p. 291 – The Cutten Period, 1922-1942

one of the obligations the family assumed when the University took their name. He looked forward, however, to the time when a reputation for quality and educational efficiency would bring outside assistance and he worked consistently and steadily to that end. Gifts and bequests totaling $1,862,000 were added to the invested funds and the endowment increased from $3,163,000 in 1922 to $5,828,000 in 1942 ( the 1922 figure included monies reserved for the Seminary which were subsequently transferred to the Colgate Rochester Divinity School).

Income from tuition was an important part of the University’s finances. In 1922 the charge of $180 was less than at most colleges with which Colgate was classed. The next year it was raised to $200 and in 1935 had reached $400 where it remained until 1946. Reduced income from endowment and other sources had made the rise necessary, Dr. Cutten explained, and he noted regretfully that Colgate’s tuition was exceeded by few colleges and not reached by many. Scholarship aid was increased so far as possible in proportion to tuition changes. Colonel Austen Colgate’s bequest of $1,125,000 in 1931 was most timely for it made possible the establishment of 18 four-year scholarships of from $1,000 to $1,500. In 1935 plans were advanced for scholarships for outstanding sub-freshmen selected on a regional basis, but it was not until after World War II that they took shape as the War Memorial Scholarships maintained by the Alumni Fund.