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

Lebanon Valley College 

BULLETIN 

Vol. XVI MAY, 1927 No. 2 



REPORT OF FINANCE COMMITTEE 

FOR FISCAL YEAR 

ENDING AUGUST 31, 1926 



Presented to the Board of Trustees at their Annual 
Meeting, Monday, June 13, 1927 

A Supplement to this report will give figures for the 
school year 1926-1927. to June 6, 1927 



Entered as second-class matter at Annville, Pa., under act of August 24, 1912 



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, 1925, and ending August 31, 1926. 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. 

Endowment 

The Endowment Fund at the end of the fiscal year was $543,483.89. 
There was added to the Endowment Fund during the year $75,515.59. Of 
this amount $50,790.67 was paid by subscribers, and $24,724.92 by the 
General Education Board (Rockefeller.) 

Endowment Income 

Schedule III, page 11, shows the total net receipts from the invested 
funds in the Endowment Fund was $26,847.22. Of this amount $23,626.49 
was paid into the College Treasury for general expenses, professorships, 
and books for the Library. The balance was put into scholarship funds 
to be distributed as specified by the donors. 

Scholarships 

Schedule IV, page 11, gives a record of the scholarships and other 
financial assistance given to students during the year. This record shows 
that rebate to ministers' children amounted to $1,450.00. The total amount 
given to students having license to preach was $2,850.00. 

Extension 

Extension classes were conducted by our faculty at Annville, Lebanon, 
Harrisburg, and Tower City, with a total enrollment of 143. The amount 
retained by the College was $580.88, as indicated in Schedule IX, page 14. 

Summer School 

Summer School was conducted both at Annville and Harrisburg 
during the summer of 1926, with a total enrollment of 185. The College 
retained $598.48 as its share of the proceeds. 

Music Department 

The report of the Music Department shows a deficit for the year, 
which is partly due to the re-building of the console of the pipe organ. 

Repairs 

The total expenditures for repairs for the fiscal year amounted to 
$10,814.81. The amount expended on each building is as follows: Admin- 
istration $267.70, Engle Hall $212.74, Library $424.79, Men's Dormitory 
$718.39, North Hall $1,359.11, South Hall $1,737.46, Heating Plant 
$2,982.95, President's Home $294.37. The balance of $2,816.30 was spent 
on Cesspool and Campus. 

One of the reading rooms in the Library was fitted out with additional 
shelving to care for the needs of the Library. 

Several permanent cases for the Museum in the Administration Build- 
ing were purchased. The equipment of the Museum will be spread out over 
a period of two or three years in order to distribute the expenditures. 



Concrete curbing was placed on the three sides of the Campus, and 
the walk along Main Street re-laid to conform to the grade established by 
the State Highway Department. 

In accordance with the recommendation of the Board of Trustees the 
residence of Ralph Brewer, located on the corner of Sheridan Avenue and 
White Oak Street, was purchased for $7,200,00. $4,000.00 was paid in 
cash, which amount is covered by this report. The balance of $3,200.00 
together with the cost of renovation and equipment of the home, was paid 
during the present fiscal year, beginning September 1, 1926, and is not 
included in the figures of this report. 

It will be noticed by careful examination of this report that the College 
has extended its activities very materially, and that extensive repairs have 
been made and paid for, as well as a substantial payment on the Brewer 
home. Also that we have a substantial balance on hand at the end of the 
fiscal year, all of which is very gratifying to the Committee. 

A. S. KREIDER 

Chairman of Finance Committee 

P. S. — For the information of the Board of Trustees we wish to state, 
that by paying the balance of $3,200.00 due on the Brewer home, together 
with the remodeling of same, which cost us $5,270.61, and the equipment 
of the home, which cost us $1,718.47, we have incurred no debt to the 
College, as this balance, as well as the cost of remodeling and equipment, 
has been paid, and we hope to close the year on September 1, 1927, not- 
withstanding these expenditures, with a balance on hand. 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1926 

Debit 



Permanent Fund Assets 

Investments of Endowment Fund 

(Schedule II, pages 8 to 11) $540,217 77 

Henry B. Stehman Fund — Loaned 

to Students 900 00 

Cash awaiting investment 2,366 12 $543,483 89 

Plant Assets 

Buildings 237,750 00 

Grounds 34,500 00 

Books, equipment and furniture. . 49,285 00 321,535 00 

Current Assets 

Cash $6,535 89 

Accounts Receivable 

Fund for maintenance of Ath- 
letic Field and Gymnasium. . . 42 99 

Appointment Bureau 32 64 

Extension Department 39 76 02 

Materials and supplies 

Dining Hall 998 48 

Heating Plant— Coal, etc 268 59 

Laboratories, (estimated) 2,215 32 3,482 39 

Insurance Premiums 

Unexpired 1,384 00 11,478 30 



$876,497 19 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1926 

Credit 



Permanent Funds 

Endowment (Schedule I, page 8).. $541,283 89 

Endowment subject to annuities. . 2,200 00 $543,483 89 



Plant Funds 

From gifts from Conferences, 
Churches, and individuals and 
accumulated surplus 321,535 00 

Current Funds and Liabilities 

Unexpended Laboratory Fees .... $29 59 

Funds for Designated Purposes 
Unexpended Piano and Special 

Funds 28 43 

Unexpended Crucible Fund. ... 89 09 

Alumni Library Fund 30 86 148 38 



Undistributed Scholarships 

Presser Foundation — Music... 162 00 

Pennsylvania Conference C. E. 

Society 130 87 292 87 



Income Credits 

Matriculation fee paid in ad- 
vance 20 00 

Room rent paid in advance 308 00 328 00 



Surplus invested in supplies and 
materials and reserve for re- 
pairs and improvements 10,679 46 11,478 30 



497 19 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT FOR FISCAL YEAR ENDING 

AUGUST 31, 1926 

Receipts 



Student Accounts 

Tuition $41,698 66 

Music (Schedule VII, page 13) 7,858 50 

Graduation Fees 1,121 00 

Breakage Deposit — Men's Dormitory 1,230 00 

Extension Department (Schedule IX, page 14). 5,102 00 

Summer School (Schedule X, page 15) 8,026 00 $64,946 16 

Student Fees for Educational Purposes 
Matriculation 

For recording grades 847 00 

Library 310 50 

Paid in advance for 1926-1927 20 00 

Laboratory 

Biology 1,080 00 

Chemistry 1,759 00 

Physics 270 00 

Psychology 116 00 

Laboratory Supplies sold 158 88 4,561 38 

Endowment Income 

General Account — Unrestricted 22,502 76 

General Account — Restricted 

Latin Chair and other Professorships 902 23 

Library Account 44 00 

Maintenance of Buildings 53 95 23,502 94 

Gifts and Grants 

General Purposes — Unrestricted 

Conference Benevolence Budget 11,874 32 

From Virginia Conference 100 00 

General Purposes — Restricted 

For Books for Library 613 21 

For repairs 22 50 

From individuals (Schedule XI, page 15) 900 00 13,510 03 

Miscellaneous Income 103 75 

Dining Room (Schedule VIII, page 14) 

From Students 39,209 07 

Supplies sold 344 70 

Extra meals served to visitors 635 25 40,189 02 

Dormitories 

Rents from students 13,674 50 

Deposits for 1926-1927 308 00 13,982 50 

Specified for Non-Educational Work 
Matriculation 

Athletics, General 3,153 50 

Athletics, Field and Gymnasium 326 00 

Crucible 342 70 

Scholarships, Music 250 00 

Pennsylvania Conference C. E. Society 130 87 

Appointment Bureau 40 00 4,243 07 

Sundry Accounts 

Rent for use of Chapel and School Room in 

South Hall 349 50 

Old Accounts prior to 1918 9 00 358 50 

$165,397 35 

Cash on hand September 1, 1925 758 28 



$166,155 63 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT FOR FISCAL YEAR ENDING 

AUGUST 31, 1926 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees. . . . $9,210 52 

General 

Student Campaign 1,349 45 

Printing 1,462 39 

Interest on Annuity Bonds 110 00 

Insurance and taxes 257 39 

Miscellaneous expenses 3,567 13 $15,956 88 

Soliciting and Collecting of Funds 191 76 

Instructional 

Salaries of College Professors 40,208 50 

Salaries of Librarians. ..." 2,450 50 

Paid to Student Teachers 565 87 43,224 87 

Supplies and Equipment 

Biology Laboratory 1,445 61 

Chemistry Laboratory 1,362 29 

Physics Laboratory 71 22 

Psychology Laboratory 85 47 

Library 1,224 00 4,188 59 

Auxiliary Departments 

Conservatory of Music (Schedule VII, page 13) 

Salaries 6,918 69 

Expenses for tuning pianos, repairs, etc 1,052 73 

Extension Department (Schedule IX, page 14) . 4,565 51 

Summer School (Schedule X, page 15) 7,258 52 19,795 45 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 5,863 15 

Heat, light and water 8,379 38 

Repairs 10,814 81 25,057 34 

Dining Room (Schedule VIII, page 14) 

Salaries 11,545 14 

Supplies 28,608 59 40,153 73 

Non-Educational Work 

Athletics, General 3,183 50 

Athletics, Field and Gymnasium 362 47 

Crucible Fund 667 79 

Appointment Bureau 132 30 4,346 06 

Sundry Accounts 

Cash refunds 1,545 76 

Breakage fees returned 1,159 30 

Part payment on Brewer house 4,000 00 6,705 06 

$159,619 74 
Cash on hand August 31, 1926 6,535 89 

,155 63 



7 



Schedule I 
ENDOWMENT FUND, AUGUST 31, 1926 



Endowment prior to 1918 

Farms, appraised 

Securities 



Endowment of 1918 

Received in cash 

Received in Liberty Bonds and other securities . 
Received for campaign expenses 



Paid out for campaign expenses . 



Balance for investments 

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 



Paid out for campaign expenses. 



$49,700 00 
16,485 55 



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

312,792 67 
22,990 98 



117,100 57 
2,490 00 

19,030 18 
1,000 00 

54,556 32 

$194,117 07 
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 



5,185 55 



289,801 69 



174,146 89 
5,046 26 

7,167 30 
1 118 20 

$543,483 89 



Schedule II 
INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1926, were invested as 
indicated by the following summary and list of investments. 



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 

217,553 76 
60,541 25 
31,230 00 

139,405 88 
7,740 00 



6.71 

8.79 
40.27 
11.21 

5.78 
25.81 

1.43 



4.39 
1.59 
6.10 
6.48 
5.49 
5.32 
5.60 



Total 

Loaned to Students 

Cash awaiting investment . 



$540,217 77 
900 00 
2,366 12 



100.00 



5.74* 



Total Carried on Balance Sheet, page 4. 



$543,483 89 



*The farms are not included in computing this average. 



Investment of Endowment Funds in Detail 

United States Government Securities 

Liberty Bonds Par Value 

First 3| $500 00 

First 4J 400 00 

Second 4i 6,200 00 

Third 4| 10,550 00 

Fourth 4| 18,850 00 

Treasury Notes 100 00 $36,600 00 

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

Located near Shiremanstown — Appraised value 37,700 00 

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

Real Estate Bonds 

Alcazar Hotel, Miami, Florida, 6§s 5,000 00 

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

American Bank Building, Sarasota, Florida, 7s 6,000 00 
Atlantic Medical Arts Building, Atlanta, 

Georgia, 6|s 5,000 00 

Belmont Apartments, Chicago, 6|s 500 00 

Broadway-Barclay Office Building, New York, 6s 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 

Dorset Apartment, New York, 6s 1,000 00 

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

Eleven West Forty-Second Street Building, New 

York, 6|s 6,000 00 

Ira H. Fishel 5% 1,000 00 

Flatbush Industrial Building, New York City, 

6s •.•■•:• 500 00 

Gatesworth Apartment Hotel, St. Louis, Mis- 
souri, 6|s 5,000 00 

Elmer L. Hanmer 5% 500 00 

William S. Harris 5% 2,000 00 

J. Raymond Hoffert 5% 1,000 00 

Houston Medical Arts Building, Houston, 

Texas, 6§s 10,000 00 

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

6Js 2,000 00 

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

Loutellus Apartments, Pittsburgh, 6|s 5,000 00 

Manatee River Apartment Hotel, Bradenton, 

Florida, 7s 11,000 00 

Catherine E. Markle 5% 500 00 

Elmer S. Mills 5% 1,000 00 

1060 Park Avenue Apartment Building, New 

York City, 6s 6,500 00 

New Pennsylvania Hotel, West Palm Beach, 

Florida, 7s 14,500 00 

S. E. Philabaum Bond, 5% 1,500 00 

Polk Hotel, Haines City, Florida, 7s 20,000 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 



Investment of Endowment Funds in Detail (Continued) 

Real Estate Bonds (Continued) 

Sanger Brothers Department Store, Texas, 6§s. $1,000 00 
Shelton Apartment Hotel Building, New York 

City, 6*s 1,000 00 

Jonas A. Smith, 5% 2,000 00 

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

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

Philadelphia, 6§s 1,000 00 

Thomas Jefferson Hotel, Birmingham, Alabama, 

6£s 5,000 00 

Trinity Building Corporation of New York, 5|s. 15,000 00 
United Brethren Publishing House, Dayton, 

Ohio, 6s 35,500 00 

University Apartments, Pittsburgh, 7s 4,000 00 

Wilmington Auto Company Building, Delaware, 

7s 500 00 $217,500 00 

(Total cost of above group, $217,553.76) 

Industrial Bonds 

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

Hershey Chocolate Company, 5£s 14,000 00 

Jones & Laughlin Steel Company, 5s 1,000 00 

Midvale Steel and Ordnance Company, 5s ... . 5,000 00 

Old Ben Coal Corporation 5,000 00 

United States Steel Corporation, 5s 19,000 00 

Wilson and Company, Incorporated, 6s 15,000 00 62,000 00 

(Total cost of above group, $60,541 .25) 

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 above group, $31,230.00) 

Railroad Bonds 

Atchison Topeka and Santa Fe Railway 

Company, 4s 5,000 00 

Atlantic Coast Line Railroad, 6|s 5,000 00 

Baltimore and 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 and Rio Grande Railroad Company, 4s 10,000 00 
Gulf, Mobile and Northern Railroad Company, 

5§ 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 Railroad 

Company, 4§s 5,000 00 

New York, Pennsylvania & Ohio Railroad 

Company 2,000 00 

Northern Pacific Railway Company, 3s 15,000 00 

Oregon Washington Railroad and Navigation 

Company, 4s 3,000 00 

Pennsylvania Railroad Company, 4^s 15,000 00 

10 



Investment of Endowment Funds in Detail (Continued) 

Railroad Bonds (Continued) 

Pittsburgh, Cincinnati, Chicago, and Saint Louis 

Railroad Company, 5s $15,000 00 

Southern Railway Company, 5s 10,000 00 

Virginia Railway Company, 5s 15,000 00 

Western New York and Pennsylvania Railway 

Company, 4s 2,000 00 

Western Pacific Railroad Company, 4s 3,000 00 $163,500 00 

(Total cost of above group, $139,405.88) 

Other Securities 

The A. S. Kreider Company 5|% Preferred 

Stock 7,000 00 

Durant Motors — Common Stock. 240 00 

The Potomac Edison Company 7% Preferred 

Stock 500 00 7,740 00 

Schedule III 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FOR FISCAL YEAR ENDING AUGUST 31, 1926 

Receipts 

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

Total Receipts $28,437 90 

Accrued interest returned to principal 1,590 68 26,847 22 

$28,239 39 

Distribution 

Lebanon Valley College for credit on Student Ledger 

from Designated Scholarships $1,732 95 

Lebanon Valley College for credit on Student Ledger 

from Ministerial Scholarship Funds 1,100 00 

Lebanon Valley College for General Expense Ac- 
count 22,502 76 

Lebanon Valley College for Latin Chair and other 

Professorships 902 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 

Mathematical prize from Max F. Lehman Memorial 

Fund 20 00 

Insurance on Real Estate Bonds 177 50 $26,883 39 

Cash on hand August 31, 1926 1,356 00 

$28,239 39 

Schedule IV 

ENDOWMENT FUND— HOW INCOME IS USED 

The Endowment Fund of the College on August 31, 1926, amounted to 
$543,483.89. The object for which the income from these funds was used is 
shown below. 

Unrestricted, the income to be used for current ex- 
penses $402,596 96 

Restricted 

Professorships 59,133 64 

Maintenance of Buildings 200 00 

Student Aid 1,303 04 

Scholarships 78,336 25 

Books for Library 1,000 00 

Miscellaneous 914 00 $543 483 89 

11 



Schedule V 

SCHOLARSHIP AND ENDOWMENT FUNDS AND INCOME 

CREDITED TO THESE FUNDS FOR YEAR ENDING 

AUGUST 31, 1926 



Principal 

Paid 
into Fund 



Income 
Credited 



Allegheny Conference C. E. Scholarship 

Dorothy Jean Bachman Scholarship Fund 

Lillian Merle Bachman Scholarship Fund 

Baltimore Fifth Church, Otterbein Memorial S. S. Sch. . . 

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 Branch C. E. Scholarship Fund 

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 — -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 

J. M. Heagy and Wife 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. B. Sunday School Scholarship Fund. . 

Medical Scholarship Fund 

Elizabeth May Meyer Musical Scholarship Fund 

Mrs. Elizabeth H. Millard Memorial Scholarship Fund. . 

Bishop J. S. Mills Scholarship Fund 

Elizabeth A. Mower Beneficiary Fund 

Grace U. B. Church, Penbrook, Scholarship Fund 

Pennsylvania Branch W. M. Association 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 . . . 



$900 00 
1,000 00 
1,000 00 
1,032 00 

200 00 

3,920 00 

2,517 00 

12,000 00 

500 00 
1,000 00 

114 00 

375 00 
3,658 87 

600 00 
1,000 00 
1,681 50 

414 66 

40,000 00 

3,550 00 

250 00 

1,000 00 

2,415 00 

1,500 00 

500 01 

2,120 00 
1,000 00 

1,000 00 

400 00 

5,000 00 

1,000 00 

1,020 00 

650 00 

10,000 00 

400 00 

15,013 64 

400 00 

1,000 00 

150 00 

800 00 

245 00 

1,550 00 

2,300 00 

225 00 

600 00 

1,000 00 

3,196 26 

1,300 00 

4,011 00 

1,000 00 

2,400 00 

1,378 00 

200 00 

200 00 



$44 00 

55 00 

38 82 

8 12 

120 23 

125 85 

383 42 

25 00 

50 00 

3 32 

16 25 

183 14 

30 00 
34 87 
72 26 

20 73 

618 00 

162 06 

12 50 

50 00 

117 09 

69 78 

21 21 

62 45 
55 00 

50 00 

20 00 

250 00 

50 00 

43 00 

31 24 
570 00 

15 83 

586 34 

20 00 

44 00 
7 50 

32 50 
12 25 
77 50 

250 00 

100 00 
11 25 
20 00 
38 53 

142 30 
62 50 

192 51 
50 00 

115 80 
10 31 
10 00 
10 00 



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

12 



Schedule VI 

RECORD OF SCHOLARSHIPS AND OTHER FINANCIAL 
ASSISTANCE GIVEN STUDENTS IN 1925-1926 



Rebate on tuition to Ministers' Children $1,450 00 

Ministerial Scholarships to students having license 

to preach 1,750 00 

Athletic Scholarships _ 2,400 00 

Paid on Student Accounts by Athletic Council. . . . 2,731 35 

Graybill Scholarship 100 00 

Distributed from funds received from 

Presser Foundation — To Music Students 100 00 

Chambersburg C. E. Society 50 00 

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

to Ministerial Students 1,100 00 

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

than Ministerial Students 1,732 95 

Loaned from Scholarship Funds 350 00 

Secured for ministerial students from the Board of 
Education of the United Brethren Church, 

Dayton 765 00 

Paid in cash to Student teachers, assistants, waiters, 

librarians, janitors, etc 4,182 75 



5,711 05 



Schedule VII 
MUSIC DEPARTMENT— 1925-1926 



Receipts 



. First Second Both 

For Instructions Semester Semester Semesters 

Piano : $1,306 75 $1,30155 $2,608 30 

Organ 452 00 402 50 854 50 

Theoretical Studies 601 00 557 70 1,158 70 

Voice 975 50 965 05 1,940 55 

Violin 220 00 259 00 479 00 

Received for use of Piano for 

practice 138 50 165 46 303 96 

For Organ 194 50 211 25 405 75 



For 
Year 



$7,041 05 

709 71 

$7,750 76 



Expenditures 


Salaries 


$6,918 69 


Tuning, repairs and current for use of organ 


1,052 73 




$7,971 42 


Summary 


Expenditures 


$7,971 42 


Receipts 


7,750 76 






Deficit 


$220 66 



13 



Schedule VIII 
DINING HALL— 1925-1926 



Receipts 

From Students $39,209 07 

For meals served to visitors, etc 635 25 

Supplies sold 344 70 40,189 02 

Expenditures 

Inventory at beginning of year $667 86 

Supplies purchased during year 28,608 59 

$29,276 45 

Less Inventory August 31, 1926 998 48 

Net Cost of Supplies $28,277 97 

Water 140 55 

Cleaning drains 219 98 

Salaries 11,545 14 

$40,183 64 

Summary 

Receipts $40,189 02 

Expenditures 40,183 64 

Surplus $5 38 

Note — No charge was made for use of building. 



Schedule IX 
EXTENSION DEPARTMENT— 1925-1926 

Received for first semester $2,746 00 

Received for second semester 2,224 00 

Received for special courses : 132 00 

$5,102 00 
Less cash refunds 36 00 $5,066 00 

Expenses incident to the course $83 23 

Paid to professors 4,481 89 

After paying expenses ten per cent was retained by col- 
lege for current expenses 500 88 $5,066 00 



14 



Schedule X 
SUMMER SCHOOL— 1926 



Total receipts $8,026 00 

Less cash refunds 144 00 

Net receipts $7,882 00 

Expenses, except salaries 1,897 22 

Distributed to faculty . 5,386 30 

After paying expenses ten per cent was retained by Col- 
lege for current expenses 598 48 $7,882 00 



Schedule XI 

DONATIONS TO LEBANON VALLEY COLLEGE FOR 
SPECIAL PURPOSES IN 1925-1926 

Virginia Conference — For General Expenses $100 00 

M. C. Favinger— Lights for Dining Hall : 22 50 

C. M. Coover — For General Expenses 900 00 

For Books for Library from the following: 

Mrs. Lucile Mills Gerberich 100 00 

A. K. Mills. : 100 00 

Alumni Association 125 00 

Department of Bible 8 82 

Biology Department 20 99 

Chemistry Department 8 90 

Education Department 46 02 

English Department 160 41 

French Department 24 66 

Latin Department ... : 9 16 

Department of Philosophy 9 25 

$1,635 71 



15 



AUDITING COMMITTEE REPORT 

To the Board of Trustees of Lebanon 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 accounts 
of S. H. Dericlcson, Treasurer. We submit the following statement as our report. 

C. R. Holzinger 
E. C. Wine 
Wm. N. McFaul 

Committee 

Harrisburg, Pa., September 15, 1926 
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, 1926, 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, 1925 $758 28 

Cash Received during year 165,397 35 

Total $166,155 63 

Less: Disbursements 159,619 74 

Balance on hand August 31, 1926 $6,535 89 

Lebanon Valley College Endowment Trust Fund 

Cash on hand September 1, 1925 $1,464 27 

Received for Investment 75,515 59 

Securities Sold and Interest 19,083 22 

Total $96,063 08 

Less: Investments made 93,696 96 

Balance on hand August 31, 1926 2,366 12 

Lebanon Valley College Endowment Trust Income 

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

Received from Interest 26,847 22 

Total $28,239 39 

Less: Distribution made 26,883 39 

Balance on hand August 31, 1926 1,356 00 

August 31, 1926— Total Cash Balance $10,258 01 

H. E. Schriver, 

Fellow, Chartered Accountant 



16 



Lebanon Valley College 

BULLETIN 



Vol. XVI 



JUNE, 1927 



No. 3 



Supplementary Report 

Giving Financial Statement of the 

Business from September 1 , 1 926, to 

June 7, 1927 



l 



Presented to the Board of Trustees at their Annual 
Meeting, Monday, June 13, 1927 



Entered as second-class matter at Annville, Pa., under act of August 24, 1912 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE, 

JUNE 7, 1927 

Debit 



$603,053 32 



328,602 05 



Permanent Fund Assets 

Investment of Endowment Fund .. . $601,171 37 
Henry B. Stehman Fund — Loaned to 

Students. 1,050 00 

Cash awaiting investment 831 95 

Plant Assets 

Buildings 240,950 00 

Grounds 34,500 00 

Books, equipment and furniture.. . . 53,152 05 

Current Assets 

Cash 

Receivables 

Accounts Receivable 1926-1927 

Covered by Scholarships 216 71 

Fund for maintenance of Athletic 

Field and Gymnasium 47 77 

Advanced expenses for Summer 

School 1927 598 12 

Materials and Supplies 

Laboratories (estimated) 1,790 71 

Dining Hall (estimated) 500 00 

Insurance Premiums 

Unexpired 



5,527 77 



877 60 



2,290 71 



42 00 9,723 08 



,378 45 



18 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE, 

JUNE 7, 1927 

Credit 

Permanent Funds 

Endowment (Schedule XII, page 22) $600,853 32 

Endowment subject to annuities 2,200 00 $603,053 32 



Plant Funds 

From gifts from Conferences, 
Churches, and individuals, and 
accumulated surplus 328,602 05 

Current Funds and Liabilities 

Unexpended Laboratory Fees $9 91 

Fund for Designated Purposes 

Alumni Library Fund 14 58 

Undistributed Scholarships 

Presser Foundation — Music 312 00 

Income Credits 

Matriculation fee paid in advance 20 00 

Room rent, etc., paid in advance.. 70 00 90 00 



Balance to cover expenses and repairs 
for the months of June, July and 
August 9,296 59 9,723 08 



$941,378 45 



19 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FROM SEPTEMBER 1, 1926, 

TO JUNE 7, 1927 

Receipts 

Student Accounts 

Tuition $52,191 15 

Music (Schedule XV, page 23) 8,200 00 

Graduation fees 928 00 

Extension (Schedule XIII, page 22) 7,071 00 $68,390 15 

Student Fees for Educational Purposes 

Matriculation 

For School year 1927-1928— paid in advance.. . 20 00 

For recording grades 941 50 

For Library 352 50 

Laboratory 

Biology 1,398 00 

Chemistry 1,984 00 

Physics 500 00 

Psychology 159 00 

Supplies sold 19 21 5,374 21 

Endowment Income 

General — Unrestricted 8,889 51 

General — Restricted 

Latin Chair and other Professorships 825 57 

Library 44 00 9,759 08 

Gifts and Grants 

General Purposes — Unrestricted 

Conference Benevolence Budget 8,531 95 

General Purposes — Restricted 

For Books for Library 529 85 9,061 80 

Miscellaneous Income 157 63 

Dining Room 

From Students 42,576 45 

Supplies sold 330 57 

Extra meals served to visitors 494 35 43,401 37 

Dormitories 

Rents from students 14,321 32 

Breakage Deposit — Men's Dormitory 1,270 00 

Deposits for 1927-1928 50 00 15,641 32 

Specified for Non-Educational Purposes 

Athletics, General 3,579 00 

Athletics, for maintenance of field and gymnasium 370 50 

Crucible 352 50 

Student Activities 1,852 50 

Music Scholarship — Presser Foundation 250 00 

Appointment Bureau 33 00 

Returned by manager of Debating Team 4 83 6,442 33 

Sundry Accounts 

Rent for Chapel and School Room in South Hall. . 365 00 

$158,592 89 
Cash on hand September 1, 1926 6,535 89 

$165,128 78 

20 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FROM SEPTEMBER 1, 1926, 

TO JUNE 7, 1927 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees $7,956 68 

General 

Student Campaign 1,503 48 

Printing 924 72 

Interest on Annuity Bonds 105 00 

Miscellaneous expenses 2,983 90 $13,473 78 

Soliciting and Collecting of Funds 149 81 

Instructional 

Salaries of College Professors 44,323 50 

Salaries of Librarians 2,347 00 

Paid for Practice Teaching 805 00 

Paid to Student Teachers 831 90 48,307 40 

Supplies and Equipment 

Biology Laboratory 566 73 

Chemistry Laboratory 1,937 80 

Physics Laboratory 515 08 

Psychology Laboratory 102 21 

Library 1,366 11 4,487 93 

Auxiliary Departments 

Conservatory of Music (Schedule XV, page 23) 

Salaries 7,195 15 

Expenses for tuning pianos, repairs, etc 533 88 

Extension Department (Schedule XIII, page 22) . 6,353 43 

Summer School 598 12 14,680 58 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 4,433 70 

Heat, light and water 8,908 75 

Repairs 9,848 30 

Equipment 3,867 05 

Taxes 78 77 27,136 57 

Dining Room 

Salaries 11,244 46 

Supplies 27,507 15 38,751 61 

Non-Educational Work 

Appointment Bureau 18 00 

Athletics, General Account 3,589 00 

Athletics, Field and Gymnasium 376 28 

College Band 150 00 

Crucible Account 442 59 

Student Activities, from Matriculation fees 1,541 40 

Debating Team 50 00 6,167 27 

Sundry Accounts 

Real Estate — Balance on Brewer House 3,200 00 

Breakage fees returned 75 00 

Cash refunds 1,343 81 

Rebate on room rent 827 25 5,446 06 

$158,601 01 

Cash on hand June 7, 1927 6,527 77 

$165,128 78 

21 



Schedule XII 
ENDOWMENT FUND, JUNE 7, 1927 



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 154,304 44 

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 75,773 92 

252,598 54 
Paid out for campaign expenses 20,030 18 

Balance for Investment 232,568 36 

Received from other sources than endowment subscribers 5,406 26 

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

Received to be loaned to students 1,265 16 

Profit on investment called for redemption 659 00 



,053 32 



Schedule XIII 
EXTENSION DEPARTMENT, 1926-1927 



Received for first semester $3,900 00 

Received for second semester 3,171 00 

7,071 00 

Less cash refunds , 24 00 

Net Receipts $7,047 00 

Expenses incident to the course 161 64 

Paid to professors 6,196 83 

After paying expenses ten per cent was retained by the 

College for current expenses 688 53 $7,047 00 



22 



Schedule XIV 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FROM SEPTEMBER 1, 1926, TO JUNE 7, 1927 

Receipts 

Cash on hand September 1, 1926 $1,356 00 

Total receipts . $22,491 49 

Accrued interest returned to principal 593 36 21,898 13 

$23,254 13 

Expenditures 

Lebanon Valley College for credit on Student Ledger 

to Ministerial Students $1,599 19 

Lebanon Valley College, for credit on Student Ledger 

to others than Ministerial Students 1,542 57 

Lebanon Valley College General Expense Account. . . . 8,889 51 

Lebanon Valley College Account of Latin Chair and 

other Professorships 825 57 

Lebanon Valley College Library Account 44 00 

Insurance on Bonds 495 00 

Loaned to students 236 16 $13,632 00 

Cash on hand June 7, 1927 9,622 13 



$23,254 13 



Schedule XV 
MUSIC DEPARTMENT— 1926-1927 



Receipts 



For Instruction Semester 

Piano $1,330 50 

Organ 386 50 

Voice 964 00 

Violin 166 50 

Harmony 312 50 

History of Music 173 00 

Musical Form 18 00 

Sight Singing 312 50 

Received for use of Piano for 

Practice 151 00 

For Organ 252 50 



Second 


Both 


For 




Semester 


Semesters 


Year 




;i,317 00 


$2,647 50 






421 00 


807 50 






1,048 00 


2,012 00 






227 00 


393 50 






252 00 


564 50 






162 00 


335 00 






18 00 


36 00 






252 00 


564 50 


$7,360 


50 


150 00 


301 00 






286 00 


538 50 


839 


50 



S,200 00 



Expenditures 



Salaries $7,195 15 

Tuning, repairs, and use of motor for organ to June 7, 1927 533 88 



$7,729 03 
23