Reformed Presbyterian Minutes of Synod 1993

84 1993 MINUTES OF THE SYNOD OF THEmended the appointment of Dr. James McDonald. At the May meeting, theBoard voted to approve this appointment.The Board was able to authorize an average faculty salary increase of2.5%. Future salary adjustments will be linked to the fiscal year, beginningin June 1993.The Board also authorized the use of realized capital gain on unrestrictedendowment funds to fund capital improvements and new facUities.This year's amount of $195,000 will be distributed as foUows:$50,000 for electrical distribution system;$75,000 for academic computing;$70,000 for dormitory furniture.The summer camps and conference program involved about 2,000people during 1992 with an expanded program expanded for 1993.Proceeds from the 1992 program were used to fund the air-conditioning ofOld Main Chapel.The values of the college property and endowment fund are:1991 1992(Audit of 5/31/911 (Audit of 5/31/92)Land $1,619,029 $1,619,029Buildings & Improvements* 5,725,328 5,944,516Equipment & Furnishings* 1.169.158 1.561.226$8,513,515 $9,124,771Market Value of Endowment $17,186,668 $16,904,548Size of campus (113 acres) (113 acres)*At cost less accumulated depreciationSTUDENT-RELATED ISSUESDay school enrollment of 1,098 in 1992-1993 (the highest since 1983)was encouraging especially because of a 25%-33% decUne in the numberof Pennsylvania and Beaver County high school graduates during thatsame 10-year period. A total enrollment of 1,642 includes main campusand the Degree Completion Program as well as off-campus programs. 250minority students are included in that number.Tmstee scholarships were awarded this year to the foUowing students:Phil Breeding, Sarah Brown, Matt Gatchell, Steven Mattocks, DorisStrouse, Marjorie Tobias, and Holly Woleslagle.Of special interest to students is the action of the Board to endorse thebonowing of a sum through the Pennsylvania Higher Educational Facili-