Prices provoked second thoughts~ about spur-of~t he-moment trips to Little Rock and encouraged students to make trips downtown count by accomplishing several errands instead of just one. Competing with gasoline for the largest percentage of students' mon'ey was food. At $8 for a large pizza, $1.24 for a single hamburger with cheese and 30, 45 and 50 cents for soft drinks, a student who ate out regularly could have spent most of his disposable income - after tuition - for food. . crease less than most other Chris- Harding's finances tian schools because we have kept Concerning the overall health annual increases in line with the of the University's finances, Lott inflation rate. Schools that didn ' t Tucker , vice-president for raise tuition as prices dictated are finance, said, "Harding has conbeing forced into more . ...severe ducted its general operations in price hikes this coming fall. " the black (expenses have stayed The student feeling the pressure within income ) since 1936. To do of the economic crunch and d~ir-shat , we had to have a strong, ing assistance in financing his ealthy 0 erating situation. In adeducation had several options. dition, t ~niversity raised The Basic Educational Oppor- money to coveMe costs of contunity Grant was a gif open to structing new facilities we e:tdded undergraduates for p to eight except the two or hree times full-time semesters n 1979-80, the when we were doing so uch conmaximum gift ceiling was raised to structio that our crews couldn't $1800. Qualific,tlon was based on handle a1l O~'t. the ACT-Fami y Financial State- "I ca sa overall that Harding ?lent. Featuretditor J<;ay Williams is in a ve¢y s able financial s?tua10 the February 22 Bison encour- tion - a~ enviable one, as far as aged studenls to apply for t is universities are concerned." grant, since are middle inca e Despite ITucker's confidence in families had become eligible. Harding's fi ancial the Caught \ n an inflationary tug-of-war, students fel' the pressure in every segment of their lives. 3.) Endowment. Harding's endowment totals $13 million , $9 million of which is in a trust - stock yielding relatively small annual dividends. "In 20 years we will be receiving from this $9 million the 10 percent we receive from the rest of our endowment. Right now, the annual income from our endowment is $430,000 to $450,000, " 4. ) Auxiliary enterprises. The dormitories, cafeterias, bookstores (Memphis and Searcy), print shop, College Inn and the laundry and dry-cleaners are owned and operated by the University. The last school year they grossed $5 million. Expenses for them, however, ran $4.7 milli6n. The enterprises provide both services for the campus and employment for some students and individual s in faculty members' families. "Most of the University 's operating expenses," Tucker said, "are labor-oriented. Labor costs increased 10 percent during this year. Our next largest expense Junior Allen Hunt commented, "My biggest expenses are easily my car and food. A round trip home to Osceola, Missouri costs $33 for gasoline alone. For a person without a car, I would estimate that by far the largest expense would be food, I live in Rector House, and last semester I didn ' t buy a meal ticket. I spent $12-$15 a week on food, This semester I eat in Heritage, and it costs me $27 a week for a meal ticket. The advantage for me is that they prepare the food. " The campus offered two alternatives for those who wanted to buy a meal ticket. Charles E. White cafeteria in the American Heritage complex sold two sizes of meal tickets. The first cost $434.50 and the second $521. Next semeste r prices for Heritage tickets will go up to $478 and $573,60, A Pattie Cobb ticket sold Students with University coul not escape the af- came from utilities, which went need," the inability eet half the cost of schooling, might have received the Supplementa'l Educa- ' tional Opportunity GrAnt. According to Jane Musickl assistant to the director of financial aid, these funds were "very low" this year and reserved to meet the needs of the "exceptional excepfor $402.75 the spring semester tional " and will cost $443 next fall. Th ' h e d I h d -, h" r--'r ose- w e e oans a Pnces on clot 10g vaned as ·t h ' Th" t ' I D' 'h wo c OIces. e!-~ IOna Irect Widely as t e tastes of the werers. St d t L 'I bl . ' u en oan was aval a e at For example Jeans, the stapl Item th t t t h' h d'd in most wardrobes, sol for ree pe:cen In ere , w ~c . I $12 45 d d ' h I b I not begin to accr e until nme - epenmgont , ae h f h I d Oth ' 'd mont sater t e student left se ecte . er Items vane h . 'I I d h dd sc 001. Quarterly ayments could SImi ar y, an eac access rya - be made for up to 10 years. The ed to the cost of an ensemble. Guaranteed Student Loan was atStudents spen t money on enter- t ' d f . tid h tainment such as moviesi\ con- aIne bra; a r Iva e en er, :u.c certs, albums, tapes and various ats at an , a seven percen 10f hi " A d eres, types a at etlC gear. stu ent A student could work on camintensely interested in te ni s, t I h' . A however, might forego a nigH at pusd.o su t pp ement t IStlnZcomleW' c- , d ' h hear Ing a accoun an ear atthe movIe to IVert t at cas th St ff P I Off' . son, e a ersonne Ice toward anew, better-quality rae- d d ' dl f " ~recommen e averagIng not more quet. Regar ess a one s Interests, th 20 h f kl h . . an ours a wee y campus everyt 109 was mor~ expenSive, k f f II t' t d t Th f ' d . ""Z0r or a u - Ime s u en. e orcmg stu ents to ' rahon spare f II f t d t . d b cash carefull . u. -. Ime s u en receIve su - y mlnImY,..m wage, $2.64 an hour, Tuition and financial aid and the part-time student received How did Harding weather the regular minimum wage, $3.10. economic storm? This fall 's $64.50 Some wer'1 eligible for the Govhourly tuiti on more than doubled ernment Work-Study Program, the 1970 figure of $31, with fur- where stuoents received the same ther increases projected for the campus wa~e, but 80 percent was coming semester. "Nex t fall's in- paid by the federal government. crease," said Tucker, "will be 12 In addition , scholarships were percent, to $72.50 pd semester offered for excellence-in athletics hour. Though the increase seems and academics and for participahigh, research I recently com- tion in various extracurricular pleted showed that we wi ll in- programs . fects of national ec omic trends, up 25 percent. Utility bills for for maintenance costs . creased Harding totalled something less accordingly. With a $15 'Ili on than $1 million last' year. " operating budget for 1979-80, To cut fuel costs, the University Tucker enumerated the prima~urchased compu ter JC-80 three sources of income and elaborated years ago. The $90,000 investon each: ent controlled gas and electricity 1.) Tuition , room and board. f~r some campus buildings, turnTuition averaged $1935 and room ing off power after hours and and board 1395. Harding's tui- regulating room and hot water tion compared wi other Chris- temp atures. In 1977 energy costs tian schools as folio s: totalle\ $401,000. In 1978, with Abilene Ghristian U~iversity - the installation of the compu ter $1950; Room ani:! Boari\- $1350, they dr~Rped to $381,000 and in Freed-Haraeman - $\840, 1979 they fell to $361,000, Tucker Michigan Christian -, $1590. said the savings rapidl y justified David Lipscomb - $1575. the expenditure for the computer. Oklahoma Ch istian!- $1575. With costs escalating across the Ohio Valley - $149}. board, the already high prices 2.) A second sour · of income students paia for private educa- ...... Regardless of one's interests, everything was more expensive, forcing srudents to ration spare cash carefully. for the school :Was gifts. "As fund raising goes, \;ye've had the support of the Searcy business community. In February we completed a $500,000 campaign which was begun last 'November. It calls for $100,000 a ~ear for five years. We were successful and even'e'"xceeded our goal by $5 , 250," said Tucker. ( "Alumni, business and industry have given generously - not so liberally that we...have...money to burn, but when the need was there, our constituency has been, also." " ) f. hon cO'jla not help but follow SUIt. Caught in an infla tionary tug-ot-war , students felt the economy 's pressure in every seg- "}€nt of their lives. Income potential was perhaps a weightier consideration than ever before as students made career choices. The more education required to attain the desired degree, the more expenses there were to deal with. A record number of studen ts chose to make what was often a monetary sacrifice, this year, by choosing to attend Harding over state schools nearer their home. ",:, 45 Finances
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