11 - higher education, and this is the same percentage of support given in the depths of the Great Depression in 1932. Two new major sources of income have become available to the University in the last 20 years. In keeping with the national concern of expanding our field of knowledge, Stanford will receive this year about $6,500,000 from the government for research projects. Twenty years ago there was virtually no support of this nature. Government supported research is a stimulating factor, help3 Stanford attract distinguished professors and research workers, provides equipment facilities and support for important educational programs and, through overhead allowances, some of the money is available to help pay the bills for maintenance, administration, etc. The second new source of revenue is from the Land Development Program under which Stanford land which was not deemed needed for future academic use is being leased, generally on a 99-year basis, for industrial, commercial, and residential uses. Exclusive of the Shopping Center, the University has received $5,800,000 for land leases, and these funds have been invested and provide income of about $227,000 annually. The Shopping Center has been an outstanding success. Endowment funds which would have produced about $180,000 income in the endowment were diverted to the Shopping Center where they annually yield a net income of about $550,000 yearly. This net increase in income of nearly $400,000, coupled with the $227,000 from investments derived from land leases, currently gives the University a total income from the Land Development Program of over $600,000 and justifies a value of the Land Development Program as being the equivalent of some $14,000,000 added to the University's endowment. Important as it is, remember that the entire Land Development Program still provides us with only about 3% of our annual budget requirements.