"The financial management of the School continues an important problem," Dean Baker wrote in his 1962 report to President Pusey. "Over and beyond tuition and endowment income, the School is forced to raise each year more than one third of its 'educational' budget of approximately $6.0 million from alumni and other friends. This has become increasingly hard to do as the total budget has shot from $2.5 million to $8.0 million in 15 years.

"For an adequate financial base, it is felt that endowment should provide at least 25% of the annual educational budget. Although our endowment has increased from $7.6 million in 1950 to over $14 million in 1962, income from endowment accounts for only 14% of the budget at present. A major School need is to more than double its endowment."