annual report 2000-2001
Clark Lemaux, Business Manager
In spite of the economic downturn, rising energy costs, and instability in the stock market, International House experienced very good financial results this fiscal year. Operating income rose to $6.7 million outpacing operating expenses by almost $100,000. This surplus will be used to fund a number of critical programs related to the House's mission, including financial aid for residents, building upgrades, and cross-cultural activities.
Total revenue, including earnings on restricted funds, was $7.6 million, or more than $400,000 than last fiscal year. However, on a less positive note, our total assets declined from $23 million to $18 million - largely as a result of the reduction in the market value of our stock portfolio.
Fortunately, the day-to-day operations of the House remain strong. Although we have suffered a setback in the stock market, most of this slide was the result of paper, or unrealized losses, rather than actual equity sales at less than cost. As we begin our new fiscal year, we look forward to continued strong operational results and an improvement in the health of the reserves held in the International House investment portfolio.