Boys Town Reports 1984 Shortfall of $17.2 Million
The famed Home for Boys established by Father Flanagan in 1941 released its annual report today and said it tapped its endowment fund for $17.2 million to cover an expense shortfall last year.
Boys Town also announced that Father Robert P. Hupp, 69, executive director for more than 11 years, will be succeeded by Father Val J. Peter, 50, on June 15.
The Home for Boys reported a net worth of $316.7 million, compared with $310.5 million in 1983. At the end of 1980, the net worth was $266 million.
Boys Town’s endowment fund had a market value of $269 million Dec. 31, compared with $277 million in 1983. The fund was valued at $230 million at the end of 1980.
Boys Town said that its public contributions rose 16% from $6.8 million to $7.9 million during the year but that operating and other expenses fell short of breaking even by $17.2 million.
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