Harvard completed the fiscal year 1934-35, which ended June 30, 1935, with expenses $115,793.19 below these of the year before. This was disclosed with the release yesterday of the annual report of Henry L. Shattuch '01, treasurer of Harvard College, to the board of Overseers.

Expenditures totalled $12,235,000. Of this, $4,500,00 was spent as salaries to the officers of instruction, Research, and Administration, an increase of $041,000 over 1933-34. Other services and wages in these three departments accounted for $3,411,000, also exceeding these of the previous year by $170,000, but still $220,000 less than the amount of 1932-33.

Buildings and Grounds Slump

The Maintenance and Operation of Buildings and Grounds cost $900,000, much loss than the $1,640,000 spent the previous year.

Total receipts amounted to $12,340,000. Income from the investments of Harvard as a business enterprise took first place in this list with $4,700,000. Tuition accounted for $3,200,000, and gifts available for appropriation that year amounted to $1,425,000. In previous years more of the lesser sources of revenue were listed separately under Dining Halls and Faculty Club, Athletics and Physical Education, and other groups. This year, however, they were all joined as "other income", and totalled $3,000,000.

Compared with the income of the year 1932-33 this amount indicates a decrease of approximately a million dollars. Tuition remained fairly steady: it showed an increase of $6000 over the previous year, while the tuition receipts in 1932-33 exceeded last year's by $112,000. The greatest decrease came in the extra-academic classification of investments and gifts, and accounted for nearly the entire difference of a million dollars.