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Full text of "Lebanon Valley College Report of the Finance Committee"

Lebanon Valley 
College 



REPORT OF FINANCE COMMITTEE 

FOR 

FISCAL YEAR ENDING AUGUST 31, 1924 



Presented to the Board of Trustees at their Annual 
Meeting, Monday, June 8, 1925 



A Supplement to this report will give figures for the 
school year 1924-1925, to June 1, 1925 



To the Members of the Board of Trustees of Lebanon Valley College 

The Finance Committee is herewith presenting its report for the fiscal year 
beginning September 1, 1923, and ending August 31, 1924, to which has been 
added items included in the business of the present fiscal year which will not end 
until August 31, 1925. 

Indebtedness 

The total indebtedness of the College on September 1, 1923, including bonds, 
notes and current liabilities, was $95,498.37. The indebtedness at the end of the 
fiscal year on August 31,1924, was $88,247.08, a reduction of $7,251.29. This 
reduction was the result of our efforts to reduce the indebtedness as much as 
practicable in order to aid the Conferences which had agreed to assume the entire 
debt reported at the end of the fiscal year of 1923-1924. 

At the annual meetings of the East Pennsylvania and Pennsylvania Con- 
ferences held in the fall of 1924 agreement was made that the East Pennsylvania 
Conference would pay $54,123.54 and the Pennsylvania Conference would pay 
$34,123.54. On the afternoon of March 31, 1925, these sums were paid into the 
College treasury and the entire indebtedness of the College was wiped out. 

Improvements 

During the summer of 1924 several much-needed improvements were made 
to the buildings and equipment. For many years the roof of the Administration 
Building has been the source of no end of trouble because of its leaky condition. 
A new roof was placed by the Warren-Ehret Company which has proven very 
satisfactory. It will now be safe to make some improvements to the plastering 
in the interior which was not undertaken because of the bad condition of the 
roof. 

The heating plant was installed some time during 1905 and we have noticed 
for some years that the pipes are in bad condition. During the summer of 1923 
the section between the Heating Plant and the Men's Dormitory was taken up 
and relaid with modern insulation made by the Johns-Manville Company. In 
1924 the sections between the Administration Building and Engle Hall and be- 
tween Engle Hall and North Hall were taken up and relaid. 

The entire interior of the Men's Dormitory was renovated and new equip- 
ment added to make the building a more attractive home for the boys. A break- 
age deposit fee of $10.00 was required from each student rooming in the building 
and by agreement with the boys each one is paying $6.00 per year for the em- 
ployment of women to keep the rooms clean. 

Additional lavatories and bath tubs were installed in North Hall for the 
convenience of the girls. 

Other minor repairs were made in the various buildings and the President's 
home. 

The Finance Committee admits that there are still many repairs that should 
be made but it has been their policy to make those that seemed most necessary 
as far as the funds available permitted. 

Endowment 

During the fiscal year of 1923-1924 there was added to the endowment fund 
the sum of $3,724.24. The income for the year is indicated in Schedule V, page 
11, of this report. 

The campaign for added endowment was conducted in June, 1924, and re- 
sulted in securing subscriptions to the amount of $388,247.70. By order of the 
Board of Trustees the first money received from the subscribers was to be used 
to defray the expenses of the campaign and after deducting $19,030.18 used for 
expenses the balance of $369,217.52 is to be added to the endowment principal 
as it is received. 

(2) 



Up to May 1, 1925, when this report went to press, the subscribers paid on 
these subscriptions (aside from the expenses) the total of $59,257.47, 

The payment of the indebtedness of the College on March 31 made it pos- 
sible to call upon the funds set aside by the General Education Board to be added 
to our endowment fund, and on April 22 we received their first check of $24,63-1.72. 

Scholarships 

In Schedule X, page 14, is given a statement of scholarships. It will be 
noted that $2,950.00 was given to students preparing for the ministry. Of this 
amount $1,050.00 was received from scholarship funds, the balance was given by 
the College. During the school year of 1924-1925 we are assisting twenty-nine 
students, of which the College gave $1,738.00, the balance coming from scholar- 
ship funds. 

Extension Department 

Extension classes have been conducted by our regular faculty for the past 
years. After all the expenses incident to the courses are paid the balance is dis- 
tributed on a basis of twenty per cent, to the College and eighty per cent, to the 
professors. During the years 1923-1924 the College received $977.80, and during 
the 1924-1925 season the College received $833.25. 

Summer School 

The use of the buildings and equipment was granted to the summer school 
without charge except for light, water and the cost of cleaning. All the receipts, 
after deducting these costs, and the other expenses, were distributed to those 
who taught on a basis determined by themselves. 

Student Accounts 

While the catalogue specifies that all student bills must be paid within ten 
days after the beginning of each semester, the Finance Committee has granted 
longer credit in some cases where request was made for it. All the accounts for 
the fiscal year 1923-1924 are paid in full and the committee has every reason to 
expect that the same can be reported for the years 1924-1925. 

Auditors 

At the request of the Auditing Committee a public accountant was employed 
to examine the books. This is in response to the wishes expressed by the Board 
ot Trustees on several occasions in the past. The report of the auditor is found 
on page 16. 



(•5) 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1924 

Debit 



Permanent Fund Assets 

Investments of Endowment Fund 

(Schedule III, pages 9 and 10) ... . $367,702 41 
Henry B. Stehman Fund — Loaned to 

Students 750 00 

Cash awaiting investment 400 73 $368,853 14 

Plant Assets (Schedule II, page 8) 

Buildings 233,750 00 

Grounds 34,500 00 

Books, Equipment and Furniture. . . 49,285 00 317,535 OO 

Current Assets 

Cash $143 24 

Receivables 

Notes Receivable 488 96 

Accounts Receivable (old) 4,206 76 

Accounts Receivable 1923-1924. . . 133 76 

Accounts Receivable 1923-1924, 

Covered by Scholarships 265 10 

Accounts Receivable — Overdrawn 

Library Appropriation 7 37 5,101 95 

Materials and Supplies 

Dining Hall 728 40 

Heating Plant— Coal, etc 600 00 

Laboratories (estimated) .' . . 1,872 86 3,201 26 

Insurance Premiums 

Unexpired 41 65 8,488 10 



$694,876 24 



(4) 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1924 



Credit 



Permanent Funds 

Endowment (Schedule IV, page 11). $366,853 14 

Endowment subject to annuities 2,000 00 $368,853 14 



Plant Funds 

Net Investment 237,776 02 

Bonds Payable — For repairs and im- 
provements 64,500 00 

Notes Payable — For repairs and im- 
provements 14,900 00 

Accounts Payable— For repairs 358 98 317,535 00 



Current Funds and Liabilities 

Unexpended Laboratory Fees $118 99 

Funds for Designated Purposes 
Unexpended fund for Athletics and 
maintenance of Athletic Field 

and Gymnasium 186 25 

Unexpended Piano and Special 

Fund 28 43 

Unexpended fund of Class of 1921 

for equipment of Greek Room . . 18 97 
Undistributed Summer School Re- 
ceipts 698 05 

Unexpended Crucible Fund 122 18 1,053 88 



Undistributed Scholarships 

Chambersburg C. E. Society 50 00 

Pennsylvania Conference C. E. So- 
ciety 50 09 

Presser Foundation— Music 50 00 150 09 



Income Credits 

Room Rent paid in advance 127 00 

Accounts Payable — For repairs au- 
thorized to be paid out of current 
receipts 7,038 14 8,488 10 



$694,876 24 



(5) 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1924 

Receipts 

Student Accounts 

Tuition $35,433 69 

Music (Schedule XII, page 15) 9,803 82 

Graduation Fees 995 00 

Extension Department (Schedule XIII, page 15). 5,066 00 

Summer School, 1924 4,311 00 

Student Fees for Educational Purposes 
Matriculation 

For recording grades 802 00 

For Library 269 00 

Laboratories 

Biology 1,144 00 

Chemistry 1,436 00 

Physics 205 00 

Psychology 20 00 

Laboratory Supplies Sold 152 34 

Endowment Income 

General Account — Unrestricted 16,265 27 

General Account — Restricted 

Latin Chair Fund 118 00 

Library 43 57 

Gifts and Grants 

General Purposes — Unrestricted 

Conference Benevolence Budget 12,809 17 

From Individuals 1,000 00 

General Purposes — Restricted 

General Education Board for Salaries of 

Faculty 8,000 00 

For New Furniture and Repairs 32 00 

Miscellaneous Income 

Dining Hall (Schedule XI, page 14) 

From Students ^ 34,312 59 

For meals served to visitors, etc 523 80 

Supplies sold , 78 47 

Dormitories 

Rents from Students 9,747 72 

Deposits for 1924-1925 132 00 

Specified for Non-Educational Work 
Matriculation 

Athletics 2,152 00 

Crucible 297 93 

Miscellaneous Scholarships 

Music 250 00 

Sundry Accounts 

Student Accounts (old) ^ 382 11 

Rents for use of Chapel and School Room in South 

Hall 330 00 



Cash on hand September 1, 1923 

(6) 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1924 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees $8,409 45 

General 

Student Campaign 900 98 

Printing 1,636 38 

Interest 3,943 62 

Miscellaneous Expenses 2,930 46 $17,820 89 

Soliciting and Collecting Funds 

Campaign of 1918 66 83 

Campaign of 1924 125 49 192 32 

Instructional 

Salaries of College Teachers 36,218 75 

Paid to Student Teachers 434 68 

Salary of Librarian and Assistants 2,199 50 38,852 93 

Supplies and Equipment 

Biology Laboratory 1,121 43 

Chemistry Laboratory 1,189 28 

Physics Laboratory 89 76 

Psychology Laboratory^ 22 50 

Library 807 37 3,230 34 

Auxiliary Departments 

Conservatory of Music (Schedule XII, page 15) 

Salaries 8,519 57 

Expenses for tuning pianos, and electric current 

for motors 310 04 

Extension Department (Schedule XIII, page 15). 4,064 52 

Summer School 3,537 95 

Appointment Bureau 20 63 16,452 71 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 5,267 65 

Heat, Light, and Water 7,833 91 

Repairs 6,285 48 

Equipment 960 37 20,347 41 

Dining Hall (Schedule XI, page 14) 

Salaries 10,295 93 

Supplies 22,249 28 32,545 21 

Non-Educational Work 

The Crucible 175 25 

Athletics 797 48 

Athletic Field and Gymnasium 359 31 1,332 04 

Sundry Accounts 

Returned to Banks 14,590 00 

Cash Refunds 977 55 

Rent to Miss Maulfair for Dormitory Purposes. . 288 00 

Transferred to Permanent Endowment Funds. . . . 643 22 16,498 77 

$147,272 62 

Cash on hand August 31, 1924 143 24 

$147,415 86 

C/) 



Schedule I 
INDEBTEDNESS OF LEBANON VALLEY COLLEGE 





August 31, 
1923 


August 31, 
1924 


Increase 


Decrease* 


Bonds 


$64,500 00 


$64,500 00 






Notes Payable 






Chambersburg Trust Company. 
Annville National Bank 


6,400 00 
17,000 00 
2,000 00 
1,590 00 
2,500 00 
1,508 37 


6,400 00 
6,000 00 








$11,000 00 


Peoples Trust Company 

Valley Trust Company 

Mrs. Irene Oyer 

Current Liabilities 




2,000 00 






1,590 00 


2,500 00 
8,847 08 






$7,338 71 






$95,498 37 


$88,247 08 


$7,338 71 


$14,590 00 



^Decrease of indebtedness during the fiscal year, $7,251.29 



Schedule II 
BUILDINGS, GROUNDS AND EQUIPMENT 



Erected 



Estimated 
Value 



Cost 



Total 



Buildings 

Administration 

Carnegie Library 

Engle Conservatory 

Men's Dormitory 

North Hall for Women. . . 

South Hall for Women. . . 

Heating Plant 

President's Home 

Grounds 

Campus 

Graybill Lot 

Athletic Field 

Equipment 

Books in Library 

Biological Laboratory 

Chemical Laboratory . . . . 

Physical Laboratory 

General Furniture 

Museum Furniture 

Dining Hall and Kitchen 

Gymnasium 

History Room 

Pianos 

Large Organ 

Small Organ 



1905 
1904 
1899 
1905 
1904 
1857 
1905 
1900 



$157,425 28 
38,491 60 
58,444 00 
79,114 20 
72,089 60 
22,500 00 
13,986 00 
7,000 00 



$60,000 
20,000 
30,250 
35,000 
35,000 
29,000 
20,000 
4,500 

25,000 
1,500 
8,000 

8,000 
6,000 
4,500 
4,000 
11,000 

570 
1,500 
4,000 

500 
1,575 
7,200 

440 



$233,750 00 



34,500 00 



49,285 00 



(8) 



Schedule III 

INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1924, were invested as 
indicated by the following summary and list of investments. 

Summary 





Amount 
Inve3ted 


Percentage 
of Total 


Average 
Yield 


United States Government Securities 

Farms 


$36,220 63 
47,476 25 

100,295 90 

60,200 00 

21,392 50 

96,117 13 

6,000 00 


9.9 
12.9 
27.2 
16.3 

5.8 
26.3 

1.6 


4.25 
None 


Real Estate Bonds 

Industrial Bonds 


5.85 
7.04 


Public Utility Bonds 


5 82 


Railroad Bonds 


5 39 


Other Securities. . 


5 50 






Total 

Loaned to Students 


$367,702 41 
750 00 
400 73 


100.0 


5.80* 


Cash awaiting investment 






Total carried on Balance Sheet, page 4 


$368,853 14 








*The farms are not included in computing this average 



Investment of Endowment Funds in Detail 

United States Government Securities 

Liberty Bonds Par Value 

First Sh $500 00 

First 4i 400 00 

Second 4i 6,200 00 

Third 4J 10,500 00 

Fourth 4i 18,800 00 

Treasury Notes 4i 100 00 

War Saving Stamps 50 00 

(Total cost of the above group, $36,220 63) 

Farms 

Located near Shiremanstown — Appraised value . . . $37,700 00 

Located near East Berlin — Appraised value 9,776 25 

Real Estate Bonds 

Ambassador Hotel, New York, 6s 1,000 00 

Apartments, Philadelphia, 6s 10,000 00 

Belmont Apartments, Chicago, 6|s 500 00 

George L. Bricker 5% (Lemoyne Trust Company) . 1,000 00 

W. Scott Coble 5% (Lemoyne Trust Company) . . . 2,000 00 

John A. Cocklin 5% (Lemoyne Trust Company). . 2,000 00 

Durant Motor Company of New Jersey Qh 1,000 00 

4 East Eighty-eighth St. Apartments, New York, 7s 3,000 00 

Flatbush Industrial Building, New York, 6s 500 00 

Elmer L. Hanmer 5% (Lemoyne Trust Company) . 500 00 

William S. Harris 5% (Lemoyne Trust Company). 2,000 00 

Hilrose Court Apartment Building, Brooklyn, 7s . . 500 00 

J. Raymund Hoffert 5% (Lemoyne Trust Company) 1,000 00 

Edward Langer Printing Company, New York, 6s. 2,000 00 

Lee Apartment Hotel, Washington, 6s 1,000 00 

■ Catherine M. Markle 5% (Lemoyne Trust Com- 
pany) 500 00 

(9) 



$36,550 00 



47,476 25 



Investments of Endowment Funds in Detail, continued 

Real Estate Bonds, Continued 

Elmer S. Mills 5% (Lemoyne Trust Company) . . . $1,000 00 

Park Avenue Apartment Building, New York, 6s . . 6,500 00 

S. E. Philabaum 5% (Lemoyne Trust Company). 1,500 00 

Milton L. Rodkey 5% (Lemoyne Trust Company) 2,000 00 

Sanger Brothers Department Store, Texas, 6^s. . . . 1,000 00 

Shelton Apartments, New York, 6|s 1,000 00 

Hotel Syracuse, Syracuse, New York, 6^8 4,000 00 

Ten Fifteen Chestnut Street Office Building, Phila- 
delphia, 6is 1,000 00 

Trinity Building Corporation, New York, 5^s 15,000 00 

Two Rector Street Corporation, New York, 6s 5,000 00 

United Brethren Publishing House, Dayton, 6s. . . . 30,000 00 

University Apartments, Pittsburgh, 7s 4,000 00 

Wilmington Auto Company Building 7s 500 00 $101,000 00 

(Total cost of the above group, $100,295 90) 

Industrial Bonds 

Agar Packing and Provisions Company, 6^s 3,000 00 

Bethlehem Steel Company Marine Equipment 7s. . 5,000 00 

Hershey Chocolate Company 6s 4,000 00 

Jones & Laughlin Steel Company 5s 1,000 00 

Old Ben Coal Corporation 6s 5,000 00 

Midvale Steel and Ordinance Company 5s 5,000 00 

Standard Oil Company of New York 7s 5,000 00 

United States Steel Corporation 5s 19,000 00 

Wilson Packing Company 6s 15,000 00 

(Total cost of the above group, $60,200 00) 

Public Utility Bonds 

Bell Telephone Company of Pennsylvania 5s 9,000 00 

California Gas and Electric Corporation 5s 2,000 00 

New York Steam Corporation 6s 3,000 00 

Penn Central Power Company 6s 2,000 00 

Philadelphia Electric Company 6s 1,500 00 

Public Service Company of Northern Illinois 5s . . . 5,000 00 
(Total cost of the above group, $21,392 50) 

Railroad Bonds 

Atchison, Topeka & Santa Fe Railroad Company 4s 5,000 00 

Atlantic Coast Line Equipment 6^s 5,000 00 

Chicago, Rock Island & Pacific Railroad 4s 5,000 00 

Chicago Union Station Company 6|s 3,500 00 

Denver & Rio Grande Railroad Company 4s 10,000 00 

Kansas City Southern Railway Company 3s 4,000 00 

Kansas City Terminal Company 4s 10,000 00 

Midland Railroad of New Jersey 5s 3,000 00 

New Orleans Terminal Company 4s 10,000 00 

New York, Pennsylvania & Ohio Railroad 4^s 2,000 00 

Northern Pacific Railroad Company General 3s. . . 15,000 00 
Oregon-Washington Railroad and Navigation Com- 
pany 4s 3,000 00 

Pennsylvania Railroad Company General 4|s 15,000 00 

Pittsburgh, Cincinnati, Chicago & St. Louis 5s. . . . 2,000 00 

Southern Railway Company First 5s 10,000 00 

Virginian Railway Company 5s 15,000 00 

Western New York and Pennsylvania Railway 4s . 2,000 00 
(Total cost of the above group, $96,117 13) 

Other Securities 

The A. S. Kreider Company— Part of the A. S. 

Kreider Ministerial Fund ,..,.... 

(10) 



Schedule IV 
ENDOWMENT FUND, AUGUST 31, 1924 



Endowment prior to 1918 

Farms, appraised value $49,700 00 

Securities 16,485 55 $66,185 55 

Endowment of 1918 

Received in Cash 261,512 65 

Received in Liberty Bonds and other Securities. , 28,273 02 
Received for Endowment Campaign 

Expenses . $23,000 00 

Paid Out for Endowment Campaign 

Expenses 22,990 98 

Balance for Investment 9 02 289,794 69 

Endowment of 1924 

Received in Cash 355 50 

Received in Liberty Bonds 450 00 805 50 

Received from Miscellaneous Sources 3,781 90 

Received for Scholarship Funds from United Enlistment Move- 
ment and Benevolence Budget 7,167 30 

Received to be loaned to students 1,118 20 



$368,853 14 



Schedule V 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FOR FISCAL YEAR ENDING AUGUST 31, 1924 

Receipts 

Cash on hand September 1, 1923 $991 44 

Total receipts $19,480 82 

Accrued interest returned to principal 166 49 19,314 33 

Loans returned to Scholarship Funds 200 00 

$20,505 77 

Distribution 

Lebanon Valley College for credit on Student 

Ledger for Designated Scholarships $2,359 51 

Lebanon Valley College General Expense Account . . 16,265 27 

Lebanon Valley College Latin Chair Account 118 00 

Lebanon Valley College Library Account 43 57 $18,786 35 

Cash on hand August 31, 1924 1,719 42 

$20,505 77 

(11) 



Schedule VI 

ENDOWMENT FUND— HOW INCOME IS USED 

The Endowment Fund of the College on August 31, 1924, amounted to 
$368,853 . 14. The object for which the income from these funds was used is 
shown below. 



Unrestricted, the incomte to be used for current ex- 
penses $270,065 35 

Restricted 

Professorships 40,000 00 

Maintenance of Buildings 200 00 

Student Aid 1,118 20 

Scholarships 56,469 59 

Books for Library 1,000 00 



$368,853 14 



Schedule VII 

SCHOLARSHIP AND ENDOWMENT FUNDS AND INCOME 

CREDITED TO THESE FUNDS FOR YEAR ENDING 

AUGUST 31, 1924 



Paid 
Into Fund 



Credited 
Income 



Dorothy Jean Bachman Scholarship Fund 

Biological Scholarship • . . . . 

Eliza Bittinger Scholarship Fund 

Mary A. Bixler Scholarship Fund 

Mary A. Dodge Scholarship Fund 

William A. Duff Scholarship Fund 

Eberly Professorship of Latin Language and Literature 

Daniel Eberly Scholarship Fund 

Samuel F. Engle Scholarship Fund 

East Pennsylvania Conference C. E. Scholarship Fund 

M. C. Favinger Scholarship Fund 

C. C. Gingrich Scholarship Fund 

G. D. Gossard and Wife Scholarship Fund 

Harvey E. Herr Memorial Scholarship Fund 

Harrisburg Otterbein S. S. Scholarship Fund 

H. S. Immel Scholarship Fund 

Henry G. and Anna S. Kauffman Scholarship Fund. . . 

Barbara June Kettering Scholarship Fund 

The A. S. Kreider Ministerial Fund. 

Library Fund of Class of 1916 

Mrs. Elizabeth H. Millard Memorial Scholarship Fund 

(Subscribed $5,000.00) 

Medical Scholarship Fund 

Bishop J. S. Mills Scholarship Fund 

Mrs. Elizabeth A. Mower Beneficiary Fund 

Pennsylvania Conference C. E. Scholarship Fund 

H. C. Phillips Scholarship Fund 

Sophia Plitt Scholarship Fund 

Ezra G. Ranck and Wife Scholarship Fund 

Harvey L. Seltzer Scholarship Fund 

Dr. Henry B. Stehman Fund for Theological Students 

The principal of this fund is loaned, without interest , to 

students studying for the ministry 

Hiram E. Steinmetz Memorial Fund 

Rev. J. B. Weidler Endowment Fund 



$1,000 oo| 

2,517 00 

12,000 00 

500 00 
3,658 87 

600 00 
40,000 00 

414 66 
2,000 00 

801 50 

100 00 
2,000 00 
1,000 00 
1,000 00 
1,100 00 
5,000 00 
1,000 00 

900 00 

10,000 00 

1,000 00 



245 00 
1,000 00 

225 00 
1,732 44 
1,300 00 
2,611 30 
1,000 00 
2,000 00 
1,118 20 

200 00 
200 00 



(12) 



Schedule IX 

SUBSCRIPTIONS FOR SCHOLARSHIP AND TRUST FUNDS 
SECURED DURING THE CAMPAIGN OF 1924 



Subscribed 



Baltimore Fifth Church, Otterbein Memorial Sunday School 

Scholarship Fund $3,000 00 

E. M. Baum Scholarship Fund 500 00 

I. T. Buffington Scholarship Fund 1,000 00 

John P. Cowling Memorial Fund . . 380 00 

Derickson Scholarship Fund 1,250 00 

East Pennsylvania Conference C. E. Union Scholarship Fund (To be 

added to scholarship fund already established) 2,200 00 

East Pennsylvania Branch W. M. A. Scholarship Fund 3,000 00 

Samuel F. Engle Scholarship Fund (To be added to scholarship fund 

already established) 4,000 00 

M. C. Favinger and Wife Scholarship Fund (To be added to scholar- 
ship fund already established) 900 00 

Fred E. Foos Scholarship Fund (In Memory of his Father and 

Mother, William and Elizabeth Foos) 1,000 00 

C. C. Gingrich Scholarship Fund (To be added to scholarship already 

established) ^ 1,000 00 

G. D. Gossard and Wife Scholarship Fund (To be added to scholar- 
ship already established) 1,500 00 

Harnish-Houser Publicity Fund 2,000 00 

Harrisburg Otterbein Church of the United Brethren in Christ 

Scholarship Fund . 5,300 00 

J. M. Heagy and Wife Scholarship Fund 600 00 

Edwin M. Hershey Scholarship Fund 2,000 00 

Barbara June Kettering Scholarship Fund (To be added to scholar- 
ship already established) 200 00 

Rev. and Mrs. J. E. and Rev. A. H. Kleffman Scholarship Fund 1,000 00 

The A. S. Kreider Ministerial Fund (To be added to scholarship al- 
ready established) 5,000 00 

W. E. Kreider Scholarship Fund 1,000 00 

John Evans Lehman Chair of Mathematics (Established by Alumni 

and friends) I 45,800 00 

Max F. Lehman Memorial Fund (Established by Class of 1907) | 400 00 

Lykens United Brethren Church Scholarship Fund 1,000 00 

Mechanicsburg U. B. Sunday School Scholarship Fund 2,000 00 

Elizabeth May Meyer Scholarship Fund (To be added to scholarship 

already established) 1,000 00 

Mrs. Elizabeth H. Millard Memorial Scholarship Fund 5,000 00 

Bishop J. S. Mills Scholarship Fund (To be added to scholarship 

already established) . 2,500 00 

Pennsylvania Branch Women's Missionary Association Scholarship 

Fund 2,500 00 

Pennsylvania Conference C. E. Union Scholarship Fund (To be added 

to scholarship already established) 1,500 00 

Grace U. B. Church of Penbrook, Pa., Scholarship Fund 3,000 00 

Sophia Plitt Scholarship Fund (To be added to scholarship already 

established) . 1,645 00 

Harvey L. Seltzer Scholarship Fund (To be added to scholarship! 

already established) I 1,000 00 

Henry B. Stehman Fund for Theological Students . . | 750 00 



(13) 



Schedule X 
RECORD OF SCHOLARSHIPS, 1923-1924 



Rebate on tuition to Ministers' Children $950 00 

Graybill Scholarship 50 00 

Ministerial — To students having license to preach. . 1,900 00 

Athletic 2,000 00 

Distributed from funds received from 

Pennsylvania Conference C. E. Society 220 00 

Presser Foundation 250 00 

Paid in cash from Designated Scholarships in 

Endowment Fund to College accounts for credit 

to ministerial students 1,050 00 

Paid in cash from Designated Scholarships in 
Endowment Fund to College accounts for credit 

to other than ministerial students 1,309 51 



Schedule XI 
DINING HALL— 1923-1924 



Receipts 



From Students S34,312 59 

For meals served to visitors, etc 523 80 

Supplies sold 78 47 $34,914 86 



Expenditures 

Inventory $882 16 

Supplies purchased during year 22,249 28 

$23,131 44 
Less Inventory August 31, 1924 728 40 

Net cost of supplies $22,403 04 

Salaries 10,295 93 $32,698 97 



Summary 

Total receipts $34,914 86 

Net expenditures 32,698 97 

Surplus $2,215 89 

NOTE — No charge was made for use of building, water or light. 



(14) 



Schedule XII 
MUSIC DEPARTMENT— 1923-1924 



Receipts 



First Second For 

Semester Semester Year 
Earnings of Professors for In- 
struction 

Johann M. Blose $1,886 00 $1,531 50 $3,417 50 

R. Porter Campbell 750 24 916 75 1,666 99 

Frank F. Hardman 1,03188 998 45 2,030 33 

Mrs. Edith Frantz Mills. . . 45 00 107 00 152 00 

Edward Baxter Perry 998 00 1,145 00 2,143 00 $9,409 82 

Received for use of Piano and 

Organ for Practice 302 50 341 50 644 00 



$10,053 82 



Expenditures 



Salaries 

lohann M. Blose $3,134 00 

R. Porter Campbell 1,483 50 

Frank F. Hardman 1,815 17 

Mrs. Edith Frantz Mills 136 80 

Edward Baxter Perry 1,950 10 $8,519 57 



I Tuning, repairs, and use of motor for organ 310 04 

$8,829 61 



Summary 



Total receipts for year $10,053 82 

Total expenditures for year 8,829 61 

Surplus $1,224 21 



Schedule XIII 
REPORT ON EXTENSION DEPARTMENT— 1923-1924 

Receipts for first semester $2,546 00 

Receipts for second semester 2,520 00 $5,066 00 

Expenses incident to the course 176 97 

Paid to professors 3,911 23 

After expenses were paid, twenty per cent, was retained 

by the College to be used for current expenses 977 80 $5,066 00 



(15) 



AUDITING COMMITTEE REPORT 

To the Board of Trustees of Lebanon Valley College: 

Gentlemen: — By the consent of the Finance Committee of Lebanon Valley 

College we your auditing committee secured the services of a public accountant 

to audit the accounts of S. H. Derickson, Treasurer of Lebanon Valley College. 

Mr. H. E. Schriver, of Harrisburg, was employed. We accept the following 

statement as a correct audit of the accounts. 

P. B. Gibble 
A. J. Secrist 
Clarence O. Yeatts 
Committee 

Harrisburg, Pa., March 27, 1925 
To the Auditing Committee: 

Board of Trustees of Lebanon Valley College, 
Annville, Pennsylvania. 

Gentlemen: — Agreeable to your request I hereby certify that I have audited 
the accounts of S. H. Derickson, Treasurer, of Lebanon Valley College, for the 
fiscal period ended August 31, 1924, and have found them correct as per the fol- 
lowing summarized Statements. I also examined the Securities deposited in the 
Vault of the Annville National Bank and found them intact as evidenced by the 
Treasurer's records. 

Lebanon Valley College Account 

Cash on hand September 1, 1923 $873 97 

Cash received during the year 157,541 89 

Total $158,415 86 

Less Expenditures 158,272 62 

Balance on hand August 31, 1924 $ 143 24 

Lebanon Valley College Endowment Account 

Cash on hand September 1, 1923 454 80 

Received for Investment 3,724 24 

Securities sold and Interest 7,590 24 

Total $11,769 28 

Less: Investments made 11,368 55 

Balance on hand August 31, 1924 400 73 

Endowment Income Account 

Cash on hand September 1, 1923 991 44 

Received from Interests 19,680 82 

Total $20,672 26 

Less: Distributions made 18,952 84 

Balance on hand August 31, 1924 1,719 42 

August 31, 1924— Total Cash Balance $2,263 39 

H. E. SCHRIVER 

Fellow, Chartered Accountants 

(16) 



SUPPLEMENT TO REPORT 

OF FINANCE COMMITTEE 

OF LEBANON VALLEY 

COLLEGE 



Financial Statement from 
September I, 1924, to June 1, 1925 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE, 

JUNE 1, 1925 

Debits-Assets 

Permanent Fund Assets 

Investments of Endowment Fund. . . $447,921 01 
Henry B. Stehman Fund — Loaned to 

Students 750 00 

Cash to be invested* 12,551 45 $461,222 46 

Plant Assets 

Buildings 233,750 00 

Grounds 34,500 00 

Books, Equipment and Furniture... 52,142 36 320,392 36 

Current Assets 

Cash $7,196 20 

Receivables 

Notes Receivable 488 96 

Accounts Receivable (old) 4,006 43 

Accounts Receivable 1924-1925. . . 663 37 

Accounts Receivable 1924-1925 

Covered by Scholarships 136 20 

Accounts Receivable — Summer 

School of 1925 333 04 5,628 00 

Materials and Supplies 

Dining Hall (Estimated) 600 00 

Heating Plant— Coal, etc 150 00 

Laboratories (Estimated) 1,941 38 2,691 38 

Insurance Premiums 
Unexpired 2,628 79 18,144 37 



$799,759 19 



*This was invested early in June. 



(18) 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE, 

JUNE 1, 1925 

Credit — Liabilities 

Permanent Funds 

Endowment (Schedule XIV, page 22) $459,022 46 

Endowment subject to annuities.. . . 2,200 00 $461,222 46 



Plant Funds 

Invested in Plant 

From gifts and accumulations 320,392 36 

Current Funds and Liabilities 

Unexpended Laboratory Fees $178 57 

Funds for Designated Purposes 
Unexpended fund for Athletics and 
maintenance of Athletic Field 

and Gymnasium 126 15 

Unexpended Piano and Special 

Fund 28 43 

Unexpended Crucible Fund 411 18 

Breakage Deposits to be returned . 1,082 00 1,647 76 

Undistributed Scholarships 

Chambersburg C, E. Society 50 00 

Presser Foundation— Music 12 00 62 00 

Income Credits 

Room Rent paid in advance . 70 00 

Notes receivable (old) and accounts receivable 

(old) 4,495 39 

These aie uncollectible and it is recom- 
■ mended that they be charged off at the end 

of the fiscal year. 

Estimated expenses for salaries, general repairs, 

etc., between June 1 and end of fiscal year. . . . 9,690 65 

Estimated surplus at end of fiscal year (depend- 
ing, however, entirely upon repairs to the 
heating plant. If new boilers must be install- 
ed it will consume the entire amount.) 2,000 00 18,144 37 



$799,759 19 



(19) 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FROM SEPTEMBER 1, 1924 

TO JUNE 1, 1925 

Receipts 

Student Accounts 

Tuition $38,321 92 

Music 6,640 75 

Graduation Fees 998 00 

Extension Department 4,256 00 

Summer School, 1925 15 00 

Breakage Deposit— Men's Dormitory 1,150 00 $51,381 67 

Student Fees for Educational Purposes 
Matriculation 

For recording grades 762 50 

For library 291 00 

Laboratories 

Biology 1,144 00 

Chemistry 1,380 00 

Physics 250 00 3,827 50 

Endowment Income 

General Account— Unrestricted 14,143 86 

General Account — Restricted 

Latin Chair Fund 1,309 00 

Library 44 00 

Gifts and Grants 

General Purposes — -Unrestricted 

Conference Benevolence Budget 9,352 68 

From Individuals 1,087 69 

General Purposes — Restricted 

From East Pennsylvania Conference for old 

debt 54,123 54 

From Pennsylvania Conference for old debt. . . . 34,123 54 

For books for Library 12 11 

Miscellaneous Income 

Dining Room 

From Students . 34,228 86 

For meals served to visitors, etc 380 45 

Supplies sold Ill 14 

Dormitories 

Rents from Students 10,132 47 

Deposits for 1925-1926 70 00 10,202 47 

Specified for Non-Educational Work 
Matriculation 

Athletics, General _ 2,910 00 

Athletics, Field and Gymnasium 291 00 

Crucible 291 00 

Miscellaneous Scholarships 

Music — Presser Foundation 250 00 

Pennsylvania Conference C. E. Society 117 83 

Appointment Bureau 39 00 3,898 83 

Sundry Accounts 

Student Accounts (old) 599 19 

Rents for use of Chapel and Student Room in 

South Hall 337 00 

Y. M. C. A. for cleaning room 3 00 939 19 

$219,319 76 

Cash on hand September 1, 1924 143 24 

$219,463 00 



(20) 



:ASH receipts and expenditures, LEBANON VALLEY 

COLLEGE ACCOUNT, FROM SEPTEMBER 1, 1924 

TO JUNE 1, 1925 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees $6,901 76 

General 

Student Campaign 770 85 

Printing 1,213 30 

Interest 3,567 52 

Miscellaneous expense 2,440 16 $14,893 59 

)OLiciTiNG and Collecting of Funds 

Campaign of 1924 243 85 

nstructional 

Salaries of College Teachers 36,376 25 

Paid to Student Teachers 652 60 

Salary of Librarian and Assistants 2,199 50 39,228 35 

lUPPLiEs AND Equipment 

Biology Laboratory 784 42 

Chemistry Laboratory 1,250 74 

Physics Laboratory 51 83 

Library 777 86 2,864 85 

lUxiliary Departments 
Conservatory of Music 

Salaries _ _ 6,028 48 

Expenses for tuning pianos and current for 

motor 313 82 

Extension Department 3,394 75 

Summer School 1,046 09 

Appointment Bureau 53 84 10,836 98 

vIaintenance of Plant 

Salaries of Engineers, Janitors, etc 3,730 41 

Heat, Light and Water 7,495 37 

Repairs 3,094 87 

Equipment _ 2,857 36 

Cleaning Men's Dormitory 572 89 

Insurance 3,901 50 21,652 40 

Dining Room 

Salaries 9,554 67 

Supplies 21,986 20 31,540 87 

vTon-Educational Work 

Athletics 2,872 90 

Athletics, Field and Gymnasium 366 20 3,239 10 

5UNDRY Accounts 

Returned to Banks 14,900 00 

Paid on Lebanon Valley College Bonds 64,500 00 

Cash Refunds 950 72 

Old Accounts Payable 7,397 12 

Book-case for Prof. Spangler's Room out of 1921 

Class Fund 18 97 87,766 81 

$212,266 80 
::ash on hand June 1, 1925 7,196 20 

$219,463 00 



(21) 



Schedule XIV 
ENDOWMENT FUND, JUNE 1, 1925 



Endowment prior to 1918 

Farms, appraised value $49,700 00 

Securities 16,485 55 S66,185 55 

Endowment of 1918 

Received in cash _._ 261,519 65 

Received in Liberty Bonds and other securities .... 28,273 02 

Received for Campaign expenses 23,000 00 

$312,792 67 

Paid out for Campaign Expenses 22,990 98 

Balance for Investment $289,801 69 

Endowment of 1924 

Received in cash 61,811 58 

Received in Securities 1,490 00 

Received for Campaign expenses from Subscribers . . 19,030 18 
Received for Campaign expenses from Individuals. . 1,000 00 

Received from General Education Board 29,831 40 

$113,163 16 

Paid for Campaign Expenses 20,030 18 

Balance for Investment 93,132 98 

Received from other sources than endowment subscriptions 3,816 74 

Received for Scholarship Funds from United Enlistment Move- 
ment and Benevolence Budget 7,167 30 

Received to be loaned to students 1,118 20 

$461,222 46 

Schedule XV 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 

FROM SEPTEMBER 1, 1924, TO JUNE 1, 1925 

Receipts 

Cash on hand September 1, 1924 $1,719 42 

Total Receipts $18,265 13 

Accrued interest returned to principal 449 00 17,816 13 

$19,535 55 

Distribution 

Lebanon Valley College for credit on Student Ledger 

from Designated Scholarships $2,604 02 

Lebanon Valley College General Expense Account. . . 14,143 86 

Lebanon Valley College Latin Chair Account 1,309 00 

Lebanon Valley College Library Account 44 00 

Loaned to Students from Scholarship Funds 290 00 $18,390 88 

Cash on hand June 1, 1925 1,144 67 

$19,535 55 



(22) 



Schedule XVI 
MUSIC DEPARTMENT— 1924-1925 



Receipts 



arnings of Professors for In- First 

Struction Semester 

Ruth E. Engle $948 50 

R. Porter Campbell 797 00 

Frank F. Hardman 1,030 00 

Mrs. Edith Frantz Mills. ... 180 00 

Harold Malsh 177 50 

eceived for use of Piano and 

Organ for Practice 245 00 



Second 
Semester 


For 
Year 




$862 00 
808 25 
937 50 
202 50 
209 00 


$1,810 50 

1,605 25 

1,967 50 

382 50 

386 50 


$6,152 25 


264 00 




509 00 




$6,661 25 



Expenditures 



ilaries 

Ruth E. Engle $2,000 00 

R. Porter Campbell 1,552 63 

Frank F. Hardman 1,783 75 

Mrs. Edith Frantz Mills 344 25 

Harold Malsh 347 85 $6,028 48 

uning, repairs, and use of motor for organ 313 82 

linimun charge for use of motor for balance of fiscal year 16 00 



$6,358 30 



Summary 



otal receipts for year $6,661 25 

otal expenditures for year 6,358 30 

Estimated Surplus $302 95 



Schedule XVII 
REPORT ON EXTENSION DEPARTMENT 1924-1925 

.eceipts for the first semester $2,393 00 

.eceipts for the second semester 1,835 00 $4,228 00 

Expenses incident to the course 61 75 

aid to Professors 3,333 00 

iter paying expenses twenty per cent, was retained by 

the College for current expenses 833 25 $4,228 00 



(23) 



Schedule XVIII 

DONATIONS TO LEBANON VALLEY COLLEGE FOR 
SPECIAL PURPOSES IN 1924-1925 

Oct. 17, 1924 From B. H. Gruver, to be used for current expenses. .. $500 00 
Nov. 10, 1924 From Mrs. Lucile Mills Gerberich, for purchasing books 

for Library 100 00 

Nov. 17, 1924 From J. E. Gipple, to be used for current expenses. . . 237 69 

Dec. 22, 1924 from J. E. Gipple, to be used for current expenses 250 00 

Mar. 13, 1925 From Department of Mathematics, for purchasing 

books for Library 3 20 

Mar. 19, 1925 From Department of Mathematics, for purchasing 

books for Library 4 93 

May 29, 1925 From Department of Economics, for purchasing books 

for Library 1 

May 29, 1925 From Department of Education, for purchasing books 

for Library 1 99 



$1,099 80 



In Addition to the Above Cash Gifts, Donations Have Been Made to the 
Library by the Following: 

Class of 1926 1 volume $1 50 

Emma D. Landis 2 volumes, and portfolios. . 50 00 

Lebanon Valley College Aumni Association 48 volumes 197 87 

Latin Department , 28 volumes 

Education Department 16 volumes 

Economics Department 1 volume 

R. R. Butterwick 9 volumes 

Mathematics Department 3 volumes 

E. R. Hoke 6 volumes 

Biological Department. . . , 16 volumes 

Biological Department 29 volumes Binding .... 

J. A. Lyter 4 volumes 

Miscellaneous 25 volumes 



8 71 


27 33 


4 00 


14 00 


3 60 


2 85 


49 55 


46 80 


3 00 


20 05 



$429 26 



(24)