—7—‘YW _. 10 .. A revolving project fund supplies loans for the operations of the student. Every project carried through this fund is dane under a written contract between the loan agency and the student. Interest is paid on the loan, as well as a share of the profits for the use of such equipment as corrals, barns, milking machines, etc; The meat animals students made a net profit of ‘ approximately $2,000.00 during the fiscal year. The dairy students made . $577.31», and the poultry students $603.69. These figures are all in addition to the student payroll for labor in the care of non—project animals and birds. ' The project fund was established through making a loan from local banks to finance student enterprises. The loans were later repaid as the project fund grew from subeloans at interest to students and a share of the prefits from its use. At the present time, the fund amounts to approximately $15,000.00. The manner in which this fund performs a real educational service can be illustrated from a meat—animals project. A boy entering the California Polytechnic School fixes as his major interest the production of market swine. He borrows from the project fund fer the purchase of feeder pigs, which may be bought from offspring of the School foundation herd, or from some outside source. Additional funds are loaned for the purchase of feed, vaccine if necessary, and finally for transportation to market. When the animals are ‘ sold, the fund is repaid the amount of the loan plus interest; and in addition, the fund receives one—third of the profit above expenses. This operation has given the student a financial responsibility, the necessity for close and . frequent checking of expense records, and the opportunity to learn far more about the enterprise of raising market swine than would be possible in any other manner. While the example of pork production was chosen, the operation is similar in any other of the agricultural projects. The project fund use for the industrial fields is done on a group basis rather than on individual loans, for the purchase of wrecked planes, repair supplies, or electrical equipment used in minor repairs. +—