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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, 1923 



Presented to the Board of Trustees at their Annual 
Meeting, Monday, June 9, 1924 



A Supplement to this report will give figures for the 
school year 1923-1924, to June I, 1924 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1923 

Receipts 

Student Accounts 

Tuition $24,361 40 

Music (Schedule IX, page 12) 7,099 00 

Graduation Fees 601 00 

Deposits by students for 1923-1924 100 00 

Room Rent in Dormitories 10,144 75 

Extension Department (Schedule VII, page 11). . 2,944 00 

Summer School 4,614 64 

Student Fees for Educational Purposes 
Matriculation 

For recording grades 692 95 

For Library 287 66 

Laboratories 

Biology 1,212 00 

Chemistry 2,032 00 

Physics 248 00 

Psychology 122 50 

Laboratory Supplies Sold 217 70 

Endowment Income 

General Account — Unrestricted 16,042 40 

General Account — Restricted 

Latin Chair Fund 620 08 

Library 42 50 

Scholarship Account (Schedule VIII, page 11).. 548 13 

Gifts and Grants 

Conference Benevolence Budget 7,402 50 

United Enlistment Movement 5,594 50 

General Education Board 8,000 00 

Donations from individuals for Special Purposes 

(Schedule XI, page 14) 3,059 72 

Miscellaneous Income 

(This includes the final payment of $2,367 on the 
house formerly owned by the College on Main 
Street; the total received for the house was 
$2,630.00) 
Dining Room (Schedule VI, page 10) 

From Students 33,982 98 

For meals served to visitors, etc 670 85 

Supplies sold 224 88 34,878 

Specified for Non-Educational Purposes 
Matriculation 

Athletics 2,301 28 

Crucible 287 66 2,588 

Miscellaneous Scholarships (Schedule VIII, page 11) 1,120 

Sundry Accounts 

Concerts by Music Department 

Student Accounts (old) 

Student Notes (old) 

Rents for use of Chapel and School Room in South Hall 

Borrowed from Banks 



Cash on hand September 1, 1922 

(2) 



$156,734 



:ASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1923 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees $7,193 14 

General 

Student Campaign 1,058 32 

Printing 739 09 

Interest 4,971 65 

Miscellaneous Expenses 2,036 80 $15,999 00 

nstructional 

Salaries of College Teachers 36,544 99 

Paid to Student Teachers . 514 61 37,059 60 

)UPPlies and Equipment 

Biology Laboratory 685 54 

Chemistry Laboratory 1,358 70 

Physics Laboratory 516 15 

Psychology Laboratory 194 90 

Library 771 52 3,526 81 

Auxiliary Departments 

Conservatory of Music (Schedule IX, page 12) 

Salaries 6,583 05 

Expenses for tuning pianos, and electric current 

for motors 200 04 

Extension Department (Schedule VII, page 11) . . 2,391 52 

Summer School 4,414 22 13,588 83 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 4,557 52 

Heat, Light, and Water 11,197 57 

Repairs 3,915 47 

Equipment (Schedule II, page 6) 2,785 02 

Insurance 245 84 22,701 42 

Dining Hall (Schedule VI, page 10) 

Salaries 9,619 89 

Supplies 22,266 32 31,886 21 

^on-Educational Work 

The Crucible 587 66 

Athletics 2,013 62 

Athletic Field and Gymnasium 211 83 2,813 11 

sundry Accounts 

Accounts Payable, due from previous year. ...... 2,002 10 

Returned to Banks . 20,972 49 

Cash Refunds 191 10 

Transferred from United Enlistment Movement 
Receipts to Permanent Endowment as desig- 
nated by the donors 5,119 50 28,285 19 

$155,860 17 

^ash on hand August 31, 1923 873 97 

$156,734 14 
(3) 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1923 

Debit 



Permanent Fund Assets 

Investments of Endowment Fund 

(Schedule IV, pages 8 and 9) $363,924 10 

Henry B. Stehman Fund — Loaned to 

Students 750 00 

Cash awaiting investment 454 80 $365,128 9< 

Plant Assets (Schedule V, page 10) 

Buildings 233,750 00 

Grounds 34,500 00 

Books, Equipment and Furniture. . . 49,285 00 317,535 0< 

Current Assets 

Cash $873 97 

Receivables 

Notes Receivable 488 96 

Accounts Receivable (old) 4,082 36 

Accounts Receivable 1922-1923. . . 510 26 

Accounts Receivable — Due from 

Athletic Council for 1922-1923. 1,079 42 

Accounts Receivable — From Ex- 
tension Department for 1923- 
1924 10 00 6,17100 

Materials and Supplies 

Dining Hall 882 16 

Heating plant, coal, etc 1,582 82 

Laboratories 2,090 07 4,555 05 

Insurance Premiums 

Unexpired 1,705 30 13,305 3 

$695,969 2 



(4) 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1923 

Credit 

Permanent Funds 

Endowment (Schedule III, page 7).. . $363,128 90 

Endowment subject to annuities 2,000 00 $365,128 90 



^et Investment and Current Funds 
Investment September 

1, 1922 $231,821 92 

Surplus for fiscal year 

1922-1923 3,520 03 

Net investment August 31, 1923. . . . 235,341 95 

Bonds Payable — For repairs and im- 
provements (Schedule I, page 6). . 64,500 00 

Notes Payable — For repairs and im- 
provements, and annual deficits 
(Schedule I, page 6) 29,490 00 $329,331 95 

Current Liabilities 

Unexpended Laboratory Fees 394 42 

Funds for Designated Purposes 
L'nexpended fund for maintenance 
of Athletic Field and Gymna- 
sium 274 46 

Unexpended Piano and Special 

^ Fund 28 43 

Unexpended fund of Class of 1921 

for equipment of Greek Room. . 50 97 353 86 

Undistributed Scholarships 

Chambersburg C. E. Society 50 00 

Pennsylvania Conference C. E. 

Society 470 09 

Virginia Conference C. E. Society. 100 00 

Presser Foundation— Music 50 00 670 09 

Income Credits 

Room Rent paid in advance . 90 00 330,840 32 



$695,969 22 



(5) 



Schedule I 

INDEBTEDNESS AND NET VALUE OF LEBANON VALLEY 

COLLEGE 



Bonds $64,500 00 

Notes Payable 

Chambersburg Trust Companyl 



August 31, 
1922 



Annville National Bank. 
Peoples Deposit Bank. 
Valley Trust Company 

Mrs. Irene Oyer 

Current Liabilities 



6,400 00 

15,988 25 

2,000 00 

5,590 00 

2,500 00 

3,415 55 



August 31, 
1923 



$64,500 00 

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



Increase 



$1,011 75 



Decrease 



$4,000 00 



1,907 18 



| $100,393 80 



$95,498 37 



$1,011 75 



$5,907 18 



Decrease in indebtedness during the fiscal year. . . $4,895 43 

Gross value of College, including endowment, 

buildings and grounds, etc 695,969 22 

Less indebtedness 95,498 37 



Net value of the College $600,470 85 



Schedule II 

EXPENDED FOR NEW EQUIPMENT OR REPLACEMENTS 
DURING 1922-1923 



Carpets $185 12 

Class Room Furniture 342 40 

General Furniture 232 50 

Dining Hall and Kitchen 449 42 

Pianos for Conservatory and Chapel 1,023 20 

Office 73 15 

Registrar's Office 479 23 



$2,785 02 



ENDOWMENT FUND— HOW INCOME IS USED 

The Endowment Fund of the College on August 31, 1923, amounted to 
$365,128.90. The object for which the income from these funds was used is 
shown below. 



Unrestricted, the income to be used for current 

expenses $268,034 11 

Restricted (Schedule X, page 13) 

Professorships 40,000 00 

Maintenance of Buildings 200 00 

Student Aid 972 24 

Scholarships 54,922 55 

Books for Library 1,000 00 



$365,128 90 



(6) 



Schedule III 
ENDOWMENT FUND, AUGUST 31, 1923 



Endowment prior to 1918 

Farms, appraised value , . . . $49,700 00 

Securities 16,485 55 $66,185 55 



Endowment of 1918 

Received in Cash . . . 258,958 59 

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

Expenses $23,000 00 

Paid for Endowment Campaign Ex- 
penses 22,990 98 

Balance for Investment 9 02 287,240 63 



Received from other sources than Endowment of 1918 3,024 48 

Endowment of 1924 

Received in Cash 345 50 

Received in Liberty Bonds 350 00 695 50 



Received for Scholarship Funds from United Enlistment Movement 7,010 50 

Received to be loaned to students 972 24 



$365,128 90 



RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FOR FISCAL YEAR ENDING AUGUST 31, 1923 



Receipts 



Cash on hand September 1, 1922 $510 54 

Total receipts $19,474 62 

Accrued interest returned to principal 476 17 18,998 45 



$19,508 99 



Distribution 



Lebanon Valley College for credit on Student Ledger 

from Designated Scholarships $943 44 

Lebanon Valley College General Expense Account. . . . 16,042 40 
Lebanon Valley College Scholarship Account from 

Undesignated Scholarships 548 13 

Lebanon Valley College Latin Chair Account 620 08 

Lebanon Valley College Library Account 42 50 

Loaned to Students from Scholarship Income 321 00 $18,517 55 

Cash on hand August 31, 1923 991 44 

$19,508 99 



(7) 



Schedule IV 
INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1923, were invested as 
indicated by the following summary and list of investments. 

Summary 





Amount 
Invested 


Percentage 
of Total 


Average 
Yield 


United States Government Securities 

JFarms 


$35,822 30 
47,476 25 
96,364 67 


9.9 
13.0 
5>R fi 


4.25 
1.49 


Real Estate Bonds 


5 81 




60,711 251 16.6 
21,432 50 R 8 


6 00 


Public Utility Bonds 


5 55 


Railroad Bonds 


96,117 13 
6,000 00 


26.5 
1.6 


5.30 


Other Securities 


5.50 






Total 


$363,924 10 


100 


5.56* 


Loaned to Students 


750 001 
454 80| 




Cash awaiting investment 








Total carried on Balance Sheet, page 4 


$365,128 90| 





*The farms are not included in computing this average. 



Investments of Endowment Funds in Detail 

United States Government Securities 

Liberty Bonds Par Value 

First 3£ $300 00 

First 4| 600 00 

Second 4| 6,200 00 

Third 41 10,400 00 

Fourth 41 18,500 00 

Treasury Note 4| 100 00 

War Saving Stamps 50 00 

(Total cost of the above group, $35,822 30) 
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 

Durant Motor Company of New Jersey 6^s 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. Raymond Hoffert 5% (Lemoyne Trust Company) 1,000 00 

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

Lee Apartment Hotel, Washington, D. C, 6s 1,000 00 

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

George W. Palmer 5% (Lemoyne Trust Company) . 2,500 00 

(8) 



Investments of Endowment Funds in Detail, continued 

Real Estate Bonds continued Par Value 

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 Apartment Hotel Building, New York, 6£s . 1,000 00 

Hotel Syracuse, Syracuse, New York, 6£s 4,000 00 

Ten Fifteen Chestnut Street Office Building, Phila- 
delphia, 6|s 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, O., 6s 26,000 00 

University Apartments, Pittsburgh, 7s 4,000 00 

Wilmington Auto Company Building 7s 500 00 

(Total cost of the above group, $96,364 67) 

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 5,000 00 

Jones & Laughlin Steel Company 5s 1,000 00 

Midvale Steel and Ordnance Company 5s 5,000 00 

Rend Mining Company First 6s 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, $60,711 25) 

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, $21,432 50) 

Railroad Bonds 

Atchison, Topeka & Santa Fe Railway 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 and Rio Grande Railroad Company 4s. . , . 10,000 00 

Kansas City Southern Railway Company 3s 4,000 00 

Kansas City Terminal Railway 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 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 

(9) 



Schedule V 
BUILDINGS, GROUNDS AND EQUIPMENT 



Erected 



Estimated 
"Value 



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 00 
20,000 00 
30,250 00 
35,000 00 
35,000 00 
29,000 00 
20,000 00 
4,500 00 $233,750 00 



25,000 00 
1,500 00 
8,000 00 

8,000 00 
6,000 00 
4,500 00 
4,000 00 
11,000 00 

570 00 
1,500 00 
4,000 00 

500 00 
1,575 00 
7,200 00 

440 00 



34,500 00 



49,285 00 



Schedule VI 
DINING HALL— 1922-1923 



Receipts 

From Students $33,982 98 

For meals served to visitors, etc 670 85 

Supplies sold 224 88 

Supplies used out of stock room by Summer School.. . 47 58 $34,926 29 

Expenditures 

Inventory September 1, 1922 $654 44 

Supplies bought during year 22,266 32 

$22,920 76 

Less Inventory August 31, 1923 882 16 

Net cost of supplies $22,038 60 

Salaries 9,619 89 $31,658 49 

Summary 

Total receipts $34,926 29 

Expenditures 31,658 49 

Surplus $3,267 80 

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



(10) 



Schedule VII 
REPORT ON EXTENSION DEPARTMENT 1922-1923 



Receipts for first semester $1,560 00 

Receipts for second semester 1,384 00 $2,944 00 

Expenses incident to the course 131 62 

Paid to professors 2,249 90 

Twenty per cent retained by the College to be used 

for current expenses 562 48 2,944 00 



Schedule VIII 
RECORD OF SCHOLARSHIPS 1922-1923 



Sources of Income 

Received from Endowment Income from Undesignated 

Scholarships and credited to Scholarship Account 
Received from Miscellaneous Scholarships 

Presser Foundation, for Music 

George A. Wolf . 

Pennsylvania Conference C. E. Society* 

Virginia Conference C. E. Society 



*A portion of this is to be paid to permanent scholarship funds as soon as definite 
information as to the exact amount can be obtained from the officers of the society. 



Scholarships Granted 

iTuition $1,330 00 

! Rebate on tuition to Ministers' Children 637 50 

Graybill Scholarship 50 00 

Ministerial — To students having license to preach 2,575 00 

Athletic 2,000 00 $6,592 50 

Distributed 

From Pennsylvania Conference C. E. Society. . . . 200 00 

From George A. Wolf 100 00 

From Presser Foundation, for Music 200 00 

Paid in cash from Designated Scholarships in En- 
dowment Fund to College accounts for credit 

on Student Ledger 943 44 1,443 44 



$250 00 
100 00 
670 09 
100 00 


1,120 09 




$1,668 22 



$8,035 94 



(11) 



Schedule IX 
MUSIC DEPARTMENT 1922-1923 



Receipts 



First 
Semester 

Earnings of Professors for In- 
struction 

Johann M. Blose $1,263 50 

Edward Baxter Perry 276 50 

R. Porter Campbell 713 25 

Frank F. Hardman 864 00 

Mrs. Edith Frantz Mills. . . 
Proceeds from Concerts by Ed- 
ward Baxter Perry. . 225 35 

Received for use of Piano and 

Organ for practice. . 261 50 342 00 603 50 

Received for use of Piano for 

practice during Summer session 4 00 607 50 



Second 

Semester 


For 

Year 




$1,364 00 
442 00 
747 75 
918 50 
102 00 


$2,627 50 

718 50 

1,461 00 

1,782 50 

102 00 


$6,691 50 



$7,524 35 



Expenditures 



S3.I3.ri6S 

Johann M. Blose $2,000 00 

Edward Baxter Perry 1,500 00 

R. Porter Campbell 1,300 00 

Frank F. Hardman 1,691 25 

Mrs. Edith Frantz Mills 91 80 $6,583 05 

Tuning, repairs, and use of motor for organ 200 04 

Paid for advertising for Perry concerts 8 12 



$6,791 21 



Summary 



Total receipts for year $7,524 35 

Total expenditures for year 6,791 21 

Surplus $733 14 



(12) 



Schedule X 

SCHOLARSHIP AND ENDOWMENT FUNDS AND INCOME 

CREDITED TO THESE FUNDS FOR YEAR ENDING 

AUGUST 31, 1923 



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 

Edwin M. Hershey Scholarship Fund (Subscribed $1,500) 

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 

H. C. Phillips Scholarship Fund 

Sophia Plitt Scholarship Fund 

Pennsylvania Conference C. E. Scholarship Fund 

Ezra G. Ranck and Wife Scholarship Fund 

Harvey L. Seltzer Scholarship Fund 

Dr. Henry B. Stehman Fund for Theological Students*. . 

Hiram E. Steinmetz Memorial Room Fund 

Rev. J. B. Weidler Endowment Fund 



$1,000 00 

2,467 00 

12,000 00| 

500 00| 
3,387 87| 

600 00 
40,000 00 

414 66 
2,000 00 

801 50 

100 00 
2,000 00 
1,000 00 
1,000 00 
1,090 00 



245 00 

1,000 00 

225 00 

1,300 00 

2,454 50 

1,237 02 

1,000 00 

2,000 00 

972 24 

200 00 

200 00 



$40 67 

117 57 

266 71 

25 00 

168 92 

30 00 

620 08 

20 73 

98 94 

12 62 

83 

95 35 

41 67 

38 64 

50 25 



5,000 00 


175 00 


1,000 00 


50 00 


900 00 


37 75 


10,000 00 


450 00 


1,000 00 


43 57 



250 00 
12 00 
50 00 
11 24 
75 84 
110 93 
104 01 
48 14 
98 94 



10 00 
10 00 



* The principal 
for the ministry. 



of this fund is loaned, without interest, to students studying 



(13) 



Schedule XI 






DONATIONS TO LEBANON VALLEY COLLEGE FOR SPECIAL 
PURPOSES IN 1922-1923 

Sept. 16, 1922 From Mr. Eugene Hoaster, for Piano and Special 

Fund $10 00 

Sept. 16, 1922 From Rev. J. D. S. Young, for Piano and Special Fund 5 00 

Sept. 16, 1922 From Dr. Urban H. Hershey, for Piano and Special 

Fund 100 00 

Sept. 16, 1922 From Mr. Jack L. Straub, for Piano and Special Fund 100 00 

Sept. 21, 1922 From Mrs. Sophia Plitt, for Piano and Special Fund. . 100 00 

Sept. 25, 1922 From Mr. Conrad K. Curry, for papering room in 

South Hall 12 05 

Sept. 27, 1922 From Mr. James P. Thomas, for Piano and Special 

Fund 100 00 

Oct. 6, 1922 From Bishop Wm. H. Bell, for Piano and Special Fund 50 00 

Oct. 11, 1922 From Prof. R. R. Butterwick, for Class of 1922 Fund. 12 40 

Dec. 13, 1922 From Class of 1922, for Equipment of Room No. 5 in 

Administration Building 27 00 

Jan. 15, 1923 From Mr. C. M. Coover, for increase in salaries of pro- 
fessors in 1922-1923 1,000 00 

Jan. 18, 1923 From Mrs. Lucile Mills Gerberich, for purchasing 

books for Library 100 00 

Jan. 18, 1923 From Mr. Henry Wolf, for Piano and Special Fund ... 100 00 

Jan. 22, 1923 From Mr. Harry D. Thomas, for Piano and Special 

Fund 100 00 

Feb. 19, 1923 From Rev. W. R. Glenn, for Piano and Special Fund . 10 00 

Feb. 20, 1923 From Mr. C. M. Coover, for Athletic Banquet 20 00 

Feb. 24, 1923 From Mr. George Breinig, for Piano and Special Fund 5 00 

Mar. 5, 1923 From Mr. Alfred K. Mills, for purchasing books for 

Library 100 00 

Apr. 9, 1923 From Mr. A. S. Kreider, for General Expenses 70 00 

Apr. 24, 1923 From Class of 1922, for Equipment of Room No. 5 in 

Administration Building 330 00 

May 4, 1923 From Mr. H. D. Sarge, for General Expenses 25 00 

May 23, 1923 From Class of 1922, for Equipment of Room No. 5 in 

Administration Building 108 00 

June 1, 1923 From Mr. C. M. Coover, for increase in salaries of 

professors in 1922-1923 500 00 

June 20, 1923 From New Bloomfield C. E. Society, for General Ex- 
penses 5 00 

June 25, 1923 From Class of 1922, for Equipment of Room No. 5 in 

Administration Building 20 27 

Aug. 20, 1923 From Mr. S. C. Grimm, toward purchase of Safe Cabi- 
net for Registrar's Office 50 00 

$3,059 72 

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

Department of Oratory, 6 volumes, $5; Prof. T. B. Beatty, 1 volume, $2.50; 
Mr. C. E. Skinner, 11 volumes, $11.80; Prof. C. R. Gingrich, 2 volumes, $6; 
Department of Economics, 1 volume, $2.20; Mr. Alfred K. Mills, 14 volumes, 
$37; Department of English, 3 volumes, $25; Mr. N. C. Schlichter, 1 volume, 3 
magazines, $11; Department of Biology, 6 volumes, $9.76; Academy of Political 
and Social Science, 1 volume, $1.50; Class of 1923, 1 volume, $4; Department 
of Chemistry, 3 volumes, $10; Prof. R. R. Butterwick, 2 volumes, $5; Prof. E. R. 
Hoke, 1 volume, $2; Boston University, 1 volume, $3; Mr. A. S. Kreider, 77 
volumes, $77; Rev. E. S. Rupp, 15 volumes, $12. 

(14) 



AUDITING COMMITTEE REPORT 

Annville, Pa., December 4, 1923 

To the Board of Trustees of Lebanon Valley College: 

Gentlemen: — Your committee elected to audit the accounts of the Treasurer 
| of Lebanon Valley College report that we attended to that duty on the above 
date and find the same to be correct to the best of our knowledge and belief. 
The findings are as follows: 



Lebanon Valley College Account 

Receipts 

Cash on hand September 1, 1922 $380 94 

Received from all sources 156,353 20 $156,734 14 

Expenditures 

Expended for all purposes 155,860 17 

Cash on hand August 31, 1923 873 97 156,734 14 



Lebanon Valley College Endowment Account 

Receipts 

Cash on hand September 1, 1922 ^37 13 

Received from all sources for Investment 40,762 50 

Investments sold and accrued interest returned. 16,126 36 56,925 99 

Investments 

Investments made during the year 56,471 19 

Cash on hand August 31, 1923 454 80 56,925 99 



Endowment Income Account 
Receipts 

Cash on hand September 1, 1922 510 54 

Received from all sources 18,998 45 19,508 99 

Distribution 

Distributed during the year 18,517 55 

Cash on hand August 31, 1923 991 44 19,508 99 

Your committee also examined the securities as held under safe in the Annville 
National Bank and found them as listed in the finance Committee's Report as 
follows : 

Securities $346,300 00 

Farms 47,476 25 

Henry B. Stehman Ministerial Fund Notes 750 00 

The examination of these securities included them to the date of this report. 
Your committee further found all the accounts kept exceptionally fine and 
the system may be counted among the best. Respectfully submitted, 

I. Moyer Hershey 
Clarence O. Yeatts 
A. J. Secrist 

Committee 



(15) 



SUPPLEMENT TO REPORT 

OF FINANCE COMMITTEE 

OF LEBANON VALLEY 

COLLEGE 



Financial Statement from 
September 1, 1923 to June 4, 1924 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FROM SEPTEMBER 1, 1923, 

TO JUNE 4, 1924 

Receipts 

Student Accounts 

Tuition $34,877 42 

Music (Schedule XIII, page 23) 9,803 82 

Graduation Fees 910 00 

Deposits by Students for 1924-1925 37 00 

Room Rent in Dormitories 10,035 72 

Extension Department (Schedule XIV, page 23) . 5,066 00 

Summer School 1924 5 00 

Student Fees for Educational Purposes 
Matriculation 

For recording grades 802 00 

For Library 269 00 

Laboratories 

Biology 1,126 00 

Chemistry 1,228 00 

Physics 205 00 

Psychology 20 00 

Laboratory Supplies Sold 8 28 

Endowment Income 

General Account — Unrestricted 12,977 91 

General Account — Restricted 

Latin Chair Fund 109 00 

Library 43 57 

Gifts and Grants 

General Purposes Unrestricted 

Conference Benevolence Budget 11,902 73 

General Purposes, Restricted 

New Furniture and repairs (Schedule XVI, 

page 24) 32 00 

General Education Board, for Salaries of Fac- 
ulty 8,000 00 

Miscellaneous Income 

Dining Room 

From Students 34,346 35 

For meals served to visitors, etc 439 10 

Supplies sold 55 12 

hJ^pecified for Non-Educational Purposes 
W$y Matriculation 

Athletics, General 1,883 00 

Athletics, Field and Gymnasium 269 00 

Crucible 269 00 

Advertising in Crucible . 9 00 

Miscellaneous Scholarships 

Music Department 

Sundry Accounts 

Student accounts (old) 382 11 

Borrowed from Banks 5,000 00 

Rents for use of Chapel and School room in South 

Hall 305 00 



Cash on hand September 1, 1923 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FROM SEPTEMBER 1, 1923, 

TO JUNE 4, 1924 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees $6,310 06 

General 

Student Campaign 509 56 

Printing 1,239 69 

Interest 3,870 11 

Miscellaneous Expenses 1,538 75 $13,468 17 

Soliciting and Collecting of Funds 180 32 

Instructional 

Salaries of College Professors 32,663 08 

Paid to Student Teachers 434 68 

Librarian and Student Assistants 1,999 50 35,097 26 

Supplies and Equipment 

Biology Laboratory 880 65 

Chemistry Laboratory 1,113 01 

Physics Laboratory 85 23 

Psychology Laboratory 22 50 

Library 787 73 2,889 12 

Auxiliary Departments 

Conservatory of Music (Schedule XIII, page 23) 

Salaries 8,009 57 

Expenses 268 17 

Extension Department (Schedule XIV, page 23) . 4,064 52 

Summer School, 1924 357 94 

Appointment Bureau . . . : 20 63 12,720 83 

Maintenance of Plant 

Salaries of Engineer, Janitor, etc 3,561 96 

Heat, Light and Water 6,889 90 

Repairs 4,391 48 

Equipment 470 60 15,313 94 

Dining Room 

Salaries 9,543 31 

Supplies 20,443 23 29,986 54 

Non-Educational Work 

Athletics 797 08 

Athletic Field and Gymnasium 244 20 1,041 28 

Sundry Accounts 

Returned to Banks 25,444 17 

Refunds 883 55 

Rent to Miss Maulfair 288 00 

Transferred to permanent funds 643 22 27,258 94 

$137,956 40 
Cash on hand June 4, 1924 3,770 39 

$141,726 79 

(19) 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE, 

JUNE 4, 1924 

Debit 

Permanent Fund Assets 

Investments of Endowment Fund. . . $367,212 99 
Henry B. Stehman Fund — Loaned to 

Students 750 00 

Cash awaiting investment 560 15 $368,523 14 

Plant Assets 

Buildings 233,750 00 

Grounds 34,500 00 

Books, Equipment and Furniture. . . 49,755 60 318,005 60 

Current Assets 

Cash $3,770 39 

Receivables 

Notes Receivable 488 96 

Accounts Receivable (old) 4,073 01 

Accounts Receivable 1922-1923.. . 137 50 

Accounts Receivable 1923-1924.. . 153 23 

Accounts Receivable — Due from 

Athletic Council for 1923-1924. . 500 00 

Accounts Receivable, covered by- 
scholarships 382 64 

Accounts Receivable — From Sum- 
mer School of 1924 357 94 6,093 28 

Materials and Supplies 

Heating Plant, coal, etc. (esti- 
mated) 300 00 

Laboratories (estimated) 2,202 65 2,502 65 12,366 32 



$698,895 06 



(20) 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE, 

JUNE 4, 1924 

Credit 

Permanent Funds 

Endowment (Schedule XII, page 22) $366,523 14 

Endowment subject to annuities. . . . 2,000 00 $368,523 14 



Net Investment and Current Funds 
Investment September 

1, 1923 $235,341 95 

Estimated surplus for 

fiscal vear 1923-1924 9,895 54 



Net Investment 245,237 49 

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

Notes Payable — For repairs and im- 
provements, and annual deficits. . 8,900 00 $318,637 49 



Current Liabilities 

Unexpended Laboratory Fees 346 27 

Funds for Designated Purposes 
Unexpended fund for maintenance 
of Athletic Field and Gymna- 



sium 


301 76 






Unexpended Piano and Special 








Fund 


28 43 






Unexpended fund of Class of 1921 








for equipment of Greek Room . . 


18 97 






Unexpended Crucible Account.. . . 


277 50 


626 66 




Undistributed Scholarships 






Chambersburg C. E. Society. .... 


50 00 






Pennsylvania Conference C. E. 








Society 


50 09 






Presser Foundation — Music 


50 00 


150 09 




Income Credits 






Room Rent paid in advance 


37 00 






Registration for Summer School 








paid in advance 


5 00 


42 00 




Faculty Salaries 






College Faculty to September 1, 








1924 


3,755 67 






Conservatory Faculty to Septem- 








ber 1, 1924 


640 00 


4,395 67 




Other Estimated Expenses in excess 


of probable 




income from June 4 to end of fiscal , 


^ear, August 






31, 1924 




6,173 74 


330,371 92 
$698,895 06 



(21) 



Schedule XII 
ENDOWMENT FUND, JUNE 1, 1924 



Endowment prior to 1918 

Farms, appraised value $49,700 00 

Securities 16,485 55 $66,185 55 



Endowment of 1918 

Received in Cash 261,282 65 

Received in Liberty Bonds and other Securities 28,273 02 

Received for Endowment Campaign 

Expenses $23,000 00 

Paid for Endowment Campaign Ex- 
penses 22,990 98 



Balance for Investment 9 02 289,564 69 



Received from other sources than Endowment of 1918 3,781 90 

Endowment of 1924 

Received in Cash 355 50 

Received in Liberty Bonds 350 00 705 50 



Received for Scholarship Funds from United Enlistment Movement 7,167 30 
Received to be loaned to students 1,118 20 



$368,523 14 



RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FROM SEPTEMBER 1, 1923, TO JUNE 1, 1924 

Receipts 

Cash on hand September 1, 1923 $991 44 

Total receipts $15,685 37 

Accrued interest returned to principal 82 16 15,603 21 

Loans returned to scholarship funds 200 00 

$16,794 65 

Distribution 

Lebanon Valley College for credit on Student Ledger 

from Designated Scholarships $2,241 97 

Lebanon Valley College General Expense Account. . . . 12,977 91 

Lebanon Valley College Latin Chair Account 109 00 

Lebanon Valley College Library Account 43 57 $15,372 45 

Cash on hand June 1, 1924 1,422 20 

$16,794 65 



(22) 



Schedule XIII 
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 1,031 88 998 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 

Johann 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 

Tuning, repairs, and use of motor for organ. 268 17 

Minimum charge for motor for balance of year, and tun- 
ing pianos 20 90 289 07 



$8,808 64 



Summary 

Total receipts for year $10,053 82 

Total expenditures for year 8,808 64 

Surplus $1,245 18 



Schedule XIV 
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 

Twenty per cent retained by the College to be used for 

current expenses 977 80 $5,066 00 



(23) 



Schedule XV 
SCHOLARSHIP AND ENDOWMENT FUNDS, JUNE 1, 1924 

Paid 
Into Fund 

Dorothy Jean Bachman Scholarship Fund $1,000 00 

Biological Scholarship 2,517 0C 

Eliza Bittinger Scholarship Fund 12,000 00 

Mary A. Bixler Scholarship Fund 500 00 

Mary A. Dodge Scholarship Fund 3,658 77 

William A. Duff Scholarship Fund 600 00 

Eberly Professorship of Latin Language and Literature 40,000 0C 

Daniel Eberly Scholarship Fund 414 66 

Samuel F. Engle Scholarship Fund 2,000 00 

East Pennsylvania Conference C. E. Scholarship Fund 801 50 

M. C. Favinger Scholarship Fund 100 00 

C. C. Gingrich Scholarship Fund 2,000 00 

G. D. Gossard and Wife Scholarship Fund 1,000 00 

Harvey E. Herr Memorial Scholarship Fund 1,000 00 

Harrisburg Otterbein S. S. Scholarship Fund 1,100 00 

Edwin M. Hershey Scholarship Fund (Subscribed $1,500) 

H. S. Immel Scholarship Fund 5,000 00 

Henry G. and Anna S. Kauffman Scholarship Fund 1,000 00 

Barbara June Kettering Scholarship Fund 900 00 

The A. S. Kreider Ministerial Fund 10,000 00 

Library Fund of Class 1916 1,000 00 

Mrs. Elizabeth H. Millard Memorial Scholarship Fund (Subscribed 

$5,000.00) 

Medical Scholarship Fund 245 00 

Bishop J. S. Mills Scholarship Fund 1,000 00 

Mrs. Elizabeth A. Mower Beneficiary Fund 225 00 

H. C. Phillips Scholarship Fund 1,300 00 

Sophia Plitt Scholarship Fund 2,611 30 

Pennsylvania Conference C. E. Scholarship Fund 1,723 44 

Ezra G. Ranck and Wife Scholarship Fund 1,000 00 

Harvey L. Seltzer Scholarship Fund 2,000 00 

Dr. Henry B. Stehman Fund for Theological Students 1,118 20 

The principal of this fund is loaned, without interest, to students studying for the ministry. 

Hiram E. Steinmetz Memorial Room Fund 200 00 

Rev. J. B. Weidler Endowment Fund 200 00 

Schedule XVI 

DONATIONS TO LEBANON VALLEY COLLEGE FOR SPECIAL 

PURPOSES IN 1923-1924 

December 10, 1923, from Class of 1922, for weatherstrips for windows in 
Room No. 5 in Administration Building, $32.00. 

August 27, 1923, a check of $100 was received from the Virginia Conference 
Christian Endeavor Society, and credited as a scholarship. Instructions were 
later given to use the gift for current expenses, in view of the assistance the Col- 
lege has given ministerial students from Virginia Conference. 
Donations to Library in 1923-1924 

Department of Biology, 11 volumes, $33.72; Department of Chemistry, 4 
volumes, $15; Department of Education, 60 volumes, $61.47; Department of 
English, 16 volumes, $16.27; T. B. Beatty, 4 volumes, $5; M. L. Beyerle, 2 
volumes, $5; R. R. Butterwick, 30 volumes, $60; C. R. Gingrich, 3 volumes, $4.50; 
E. R. Hoke, 7 volumes, $12.50; J. E. Lehman, 1 volume, $1; S. Edwin Rupp, 4 
volumes, $10; N. C. Schlichter, 33 volumes, $36.80; Emma M. Schmauk, 2 
volumes, $3; Miscellaneous, 15 volumes, $26.05. 

(24)