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

Lebanon Valley College 

BULLETIN 



Vol. XXIII 



JUNE, 1934 



No. 3 



Supplementary Report 

Giving Financial Statement of the 

Business from September I, 1933, to 

May 25, 1934 



Presented to the Board of Trustees at their Annual 
Meeting, Friday, June 1, 1934 



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



BALANCE SHEET, MAY 25, 1934 



Assets 



Deferred items — Prepaid Insurance 3,623 72 

Deficit, per Exhibit B 17,778 32 



Total General 58,323 09 

B. Restricted: 

Cash 1,435 47 



Exhibit A 



I. Current Funds: 
A. General: 

Cash $948 78 

Investments, Notes Receivable 12,273 44 

Accounts Receivable, Students 18,241 45 

Advances Receivable: 

Farm Account 2,179 98 

Inventories: 

Dining Hall Supplies $1,477 40 

Laboratory Supplies 1,800 00 3,277 40 



Total Current Funds Assets $59,758 56 

II. Loan Funds: 

Cash 1,503 45 

Notes Receivable 2,910 91 



Total Loan Funds Assets 4,414 36 

III. Endowment and Other Non-Expendable Funds: 

Cash 374 00 

Bonds 630,463 53 

Stocks 172,829 23 

Allotment Certificates 14,773 51 

Mortgages 20,750 00 

Notes Receivable 24,931 21 

Real Estate (Farms) 47,476 25 



Total Endowment and Other Non-Expendable Funds 

Assets 911,597 73 

IV. Plant Funds: 

A. Unexpended: 

Advances Receivable from General Fund. . 1,919 25 

B. Invested in Plant: 

Lands 39,000 00 

Underground Heating and 

Plumbing System 14,000 00 • ■ 

Buildings 493,680 00 

■ Equipment 87,755 00 

Current Additionsand Better- 
ments from General Fund. 8,573 63 643,008 63 



Total Plant Funds Assets 644,927 88 

V. Agency Funds: 

Cash 16 2^ 

Advances Receivable from General Fund. . 3,207 55 

Farm Account: 

Improvements 2,500 00 

Deficit 3,881 15 6,381 15 



Total Agency Funds Assets 9,604 96 

Total Assets $1,630,303 49 



BALANCE SHEET, MAY 25, 1934 



Exhibit A 



Liabilities and Funds 



I. Current Funds: 
A. General: 

Notes Payable . . . . 

Accounts Payable. . 

Advances Payable: 

Agency Funds. . 

Plant Funds.. . . 



53,221 20 
1,919 25 



Students' Deposits 

Deferred Credits: 

Students' Advance Pay- 
ment 

Unearned Income, Per 
Schedule B- 1 



500 00 
24,476 88 



B. Restricted: 
Funds 



Total Current Liabilities and Funds. 



$23,200 00 
2,215 21 



5,140 45 
2,790 55 

24,976 88 

58,323 09 

1,435 47 



IL Loan Funds: 
Funds 



4,414 36 



Total Loan Funds. 



in. Endowment and Other Non-Expendable Funds: 
Endowment Funds: 

General 679,818 03 

Restricted: 

Student Aid. §133,909 66 

Other 95,470 04 229,379 70 909,197 73 



Annuity Funds. 



2,400 00 



Total Endowment and Other Non-Expendable Funds. 

IV. Plant Funds: 

1,824 25 

634,530 00 

8,573 63 643,103 63 

Total Plant Funds 



A. Unexpended 

B. Net Investment in Plant: 
Balance September 1, 1933. . 
Add, Current Investment in 

Plant from General Fund. . 



V. Agency Funds: 

Agency Funds 

Farm Account: 
Notes Payable. ... 
Advances Payable. 



4,200 00 
2,179 98 



3,224 98 
6,379 98 



Total Agency Liabilities and Funds. 



S59,758 56 



4,414 36 



911,597 73 



644,927 88 



9,604 96 



Total Liabilities and Funds 81,630,303 49 



STATEMENT OF CURRENT FUNDS 
SEPTEMBER 1, 1933 TO MAY 25, 1934 



Exhibit B 



Income 

Educational and General, per Schedule B-2, Sec. I . $84,726 88 
Auxiliary Enterprises and Activities, per Schedule 

B-2, Sec. n 48,607 05 

Non-Educational Purposes, per Schedule B-a, 

Sec. Ill 563 92 

Total Income $133,897 85 



Expenses 



Educational and General, per Schedule B-3, Sec. I $108,690 05 
Auxiliary Enterprises and Activities, per Schedule 

B-3, Sec. 11 36,605 81 

Non-Educational Expenses, per Schedule B-3, 

Sec. Ill 2,003 16 



Total Expenses 

Net loss for the period September 1, 1933 to May 25, 1934. 



$147,299 02 
13,401 17 



Analysis of Deficit Account 

Net Loss for the oeriod September 1, 1933 to 

May 25, 1934 as shown above $13,401 17 

Additions and Betterments invested in Plant during 

the period September 1, 1933, to May 25, 1934 8,573 63 

Total Debits to Current Fund Surplus Account 

Balance in Current Surplus Account September 1, 1933 

Current Fund Deficit May 25, 1934, carried to Balance 
Sheet "Exhibit A" 



1, 974 80 
4,196 48 



$17,778 32 



STATEMENT OF CURRENT INCOME 
SEPTEMBER 1, 1933 TO MAY 25, 1934 



Exhibit B-1 



Educational and General: 
(1) Student Income: 
A. School of Liberal Arts and Science: 

Tuition $66,028 30 

Less Scholarships 9,845 10 



Matriculation Fees. 

Biology Fees 

Chemistry Fees. . . . 

Physics Fees 

Psychology Fees. . . 
Graduation Fees. . . 



B. Auxiliary Educational Schools: 

Extension School 

Music School 

Saturday School 



(2) Endowment Income — General Purposes. 

(3) Gifts and Grants: 

Benevolence, East. Penna. Conference. . 

(4) Other Sources: 

Interest on Current Funds 

Rent for Chapel 

Library Income 



36,183 20 

794 56 
1,936 00 
1,612 00 

180 00 

82 00 

1,170 00 



1,230 00 

16,474 50 

882 00 



209 26 

90 00 

356 07 



11. 



Total Educational and General Income. 

Auxiliary Enterprises and Activities: 
(1) Dormitories: 



Total Income Auxiliary Enterprises and Activities. 



III. Income for Non-Educational Purposes: 

Group Life Insurance 

Miscellaneous 



481 42 
82 50 



Total Income 

Amount applicable to period September 1, 1933, to May 
25, 1934, per Schedule B-2 

Total Unearned Income, carried to Balance Sheet, 
Exhibit A 



;6 1,957 73 

18,586 50 

19,182 64 

2,663 35 

655 33 
,045 58 





Rentals 


15,350 28 
680 00 






Cleaning Fees 

Dining Hall: 

Students' Board 

Sale of meals to others 

Sale of food and operating supplies 

Placement Bureau Income: 


16,030 28 


(2) 


38,402 80 

278 95 

4 00 


38,685 75 


(3) 




49 00 



$54,765 03 


563 92 


$158,374 53 
133,897 65 


$24,476 88 



STATEMENT OF CURRENT INCOME 
SEPTEMBER 1, 1933 TO MAY 25, 1934 



Schedule B-2 



I. Educational and General: 
(1) Studeut Income: 

A. School of Liberal Arts and 

Sciences _ $61,957 76 

B. Auxiliary Educational 

Schools 18,586 50 



Total Student Income . . $80,544 26 
Income applicable to nine month period 

covered by report equals f of $80,544.26 $60,408 20 

(2) Endowment Income for General Purposes: 
Estimated annual endow- 
ment income for operating 

expenses 28,000 00 

Income applicable to nine month period 
covered by report equals f of $28,000.00, 
or 21,000 00 

(3) Gifts and Grants 2,663 35 

(4) Other Sources 655 33 



Total Income for Educational and General Purposes. . . $84,726 88 

II. Auxiliary Enterprises and Activities: 

(1) Dormitories: • • - 

Income applicable to year. . . $16,030 28 



Income applicable to nine month period 
covered by report equals f of $16,030 28, 
or 12,022 62 

(2) Dining Hall: 

Income applicable to year (9 

months) . ._ 38,685 75 

Income applicable to period covered by re- 
port equals II of $38,685.75, or 36,535 43 

(3) Placement Bureau Income 49 00 



Total Income from Auxiliary Enetrprises and Activities. . 48,607 05 

III. Income from Non-Educational Purposes: 563 72 



Total Income applicable to period September 1, 1933, to 

May 25, 1934 $133,897 65 



STATEMENT OF CURRENT EXPENSES 
SEPTEMBER 1, 1933 TO MAY 25, 1934 



Schedule B-3 



I. Educational and General: 

(1) General Administration and Expense: 
A. General Administration Offices: 

Miscellaneous $356 27 

Office Supplies 442 64 

Postage 300 84 

Salaries 11,564 88 

Stationery and Printing. . . 60 10 

Telephone and Telegraph . 114 81 



B. General Expense: 

Accounting Services and 

Expenses 316 75 

Advertising, General 247 80 

Bulletins and Catalogues 680 70 
Alumni Secretary, Salary 

and Expenses 1,208 23 

Alumni Expense 37 29 

Diplomas 126 59 

Lecture Expense 110 00 

Membership Dues 114 00 

Miscellaneous 609 79 

Press Ser\'ice 238 62 

Students' Solicitation Ex- 
pense ._ 1,072 77 

Travel and Entertainment, 

Faculty 60 63 

Officers 975 72 

Compensation Insurance.. 304 36 

Group Life Insurance 1,265 31 

Robbery Insurance 138 51 

(2) Instruction and Research: 

A. School of Liberal Arts and Sciences: 

Salaries, Faculty 50,822 00 

Student Assistants 1,871 90 

Practice Teaching 

Departmental Expenses: 

Biology Laboratory. . . . 522 05 

Chemistry Laboratory. . 674 60 

Physics Laboratory 56 89 

Psychology Laboratory. 36 25 

English Department. ... 21 45 

History Department.. . . 34 05 

Latin Department 28 72 

B. Auxiliary Schools: 
Extension School: 

Salaries 875 00 

Travel and Miscel- 
laneous Expense 341 15 

Music School: 

Faculty Salaries 14,891 72 

Tuning, repairs, music, 

etc. 577 13 

Practice Teaching and 

Expenses 413 19 



$12,839 54 



7,507 07 



52,693 90 
725 90 



),346 61 



1,374 01 



1,216 15 



15,882 04 



54,793 81 



STATEMENT OF CURRENT EXPENSES 
SEPTEMBER 1, 1933 TO MAY 25, 1934 



Schedule B-3 



Saturday School: 

Faculty Salaries $469 00 

Summer School: 

Miscellaneous Expenses 73 25 $542 25 

(3) Library: 

Books and Magazines 

Salaries 

Supplies 158 05 4,166 65 

(4) Operation and Maintenance of Physical Plant: 

Care of Buildings and Furniture 

Care and Maintenance of Grounds 

Gas 

Heat 

Light and Power 

Miscellaneous 

Planting Expenses 

Property Insurance 

Repairs and Maintenance of Buildings and 

Equipment 

Waten .'.'.'.'.'.'.'..'..'...'.'.'..'.'.'.'......'..... 144 16 11,742 54 



1,228 


50 


2,780 


10 


158 


05 


nt: 

1,632 


52 


703 


91 


79 


56 


3,369 


05 


690 


85 


66 


53 


5 


35 


631 


42 


4,253 


84 


165 


35 


144 


16 



Total for Educational and General Expenses 108,690 05 



n. Auxiliary Enterprises and Activities: : •■ . 

(1) Dormitories: 

Care of Buildings and Furniture 2,375 88 

Gas 871 00 

Heat 3,401 89 ;• 

Light and Power 1,523 96 ;/: 

Miscellaneous 232 59 •. • 

Property Insurance 388 54 

Rent. 173 00 

Repairs and Maintenance of Buildings and 

Equipment 618 17 

Telephone 103 69 

Water 331 96 10,020 68 



(2) Dining Hall: •.': . 

Salaries and Wages 8,975 92 

Food 15,280 15 

Laundry 396 69 

Fuel Oil 200 26 : . 

Gas 313 18 

Light 482 62 

Miscellaneous 101 85 

Operating Supplies 518 12 

Renewals and Repairs 182 66 

Telephone 22 50 

Water 67 83 26,541 78 



STATEMENT OF CURRENT EXPENSES 
SEPTEMBER 1, 1933 TO MAY 25, 1934 



Schedule B-3 



(3) Placement Bureau: 
Expenses S43 35 

Total Expenses, Auxiliary Enterprises and Activities. . . 36,605 81 

III. Other Non-Educatioxal Expenses: 

Interest on Loans S898 50 

Loss arising from sale of investments 1,017 85 

Debating Expenses 86 81 2,003 16 

Total Expenses for the period September 1, 1933 to Ma}' 

25, 1934 .5147,299 02 



EXTENSION DEPARTMENT, 1933-1934 

Income 

First Semester $668 00 

Second Semester 562 00 $1,230 00 

Expenditures 

Salaries paid to Faculty $875 00 

Balance of Salaries due Faculty 125 00 1,000 00 

Traveling expenses and miscellaneous expenses. ... . 341 15 1,341 15 

Deficit $111 15 



10 



INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on May 25, 1934, were invested as 
indicated by the following summary and list of investments. 





Amount 
Invested 


Percentage 
of Total 


Farms 




$47,476 25 


5 21 


Bonds 






Industrial 

Municipal 

Public Utility 

Railroad 


$27,636 
9,691 
297,053 
188,716 
107,365 


90 
23 

52 
88 
00 




3.03 
1.06 




32.60 




20.71 


Real Estate 




11.78 




630,463 53 

172,829 23 

20,750 00 

24,931 21 

14,773 51 




Stocks 




18.97 


Morteaees 




2.28 


Notes Receivable 




2.74 


Allotment Certificates 




1.62 








Total 




$911,223 73 
374 00 


100.00 


Cash awaiting investment 













INVESTMENTS OF ENDOWMENT FUNDS 
MAY 25, 1934 



Farms 

Amount Name Rate Maturity 

^" Farm at East Berlin 

^ Farm at Shiremanstown 

(Appraised value, $47,476.25) 

Industrial Bonds 

' $10,000 Butler Brothers 5 1943 

^ 10,000 Goodyear Tire and Rubber Company 5 1957 

>- 5,000 Lane Bryant, Inc 6 1940 

- 5,000 The Meade Corporation 6 1945 

30,000 (Total cost of above group, $27,636.90) 

Municipal Bonds 

V 10,000 City and County of Dallas Levee Improvement District 5| 1945 

10,000 (Total cost of above group $9,691.23) 

Public Utility Bonds 

^ 10,000 American & Foreign Power Company, Inc 5 2030 

^ 5,000 Arkansas-Missouri Power Company 6 1953 

>15,500 Associated Gas & Electric Corporation 5 1973 

w 5,000 Associated Gas & Electric Corporation 4^ 1973 

i- 5,500 Associated Gas & Electric Corporation b\ 1973 

11 



Investments of Endowment Funds, May 25, 1934 (Continued) 

Public Utility Bonds (Continued) 

Amount Name Rate Maturity 

S5,000 Associated Gas & Electric Corporation 6 1948 

1 10,000 Birmingham Gas Company 5 1959 

10,000 Central Gas & Electric Corporation 5^ 1946 

10,000 Central Power & Light Company 5 1956 

' 10,000 Central West Public Service Company Sf 1956 

10,000 Cities Service Company, \v. w 5 1969 

5,000 Cities Service Company, x. \v 5 1963 

10,000 Cities Service Company 5 1950 

10,000 Cities Service Power & Light Company 5^ 1949 

9,000 Consolidated Gas Utilities Company 6 1943 

10,000 Florida Power Corporation 5| 1979 

10,000 General Public Utility 1st Lien 6| 1955 

5,000 Genesee Valley Gas Company, Inc 6 1956 

9,000 Hydro Electric Power Commission of Ontario 5| 1952 

10,000 International Hydro Electric System 6 1944 

. 10,000 International Telephone and Telegraph Corporation.. . 5 1955 

10,000 Interstate Power Company 5 1957 

5,000 Manitoba Power Company, Ltd 5^ 1951 

• 10,000 Municipal Service Company 6 1956 

5,000 Nevada-California Electric Corporation 5 1956 

10,000 New England Gas and Electric Corporation 5 1950 

10,500 Northeastern Public Service Company 5| 1961 

10,000 Portland General Electric Company 4^ 1960 

10,000 Postal Telegraph and Cable Corporation 5 1953 

10,000 Southwest Gas 1st Lien 6| 1937 

10,000 Standard Power & Light Corporation 6 1957 

10,000 Tide Water Power Corporation 5 1979 

10,000 United Light & Power Corporation 6 1975 

10,000 Utilities Power & Light Corporation 5 1957 

10,000 West Texas Utilities Company 5 1957 



314,500 (Total cost of above group, $297,053.52) 



Railroad Bonds 

5,000 Allegheny Corporation Cvt 5 1949 

10,000 Allegheny Corporation Cvt 5 1944 

10,000 Baltimore & Ohio Railroad Company 4| 1960 

10,000 Baltimore & Ohio Railroad Company 5 1995 

10,000 Chicago and Northwestern Railway Company, Cvt ... 4| 1949 

10,000 Chicago Great Western Railroad Company 4 1959 

5,000 Chicago, Rock Island and Pacific Railway Company.. 4^ 1960 
10,000 Chicago, South Shore and South Bend Railroad Equip- 
ment 5| 1935 

10,000 Erie Railroad Company (Refunding and Improvement) 5 1975 

10,000 Illinois Central Railroad Company 4f 1966 

'■ 5,000 International Great Northern Railroad Company 5 1976 

I 10,000 Midland Valley Railroad Company 5 1943 

- 10,000 Missouri Pacific Railroad Company 5 1977 

. 10,000 New Orleans, Texas and Mexico Railway Company. . . 5^ 1954 

5,000 New York Central & Hudson River Railroad Company 4^ 2013 

' 10,000 New York, Chicago & St. Louis Railroad Company. . . 5| 1974 

5,000 Northern Pacific Railway Company 3 2047 

5,000 Southern Pacific Company 4| 1969 

5,000 St. Louis, Peoria & Northwestern Railway 5 1948 

t. 10,000 St. Louis-San Francisco Railway Company 4f 1978 

^. 5,000 Virginia & Southwestern Railway Company 5 1958 

_._.. 2,000 Wabash Railroad Refunding 5^ 1980 

12 



Investments of Endowment Funds, May 25, 1934 (Continued) 
Railroad Bonds (Continued) 

Amount Name Rate Maturity 

$10,000 Western Maryland Railroad Company 4 1952 

. 10,000 Western Pacific Railroad Company 5 1946 

, 5,000 Western Pacific Railway Company 5 1946 



197,000 (Total cost of above group, $188,716.88) 

Real Estate Bonds 

1,000 Agar Packing & Provision Company 65 

5,000 Atlanta Medical Arts Building 6| 

2,000 Broadway-Barclay Office Building 6 

5,000 Broadway and Forty-First Street Building 65 

5,000 Carman Theatre 6 

1,000 The Dorset 6 

' 14,000 Fuller Building 5 

- 10,000 Huntingdon Office Building 7 

8,500 Lemoyne Trust Company Guaranteed Certificate 5 

5,000 Loutellus Apartments, Pittsburgh 6^ 

5,000 North Avenue Market, Baltimore 6 

4,000 Hotel Syracuse, Syracuse, New York 65 

38,000 United Brethren Publishing House 6 

4,000 University Apartments, Pittsburgh 7 

107,500 (Total cost of above group, $107,365.00) 

Mortgages 



4,750 Jacob M. Baum 

5,000 Amos K. Curry 

5,000 Derry Street United Brethren Church, Harrisburg, Pa. 

6,000 P. A. W. Wallace 



1934-35 
1938 
1941 
1944 
1940 
1941 
1954 
1940 
1929 
1936 
1940 
1936-1938 
1934-1953 
1933 



1929 
1929 



$20,750 



(Total cost of above group, $20,750.00) 



Allotment Certificates 

100 units Corporation Securities Company of Chicago 
235 shares Kreuger & Toll Company 

(Total cost of above group, $14,773.51) 



Stocks 



50 shares Anaconda Copper 



- 100 
100 

, 50 

'., 100 

'^ 200 

60 

5 

- 50 
^100 

- 50 

- 50 
■^ 60 

100 

120 

^ 60 

- 100 
u200 



Atlantic Refining Company 

Bethlehem Steel Corporation Pfd. 

The Borden Company 

Burroughs Adding Machine Company 

Chase National Bank of New York 

Chemical Bank and Trust Company 

Durant Motors, Inc. 

Electric Power & Light Company 

General Electric Company, Inc. 

General Foods Corporation 

International Harvester Company 

Irving Trust Company 

Kennecott Copper 

A. S. Kreider Shoe Company Preferred Stock . 

Bank of Manhattan Company 

National Biscuit Company 

National City Bank of New York 

13 



Investments of Endowment Fimds, May 25, 1934 (Continued) 



Stocks (Continued) 

Amount Name 

100 shares North American Company, Inc. 



5 

50 

50 

100 

1 

100 

100 

100 

100 

100 

2361 



Potomac Edison Company. 

The Procter & Gamble Company 

Radio Corporation 

R. J. Reynolds Tobacco Company 

Sheridan-Belmont Hotel Co. Participating Ctf. 

Standard Brands, Inc. 

Standard Oil Company, Inc. 

Union Carbide & Carbon Corporation 

United Gas Improvement 

United States Steel Corporation 

(Total cost of above group, $172,829.23) 



Rate Maturity 

7 



Notes 

Notes from churches and individuals 

(Total cost of above group, $24,931.21) 

Miscellaneous 

$10,000 American Commonwealth Power Corporation 
6,000 Consolidated Gas Utilities 

5,000 Insull Utilities Investment Incorporated, w. w. 
5,000 Insull Utilities Investment Incorporated, x. w. 
8,000 International Match Corporation 
6,000 Midland Utilities Company 
8,000 Minnesota and Ontario Paper Company 
5,000 Seaboard Air Line Railway 
5,000 Tattershall Hotel 
10,000 Tri Utilities Corporation 



$68,000 



(The above securities are listed at no value) 



14