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
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