Synodical Conference Convention Proceedings St. Louis, Missouri — 1950, Page 96

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96 Proceedings of the Forty-First Convention,

obvious, of course, that this is not the function of the College Board.
An aggressive and persistent administrative head of I.L.C. could
do much to make our constituency aware of the extreme shortage
of manpower and initiate an earnest effort at recruitment.

The Finances

With the generous aid of Mr. C. W. Toenes of Greensboro, an
accountant and a member of. our white church in the city, we
have been able to reorganize the accounting. We have eliminated
all auxiliary and purely local funds from the accounts that are
sent monthly to the treasurer of the Synodical Conference. The
object is to obtain a more accurate view of the cost of operation.
These auxiliary and local funds are on deposit with a bank ‘in
Greensboro, and separate reports are made on these funds at stated
periods to the College Board. A statement on these funds for the
nine months of 1949—1950 is given below.

For 19491950 we set up a budget. This is the first time that

I.L.C. is operating on a budget. We appreciate the co-operation
of the Missionary Board in this respect. The current 1949—1950
budget figures, with receipts and expenditures for nine months, are
given below. A complete report for the fiscal year 1949—1950 will
be submitted during the convention. Our first attempt has been
fairly successful, we believe. As we gain more experience, the
control exercised by such a budgetary system will become more
apparent. At the close of March, 1950, we completed and submitted
the 1950-1951 budget, which was approved by the Missionary
Board. a:
We have been fortunate in having the aid and counsel of Mr. C.
W. Toenes, who freely gave of his time and effort to help us to
introduce the budgetary system. We are deeply grateful and much
indebted to him. We also wish to acknowledge the fine co-operation
accorded us by the present treasurer, Professor William H. Kamp-
schmidt, who is also acting president.

Comparison of Receipts and Expenditures with Budget
Nine Months, July, 1949, to March, 1950

Receipts : Budget Receipts

1949-1950 9 Months

Tuition Fees o--n.e-----cecec-ceccccseeeceeccceereeeesteceseneenanene $ 4,500 $ 3,018
Registration Fees ----..-----sec-nee nee 500 413
Dormitory Room Rent .....-.---------- _. 2,900 1,167
Rent from Barracks and Miscellaneous --....-- 270 748

$ 7,770 $ 5,346

Subsidy from Synodical Conference
Budget Items ............... - 21,545 17,278
‘Non-Budget Items _ 3,001

$29,315 $25,625
A. Instruction 1545-1950 Poronthe Balance
Salaries — Teaching Staff -. $18,225 $14,158 $ 4,067
Library Appropriation -... -- 150 15 15
Laboratory Appropriation 150 — 150

$18,525 ° $14,233 $ 4,292