Summary: Eisenhower College was originally financed by the lower of either of $10 million from the U.S. Treasury or one tenth of all moneys from the sale of $1 Eisenhower proof coins. A 1975 Supplemental Appropriations Act appropriated $9 million, and a 1976 Act appropriated $1 million. As of June 30, 1976, the college received $8.4 million, which the college was free to use as it deemed appropriate.
In a 1975 decision, GAO determined that the appropriations to Eisenhower College based on percentages from the sale of $1 proof coins must be construed as having a meaningful effect. The college was expecting an additional $600,000 based on the difference between its share of the appropriation and the amount received. It was reported that the $600,000 would not be available because of insufficient Eisenhower dollar sales, but Treasury decided that sales of about 2.3 million bicentennial proof sets were sufficient to fully fund the grant. As with business ventures, the ability of the college to be self-supporting will depend on the demand for its product. The college recognizes the need for a larger enrollment and is recruiting new students. Applications for the 1977-78 school year are up about 75% from the previous year. (RRS)
