Clark Lemaux, Business Manager
International House’s financial results for fiscal 1999-2000 were excellent. Net assets grew by 17%, exceeding $23 million. This growth was largely fueled by the rise in the market value of our investment portfolio managed by Morgan Stanley Dean Witter.
Total revenue was $7.2 million, a drop of nearly $2.1 million from the prior year. A large bequest left by an I-House alumnus in fiscal 1998-1999 accounts for most of this year-to-year variance.
Expenses declined significantly from last year, falling approximately $0.5 million to $7.0 million. Much of this decrease was due to lower expenditures for capital projects.
Finally, the 1999-2000 surplus from operations was $207,000, up $88,000 from last year’s surplus of $119,000. As in the past, these funds will become part of the Board of Directors’ discretionary fund to finance capital improvements, financial aid, and program initiatives in future years.