A Quarter Of A Million Dollars
HELD BY THE UNIVERSITY IN TRUST FUNDS
Rapid Growth of the Funds Held for Scholarships and for Specified Purposes from Gifts
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There was over a quarter of a million of dollars in the trust funds in the hands of the treasurer of the University of Michigan, at the close of the last fiscal year. The exact amount was $260,588.18, which was $16,000 more than was in the trust accounts one year earlier. Since 1894, the funds deposited with the University treasurer, as gifts to the institution, and as endowments, the incomes of which are to be used for specified purposes, and funds contributed for the maintenance of scholarships and fellowships have been increased rapidly. At the close of the fiscal year in 1894. the balances in the trust and gift accounts amounted to less than $10,000; a year later the sum was over $57,000; in 1899 they amounted to $87,000; in 1900 to $251,000; and in 1902 the total was beyond the quarter-of-a-million point.
The exact balances in the University treasury to the credit of gifts and endowments, at the close of the several business years since 1890, are as follows: —
June 30.
1890 ..... $1,130 85
1891 ..... 5,595 94
[1892] ..... 22,011 03
1893 ..... 10,632 61
1804 ..... 8,246 79
1895 ..... 57,643 86
1896 ..... 63,096 40
1897 ..... 52,617 55
1898 ..... 75,417 14
1899 ..... 87,933 30
1900 ..... 231,808 93
1901 ..... 243,890 61
1902 ..... 260,588 18
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Ann Arbor Argus-Democrat