There is also uncertainty related to research facilities and research volume both on and off campus, he added.
Academic funds continue to grow from unspent endowment income.
Gifts, which are increasing significantly as a result of the success of the Campaign for the future, flow into current funds or endowment funds. He explained that the Institute designates a significant portion of unrestricted gifts as funds functioning as endowment rather than spending them to balance the operating budget. Finally, total borrowings increased by only three percent and the Institute's secured public debt continues to be rated at AAA, he said. The FY 1990 experience was the second shortfall year after six surplus years. Thus, Mr. Culliton said, no funds functioning as endowment were used to meet the shortfall.