city, the first in the country in population and wealth, should be the last to give women the advantages of higher education.

Treasurer’s Report 1894-95 – Expenditures $99,000
Campaign to raise $200,000 – to secure Rockefeller match of $200,000 if matched in 2 years —

Needs as per NY Times 12/15/1895 at launch of $500,000 campaign; $150,000 for budgetary relief and land;   $350,000 endowment campaign for 6 chairs
$32,000 for current expenses
$121,000 for purchase of land and mortgage
$400,000 for endowment
100,000 for Dean’s chair
$50,000 for five professorial chairs

 

Not matched until March 31, 1900 with $250,000 from 102 donors

 

1895-96 Expenditures — $193,000
Receipts — $331,000
Balance — $138,000 – use $100,000 to buy site
Remaining balance — $38,000
Now have $100,000 for 1st building

 

1896-97 Report

Expenditures — $310,000
Income — $394,000
Net — $84,000
Plus previous balance —  $38,000
New balance $103,000
“The future of BC depends upon an endowment.”