Lebanon Valley College Supplementary Report of the Finance Committee

Lebanon Valley College

BULLETIN

Vol. XXVI JUNE, 1937 No. 3

Supplementary Report

Giving Financial Statement of the

Business from July I, 1936, to

June I, 1937

Presented to the Board of Trustees at their
Annual Meeting, Friday, June 4, 1937

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

Exhibit A

BALANCE SHEET
JUNE 1, 1937

ASSETS

I. Current Funds;
A General:

Cash $3,014.10

Investments, Notes Receivable 11,469.87

Accounts Receivable, Students 23,574.33

Advances Receivable:

Farm Account 1,474.69

Inventories:

Dining Hall Supplies $1,046.00*

Laboratory Supplies 1,825.00 2,871.00

Deferred items — Frepaid insurance 3,057.78

Deficit, per Exhibit B 44,897.04

90,359.01
B Restricted:

Cash 1,473.19 $91,832.20

II. Loan Funds :

Cash 1,919.62

Notes Receivable 5,162.12 7,081.74

III. Endowment end Other Non-Expendable Funds:

Cash ~ ~ 817.96

Bonds 419,417.11

Stocks 408,032.56

Mortgages 20,750.00

Notes Receivable 20,261.71

Real Estate (Farms) 47,476.25 916,755.61

IV. Plant FundB

Invested in Plant:

Lands 39,000.00

Buildings 495,219.84

Underground Heating, Plumbing and

Electrical System 17,089.39

Equipment 110,654.89

Current Additions and Betterments

from General Fund 1,356.25 663,320.37

v. Agency Funds:

Cash 636.28

Advances Receivable from General lund 183.19

Ferm Account: Improvements 2,500.00

Deficit 2,471.20 4,971.20 5,790.67

Total Assets $1,684,780.59

2.

LIABILITIES AND FUNDS

Exhibit A

BALANCE SHEET
JUNE 1, 1937

I. Current Funds:
A General i

Notes Payable
Accounts Payable
Advances Payable:

Agency Funds

Students* Deposits

Students' Activities
Deferred Credits:

Unearned income, per Schedule B-l
Reserve--Doubtful Accounts Receivable,

Students

B Restricted:
Funds

II, Loan Funds:
Funds

III. Endowment and Other Non-Expendable Funds:
Endowment Funds:
General
Restricted:
Student Aid
Other
Annuity Funds

IV. Plant Funds:

|61,8€6.40
7,835.04

183.19

2,952.95

422.16

11,499.27

5,600.00
90,359.01

1,473.19 191,832.20
7,081.74

#684,963.91

$134,371.66

95,020.04 229,391.70 914,355.61

2,400.00 916,755.61

Net Investment in Plant:
Balance July 1, 1936
Add, Current Investment in Plant
from General Fund

V. Agency Funds :

Farm Account:
Notes Fayable
Advances Payable
Funds *

661,964.12

1,356.25 663,320.37

4,000.00
1,474.89

315.78 5,790.67

Total Liabilities and Funds

$1,684,780.59

Exhibit B

STATEMENT OF CURRENT FUNDS
JULY 1, 1936 TO JUNE 1, 1S37

INCOVE

Educational and General, per Schedule B-2,

Sec. I $128,118.22

Auxiliary Enterprises and Activities, per

Schedule B-2, Sec. II 51,538.25

Non-Educational Furpose6, per Schedule E-2,

Sec. Ill 373.45

Total Income $180,029.92

EXPENSES

Educational and General, per Schedule B-3,

Sec. I 128,460.59

Auxiliary Enterprises and Activities, per

Schedule B-3, Sec. II 60,565.52

Non-Educational Expenses, per Schedule B-3,

Sec. Ill 2,035.e9

Total Expenses 191,062.00

Net Los6 for the period July 1, 1936 to

June 1, 1S37 11,032.08

ANALYSIS OF DEFICIT ACCOUNT

Net Loss for the period July 1, 1936 to

June 1, 1937 as shown above 11,032.08

Additions and Betterments, invested in Plant dur-
ing the period July 1, 1936 to June 1, 1937 1,356.25

Total Debits to Current Fund Surplus Account 12,388.33

Deficit July 1, 1936 32,508.71

Current Fund Deficit June 1, 1937 carried

to Balance Sheet "Exhibit A" $44,897.04

4.

Schedule B-l

STATEMENT OF CURRENT INCOME
JULY 1, 1936 TO JUNE 1, 1937

I. Educational and Generals

(1)

Student Income:

A School of Liberal Arts and

Sciences:

i

Tuition

$73,

,023,

.35

Less Scholarships

12,

,200,

,50

$60,822.85

Matriculation Fees

1,707.60

Biology Fees

2,077.00

Chemistry Fees

1,746.00

Physics Fees

230.00

Psychology Fees

141.00

Practice Teaching Fees

1,085.00

Graduation Fees

1,185.00

$68,994.45

B Auxiliary Educational Schools t

Extension School

1,270.00

Music School

29,856.19

Saturday School

1,466.00

Summer School

1,954.42

34,546.61

(2)

Endowment Income

General Purposes

24,568.25

(3)

Gifts and Grants:
Benevolence
Other

5,754.02
515.00

6,269.02

(4)

Other Sources:

Chemical Analysis by Dr.

Bender

68.25

Interest on Current Fundi

5

993.31

Library Income

405.00

Group Life Insurance

705.00

Rent for Chapel

15.00

2,186.56

Total Educational and

Gene:

ral

Income

136,564.89

II. Auxiliary Enterprises and Activities:

(1) Dormitories:

Rentals
Cleaning Fees

(2) Dining Hall:

Students ' Board

Sale of meals to others

Sale of food and operating supplies

(3) Placement Bureau Income:

16,308.85

650.25 16,959.10

37,311.80
250.33
25.62 37,587.75

44.00

Total Income Auxiliary Enterprises
and Activities

54,590.85

5,

Schedule B-l

STATEMENT OF CURRENT INCOME
JULY 1, 1936 TO JUNE 1, 1937

III. Income for Non-Educational Purposes!

Miscellaneous $373.45

Total Income #191,529.19

Amount applicable to period July 1, 1936

to June 1, 1937, per Schedule B-2 180,029.92

Total Unearned Income, carried to Balance

Sheet, Exhibit A #11,499.27

6.

Schedule B-2

STATEMENT OF CURRENT INCOME
JULY 1, 1936 TO JUNE 1, 1937

I. Educational and General t

(1) Student Income;

A School of Liberal Arts and Science 468,994.45

B Auxiliary Educational Schools 34,546.61
Total Student Income applicable

to year 103,541.06

Income applicable to eleven month
period covered by report equals
11/12 of $103,541.06, or $94,912.64

(2) Endowment Income for General Purposes;

Estimated annual endowment income

for operating expenses 27,000«00

Income applicable to eleven month
period covered by report equals
11/12 of $27,000.00, or 24,750.00

(3) Gifts and Grants 6,269.02

(4) Other Sources 2,186.56

Total Income for Educational and

General Purposes $128,118.22

II. Auxiliary Enterprises and Activities;

(1) Dormitories;

Income applicable to year 16,959.10
Income applicable to period

covered by report equals

17/18 of £16,959.10, or 16,016.93

(2) Dining Hall;

Income applicable to year 37,587.75
Income applicable to period

covered by report equals

17/18 of £37,587.75, or 35,477.32

(3) Placement Bureau 44.00

Total Income from Auxiliary

Enterprises and Activities 51,538.25

II. Income from Non-Educational Purposes; 373.45

Total Income applicable to period

July 1, 1936, to June 1, 1937 $180,029.92

7 c

Schedule B-3

STATEMENT OF CURRENT EXPENSES
JULY 1, 1936 TO -JUNE 1, 1937

I. Educational and General:

(1) General Administration and Expense;
A General Administrative Offices:

Miscellaneous #265.06

Office Supplies 370.19

Postage 359.69

Salaries 14,967.44

Stationery and Printing 358.30

Telephone and Telegraph 178.85 #16,499.55

B General Expense:

Advertising, General 371.34

Advertising, Bulletins and Catalogs 525.02

(2)

Alumni Expense

113.22

Alumni Secretary, Salary and

Expense

821.76

Auditing and Accounting Service

268.75

Commencement Expenses

20.63

Compensation Insurance

232.92

Credit Adjustment Service

101.37

Diplomas

87.00

Group Life Insurance

1,597.78

Lecture Expense

124.00

Membership Dues

163.50

Miscellaneous

817.39

Press Service

894.66

Robbery Insurance

138.51

Student Solicitation Expense

1,989.37

Travel and Entertainment,

Faculty

50.00

Officers

873.24

9,190

46 #25,690.01

Instruction and Research:

A School of Liberal Arts and Science:

Salaries, Faculty

56,239.52

Salaries, Student Assistants

1,296.90

Salaries, Practice Teaching

560.00

58,096

.42

Departmental Expenses:

Biology Laboratory

771.51

Chemistry Laboratory

900.96

Physics Laboratory

592.14

Psychology Laboratory

182.93

2,447

54 60,543.96

B Auxiliary Schools:

Extension School:

Faculty Salaries

800.00

Miscellaneous Expenses

329.58

1,129

58

8.

Schedule B-3

STATEMENT OF CURRENT EXPENSES
JULY 1, 1936 TO JUNE 1, 1937

I. Educational and General t

(2) Instruction and Research g
B Auxiliary Schools
Music School t

Faculty Saleries

21

,783.

,1?

Practice Teaching, Salariee

and Expense

585,

.00

Music

74,

,78

Salaries — Other than Faculty

478,

,00

Stationery and Printing

, 53,

.26

Tuning, repairs, etc

930,

,13

23,904.33

Sumner School t

Faculty Salaries

852,

,46

Miscellaneous Expense

1

,082,

,61

1,935.09

Saturday School s

Faculty Salaries

871.35 $27,840,

,S5

(3) Library 1

Books and Magazines

1,490.68

Salaries

3,286.28

Supplies and Binding

il Plant:

1

142.57 4,919,

,&f.

(4) Operation and Maintenance of Physic*

802.49

Care and Maintenance of Grounds

Care of Buildings and Furniture

1,905.66

Heat

3,568.97

Infirmary

14.54

Light and Power

946.52

Miscellaneous

23.00

Operating Supplies

125.66

Planting Expense

27.00

Property Insurance

764.27

Repairs of Buildings and Equipment

999.68

Taxes

134.75

Water

Expi

snse

154.20 9,466.

,74

Total Educational and General

128,460.

,59

I. Auxiliary Enterprises and Activities 1

(1) Dormitories}

Care of Buildings and Furniture

2,997.74

Gas

2.33

Heat

3,619.96

Light

1,709.10

Miscellaneous

40.64

Operating Supplies

145.25

Property Insurance

448.90

Rent

401.74

Repairs of Buildings and Equipment

17,638.64

9.

Schedule B-3

STATEMENT OF CURRENT EXPENSES
JULY 1, 1936 TO JUNE 1, 1937

II. Auxiliary Enterprises and Activities}

(1) Dormitories, Continued

Telephone
Water

(2) Dining Hal It

Food

Gas

Laundry

Light and Power

Miscellaneous

Operating Supplies

Renewals and Repairs

Salaries and Wages

Telephone

Water

(3) Placement Bureau Expenses;

Total Expenses, Auxiliary Enterprises
and Activities

III. Other Non-Eduoational Expenses >
Debating Expense
Interest on Loans

Total Expenses for the Period
July 1, 1936 to June 1, 1937

$114.32

407.11

$27,525.73

22,835.15

166.69

377.42

414.60

114.18

169.17

526.31

8,285.16

21.70

70.61

$32,980.99

58.80

$60,565.52

100.00

1,935.89

$2,035.89

$191,062.00

10.

EXTENSION SCHOOL REPORT
JULY 1, 1936 TO JUNE 1, 1937

Incomes

Registration Fees

Tuitions

First Semester
Second Semester

Sees

$717.00
513.00

Salaries

Traveling and miscellaneous expenses

Profit

140.00
1,230.00 #1,270.00

800.00
329.58

SUMMARY OF ENDOWMENT FUND INVESTMENTS
JUNE 1, 1937

Farms
Bonds s

Industrial

Public Utility

Railroad

Real Estate

Stocks j

Preferred
Common j

Auto Accessories

Automobile

Aviation

Bank

Broadcasting

Building

Copper

Electric Equipment

Food

Miscellaneous

Office Equipment

Oils

Rubber

Steel

Utility

Mortgages

Notes Receivable

Cash awaiting investment

Amount

Percentage

Invested

of Total

$47,

,476,

,25

5.18

|9,600.00

1.05

213,769.64

23.34

137,249.31

14.98

58,798.16

6.42

419.

,417,

,11

121,699.50

13.29

14,400.00

1.57

12,793.36

1.40

10,148.21

1.11

76,100.00

8.31

5,800.00

.63

17,500.00

1.91

22,200.00

2.42

12,000.00

1.31

5,500.00

.60

1,200.00

.13

8,000.00

.87

28,000.00

3.06

13,300.00

1,45

27,900.00

3.05

31,491.51

3.44

408

,032,

,58

20

,750,

,00

2.27

20

,261,

= 71

2.21

915.

,937,
817,

,65

..96

100.00

$916.

,755,

.61

11.

ENDOWMENT FUND INVESTMENTS
JUNE 1, 1937

Amount

FARMS

Farm at East Berlin
Farm at Shiremanstown

INDUSTRIAL BONDS

$10,000 Warner Company

PUBLIC UTILITY BONDS

10,000 American & Foreign Power Company, Inc.

10,000 American Utilities Service Corporation

15,000 Associated Electric Company

5,000 Canadian Utilities Limited

15,000 Central States Electric Corporation

10,000 Citie6 Service Company, Cvt.

5,000 Cities Service Company x.w.

10,000 Cities Service Company w.w.

10,000 Cities Service Power & Light Company

25,000 Consolidated Gas Utilities

5,000 Eastern Gas and Fuel Associates 1st Mortgage

10,000 General Public Utility 1st Lien

5,000 Genesee Valley Gas Company, Inc.

10,000 International Telephone and Telegraph Corporation

10,000 Interstate Power Company

10,000 Jacksonville Gas Company

10,000 New England Gas and Electric Association

10,000 Portland General Electric Company

5,000 Southwest Gas Company of Oklahoma 1st Mortgage

10,000 Standard Power and Light Corporation

10,000 United Light & Power Corporation

8,000 United Light and Railways Company

5,000 Winnipeg Electrio Company General Mortgage
223,000

RAILROAD BONDS

10,000 Baltimore and Ohio Railroad Company

10,000 Baltimore and Ohio Railroad Company

15,000 Buffalo, Rochester & Pittsburgh Railway Company

15,000 Chicago & Alton Railroad

10,000 Colorado and Southern Railway Company

10,000 Erie Railroad Company

10,000 Erie Railroad Company

10,000 Illinois Central Railroad

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

New Orleans Railroad Company

15,000 Lehigh Valley Railroad Company

10,000 Missouri Kansas & Texas Railroad

10,000 Saint Johnsbury and Lake Champlain 1st Mortgage

10,000 Southern Railway Company
145,000

12.

Rate Per Cent

Maturity

ENDOWMENT FUND INVESTMENTS
JUNE 1, 1937

Book Value

#9,776.25
37,700.00
47,476.25

Income

1944

9,600.00

$600.00

5

6
5
5
5
5
5
5

5-1/2
6
4

6-1/2
6
5
5
5
5

4-1/2
6
6
6

5-1/2
4 and 5

4-1/2

5

4-1/2

3

4-1/2

5

5

4-3/4

5
4
4-1/2

5

6

2030

9,300.00

500.00

1964

9,500.00

600.00

1961

14,000.00

750.00

1955

4,852.08

125.00

1948

14,000.00

750.00

1950

9,600.00

250.00

1963

4,400.00

250.00

1969

10,000.00

500.00

1949

9,500.00

275.00

1943

26,942.86

450.00

1956

4,861.67

100.00

1955

9,800.00

650.00

1956

4,200.00

300.00

1955

9,700.00

500.00

1957

9,400.00

500.00

1942

8,500.00

150.00

1950

9,334.03

500.00

1960

9,400.00

450.00

1954

5,000.00

300.00

1957

9,500.00

600.00

1975

9,700.00

600.00

1952

7,779.00

287.22

1965

4,500.00

400.10

213,769.64

9,787.32

1960

9,600.00

562.50

1995

9,900.00

250.00

1957

14,700.00

337.50

1949

13,500.00

450.00

1980

9 , 200. 00

450.00

1967

9,900.00

500.00

1975

9,900.00

652.09

1966

9 „ 500. 00

475.00

1963

9,900.00

250.00

2003

13,327.09

600.00

1978

9,200.00

225.00

1944

9,422.22

250.00

1956

9,200.00

765.00

137, 249,31

5,767.09

ID,.

ENDOWMENT FUND INVESTMENTS
JUNE 1, 1937

300

REAL ESTATE BONDS

$500 Agar Packing and Provision Company

5,000 Atlanta Medical Arts Building, Atlanta, Georgia

5,000 Broadway & 41st Street Building

8,600 Lemoyne Trust Company, Pennsylvania

5,000 Loutellus Apartments, Pittsburgh

4,000 Ruskin Corporation

500 Sheridan-Belmont Hotel Company, Participating Certificate

42,200 United Brethren Publishing House
70,800

448,400 Total Bonds
Shares PREFERRED STOCKS

100 Alabama Great Southern Railroad Company

200 American Cities Power and Light

100 Birmingham Electric Company

100 A. M. Byers

100 Central Maine Power Company

60 Central Electric & Telephone Company

100 Electric Power & Light Company

100 Iowa Electric

25 Iowa Electric

50 A. S. Kreider Company

70 A. S. Kreider Shoe Company

100 New England Power Association

100 New England Public Service Company

100 Penn Central Light and Power Co., Inc. Cumulative

4 Pennsylvania Power & Light Company Cumulative

5 The Potomac Edison Company

100 Utah Power 4 Light Company, Inc.
1,414

COMMON STOCKS

AUTO ACCESSORIES

100 Bendix Aviation

100 Electric Auto Lite

100 Houdialle-Hershey Corporation "B"

AUTOMOBILE

200 General Motors

AVIATION

100 Curtis Wright A
100 Sperry Corporation
100 United Aircraft
300

BANK

300 Chase National Bank of New York

14.

ENDOWMENT FUND INVESTMENTS
JUNE 1, 1937

Rate Per Cent

Maturity

Book Value

Income

5

1946

$500.00

$12.50

6-1/2

1938

5,000.00

325.00

3

1944

4,000.00

150.00

5

1929

8,500.00

350.00

6-1/2

1936

4,000.00

+

3

1950

4,000.00

113.00

500.00

+

2

1934-53

32,298.16

+

58,798.16 950.50

419,417.11 17,104.91

3 9,500.00 150.00

2-3/4 9,500.00 412.50

6 ' 9,300.00 337.50

7 9,549.50 +
6 9,500.00 375.00
6 3,100.00 360.00

6 9,700.00 +

7 9,200.00 ♦
6-1/2 2,250.00 161.73
5-1/2

5-1/2 12,000.00 467.50

6 ' 9,500.00 1,228.41

7 9,200.00 +
5 9,300.00 250.00
5 400.00 20.00
7 500.00 35.00
7 9,200.00 145.83

121,699.50 3,943.47

4,600.00

25.00

5,200.00

60.00

4,600.00

37.50

14,400.00

122.50

12,793.36

25.00

2,500.00

¥

4,448.21

+

3,200.00

50.00

10,148.21

50.00

20,500.00

280.00

1 5 .

ENDOWMENT FUND INVESTMENTS
JUNE 1, 1937

Shares COMMON STOCKS

100 Chemical National Eank & Trust Company

100 Empire Tru6t Company

100 Irving Trust Company

200 Bank of Manhattan Company

300 National City Bank of New York

100 Peoples Pittsburgh Trust Company

1,200

26.8

203

BROADCASTING

100 Columbia Broadcasting A

BUILDING

100 American Radiator
100 Congoleum Nairn, Inc.

50 Crane Company

50 The Glidden Company
300

COPPER

200 Anaconda Copper
100 Inspiration Copper
100 Kennecott Copper
400

ELECTRIC EQUIPMENT

200 General Electric Company, Inc.

FOOD
100 National Biscuit Company

MISCELLANEOUS

6.8 Agar Packing and Provision Corporation
20 Amerex Holding Corporation
Mission Corporation

OFFICE EQUIPMENT

103 Burroughs Adding Machine
100 National Cash Register

OILS

100 Atlantic Refining Company

100 Consolidated Oil

100 Ohio Oil Company

100 Plymouth Oil

100 Pure Oil

100 Socony Vacuum Oil

100 Standard Oil Company, Inc., of New Jersey

100 Transwestern Oil Company

800

16.

Rate Per Cent Maturity

ENDOWMENT FUND

INVESTMENTS

JUNE

1, 1937

Book Value

Income

111,000.00

1108.00

5,000.00

+

4,600.00

36.00

10,700.00

90.00

18,300.00

375.00

6,000.00

+

76,100.00 889.00
5,800.00 50.00

3,200.00

60.00

5,200.00

50.00

4,600.00

+

4,500.00

25.00

22,200.00

1,200.00

17,500.00 135.00

12,200.00 175.00
3,500.00 +

6,500.00 165.00

12,000.00 205,00

5,500.00 160.00

500.00
700.00

4,500.00 113.30
3,500.00 125.00
8,000.00 238.30

5,000.00

100.00

2,000.00

95.00

2,000.00

35.00

4,600.00

35.00

2,600.00

*

2,000.00

75.00

8,000.00

125.00

1,800.00

+

28,000.00

465.00

17.

ENDOWMENT FUNK INVESTMENTS
JUNE 1, 1937

COMMON STOCKS

Shares RUBBER

100 Firestone Tire and Rubber

100 Goodrich Rubber

100 Goodyear Tire & Rubber

300

STEEL

100 American Rolling Mills

100 Copperweld Steel

100 Republic Steel

100 Sharon Steel

100 United States Steel Corporation

500

UTILITY

100 American Water Works

350 Central Electric & Telephone Company

100 Central West Company Voting Certificate

200 Columbia Gas & Electric

150 Consolidated Gas Utilities

100 Electric Bond and Share

300 European Electric Rights

100 National Power and Light

150 North American Company, Inc.

21 Northeastern Water and Electric Corporation

50 Southwest Gas Company of Oklahoma

100 United Gas Improvement Company

45 Winnipeg Electric Company Certificate Non-Cumulative Class A
$350. Winnipeg Electric Company Contingent Certificate
1,766 + $350
6,695.8+f350 Total Stocks - Common

8,109.S+$350 Total Stocks

MORTGAGES

§4,750 Jacob U. Baum

5,000 Amos K. Curry

4,000 Derry Street Church United Brethren in Christ, Earrisburg, Pa,

1,000 Union Trust Company of Pennsylvania, Harri6burg, Pa.

6,000 P. A. W. Wallace
20,750

NOTES

Notes from churches and individuals

Total Investments

18.

Rate Fer Cent Maturity

6
6
6
5
5-1/2

ENDOWMENT FUND INVESTMENTS
JUNE 1, 1937

Book Value

Income

$5,100.00

150.00

3,200.00

100.00

5,000.00

50.00

13,300.00

200.00

5,100.00

30.00

3,200.00

30.00

5,000.00

+

5,100.00

30.00

9,500.00

+

27,900.00

90.00

4,600.00

20.00

1,400.00

♦

920.00

20.00

4,600.00

60.00

600.00

+

3,000.00

*

100.00

*

1,771.51

15.00

7,000.00

177.00

2,000.00

169.00

2,000.00

+

3,000.00

75.00

300.00

V

200.00

+

31,491.51 556.00
286,333.08 3,546.05

406,032.58 7,491.52

4,750.00

+

S, 000. 00

+

4,000.00

290.00

1,000.00

6.25

6,000.00

330.00

20,750.00

626.25

20,261.71 169.82
$915,937.65 $25,392.50

19,