Lebanon Valley College

BULLETIN

Vol. XXVII JUNE. 1938 No. 3

Supplementary Report

Giving Financial Statement of the

Business from July I, 1937, to

May 25, 1938

Presented to the Board of Trustees at their Annual Meeting, Friday, June 3, 1938

Entered as Second-Class matter at Annville, Pa., under the Act of August 24, 1912

Exhibit A

BALANCE SHEET MAY 25, 1938

I. Current Funds j

ASSETS

A General:

Cash ^

Investinents, Notes Receivable Accounts Receivable, Students Advances Receivable:

Farm Account Inventories:

Dining Hall Supplies |1,352.01

,793.20 ,459.87 ,264.43

74.89

Laboratory Supplies

l^

800,

.00

3,152.01

Deferred items — Prepaid

Insurance

2,810.06

Unanortized Remodeling

Expense

5,135.92

Deficit, per Exhibit B

37,230.30 89,920.68

B Restricted:

Cash

2,017.78

191,

,938.46

II.

Loan Funds: Cash

1,446.39

Notes Receivable

6,406.56

7,

,852.95

III.

Endowment and Other Non-Expendable Funds:

144.40

Cash

Bond s

318,717.19

Stocks

•

519,291.06

Kort gages

12,500.00

Notes Receivable

18,626.71

Real Estate (Farms)

47,476,25

916

,755.61

IV.

Plant Funds:

Invested in Plant: Lands Buildings

Underground Heating, Electrical System Equipment Current Additions and

Plumbing and I Betterments

39,000.00 503,219.84

17,089.39 114,246.14

from General Fund

3,844.92

677,

,400.29

V.

Agency Funds: Cash

402.37

/,

Advances Receivable from General Fund

183.19

Farm Account: Improvements 2,

500.

.00

Deficit

Total Assets

h

171.

.14

3,671.14

4,

,256.70

*i

,698,

,204.03

2.

Exhibit A

BALAl^CE SHEET MAY 25, 1938

LIABILITIES AND FUUDS

I. Current Funds; A General;

Notes Payable $60,470.00

Accounts Payable 5,661.53

Advances Payable:

Agency Funds 163.19

Students' Deposits 2,988.05

Students' Activities 1,534.93

Deferred Credits:

Unearned Incoire, per Schedule E-1 12,712.98 Reserve — Doubtful Accounts Receivable,

Students 6,350.00

89,920.68 B Restricted:

Funds 2,017.78 }91,938.46

II. Loan Funds;

Funds 7,852.95 7,852.95

III. Endowment and Other Non-Expendable Funds; Endowment Funds;

General |684,963.91

Restricted:

Student Aid $134,371.66

Other 95,020.04 229,391.70 914,355.-61 Annuity Funds 2,400.00 916,755.61

rv. Plant Funds:

Net Investment in Plant;

Balance July 1, 1937 673,555.37

Add, Current Investment in Plant

from General Fund 3,844.92 677,400.29

v. Agency Funds;

Farm Account;

Notes Payable 4,000.00

funds 256.70 4,256.70

Total Liabilities and Funds $1,698,204.01

3.

Exhibit B

STATEMENT OF CURRENT FUNDS JULY 1, 1937 TO MAY 25, 1938

IIJCOME

Educational and General, Schedule B-1,

Sec. I $133,527.65

Auxiliary Enterprises and Activities, per

Schedule B-1, Sec. II 53,493.91

Non-Educational Purposes, per Schedule B-1,

Sec. Ill 295.72

Total Income #167,317.26

EgEKSES

Educational and General, per Schedule B-2,

Sec. I 184,675.70

Auxiliary Enterprises and ActiTities, per

Schedule B-2, Sec. II 45,400.23

Non-Bducetional Expenses, per Schedule B-2,

Sec. Ill 3,525.72

Total Expenses 183,499.66

Net Gain for the period July 1, 1937 to

May 25, 1938 3,817.68

AHALYSIS OF DEFICIT ACCOUNT

Net Gain for the period July 1, 1937 to

May 25, 1938 as shown above 8,817.68

Additions and Betterments invested in Plant dur- ing the period July 1, 1937 to May 25, 1938 3,844.92

Total Debits to Current Fund Surplus Account 27.29

Deficit July 1, 1937 37,208.01

Current Fund Deficit May 25, 1938, carried

to Balance Sheet "Exhibit A" fS7,280.80

4.

Schedule B-1

STATEMENT OF CUEREKT INCOME JULY 1, 1937 TO MAY 25, 1938

(1) student luoomet

A School of Liberal Arts and Sciences]

Tuition tTS.bgS.SS

Less Scholarships 13,611.59

161,981.99

Matriculation Fees

1,683.47

Biology Fees

2,148.00

Chemistry Fees

2,341.00

Physios Fees

380.00

Psychology Fees

162.00

Practice Teaching Fees

1,032.50

Graduation Fees

1,246.00

♦70,973.96

B Auxiliary Educational Schools t

Extension School

1,560.00

Music School

30,910.71

Saturday School

1,704.00

Simmer School

3,877.03

38,051.74

(2) Endowment Income

General Purposes

25,073.25

(3) Gifts and Grants t

Benevolence

5,935.50

Other

841.90

6,777.40

(4) Other Sources t

Chemical Analysis by Dr. Bender

73.50

Group Life Insurance

720.80

Interest on Current Funds

502.89

Library Income

404.50

1,701.69

Total Educational and General Income

142,578.04

Auxiliary Enterprises and Activities i

(1^ Dormitories 1

Rentals

17,005.14

Cleaning Fees

635.00

17,640.14

(2) Dining Halli

Students' Board

39,132.75

Sale of meals to others

323.16

Sale of food and operating supplies

10.45

39,466.36

(3) Placement Bureau:

50.00

Total Income Auxiliary Enterprises

and Activities

57,156.50

5.

Schedule B-1

STATEMENT OF CURRENT INCOME JULY 1, 1937 TO MAY 25, 1938

III. Income for Non-Educational Purposes:

Miscellaneous 1295.72

Total Income $200,030.26

Amount applicable to period July 1, 1937

to May 25, 1938, per Schedule E-2 187,317.28

Total Unearned Income, carried to Balance

Sheet $12,712.98

6.

Schedule B-2

STATEMENT OF CURRENT INCOME JULY 1, 1937 TO MAY 25, 1938

I. Educational and General;

(1) Student Income i

A School of Liberal Arts and Science $70,973.96

B Auxiliary Educational Schools 38,051.74 Total Student Income applicable

to year 109,025.70

Income applicable to eleven month period covered by report equals 11/12 of $109,025.70, or t99.940.23

(2) Endowment Income for General Purposes;

Estimated annual endowm.ent income

for operating expenses 27,500.00

Income applicable to eleven month period covered by report equals 11/12 of $27,500.00, or 25,108.33

(3) Gifts and Grants 6,777.40

(4) Other Sources 1 ,701 .69

Total Income for Educational and

General Purposes $133,527.65

II. Auxiliary Enterprises and Activities;

(1) Dormitoriest

Income applicable to year 17,640.14

Income applicable to eleven months covered by report equals ll/l2 of $17,640.14, or 16,170.13

(2) Dining Hall;

Income applicable to year (9 mos.) 39,466.36

Income applicable to period covered by report - 17/18 of $39,466.36, or 37,273.78

(3) Placement Bureau 50.00

Total Income from Auxiliary

Enterprises and Activities 53,493.91

II. Income from Non-Educational Purposes; 295.72

Total Income applicable to period

July 1, 1937 to May 25, 1938 $187,317.28

7.

Schedule B-3

STATEMENT OF CURRENT EXPENSES JULY 1, 1937 TO KAY 25, 1938

I. Educational and Generals

(1) General Administration and Eo^enset

A General Adnlnletrative Offioes

Via eel lane ous

I2S2.91

Office Supplies

SOD. 34

Postage

278.63

.. "

Salaries

16,042.52

Stationery and Printing

595.81

Telephone and Telegraph

149.06 #16.699.26

B General Expense t

Advertising, General

172.48

■,•.:■ • , ':<

Adrertising, Bulletins & Catalogs

840.69

. , • ■ -v

Alumni Secretary, Salary and

Expense

748.75

Auditing and Accounting Serrioes

267.60

Commencement Expenses

88.70

Conqpensation Insurance

486.12

Credit Adjustment Serrice

67.60

Diplomas

267.59

Group Life Insurance

2,006.97

Lecture Expenses

75.00

Membership Fees to Associations

199.00

Miscellaneous

876.10

Press Service

847.56

Public Liability Insurance

81.00

Student Solicitation Expense

1,973.70

. . _■ • . . .'

Trarel and Entertainment-

Faculty

99.10

Officers

906.20

Trustees

12.26

Alumni Expense

126.43

10.132.83 126.732.09

(2) Instruction and Researcht

A School of Liberal Arts and Science t

Salaries, Faculty

67,656.26

Salaries, Student Assistants

1,448.90

Salaries, Practice Teaching

420.00

69,424.16

Depairtmental Expenses t

Biology Laboratory

813.76

Chemistry Laboratory

736.44

Physics Laboratory

376.51

Psychology Laboratory

18.34

History Department

65.61

2.000.66 61.424.81

B Auxiliary Schools i

Extension School i

Faculty Salaries

876.00

Travel and Miscellaneous Expense

271.66

1,146.66

8.

Schedule B-3

I. Educational and General »

(2) Instruction and Researcht

B Auxiliary Schools j

Music Schools

Faculty Salaries

Practice Teaching— Salaries

and Expense Tuning, repairs, etc. Music Salaries— Other than faculty

Sumner Schools Faculty Salaries Miscellemeous Expenses

STATEMENT OF CURRENT EXPENSES JULY 1, 1937 TO MY 25, 1938

$21,338.79

1,033.50 1,257.26

132.98

510.00 $24,272.53

2,296.76 1.494.64

Saturday School t Faculty Salaries

(3) Library I

Books and magazines

Salaries

Supplies and Binding

(4) Operation and Maintenance of Physical Plant;

Care and Maintenance of Grounds

Care of Buildings and Furniture

Heat

Infirmary

Light and Power

Miscellaneous

Operating Supplies

Planting Expenses

Property Insurance

Repairs of Buildings and Equipment

Taxes

Water

Total Educational and General Expense

3,791.40

921.20 ♦30,131.78

1,472.01 3,439.92

106.33 5,018.26

1,742.50

1,952.24

3,154.31

46.49

1,061.56

54.10

236.02

4.50

880.69

1,819.30

153.04

162.21

11,266.76 134,573.70

II. Auxiliary Enterprises and Activities t (1) Dormitoriesii

Care of Buildings and Furniture

Heat

Light and Power

Miscellaneous

Operating Supplies

Property Insurance

Rent

Repairs

3,103.83

3,201.06

1,700.65

37.00

147.13

501.35

431.50

3,048.93

9.

Schedule B-3

STATEMENT OF CURRENT EXPENSES JULY 1, 1937 TO MY 25, 1938

II. Auxiliary Enterprlsea and Activitiea:

(1) Dormitoriee, Continued

Telephone Water

(2) Dining Hallt

Food

Gas

Laundry

Light

Miscellaneous

Operating Supplies

Renewals and Repairs

Salaries and Wages

Telephone

Water

(3) Placement Bureau Expenses;

(4) Leadership Training School Expenses

Total Expenses, Auxiliary Enterprises and Activities

III. Other Won-Educational Expenses; Debating Expeuses Interest on Loans

Total Expenses for the period July 1, 1937 to May 25, 1938

1121.82

429.09

$12,722.36

.,■■ '■■.■>.

122,641.95

193.67

412.31

: ...^ 527.20

103.25

180.42

y,:.v: 730.39

. ... - 7,681.64

19.50

79.54

32,569.87 35.09 72.91

rises

145,400.23

■; '■■'■■^' '-''-'

85.70

3,440.02

3,525.72

♦183,499.65

10.

EXTENSION SCHOOL REPORT JULY 1, 1937 TO VAX 25, 1938

Income J

Registration Fees

#44.00

Tuitionj

First Semester |722.00

Second Semester 794.00

1,516.00

$1,560.00

Expenses 1

Salaries

875.00

Traveling and miscellaneous expenses

271.65

1,146.65

Profit

$413.36

(1936-1937 Profit to 1937 Summer School - |20.

.42)

Fanns

Bonds:

Industrial Public Utility Railroad Real Estate

Stocks! Preferred Common s

Agriculture

Auto Accessories

Automobile

Aviation

Bank

Broadcasting

Building

Electric Equipment

Food

Metals

Office Equipment

Oils

Rubber

Steel

Steel Specialties

Utility

Mortgages

Notes Receivable

Cash awaiting investment

SUIJMAEY OF ENDOWMENT FUND INVESTMENTS MAY 25, 1938

Amount Percentage Invested of Total

147,

,476.

.25

5.17

$9,600,00

1.04

188,572.99

20.56

74,746.04

8,15

45,798.16

4.99

318,

,717,

.19

94,649.50

10.47

15,300.00

1.66

14,400.00

1,56

32,293.36

3.52

10,148.21

1.10

77,784.13

8.48

5,800.00

.63

30,300.00

3.30

12,000.00

1.30

5,500.00

.59

40,766.31

4.44

8,000.00

,87

46,876.05

5.11

13,300.00

1,45

65,981.99

7,19

10,300.00

1,12

35,891.51

3.91

519,

,291,

.06

12,

,500,

.00

1.36

18:

,626,

,71

2.03

916,

,611, 144.

.21 ,40

IOC. 00

$916,

,755.

,61

11.

ENDOTWENT FUSD IKVESTMEKTS MAY 25,. 1938

Amount FARMS

Farm at East Berlin Farm at Shiremanstomi

IHPUSTBIAL BONDS

110,000 Warner Company

PUBLIC UTILITY BONDS

10,000 American & Foreign Power Company, Inc*

10,000 American Utilities Service Corporation

15,000 Associated Electric Company

15,000 Central States Electric Corporation

10,000 Cities Service Company Crt.

10,000 Cities Service Power 4 Light Compcuiy

25,000 Consolidated Gas Utilities

10,000 Continental Gas & Electric Corporation

10,000 General Public Utility 1st Lien

5,000 Genesee Valley Gas Company, Inc.

10,000 International Telephone and Telegraph Corporation

10,000 Interstate Power Company

10,000 New England Gas and Electric Association

10,000 Portland General Electric Company

5,000 Southwest Gas Company of Oklahoma Ist Mortgage

10,000 Standard Power and Light Coii>oration

10,000 United Light 4 Power Corporation

10,000 United Light and Railways Company 195,000

RAILROAD BONDS

15,000 Buffalo, Rochester 4 Pittsburgh Railway Company

16,000 Chicago 4 Alton Railroad

10,000 Colorado and Southern Railway Company

10,000 Illinois Central Railroad

10,000 Illinois Central Railroad Company and Chicago, St. Louis and

New Orleans Railroad Compemy

10,000 Lehigh Valley Railroad Company

10,000 Missouri Kansas 4 Texas Railroad

10,000 Saint Johnsbury and Lake Champlain Ist Mortgage

REAL ESTATE BONDS

5,000 Atlanta Medical Arts Building

7,000 Lemoyne Trust Company, Pennsylvania

1,500 Lemoyne Trust Company, Pennsylvania (Certificate of Deposit)

42,200 United Brethren Publishing House 65,700 350,700 Total Bonds

12.

ESDOWMENT FUUD INVESTKRIfTS

KAY 25, 1938

Rate Per Cent

Maturity

Book Value

19,776.26 37j700.00

Income

1944

47.476.25

6

9,600.00

1600.00

5

2030

9,300.00

500.00

6

1964

9,500.00

600.00

e

1961

14,000.00

750.00

5

1948

14,000.00

750.00

5

1950

9,600.00

250.00

5-1/2

1949

9,500.00

276.00

6

1943

26,951.74

750.00

5

1968

9,927.78

250.00

6-1/2

1955

9,800.00

660 ..00

6

1956

4,200.00

300.00

5

1956

9,700.00

600.00

5

1957

9,400.00

500.00

5

1950

9,334.03

600.00

4-1/2

1960

9,400.00

460.00

6

1964

5,000.00

300.00

6

1957

9,500.00

600.00

6

1976

9,700.00

600.00

5-1/2

1952

9,759.44

495.00

188,572.99

9,020.00

4-1/2

1957

14,700.00

675.00

3

1949

13,500.00

450.00

4-1/2

1960

4,600.00

337.50

4-3/4

1966

9,600.00

475.00

4.950.00 333.75

13.

ENDOWMENT FUND INVESTMENTS

MAY 25, 1'938

Shnree PREFERRED STOCKS

200 Alabaira Great Southern Reilroad Company

20 Amerex Eolding Corporation

200 American Cities Power and Light

100 Bimiinghani Electric Company

100 A. U. Byere

100 Electric Power 4 Light Company

100 Iowa Electric

25 Iowa Electric

50 A, S. Kreider Company

70 A. S. Kreider Shoe Com.pany

100 New England Power Aseociation

4 Pennsylvania Power & Light Company, Inc. Cumulative

5 The Potomac Edison Com.pany

50 Southwest G«8 Company of Oklahoma

100 Uteh Power & Light Company, Inc. 1,224

COia'ON STOCKS

AGRICULTURE

100 Gleaner-Earvester

150 International Harvester Com.pany

250

AUTO ACCESSORIES

100 Bendix Aviation

100 Electric Auto Lite

100 Houialle-Hershey Corporation "B"

300

AUTOMOBILE

100 Chrysler Corporation

300 General Motors 400

AVIATION

100 Curtis Wright A

100 Sperry Corporation

100 United Aircraft 300

BANK

300 Chase Nntional Bank of New York

100 Chemical Bank & Trust Company

100 Empire Trust Company

100 Irving Trust Company

225 Bank of Manhattan Company

300 National City Bank of New York

100 Peoples Pittsburgh Trust Company

1,225

14.

Rete Per Cent Maturity

2-3/4

6

7

6

7

6-1/2

5-1/2

5-1/2

6

5

7

7

7

EWrOWlffiNT FUKE

1 INVESTVEKTS

MAY 25, 1938

Book Velue

Incoire

111,000.00

$601.00

700.00

24.00

9,500.00

550.00

9,300.00

600.00

9,549.50

303.50

9.700.00

■f

9,200.00

+

2,250.00

215.64

12,000.00

522,50

9,350.00

100.00

400.00

20.00

500.00

35.00

2,000.00

♦■

9,200.00

437.51

94,649.50

3^409.15

=a 1 1 1 1 i~-

5,300.00

♦

10,000.00

125.00

15,300.00

125.00

4,600.00

50.00

5,200.00

225.00

4,600.00

112.50

14,400.00

387.50

10,000.00

+

22,293.36

825.00

32,293.36

825.00

2,500.00

50.00

4,448.21

120.00

3,200.00

100.00

10,148.21

270.00

20,500.00

420.00

11,000.00

180.00

5,000.00

100.00

4,600.00

60.00

12,384.13

318.76

18,300.00

300.00

6,000.00

160.00

77,784.13

1,538.76

15.

ENDOWMENT PURL INVESTMENTS MAY 25, 1938

Sharee COMMON STOCKS

BROADCASTING

100

Colvunbla Broadcasting A

BUILD lUG

100

Americas Radiator

100

Congoleum Nairn, Inc.

60

Crane Company

100

General Refractoriee

50

The Glidden Company

100

Holland Furnace Company

500

ELECTRIC EQUIPMENT

200 General Electric Company, Ino»

FOOD 100 National Biscuit Company

METALS

100 American Smelting * Refining Company

200 Anaconda Copper

100 Inspiration Copper

200 Kennecott Copper

100 Phelps Dodge

700

OFFICE E<;UIPMENT

103 Burroughs Adding Machine 100 National Cash Register 203

1,206

OILS

100 Atlantic Refinirg Con^any

200 Consolidated Oil

100 Mid-Continent Petroleum Corporation

6 Mission Corporation

200 Ohio Oil Company

100 Plymouth Oil

100 Pure Oil

100 Shell Union Oil

100 Socony Vacuum Oil

100 Standard Oil Company, Inc., of New Jersey

100 Transwestem Oil Company

16.

END0TO4EMT FUND INVESTKIEMTS MY 25, 1938

Rate Per Cent Katurlty Book Value Income

15,800.00 1340.00

3,200.00

60.00

5,200.00

125.00

4,600.00

55.58

6,600.00

+

4,500.00

105.00

6,200.00

50.00

30,300.00

396.68

12,000.00 420.00

5,500.00 160.00

7,500.00

175.00

12,200.00

250.00

3,500.00

♦

14,500.00

425.00

3,066.31

45.00

40,766.31

895.00

4,500.00

123.60

3,500.00

125.00

8,000.00

248.60

5,000.00

76.00

6,000.00

150.00

5,900.00

+

1.25

6,822.05

100.00

4,600.00

165.00

2,600.00

25.00

5,164.00

+

2,000.00

80.00

8,000.00

125.00

1,800.00

♦

46,876.05

721.25

17.

ENDOWMENT FUND INVESTMENTS MAY 25, 1938

Shares COMMON STOCKS

RUBBER

100 Firestone Tire and Rubber

100 Goodrich Rubber

100 Goodyear Tire & Rubber

300

1.200

STEEL

100 Allegheny Steel

100 American Rolling Mills

100 Bethlehem Steel Corporation

300 Birdsboro Steel Foundry & Machine Company

100 Copperweld Steel

100 Midland Steel Products Company

100 Republic Steel

100 Sharon Steel

200 United States Steel Corporation

STEEL SPECIALTIES

100 Blaw-Knox Company

100 Tokheim Oil Tank A Pump Company

200

UTILITY

100 American Water Works

Associated Gas & Electric Certificate 350 Central Electric A Telephone Coirpany 100 Central West Compemy Voting Certificate 200 Columbia Gas A Electric 100 Consolidated Edison of New York 150 Consolidated Gas Utilities 100 Electric Bond and Share 300 European Electric Rights 100 National Power and Light 150 North American Company, Inc.

21 Northeastern Water and Electric Corporation 100 United Gas Improvement Company 45 Winnipeg Electric Company Certificate Non-Cvnnulative Class A ^350 Winnipeg Electric Company Contingent Certificate 1,816 + $350 8,999 ••• 1350 Total Stocks - Conanon

10,223 + 1350 Total Stocks

18.

ENDOTWWENT FUND INVESTMENTS MAY 25, 1938

Rate Per Cent Maturity Book Value Income

10,300.00

15,100.00

$175.00

3,200.00

50.00

5,000.00

175.00

13,300.00

400.00

5,300.00

+

5,100.00

140,00

10,000.00

250.00

6,434.79

375.00

3,200.00

150.00

6,547.20

50.00

5,000.00

♦

5,100.00

90.00

19,300.00

200.00

65,981.99 1,255.00

4,900.00 5,400.00

4,600.00

40.00

-»•

28.00

1,400.00

90.00

920.00

100.00

4,600.00

50.00

6,400.00

+

600.00

+

3,000.00

+

100.00

+

1,771.51

45.00

7,000.00

240.00

2,000.00

26.25

3,000.00

75.00

300.00

+

200.00

+

55,891.51 694.25 424,641.56 8,700.94

519,291.06 12,110.09

19.

ENDOWMENT FUND IKVESTMElTrS MAY 25, 1938

Amount MORTGAGES

$2,000 Jacob W. Eaum

3,500 Derry Street Church United Brethren in Christ, Earrieburg, Pa.

1,000 Union Trust Company of Penneylvania , Harrieburg, Pia.

6,000 P. A. W. Wallace 12,500

MOTES

Notes from Churches and Individuals

Total Investments

20.

Rate Per Cent Maturity

6 6 6 5-1/2

SNDOTOJENT FUND INVESTMENTS

MY

25, 1938

Book Value

Income

12,000.00

$16.00

3,500.00

229.11

1,000.00

12.50

6,000,00

337.50

12,500.00

594.11

18,626.71 76.25 ♦916,611.21 127,270.34

21.

SUMMEE SCHOOL REPORT MAY 25, 1938

Income}

Registration Fees

Tuition

Practice Teaching Fees

Profit on sale of books

Hershey Demonstration School

Room Rent

Extension School Profit 1936-1937

Expensee;

Salaries paid to faculty Registration fees retained by college Room Rent retained by college Miscellaneous expenses

Balance to be distributed

$102.00

3,380.00

282.00

15.03

50.00

48.00

20.42

$3,897.45

2.296.76

102.00

48.00

1,296.76

3,743.52

$153.93

SATURDAY MD EVENING CLASS REPORT WAT 25, 1938

Income t

Registration fees

Tuition:

First semester Second semester

#888.00 816.00

Expensest

Salaries paid to faculty Registration Fees retained by college Ten per cent retained by college

Balance to be distributed

$34.00

1,704.00

921.20

34.00

170.40

$1,738.00

22.