Stanford Daily Alumni

The Friends' fiscal year closes on June 30th. At the end of 2002, the Friends had net assets of $903,224, down from $1,179,849 at the end of fiscal 2001. The drop is attributed to the serious downturn in equity markets, a trend that continued from fiscal year 2001, which saw a similar loss.

The Board of Directors has maintained a long-term investment outlook, and the only changes made to the portfolio have been to diversify into different types of mutual funds. The Friends are currently invested in nine mutual funds and holds one $50,000 U.S. Treasury bond as well.

As of Sept. 30, 2002, the Friends' assets were $740,938. This includes a special scholarship fund set up to fund the Daily staff scholarships of $59,747.

Income

The Friends sustained a net loss of $276,625 in 2002 compared to a loss of $354,638 in 2001. This was due to the downturn in the equity markets. The Daily contributed $130,000 to the Friends in 2001 and $50,000 in 2002. Interest and dividend income was $151,719 in 2001 and $7,618 in 2002.

Expenses

Total expenses in 2002 were $91,448 versus $100,605 in 2001. In 2001, $94,700 was spent on stipends provided to Daily editors. In 2002, $86,000 was spent on editorial stipends.