The alumnae having raised $2 million of the matching challenge for the $3 million faculty salary endowment fund, the trustees voted that the Alumnae Fund Committee of the Associate Alumnae be recognized as an official endowment committee to cooperate with the Trustee Endowment Committee.

By Commencement on June 13, the total in the endowment was $3,011,476.48, and 95 percent of the alumnae, 98 percent of the students and 90 percent of the faculty had contributed.  The direct result was a 25 percent budget increase for faculty salaries for the following year.