(navigation image)
Home American Libraries | Canadian Libraries | Universal Library | Community Texts | Project Gutenberg | Children's Library | Biodiversity Heritage Library | Additional Collections
Search: Advanced Search
Anonymous User (login or join us)
Upload
See other formats

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 14, 1926 

A Supplement to this report will give figures for the 
school year 1925-1926. to June 7. 192b 



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, 1924, and ending August 31, 1925. A supplementary 
report giving a record of the business for a portion of the present fiscal year will 
be ready for distribution at the meeting of the Board of Trustees. 

Indebtedness 

The long cherished hope that some day Lebanon Valley College would be 
free of all indebtedness was realized on April 1, 1925, when the East Pennsylvania 
Conference paid to the College the sum of $54,123.54, and the Pennsylvania 
Conference paid $34,123.54, the total of which represented the indebtedness of 
the College. The small amount of Current Liabilities at the end of the fiscal year, 
as shown on the Balance Sheet on page 5, represented funds that were contributed 
for specific purposes, and which remained unexpended or undistributed. 

Improvements 

The section of the heating mains between the Library and South Hall and 
the Heating Plant was taken up and relaid during the summer of 1925. There 
still remain two sections of the original installation which need relaying when 
funds are available. It is also advisable to place efficient insulation on the steam 
pipes in the basement of the several buildings. 

The changing of the heating system in the Administration Building from a 
single to a two-pipe system has made it possible to use all the class rooms with- 
out interruption from cold weather throughout the entire winter. Part of the 
Men's Dormitory has also been changed to a two-pipe system, much to the com- 
fort of some of the men, especially on the third floor. 

South Hall was repapered and painted throughout, with considerable changes 
in the layout of rooms and closets. These changes make the dormitory more 
attractive and livable. 

The woodwork of North Hall also was varnished and some of the walls 
frescoed. 

The pipe organ in the Chapel was modernized, the work being completed in 
October, a short time after the opening of school. 

Endowment 

The Board of Trustees instructed that the first money received on the 1924 
Campaign subscriptions should be used to defray the expenses of the campaign. 
After this amount was set aside all subsequent payments were added to the en- 
dowment fund. 

Schedule 1, page 8, indicates the amount in the endowment fund on August 
31, 1925. The total added from September 1, 1924, to August 31, 1925, was 
$99,115.16. 

Since the payment of the indebtedness of the College permitted us to draw 
upon the funds set aside by the General Education Board (Rockefeller) a requi- 
sition was immediately made and on April 22, we received from them a check 
for $24,634.72, and on June 2 an additional check of $5,196.68 was received 
making a total at the end of the fiscal year of $29,831.40. 

During the year the Finance Committee paid from current receipt to the 
endowment fund the balance due the Pennsylvania Conference C. E. Scholarship, 
regarding which there has been discussion at practically every Board meeting 
since 1918. The Pennsylvania Conference C. E. Scholarship is now credited in 
the permanent fund with the entire amount paid to the College for this purpose. 

The Finance Committee also added to the Sophia Plitt Scholarship money 
that was received in the United Enlistment Movement. Owing to lack of infor- 
mation at the time this money was received it was used for current expenses, but 
has now all been replaced. 



Endowment Income 

Schedule III, page 11, shows that the total receipts from endowment invest- 
ments during the year was $22,485.93. Of this amount $19,712.96 was paid into 
the College treasury for current expenses, professorships, and for books for 
library. The balance was either paid out for scholarships or held in reserve for 
that purpose. 

During the year investments amounting to $17,500.00 were called by the 
issuing corporations at a premium above par value. The amount received in ex- 
cess of the cost on these securities was $1,124.62. All of this was treated as in- 
come and used for current expenses. 

In Schedule II, page 8, is given a classitication of the investments, showing 
the percentage of each class, and the average yield. The average yield for the 
year is slightly lower than last year. This is due to the fact that all the money 
received from the April, 1925, collections were invested, but no income was re- 
ceived until the beginning of the next fiscal year. This explains the seemingly 
low average return for railroad and utility bonds, and also the average for all in- 
vestments. 

Scholarships 

On Page 13, Schedule \T, is given a record of scholarships granted during 
1924-1925. The amount granted during the year is an increase of $686.71 over 
the previous year. Thirty students preparing for the ministry or other work in 
the church were granted scholarships during the year. 

Extension Department 

Extension classes were conducted at Annville, Lebanon, Harrisburg, and 
Tower City, under the same provisions as in former years. The sum retained by 
the College was $841,65. A summary of the extension accounts is presented in 
Schedule IX, page 14, 

Simimer School 

The conditions under which the Summer School was conducted were changed 
during 1925, whereby the College was to retain part of the income for the use of 
the buildings and equipment. After all expenses were paid, the College retained 
10 per cent, or $351.40. The balance was distributed to the members of the 
faculty giving instruction in the Summer School. 

Student Accounts 

The Finance Committee is pleased to report that all the student accounts 
for the fiscal year 1924-1925 are paid. This is the second year that it was possible 
to report all student accounts paid. 

A. S. Kreider, 

Chairman Finance Committee 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1925 

Debit 



Permanent Fund Assets 

Investments of Endowment Fund 

(Schedule II, pages 8 to 10) $465,754 03 

Henry B. Stehman Fund — Loaned 

to students 750 00 

Cash awaiting investment 1,464 27 $467,968 30 

Plant Assets 

Buildings 233,750 00 

Grounds 34,500 00 

Books, equipment and furniture. . 49,285 00 317,535 00 

Current Assets 

Cash $758 28 

Materials and Supplies 

Dining Hall 677 86 

Heating Plant— Coal, etc 187 24 

Laboratories (estimated) 1,945 83 2,^00 93 

Insurance Premiums 

Unexpired 2,60100 6,160 21 



$791,663 51 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1925 

Credit 



Permanent Funds 

Endowment (Schedule I, page 8).. $465,968 30 
Endowment subject to annuities. . 2.000 00 



$467,968 30 



Plant Funds 

From gifts from Conferences, 
Churches, and individuals, and 
accumulated surplus 

Current Fund and Liabilities 

Unexpended Appointment Bureau 

Receipts 

Unexpended Laboratory Fees 

Funds for Designated Purposes 
Unexpended fund for mainte- 
nance of Athletic Field and 

Gymnasium 

Unexpended Piano and Special 

Fund 

Unexpended Crucible Fund. . . . 

Undistributed Scholarships 

Chambersburg C. E. Society. . . 
Presser Foundation — Music. . . . 

Income Credits 

Matriculation fees paid in ad- 
vance 

Room Rent paid in advance. . . . 



34 48 



28 

411 


43 

18 


50 00 

12 00 


60 00 
230 00 



317,535 00 



$19 66 
136 81 



474 09 



62 00 



290 00 



Surplus invested in supplies and 
materials, and reserve for re- 
pairs authorized but not com- 
pleted 



5,177 65 



6,160 21 
$791,663 51 



COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 
AUGUST 31, 1925 

Receipts 



$58,345 05 



4,244 49 



19,712 96 



Student Accounts 

Tuition $38,971 80 

Music (Schedule VIII, page 14) 6,661 25 

Graduation Fees 1,043 00 

Extension Department (Schedule IX, page 14) . 4,298 00 

Summer School (Schedule X, page 14) 6,185 00 

Breakage Deposit — Men's Dormitory 1,186 00 

Student Fees for Educational Purposes 
Matriculation 

For recording grades 777 50 

Library 291 00 

Fees paid in advance for 1925-1926 60 00 

Laboratories 

Biology 1,186 00 

Chemistry 1,488 00 

Physics 265 00 

Psychology 7 00 

Laboratory Supplies sold 169 99 

Endowment Income 

General Account — Unrestricted 17,600 96 

General Account — Restricted 

Latin Chair Fund 2,068 00 

Library 44 00 

Gifts and Grants 

General Purposes — Unrestricted 

Conference Benevolence Budget 10,888 13 

From Individuals (Schedule XI, page 15).. . . 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 (Schedule XI, page 15) . 25 08 

Miscellaneous Income 

Dining Room (Schedule VII, page 13) 

From Students 34,428 80 

For meals served to visitors 380 45 

Supplies sold 176 08 

Dormitories 

Rents from students 10,132 47 

Deposits for 1925-1926 235 00 

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 40 00 

Sundry Accounts 

Student Accounts (old) 599 19 

Rents for use of Chapel and School Room in 

South Hall 377 00 

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

Cash on hand September 1, 1924 



100,247 98 
188 11 



34,985 33 



10,367 47 



3,899 83 



979 19 

$232,970 41 

143 24 

$233,113 65 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1925 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees .... $8,728 86 
General 

Student Campaign 1,220 79 

Printing 1,295 60 

Interest 3,600 02 

Miscellaneous expenses 3,071 30 S17,916 57 

Soliciting and Collecting of Funds 259 00 

Instructional 

Salaries of College Teachers 36,376 25 

Paid to Student Teachers 659 60 

Salaries of Librarian and Assistants 2,449 50 39,485 35 

Supplies and Equipment 

Biology Laboratory 858 47 

Chemistry Laboratory 1,488 47 

Physics Laboratory 71 34 

Psychology Laboratory 13 91 

Library 815 09 3,247 28 

Auxiliary Departments 

Conservatory of Music (Schedule VIII, page 14) 

Salaries 6,089 73 

Expenses for tuning pianos and current for 

motor 322 87 

Extension Department (Schedule IX, page 14). ?'428 35 

Summer School (Schedule X, page 14) 5,747 60 

Summer School distribution for 1924 698 05 

Appointment Bureau 58 84 16,345 44 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 5,486 45 

Heat, Light and Water 7,878 04 

Repairs 7,477 45 

Equipment ^'^^Z ^^ 

Cleaning Men's Dormitory 595 39 

Insurance 3,901 50 28,196 19 

Dining Room (Schedule VII, page 13) 

Salaries 10,128 03 

Supplies 23,244 81 33,372 84 

Non-Educational Work 

Athletics 2,892 60 

Athletics, Field and Gymnasium 412 17 3,304 77 

Sundry Accounts 

Returned to Banks 1^.900 00 

Paid on Lebanon Vallev College Bonds 64,500 00 

Cash Refunds 1-091 72 

Old Accounts Payable ",397 12 

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

Class Fund 18 97 

Breakage Deposits returned to students 1,072 bO 

Transferred to permanent funds to be added to , ^,„ ^^ 

Scholarships 1>24/ 52 90,277 93 

$232,355 37 

Cash on hand August 31, 1925 758_^8 

$233,113 65 

7 



Schedule I 
ENDOWMENT FUND, AUGUST 31, 1925 



Endowment prior to 1918 
Farms, appraised value 
Securities 



$49,700 00 
16,485 55 



$66,185 55 



Endowment of 1918 

Received in cash 

Received in Liberty Bonds and other Securities. 
Received for Campaign Expenses 



Paid out for Campaign Expenses. 



261,519 65 
28,273 02 
23,000 00 

$312,792 67 
22,990 98 



Balance for Investment 

Endowment of 1924 

Received in cash 

Received in Securities 

Received for Campaign Expenses from Subscribers 
Received for Campaign Expenses from Individuals 
Received from General Education Board (Rocke- 
feller) 



Paid out for Campaign Expenses. 



66,309 90 
2,490 00 

19,030 18 
1,000 00 

29,831 40 

$116,348 72 
20,030 18 



Balance for Investment 

Received from other sources than Endowment Subscriptions 

Received for Scholarship Funds from United Enlistment Movement 

and Benevolence Budget 

Received to be loaned to students 



289,801 69 



98,631 30 
5,064 26 

7,167 30 
1,118 20 

$467,968 30 



Schedule II 

INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1925, were invested as 
indicated by the following summary and list of investments. 

Summary 



Amount 
Invested 



Percentage 
of Total 



Average 
Yield 



United States Government Securities. 

Farms 

Real Estate Bonds 

Industrial Bonds 

Public Utility Bonds 

Railroad Bonds 

Other Securities 



$36,270 63 
47,476 25 

148,392 55 
55,165 33 
31,230 00 

139,479 27 
7,740 00 



7.79 
10.19 
31.86 
11.85 

6.70 
29.95 

1.66 



4.25 
4.88 
6.06 
6.94 
5.05 
4.74 
5.60 



Total 

Loaned to Students 

Cash awaiting investment 



$465,754 03 

750 00 

1,464 27 



100.00 



5.41 



Total 



on Balance Sheet, page 4. 



$467,968 301 



8 



Investment of Endowment Funds in Detail 

United States Government Securities 

Liberty Bonds Par Value 

First 3i $500 00 

First 4i 400 00 

Second 4i 6,200 00 

Third 4i 10,550 00 

Fourth 4 J 18,850 00 

Treasury Notes 4i 100 00 $36,300 00 

(Total cost of the above group, $36,270.63) 
Farms 

Located near ShiremanstowTi— Appraised value $37,700 00 

Located near East Berlin — Appraised value. . . . 9,776 25 47,476 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 

W. Scott Coble 5% 2,000 00 

John A. Cocklin and Edna D. Cocklin 5% .... 2,000 00 
Derry Street Church, United Brethren in Christ, 

Harrisburg, 6s 5,000 00 

Durant Motor Company of New Jersey 6|s. . . . 1,000 00 

Edgewater Beach Hotel, Chicago, 6s 5,000 00 

Ira H. Fishel 5% 1,000 00 

Flatbush Industrial Building, New York 6s... 500 00 

Elmer L. Hanmer 5% 500 00 

William S. Harris 5% 2,000 00 

J. Raymund Hoffert 5% 1,000 00 

Huntingdon Office Building, Miami, Florida, 7s 10,000 00 
Edward Langer Printing Company, New York 

City, 6|s 2,000 00 

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

Loutellus Apartments, Pittsburgh, 6fs 5,000 00 

Manatee River Apartment Hotel, Bradenton, 

Florida 7s 8,000 00 

Catherine E. Markle 5% 500 00 

, Elmer S. Mills 5% 1 ,000 00 

1060 Park Avenue Apartment, New York, 6s. . 6,500 00 
New Pennsvlvania Hotel, West Palm Beach, 

Florida, 7s 7,500 00 

S. E. Philabaum Bond, 5% U500 00 

Ponce de Leon Apartment Hotel, Atlanta, 

Georgia, 7s 5,000 00 

Milton L. Rodkey Bond, 5% 2,000 00 

Roosevelt Apartment Hotel, Miami, Florida, 7s 5,000 00 

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

Shelton Apartment Hotel, New York, 6^8 1,000 00 

Hotel Syracuse, Syracuse, New York, 6is 4,000 00 

Hotel Tattershall, Kansas City, Missouri, 7s. . . 5,000 00 
Ten Fifteen Chestnut Street Office Buikling, 

Philadelphia, 6is 1,000 00 

Trinity Building Corporation of New York, 5^s 15,000 00 
United Brethren Publishing House, Davton, 

Ohio, 6s 30,700 00 

University Apartments, Pittsburgh, 7s. ...... . 4,000 00 

Wilmington Auto Company Building, Wilming- 
ton, Delaware, 7s .500 00 $148,700 00 

(Total cost of the above group, $148,392.55) 

9 



Investment of Endowment Fimds in Detail, (continued) 

Industrial Bonds 

Agar Packing and Provision Company 6|s 3,000 00 

Bethlehem Steel Company 7s 5,000 00 

Hershey Chocolate Company, 5^s 4,000 00 

Jones & Laughlin Steel Company 5s 1,000 00 

Midvale Steel and Ordnance Company 5s 5,000 00 

Old Ben Coal Corporation 6s 5,000 00 

United States Steel Corporation 5s 19,000 00 

Wilson and Company, Incorporated, 6s 15,000 00 57,000 00 

(Total cost of the above group, $55,165.33) 

Public Utility Bonds 

Bell Telephone Company of Pennsylvania 5s. . . 9,000 00 

California Gas and Electric Corporation 5s 2,000 00 

Harrisburg Light and Power Company 5s 5,000 00 

Indianapolis Water Company 5|s 5,000 00 

New York Steam Corporation 6s 3,000 00 

Penn Central Light and Power Company 6s. . . . 2,000 00 

Philadelphia Electric Company 6s 1,500 00 

Public Service Company of Northern Illinois 5s 5,000 00 32,500 00 
(Total cost of the above group, $31,230.00) 

Railroad Bonds 

Atchison, Topeka and Santa Fe Railway Com- 
pany 4s 5,000 00 

Atlantic Coast Line Railroad 6|s 5,000 00 

Baltimore & Ohio Railroad Company 5s 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 
Gulf, Mobile and Northern Railroad Company 

5|s 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 

Missouri Pacific Railroad Company 6s 8,000 00 

New Orleans Terminal Company 4s 10,000 00 

New York Central and Hudson River Rail- 
road Company 4^s 5,000 00 

New York, Pennsylvania & Ohio Railroad Com- 
pany 4|s 2,000 00 

Northern Pacific Railway Company 3s 15,000 00 

Oregon and Washington Railroad and Naviga- 
tion Company 4s 3,000 00 

Pennsylvania Railroad Company 4^s 15,000 00 

Pittsburgh, Cincinnati, Chicago and Saint Louis 

Railroad Company 5s 15,000 00 

Southern Railway Company 5s 10,000 00 

Virginian Railway Company 5s 15,000 00 

Western New York and Pennsylvania Railway 

Company 4s 2,000 00 

Western Pacific Railroad Company 5s 3,000 00 $163,500 00 

(Total cost of the above group, $139,479.27) 

Other Securities 

The A. S. Kreider Company 5h% Preferred stock 7,000 00 

Durant Motors — Common stock 240 00 

The Potomac-Edison Company 7% Preferred 

Stock 500 00 7,740 00 

10 



Schedule III 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FOR FISCAL YEAR ENDING AUGUST 31, 1925 

Receipts 

Cash on hand September 1, 1924 SI, 719 42 

Total Receipts $23,354 47 

Accrued interest returned to principal. 868 54 22,485 93 

$24,205 35 

Distribution 

Lebanon Valley College for credit on Student Ledger 

for Designated Scholarships .$2,740 22 

Lebanon Valley College for General Expense Account 17,600 96 

Lebanon Valley College Latin Chair Account 2,068 00 

Lebanon Valley College Library Account 44 00 

Loaned to students from scholarship funds 340 00 

Mathematical prize from Max F. Lehman Memorial 

Fund 20 00 $22,813 18 

Cash on hand August 31, 1925 1,392 17 



$24,205 35 



Schedule IV 

ENDOWMENT FUND— HOW INCOME IS USED 

The Endowment Fund of the College on August 31, 1925, amounted to 
$467,968.30. The object for which the income from these funds was used is shown 
below. 

Unrestricted, the income to be used for current ex- 
penses $347,053 53 

Restricted 

Professorships 49,792 10 

Maintenance of Buildings 200 00 

Student Aid 1,303 04 

Scholarships 68,149 29 

Books for Library 1,000 00 $467,968 30 



11 



Schedule V 



SCHOLARSHIP AND ENDOWMENT FUNDS AND INCOME 
CREDITED TO THESE FUNDS FOR YEAR ENDING 
AUGUST 31, 1925 t 



Paid 
Into Fund 



S. S. Sch.. 



Dorothy Jean Bachman Scholarship Fund. . . 
Lillian Merle Bachman Scholarship Fund . . . 
Baltimore Fifth Church, Otterbein Memorial 

E. M. Baum Scholarship Fund 

Chair of English Bible and Greek Testament 

Biological Scholarship 

Eliza Bittinger Scholarship Fund 

Mary A. Bixler Scholarship Fund 

I. T. Buffington Scholarship Fund 

Reverend John P. Cowling Memorial Fund 

Derickson Scholarship Fund 

Mary A. Dodge Scholarship Fund 

William E. Duff Scholarship Fund 

East Pennsylvania Branch W. M. A. Scholarship Fund. . 

East Pennsylvania Conference C. E. Scholarship 

Daniel Eberly Scholarship Fund 

Josephine Bittinger Eberly Professorship of Latin Lan 

guage and Literature 

Samuel F. Engle Scholarship Fund 

M. C. Favinger and Wife Scholarship 

Fred E. Foos Scholarship Fund — In Memory of his Father 

and Mother, William and Elizabeth Foos 

C. C. Gingrich Scholarship Fund 

G. D. Gossard and Wife Scholarship Fund . . . 

Harnish-Houser Publicity Fund 

Harrisburg Otterbein Church of the United Brethren in 

Christ 

Harrisburg Otterbein Sunday School Scholarship Fund 

Harvey E. Herr Memorial Scholarship Fund 

Edwin M. Hershey Scholarship Fund 

H. S. Immel Scholarship Fund 

Henry G. and Anna S. Kaufman and family Scholarship 

Barbara June Kettering Scholarship Fund 

Rev. and Mrs. J. E. and Rev. A. H. Kleffman Scholarship 

The A. S. Kreider Ministerial Fund 

W. E. Kreider Scholarship Fund 

John Evans Lehman Chair of Mathematics 

Max F. Lehman Fund 

Library Fund of Class of 1916 

Lykens Otterbein Church Scholarship Fund 

Mechanicsburg U. S. Sunday School Scholarship Fund 

Medical Scholarship Fund 

Elizabeth May Meyer Musical Scholarship Fund 

Mrs. Elizabeth H. Millard Memorial Scholarship Fund 

(Subscribed $5,000.00) 

Bishop J. S. Mills Scholarship Fund 

Elizabeth A. Mower Beneficiary Fund 

Grace U. B. Church of Penbrook, Pa., Scholarship Fund. 

Pennsylvania Branch W. M. A. Scholarship 

Pennsylvania Conference C. E. Society Scholarship 

Rev. 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*.. 

Hiram E. Steinmetz Memorial Room Fund 

Rev. J. B. Weidler Endowment Fund 



$1,000 00 

1,000 00 

484 00 

100 00 

1,710 00 

2,517 00 

12,000 00 

500 00 

1,000 00 

38 00 

250 00 

3,658 87 

600 00 

500 00 

1,241 50 

.414 66 

40,000 00 

3,050 00 

250 00 

1,000 00 

2,220 00 

1,250 00 

233 34 

794 00 

1,100 00 

1,000 00 

400 00 

5,000 00 

1,000 00 

940 00 

550 00 

10,000 00 

200 00 

7,882 10 

400 00 

1,000 00 

150 00 

400 00 

245 00 

1,550 00 



1,600 00 

225 00 

300 00 

500 00 

2,596 26 

1,300 00 

3,632 00 

1,000 00 

2,200 00 

1,303 04 

200 00 

200 001 



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

12 



Schedule VI 
RECORD OF SCHOLARSHIPS, 1924-1925 



Rebate on tuition to Ministers' Children $900 00 

Ministerial — To students having license to preach. . . 1,738 00 

Athletic. . . , 2,400 00 

Distributed from funds received from 

PennsylvaniaConference C. E. Society 250 00 

Presser Foundation 288 00 

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

to Ministerial Students 1,150 00 

Paid in cash from Designated Scholarships in En- 
dowment Fund to College accounts for credit 
to other than ministerial students 1,590 22 $8,416 22 



Schedule VII 
DINING HALL— 1924-1925 



Receipts 



From Students S34,428 80 

For meals served to visitors, etc 380 45 

Supplies sold 176 08 $34,985 33 



Expenditures 



Inventory at beginning of year $728 40 

Supplies purchased during year 23,244 81 

$23,973 21 
Less Inventory August 31, 1925 667 86 

Net cost of supplies $23,305 35 

Salaries 10,128 03 

$33,433 38 
Summary 

Total receipts $34,985 33 

Net expenditures 33,433 38 

Surplus •'Bl,551 95 

NOTE — No charge wa? made for use of building, or water. 



\3 



Schedule VIII 
MUSIC DEPARTMENT— 1924-1925 



Receipts 



For Instructions 

Piano, Organ and Theoretical 

Studies $1,745 50 

Voice 

Violin 

Received for use of Piano and 

Organ for practice 



First 
Semester 


Second 
Semester 


Per 

Year 




1,745 50 

1,210 00 

177 50 


$1,670 25 

1,140 00 

209 00 


$3,415 75 

2,350 00 

386 50 


$6,152 25 


245 00 


264 00 




509 00 










$6,661 25 



Expenditures 



Salaries $6,089 73 

Tuning, repairs, and use of motor for organ 322 87 



$6,412 60 
Surplus for year 248 65 



),661 25 



Schedule IX 
EXTENSION DEPARTMENT— 1924-1925 



Received for the first semester $2,393 00 

Received for the second semester 1,905 00 

$4,298 00 

Less cash refunds 28 00 $4,270 00 

Expenses incident to the course 61 75 

Paid to professors 3,366 60 

After paying expenses twenty per cent, was retained by 

the College for current expenses 841 65 4,270 00 



Schedule X 
SUMMER SCHOOI^1925 

Total Receipts $6,185 00 

Less cash refunds 86 00 

Net Receipts $6,099 00 

Expenses except salaries 2,584 96 

Distributed to faculty 3,162 64 

Retained by College 351 40 6,099 00 

14 



Schedule XI 

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 

Nov. 17, 1924 From J. E. Gipple, to be used for current expenses. . . 
Dec. 22, 1924 From J. E. Gipple, to be used for current expenses. . . . 
Mar. 13, 1925 From Department of Mathematics, for purchasing 

books for Library 

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

books for Library 

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

for Library 

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

for Library 

June 25, 1925 From Department of Education, for purchasing books 

for Library 

July 10, 1925 From Department of Biology, for purchasing books for 

Library 



100 
237 
250 


00 
69 
00 


3 


20 


4 


93 


1 


99 


1 


99 


2 


97 


10 


00 


$1,112 


77 



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

Class of 1926 1 volume 

Emma D. Landis 2 volumes and portfolios 

Lebanon Valley College Alumni Asso. .48 volumes 

Latin Department 28 volumes 

Education Department 16 volumes 

Economics Department 1 volume 

R. R. Butterwick 9 volumes 

Mathematics Department 3 volumes 

i E. R. Hoke 6 volumes 

Biological Department 16 volumes 

i Biological Department 29 volumes Binding 

I J. A. Lyter 4 volumes 

Miscellaneous 25 volumes 



$1 


50 


50 00 


97 


87 


8 


71 


27 


33 


4 00 


14 


00 


3 


60 


2 


85 


49 


55 


46 


80 


3 


00 


20 


05 



$429 26 



15 



AUDITING COMMITTEE REPORT 

To the Board of Trustees of Lebano7i Valley College: 

Gentlemen — Through the privilege accorded by the Finance Committee of 
Lebanon Valley College, we your auditing Committee secured the services of 
Mr. H. E. Schriver, public accountant of Harrisburg, Pa., to audit the ac- 
counts of S. H. Derickson, Treasurer. We submit the following statement as 
our report. 

P. B. GiBBLE 

A. J. Secrist 
Wm. W. McFaul 

Committee 

Harrisburg, Pa., December 2, 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, 1925, 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, 1924 $143 24 

Cash Received during the year 249,447 91 

Total $249,591 15 

Less Expenditures 248,832 87 



Balance on hand August 31, 1925 $758 28 

Lebanon Valley College Endowment Fund 

Cash on hand September 1, 1924 $400 73 

Received for Investment 99,115 16 

Securities sold and Interest 14,178 54 



Total $113,694 43 

Less: Investments Made 112,230 16 



Balance on hand August 31, 1925 1.464 27 

Lebanon Valley College Endowment Trust Income 

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

Received from Interests 22,485 93 



Total $24,205 35 

Less: Distribution Made 22,813 18 



Balance on hand August 31, 1925 1,392 17 

August 31, 1925— Total Cash Balance $3,614 72 

H. E. Schriver 



Fellow, Chartered Accountant . 



16 



SUPPLEMENT TO REPORT 

OF FINANCE COMMITTEE 

OF LEBANON VALLEY 

COLLEGE 



Financial Statement from 
September 1, 1925. to June 9, 1926 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE, . 

JUNE 9, 1926 \ 

Debit 

Permanent Fund Assets 

Investments of Endowment Fund. . . $537,358 40 
Henry B. Stehman Fund — Loaned to 

Students 900 00 

Cash awaiting investment 77 82 $538,336 22 

Plant Assets (Schedule XVI, page 24) 

Buildings 233,750 00 

Grounds 34,500 00 

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

Current Assets 

Cash $1,280 37 

Receivables 
Accounts Receivable 1925-1926.. . 21 85 

Accounts Receivable 1925-1926 

Covered by Scholarships 77 50 

Accounts Receivable — Summer 

School of 1926 379 86 479 21 

Materials and Supplies 

Heating Plant (Estimated) 100 00 

Laboratories (Estimated) 2,513 73 2,613 73 

Insurance Premiums 

Unexpired 1,383 50 5,756 81 

$861,628 03 



18 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE, 

JUNE 9, 1926 

Credit 

Permanent Funds 

Endowment (Schedule XII, page 22) $536,136 22 

Endowment subject to annuities 2,200 00 $538,336 22 

Plant Funds 

From gifts from Conferences, 
Churches, and individuals, and 
accumulated surplus 317,535 00 

Current Funds and Liabilities 
Funds for Designated Purposes 

Unexpended Crucible Account.. . . $176 69 
Unexpended Fund for maintenance 
of Athletic Field and Gymna- 
sium 11 01 

Unexpended Piano and Special 

Fund 28 43 $216 13 

Unexpended Laboratory Fees 33 45 

Unexpended Scholarships 

Presser Foundation — Music 162 00 

Income Credits 

Student Accounts paid in advance 135 00 

Breakage Deposits for Men's Dor- 
mitory 1,230 00 1,365 00 

Balance to cover expenses and re- 
pairs for the months of June, July 
and August 3,980 23 5,756 81 

$861,628 03 



19 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FROM SEPTEMBER 1. 1925, 

TO JUNE 9, 1926 

Receipts 

Student Accounts 

Tuition $41,659 55 

Music (Schedule XV, page 23) 7,742 01 

Graduation Fees 1,061 00 

Breakage Deposit 1,230 00 

Extension (Schedule XIII, page 22) 4,970 00 $56,662 56 

Student Fees for Educational Purposes 
Matriculation 

For recording grades 817 00 

Library . 310 50 

Laboratory 

Biology^ 1,062 00 

Chemistry 1,508 00 

Physics 265 00 

Psychology Ill 00 

Laboratory supplies sold 11 40 4,084 90 

Endowment Income 

General Account — Unrestricted 8,320 40 

General Account — Restricted 

Latin Chair and other Professorships 893 23 

Library Account 44 00 

Maintenance of Building 53 95 9,311 58 

Gifts and Grants 

General Purposes — Unrestricted 

Conference Benevolence Budget 9,337 13 

From Virginia Conference 100 00 

General Purposes — Restricted 

For Books for Library 498 17 

, For repairs 22 50 9,957 80 

Miscellaneous Income 82 63 

Dining Room 

From students 39,209 07 

Supplies sold 233 28 

Extra meals served to visitors 549 75 

Dormitories 

Rents from Students 13,674 50 

Deposits for 1926-1927 85 00 

Specified for Non-Educational Work 
Matriculation 

Athletics, General 3,153 50 

Athletics, Field and Gymnasium 326 00 

Crucible 342 70 

Scholarships, Music 250 00 

Appointment Bureau 38 00 

Sundry Accounts 

Rent for use of Chapel and School Room in South 

Hall 322 00 

Old Accounts prior to 1918 9 00 



$138,292 27 
Cash on hand September 1, 1925 758 28 



$139,050 55 



20 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 
COLLEGE ACCOUNT, FROM SEPTEMBER 1, 1925, 
TO JUNE 9, 1926 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees $7,029 85 

General 

Student Campaign 985 47 

Printing 1,225 69 

Interest on Annuity Bonds 105 00 

Insurance and taxes 257 39 

Miscellaneous expenses 3,058 91 $12,602 31 

Soliciting and Collecting of Funds 189 76 

Instructional 

Salaries of College Professors 39,508 50 

Salaries of Librarians 2,199 50 

Paid to Student Teachers 559 37 42,267 37 

Supplies and Equipment 

Biology Laboratory 1,421 59 

Chemistry Laboratory 1,290 37 

Physics Laboratory 63 61 

Psychology 77 55 

Library 1,041 95 3,895 07 

Auxiliary Departments 

Conservatory of Music (Schedule XV, page 23) 

Salaries 6,718 69 

Expenses for tuning pianos, repairs, etc 994 83 

Extension Department 4,446 32 

Summer School 379 86 12,539 70 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 4,513 56 

Heat, Light and Water 8,030 08 

Repairs 9,856 29 22,399 93 

Dining Room 

Salaries ' 10,972 57 

Supplies 27,277 30 38,249 87 

Non-Educational Work 

Athletics, General 3,183 50 

Athletics, Field and Gymnasium 353 47 

Crucible Fund 580 19 

Appointment Bureau 122 30 4,239 46 

Sundry Accounts 

Cash Refunds ($753.90 is rebate on room rent). . 1,172 12 

$137,770 18 

Cash on hand June 9, 1926 1,280 37 

$1'39,050 55 



21 



Schedule XII 
ENDOWMENT FUND, JUNE 2, 1926 



Endowment prior to 1918 

Farms, appraised value $49,700 00 

Securities 16,485 55 $66,185 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 111,952 90 

Received in securities 2,490 00 

Received for campaign expenses from subscribers. . . 19,030 18 

Received for campaign expenses from individuals. . . 1,000 00 

Received from General Education Board 54,556 32 

$189,029 40 
Paid out for campaign expenses 20,030 18 

Balance for investment 168,999 22 

Received from other sources than endowment subscriptions . 5,064 26 

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

Received to be loaned to students 1,118 20 



$538,336 22 



Schedule XIII 
EXTENSION DEPARTMENT, 1925-1926 



Received for first semester $2,746 00 

Received for second semester 2,224 00 

$4,970 00 

Less cash refunds 36 00 $4,934 00 

Expenses incident to the course 83 23 

Paid to professors 4,363 09 

After paying expenses ten per cent was retained by the 

College for current expenses 487 68 $4,934 00 



22 



Schedule XIV 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FROM SEPTEMBER 1, 1925, TO JUNE 1, 1926 

Receipts 

Cash on hand September 1, 1925 .$1,392 17 

Total receipts $20,623 63 

Accrued interest returned to principal 1,205 30 19,423 33 

$20,815 50 

Distribution 

Lebanon Valley College for credit on Student Ledger 

from Designated Scholarships $1,732 95 

Lebanon Valley College for credit on Student Ledger 

for Ministerial Students 1,072 50 

Lebanon Valley College for General Expense Account . 8,320 40 
Lebanon Valley College Account of Latin Chair and 

other Professorships 893 23 

Lebanon Valley College Library Account 44 00 

Lebanon Valley College for maintenance of buildings. . 53 95 

Loaned to students from Scholarship Funds 350 00 

Miscellaneous 100 00 $12,567 03 

Cash on hand June 1, 1926 8,248 47 



$20,815 50 



Schedule XV 
MUSIC DEPARTMENT— 1925-1926 



Receipts 



T^ , . First 

ror Instruction Semester 

Piano $1,306 75 

Organ 452 00 

Theoretical Studies 601 00 

Voice 975 50 

Violin 220 00 

Received for use of Piano for 

Practice 138 50 

For Organ 194 50 



Second 
Semester 

$1,301 55 
425 00 
557 70 
940 05 
259 00 

165 46 
205 00 



Botli 
Semeste 

$2,608 

877 

1,158 

1.915 

479 

303 
399 



30 
00 
70 
55 
00 

96 
50 



P^or Year 

$7,a38 55 

703 46 

$7,742 01 



Expenditures 



Salaries 

Tuning, repairs, and use of motor for organ to June 9, 1926. 



$6,918 69 
994 83 

$7,913 52 



23 



Schedule XVI 
BUILDINGS, GROUNDS AND EQUIPMENT 



Erected 



Estimated 
Value 



Cost 



Total 



Buildings 

Administration 

Carnegie Library 

Engle Conservatory 

Aden'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 

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 



$233,750 00 



34,500 00 



49,285 00 



24