Faculty and Curriculum Under Kitchin 423
college from endowment. In 1930 this was $149,125, and by 1932 it
had fallen to $70,000. The next year it had begun to rise and was
$85,000, and in 1935-36 reached $100,500, and the next year
$125,000, thanks perhaps to the so-called "excess-profits tax" of the
federal government. Owing to the fact that such a large part of the
endowment was in oil stocks the income from this source from
invested funds was much less seriously affected than the income of
most other endowments. By giving close attention to students' fees the
bursar of the college was able to make some amends for the loss in
the endowment income; collections from students for purely
educational purposes were $79,600 in 1930-31, $74,600 in 1931-32,
but had risen to $87,000 in 1933-34, and to $115,000 in 1935-36. The
total income was sufficient to prevent any great cut in salaries. Only
in three years was the salary of a full professor less than the $3,000
prescribed by the Southern Association of Schools and Colleges: in
1931-32 it was $2,460; in 1932-33, and in 1933-34, $2,700. In other
years it was $3,000 and for at least three years in this period it was
$3,300. Year by year, however, the Trustees notified the faculty that
payment they received would be pro rata according to the income of
the College, but if income should justify it they would receive an
additional 10 per cent. When the depression was over the teachers in
the tax supported institutions by special act of the General Assembly
were compensated for their losses in the hard years, but there was no
source from which a like compensation might be voted for the faculty
of Wake Forest. With increased annual income, owing for the most
part to returns from the Army Finance School instituted at the College
in August, 1942, the salaries of members of the faculty were increased
25 per cent by the Trustees in May, 1943, so that a full professor now
receives as his basic salary $3,750 instead of $3,000. However, this
increased pay is for services of twelve months, not of nine, which
until then had been the length of the teacher's annual service.
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