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

Lebanon Valley College 

BULLETIN 



Vol. XVII 



MAY, 1928 



No. 2 



REPORT OF FINANCE COMMITTEE 

FOR FISCAL YEAR 

ENDING AUGUST 31, 1927 



Presented to the Board of Trustees at their Annual 
Meeting, Monday, June 11,1 928 

A Supplement to this report will give figures for the 
school year 1927-1928, to June 4, 1928 



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, 1926, and ending August 31, 1927. A 
supplementary report, giving a record for a portion of the present fiscal 
year, will be ready for distribution at the meeting of the Board. 

Endowment Fund. — The Endowment Fund at the beginning of the 
fiscal year September 1, 1926, was $543,483.89. There was added to this 
fund during the year, a total of $63,918.27. Of this amount, we received 
from the General Education Board (Rockefeller) $21,217.60, the balance 
of $42,700.67 coming from subscriptions given in 1924 or from special 
donations to the Endowment Fund. The total in the Endowment Fund 
at the end of the fiscal year August 31, 1927, was $608,086.16. 

On the death of Mrs. Savilla Fritz Loux, a member of Allentown 
Zion congregation, it was learned that Lebanon Valley College was be- 
queathed $1,000.00, toward the establishment of a scholarship fund. This 
sum was forwarded to the College on July 15, 1927. 

Schedule I, page 8, gives in detail the source of all the money in the 
Endowment Fund. At the time the copy for this report was placed in 
the hands of the printer, we had unpaid subscriptions amounting to 
$171,654.07. The amount still reserved for us by the General Education 
Board is $87,264.99. The officials of the General Education Board inform 
us that this money is set aside for us, and that they will be only too glad 
to pay it to the College as soon as we receive from our subscribers the 
amount specified in our contract with them. The eighth payment on the 
subscriptions to the Endowment Fund was due on April 1, 1928, and in 
view of the large amount that is still unpaid, we urge every friend of the 
College to use every possible effort to have these subscriptions paid. 
Lebanon Valley College cannot afford to lose the opportunity of receiv- 
ing the full $175,000.00 pledged by the General Education Board, but the 
indications are that it will require the devoted support of all our friends. 

Endowment Income. — The total income received from our invested 
funds during the fiscal year, was $28,552.55, as indicated by Schedule III, 
page 11. There was paid into the College Treasury the sum of $23,963.28 
to be used for current expenses, for faculty salaries, and for books for the 
Library. The balance was placed in scholarship funds and was distributed 
according to the wishes of the donors. 

Extension. — Extension classes were again conducted by our faculty 
at Annville, Lebanon, Harrisburg, and Tower City, with a total enrollment 
of 206. The College received as a portion of the receipts of this depart- 
ment, the sum of $688.53, as indicated by Schedule IX, page 14. 

Summer School. — Members of our faculty conducted a summer session 
at Annville and Harrisburg during the summer of 1927, with a total en- 
rollment of 181. The portion that was retained by the College was 
$487.67. See Schedule X, page 15. 

Music Department. — Report ot Music Department, contained in 
Schedule VIII, page 13, shows that there is again a deficit of $219.45. 
It will be noticed, however, that more than this has been spent for new 
equipment, required because of the increased number of students. 

The Music Department has been hampered for a number of years 
because we had only one organ, but during the summer of 1927, a new two 
manual practice organ was purchased from the Moller Organ Company, 
at a cost of $2,350.00. Even now, with the two organs, it takes some en- 
gineering to assign sufficient practice periods for the organ students, and 
also give Professor Campbell the use of the large organ for teaching. 

Student Accounts. — There has been a steady growth in the amount 
paid by the students for tuition, music, graduation fees, Extension, and 
Summer School. In 1923, we received $39,520.04; 1924, $55,609.51; 1925, 



$57,159.05; 1926, $63,716.16; 1927, $75,587.86. These amounts do not in- 
clude any concessions granted by the College in the way of scholarships 
or rebates for which we were not reimbursed from scholarship funds. 

Repairs and Improvements. — During the latter part of the summer 
of 1927 we made the usual repairs to the dormitories, doing such painting 
as was necessary to put them in first class condition. The Finance Com- 
mittee undertook several improvements they had long been considering, 
but were postponing because of lack of funds. 

The first of these improvements was the enlarging of the President's 
Home, so that there would be sufficient room to accommodate the larger 
groups that it is customary to entertain in the President's Home. These 
improvements included not only the enlarging of the home, but also the 
replacing of the roof, and laying of hardwood floors, and the changing of 
some of the plumbing that was in very bad shape. The total spent for 
this work, part of which was paid during the last fiscal year and the bal- 
ance since the beginning of this fiscal year, was $6,217.98. 

Probably no building on the campus received so many unfavorable 
comments from visitors as did the Chapel and Conservatory of Music. 
For several years the Department of Labor and Industry at Harrisburg 
has been recommending that we make certain changes on this building 
to conform to the State code. Because we had no funds available for this 
purpose we begged them for a little time, but last year they insisted that 
for the safety of those who are using the building these changes be made. 
We were almost appalled to find that the floor on the third story showed 
a sag of four inches without anybody being in the rooms. Since part 
of this space is used by one of the literary societies, it was inevitable that 
at certain times there would be a large number of students in the room. 
Repairs on this building were begun soon after Commencement during 
the summer of 1927 and -completed during the Christmas vacation. The 
lay-out of the practice rooms on the second floor was changed consider- 
ably. New floors were placed in the halls, class rooms, and Chapel. The 
old electric Hght system was discarded altogether because of the danger 
of fire and the building rewired to meet modern requirements. The vesti- 
bule was changed to make it more inviting. Steel beams were placed under 
the ceiling of the Chapel in order to support the third story. A fireproof 
wall was built between the auditorium and the stage, displacing the wooden 
lattice work. The balcony was enlarged in order to give us enough 
seating capacity for our entire student body at chapel exercises. The 
entire building both inside and outside was painted. The total expended 
for these improvements amounts to $16,675.21. 

Equipment. — As indicated in the list of cash expenditures on page 
7, we spent during the fiscal year ending August 31, 1927, the following 
items for equipment: Administration Building, $376.10; offices, $579.08; 
dining hall, $261.65; dormitories, $1,911.90; music department, $550.00. 
Since the opening of the present fiscal year on September 1, 1927, our 
expenditures for equipment were greatly increased because of the repairs 
to the Chapel. The old seats were moved to the balcony and new seats 
purchased for the lower floor. Flame-proof curtains were installed and 
modern lighting both in the Chapel and on the stage. We expended 
$3,943.80 for equipment for the Chapel and Engle Hall. 

We are pleased to report that all the repairs and improvements and 
equipment purchased has been paid for out of current funds without in- 
curring any indebtedness. The Finance Committee is firm in its deter- 
mination not to incur any debt and will adhere to its poHcy of making 
improvements only after funds are available for this purpose. 

A. S. KREIDER 

Chairman Finance Committee 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1927 

Debit 



Permanent Fund Assets 

Investments of Endowment Fund 

(Schedule II, pages 8 to 11). . . . $605,100 55 
Henry B. Stehman Fund — Loaned 

to Students 1,050 00 

Cash awaiting investment 1,935 61 $608,086 16 

Plant Assets 

Buildings 470,500 00 

Grounds 35,000 00 

Books, equipment and furniture . . 59,100 00 564,600 00 

Current Assets 

Cash $11,339 04 

Accounts Receivable 

Fund for maintenance of Ath- 
letic Field and Gymnasium . . 47 77 

Materials and Supplies 

Dining Hall 1,337 60 

Heating Plant— Coal, etc 401 76 

Laboratories, (estimated) 2,411 18 4,150 54 

Insurance Premiums 

Unexpired 42 00 15,579 35 



$1,188,265 51 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1927 

Credit 



Permanent Funds 

Endowment (Schedule I, page 8) . $605,886 16 

Endowment subject to annuities.. 2,200 00 $608,086 16 

Plant Funds 

From gifts from Conferences, 
Churches, and individuals and 
accumulated surplus 664,600 00 

Current Funds and Liabilities 
Unexpended Laboratory Fees 

Psychology Laboratory 6 46 

Appointment Bureau 10 36 $16 82 

Funds for Designated Purposes 

Alumni Library Fund 14 58 

Part of Matriculation Fee used 

for activities 310 72 325 30 






Undistributed Scholarships 

Presser Fund— Music 312 00 

Pennsylvania Conference C. E. 

Society 214 10 526 10 

Income Credits 

Matriculation fee paid in ad- 
vance 200 00 

Tuition paid in advance. 340 00 

Room rent paid in advance. ... 210 00 

Breakage deposit paid in ad- 
vance 10 00 760 00 

Surplus invested in supplies and 
materials, and reserve for re- 
pairs and improvements, au- 
thorized and in process 13,951 13 15,579 35 



$1,188,265 51 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1927 

Receipts 

Student Accounts 

Tuition $52,792 86 

Music (Schedule VII, page 13) 8,200 00 

Graduation Fees 958 00 

Extension (Schedule IX, page 14) 7,071 00 

Summer School (Schedule X, page 15) 6,566 00 $75,587 86 

Student Fees for Educational Purposes 

Matriculation 

For School Year 1927-1928 200 00 

For recording grades 956 50 

For Library 352 50 

Laboratory 

Biology 1,406 00 

Chemistry 2,168 00 

Physics 500 00 

Psychology 172 00 

Supplies sold 289 46 6,044 46 

Endowment Income 

General— Unrestricted 22,284 71 

|M General — Restricted 

{'■ Latin Chair and other Professorships 1,634 57 

Library 44 00 23,963 28 

Gifts and Grants 
ft General Purposes — Unrestricted 

i^* Conference Benevolence Budget 11,056 52 

!'j General Purposes — Restricted 

;|i For Books for Library (Schedule XI, page 15) 561 73 11,618 25 

Miscellaneous Income 237 82 

Dining Room (Schedule VIII, page 14) 

From Students 42,576 45 

Supplies sold 528 62 

Extra meals served 636 50 43,741 57 

Dormitories 

Rent from students 14,321 32 

Breakage Deposit 1,270 00 

Sir Deposits for 1927-1928 220 00 15,811 32 

Specified for Non-Educational Purposes 

Athletics— General 3,579 00 

Athletics — For maintenance of field and gym . . 370 50 

Ij;- Crucible 352 50 

f ■ Student Activities 1,852 50 

Scholarship — Music, Presser 250 00 

Pennsylvania Conference C. E 214 10 

Appointment Bureau 33 00 

Returned by Debating Team 4 83 6,656 43 

Sundry Accounts 

Rent for School Room and Chapel 377 50 

$184,038 49 

Cash on hand September 1, 1926 6,535 89 

$190,574 38 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1927 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees. . . . $10,196 60 

General 

Student Campaign 1,595 93 

Printing 1,135 47 

Interest on Annuity Bond 110 00 

Miscellaneous Expenses 3,970 17 $17,008 17 

Collecting Funds 180 20 

Instructional 

College Faculty 44,423 50 

Librarians 2,597 00 

Practice Teaching 805 00 

Student Teachers 831 90 48,657 40 

Supplies and Equipment 

Biology Laboratory 1,581 83 

Chemistry Laboratory 2,007 84 

Physics Laboratory 529 87 

Psychology Laboratory 115 41 

Library 1,459 55 5,694 50 

Auxiliary Departments 

Conservatory of Music (Schedule VII, page 13) 

Salaries 7,209 52 

Expenses of tuning pianos, repairs, etc 659 93 

Extension Department (Schedule IX, page 14). 6,353 43 

Summer School (Schedule X, page 15) 5,770 31 19,993 19 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 5,868 64 

Heat, light and water 9,909 83 

Repairs 13,862 21 

Equipment 3,960 13 

Taxes 78 77 33,679 58 

Dining Room (Schedule VIII, page 14) 

Salaries 11,797 02 

Supplies 29,371 84 41,168 86 

Non-Educational Work 

Appointment Bureau 23 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 52 75 6,175 02 

Sundry Accounts 

Real Estate — Balance on Brewer house 3,200 00 

Breakage fees. Men's Dormitory, returned 1,159 76 

Cash Refunds 1,451 81 

Rebate on room rent in dormitories 866 85 6,678 42 

$179 235 34 

Cash on hand August 31, 1927 11,339 04 

$190,574 38 



Schedule I 
ENDOWMENT FUND, AUGUST 31, 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 159,312 28 

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 

257,606 38 
Paid out for campaign expenses 20,030 18 

Balance for investment 237,576 20 

Received from other sources than endowment subscribers 5,406 26 

Received for scholarship funds from United Enlistment Move- 
ment and Benevolence Budget 7,167 30 

Received to be loaned to students 1,265 16 

Profit and Loss Account 684 00 



$608,086 16 



Schedule II 

INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1927, were invested as 
indicated by the following summary and list of investment. 





Amount 
Invested 


Percentage 
of Total 


Average 
Yield 


United States Government Securities 

Farms 

Real Estate Bonds 


$36,170 63 
47,476 25 

240,653 51 
70,262 78 
37,065 00 

165,732 38 
7,740 00 


5.98 

7.85 
39.77 
11.60 

6.13 
27.39 

1.28 


4.29 
2.32 
5.29 


Industrial Bonds 


5.42 


Public Utility Bonds 


5.29 


Railroad Bonds 


4.93 


Other Securities 


5.60 






Total 

Loaned to Students 


$605,100 55 
1,050 00 
1,935 61 


100.00 


5.12* 


Cash awaiting investment 












$608,086 16 







*The farms are not included in computing this average. 

8 



Investment of Endowment Fxmds in Detail 

United States Government Securities 

Liberty Bonds Par Value 

First 3J $500 00 

First 4i 400 00 

Second 4| 6,200 00 

Third 4i 10,550 00 

Fourth 41 18,850 00 $36,500 00 

(Total cost of above group, $36,170.63) 

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, 6is 5,000 00 

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

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

Georgia, 6is 5,000 00 

Belmont Apartments, Chicago, 6|s 500 00 

Broadway-Barclay Office Building, New York,6s 2,000 00 

Amos K. Curry 6% _. _. ... 5,000 00 

Derry Street Church, United Brethren in Christ, 

Harrisburg, 6s 5,000 00 

Dorset Apartments, 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 

Flatbush Industrial Building, New York, 6s. . 500 00 
Gatesworth Apartment Hotel, St. Louis, Mis- 
souri, 6is 5,000 00 

Jacob M. Gingrich 6% 6,000 00 

Houston Medical Arts Building, Houston, 

Texas, 6|s 10,000 00 

Huntingdon Office Building, Miami, Florida, 7s 10,000 00 

John H. Kettering 6%. 5,000 00 

Edward F. Langer Printing Company, New 

York City, 6^s 2,000 00 

Lee Apartment Hotel, Washington, D.C., 6s.. . 1,000 00 
Lemoyne Trust Company — Mortgage Certifi- 
cate 5% 13,500 00 

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

Lynch Building, Jacksonville, Florida, 6^s 4,000 00 

Manatee River Apartment Hotel, Bradenton, 

Florida, 7s 11,000 00 

1060 Park Avenue Apartment Building, New 

York City, 6s. 6,500 00 

New Pennsylvania Hotel, West Palm Beach, 

Florida, 7s 14,500 00 

Polk Hotel, Haines City, Florida, 7s 20,000 00 

Ponce de Leon Apartment Hotel, Atlanta, 

Georgia, 7s 5,000 00 

Roosevelt Apartment Hotel, Miami, Florida, 7s 5,000 00 
Shelton Apartment Hotel Building, New York 

City, 6is 1,000 00 

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

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

Philadelphia, 6|s 1,000 00 

9 



Investment of Endowment Funds in Detail (Continued) 
Real Estate Bonds (Continued) 

Tennessee Terrace Hotel, Knoxville, Tenn., 6|s S4,000 00 

Thomas Jefferson Hotel, Birmingham, Ala., 6^s 5,000 00 

Trinity Building Corporation of New York, 5|s 15,000 00 

United Brethren Publishing House, 6s 35,600 00 

University Apartments, Pittsburgh, 7s 4,000 00 

Wilmington Auto Company Building, Wilming- 
ton, Delaware, 7s 500 00 $240,600 00^ 

(Total cost of above group, $240,653.51) 

Industrial Bonds 

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

Goodyear Tire and Rubber Company, 5s 10,000 00 

Hershey Chocolate Company, 55s 14,000 00 

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

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

Old Ben Coal Corporation, 6s 5,000 00 

United States Steel Corporation, 5s 19,000 00 

Wilson and Company, Incorporated, 6s 15,000 00 72,000 00' 

(Total cost of above group, $70,262.78) 

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 

Interstate Power Company, 5s 6,000 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 38,500 OOJ 
(Total cost of above group, $37,065.00) 

Railroad Bonds 

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

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

Baltimore & Ohio Railroad Company, 5s 15,000 00 

Chicago, Rock Island & Pacific Railroad, 4s. . . 5,000 00 

Chicago Union Station Company, 65s 3,500 00 

Denver and Rio Grande Railroad Company, 4s 10,000 00 

Gulf, Mobile and Northern Railroad Co., 5|s. . 10,000 00 

Kansas City Southern Railway Company, 3s. . 4,000 00 

Kansas City Terminal Railway, 4s 10,000 00 

Midland Railroad of New Jersey, 5s 3,000 00 

Missouri Pacific Railroad Company, 5s 15,000 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 Com- 
pany, 4^s 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 

Pittsburgh, Cincinnati, Chicago and St. Louis 

Railroad Company, 5s 15,000 00 

Southern Railway Company, 5s 10,000 00 

10 



Investment of Endowment Funds in Detail (Continued) 

Railroad Bonds (Continued) 

St. Paul and Kansas City Short Line, 4|s $10,000 00 

Virginian Railway Company, 5s 15,000 00 

Western New York and Pennsylvania Railway 

Company, 4s 2,000 00 

Western Pacific Railroad Company, 5s 3,000 00 $190,500 00 

(Total cost of above group, $165,732.38) 

Otttkt? ^kcurities 

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, 1927 

Receipts 

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

Total Receipts $29,291 74 

Accrued interest returned to principal 729 19 28,552 55 

$29,908 55 

Distribution 

Lebanon Valley College for credit on Student Ledger 

from Designated Scholarships $1,542 57 

Lebanon Valley College for credit on Student Ledger 

to Ministerial Students 1,932 15 

Lebanon Valley College for General Expense Ac- 
count 22,284 71 

Lebanon Valley College for Latin Chair and other 

Professorships 1,634 57 

Lebanon Valley College for Books for Library 44 00 

Loaned to Students from Scholarship Funds 236 16 

Mathematical Prize from Max F. Lehman Memorial 

Fund 20 00 

Insurance on Real Estate Bonds 622 50 $28,316 66 

Cash on hand August 31, 1927 1,591 89 

$29,908 55 

Schedule IV 
ENDOWMENT FUND— HOW INCOME IS USED 

The Endowment Fund of the College on August 31, 1927, amounted to 
$608,086.16. The object for which the income from these funds was used is 
shown below. 

Unrestricted, the income to be used for current ex- 
penses $453,298 93 

Restricted 

Professorships 66,481 14 

Maintenance of Buildings 200 00 

Student Aid 5,680 69 

Scholarships 79,897 39 

Books for Library 1,000 00 

Miscellaneous 1,528 01 $608,086 16 



I 



11 



Schedule V 

SCHOLARSHIP AND ENDOWMENT FUNDS AND INCOME 

CREDITED TO THESE FUNDS FOR YEAR ENDING 

AUGUST 31, 1927 



Principal 

Paid 
into Fund 



Sch. 



Allegheny Conference C. E. Scholarship Fund.. , 

Dorothy Jean Bachman Scholarship Fund 

Lillian Merle Bachman Scholarship Fund , 

Baltimore Fifth Church Otterbein Memorial S. S 

E. M. Baum Scholarship Fund 

Chair of English Bible and Greek Testament 

Biological Scholarship Fund 

Eliza Bittinger Scholarship Fund 

Mary A. Bixler Scholarship Fund 

I. T. Bufifington Scholarship Fund 

Rev. John P. Cowling Memorial Fund 

Derickson Scholarship Fund 

Mary A. Dodge Scholarship Fund 

William E. DufT Scholarship Fund 

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

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

and Mother, William and Elizabeth Foos 

C. C. Gingrich Scholarship Fund 

G. D. Gossard and Wife Scholarship Fund 

Harnish-Houser Publicity Fund 

Harrisburg Otterbein Church Scholarship Fund 

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. Kaufifman 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 

Mrs. Savilla Loux Scholarship Fund 

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 of Penbrook, Pa., Scholarship Fund . . 

Pennsylvania Branch W. M. A. Scholarship Fund 

Pennsylvania Conference C. E. Scholarship Fund 

Rev. H. C. Phillips Scholarship Fund 

Sophia Plitt Scholarship Fund 

Ezra G. Ranck and Wife Scholarship Fund 

Harvey L. Seltzer Scholarship Fund 

Dr. Henry B. Stehman Fund for Theological Students*. . 

Hiram E. Steinmetz Memorial Room Fund 

Rev. J. B. Weidler Endowment Fund 



$1,000 00 
1,000 00 
1,000 00 
1,330 75 

300 00 

6,630 00 

2,517 00 

12,000 00 

500 00 
1,000 00 

228 00 

550 00 
3,900 87 

600 00 
1,225 00 
2,121 50 

514 66 

40,000 00 

3,750 00 

250 00 

1,000 00 
2,610 00 
1,750 00 

900 01 
2,120 00 
1,100 00 

200 00 
1,000 00 

400 00 
5,000 00 
1,000 00 
1,020 00 

900 00 
10,000 00 

600 00 
19,651 14 

400 00 
1,000 00 
1,000 00 

250 00 
1,200 00 

245 00 
1,550 00 



2,600 00 

225 00 

600 00 

1,500 00 

3,409 26 

1,300 00 

4,311 00 

1,000 00 

2,600 00 

1,528 04 

200 00 

200 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 1926-1927 

Rebate to Ministers' Children $1,350 00 

Ministerial Scholarships to students having license 
to preach (in addition to those paid from 
Scholarship Funds) 467 85 

Paid in cash from Designated Scholarships in En- 
dowment Fund to College Accounts for credit to 
Ministerial Students 1,932 15 

Paid in cash from Designated Scholarships in Endow- 
ment Fund to College Accounts for credit to 
other than Ministerial Students 1,496 36 

Athletic Scholarships 2,640 00 

Paid on Student Accounts by Athletic Council 3,669 82 

Graybill Scholarship 25 00 

Distributed from Funds Received from 

Presser Foundation to Music Students 100 00 

Pennsylvania Conference C. E. Society 155 87 

Prize for Mathematics Student 20 00 

Loaned from Scholarship Funds 386 16 

Secured for Ministerial Students from the Board of 

Education of the United Brethren Church 595 00 

Paid in cash to student teachers, assistants, waiters, 

librarians, janitors, etc 4,963 09 $17,801 30 

Schedule VII 
MUSIC DEPARTMENT— 1926-1927 

Receipts 

For Instructions 

Piano $1,330 50 

Organ 

Voice 

Violin 

Harmony 

History of Music 

Music Form 

Sight Singing 

Received for use of Piano for 
practice 

For Organ 

" $8,200 00 

Expenditures 

Salaries $7,209 52 

Tuning, repairs and current for use of organ 659 93 

Equipment purchased during the year 550 00 

$8,419 45 



First 


Second 


Both 


For 


Semester 


Semester 


Semesters 


Year 


1,330 50 


$1,317 00 


$2,647 50 




386 50 


421 00 


807 50 




964 00 


1,048 00 


2,012 00 




166 50 


227 00 


393 50 




312 50 


252 00 


564 50 




173 00 


162 00 


335 00 




18 00 


18 00 


36 00 




312 50 


252 00 


564 50 


$7,360 50 


151 00 


150 00 


301 00 




252 50 


286 00 


538 50 


839 50 



Summary 



Expenditures $8,419 45 

Receipts 8,200 00 

Deficit $ 219 45 

13 



Schedule VIII 
DINING HALL— 1926-1927 

Receipts 

From Students $42,576 45 

For meals served to visitors, etc 636 50 

Supplies sold 528 62 $43,741 57 

Expenditures 

Inventory at beginning of year $998 48 

Supplies purchased during year 29,371 84 

$30 370 32 
Less Inventory August 31, 1927 1^337 60 

Net Cost of Supplies $29,032 72 

Equipment 261 65 

Salaries 11,747 02 

Water 187 75 

Cleaning Drains 200 00 

$41,429 14 

Summary 

Receipts $43,741 57 

Expenditures 41,429 14 

Surplus $2,312 43 

Note — No charge was made for use of building. 



Schedule IX 
EXTENSION DEPARTMENT— 1926-1927 

Received for first semester $3,900 00 

Received for second semester 3,171 00 

$7,071 00 
Less cash refund 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 Col- 
lege for current expenses 688 53 7,047 00 



14 



Schedule X 
SUMMER SCHOOL— 1927 



Total Receipts $6,566 00 

Less cash refunds 80 00 

Net Receipts $6,486 00 

Expenses, except salaries 1,609 06 

Distribution to faculty 4,389 25 

After paying expenses, ten per cent was retained by Col- 
lege for current expenses 487 69 6,486 00 



Schedule XI 

DONATIONS TO LEBANON VALLEY COLLEGE FOR 
SPECIAL PURPOSES IN 1926-1927 

During the fiscal year donations were received from the following, all of which 
was used for the purchase of books for the Library: 

Alumni Association of Lebanon Valley College $150 00 

A. K. Mills 50 00 

Mrs. Lucile Mills Gerberich 100 00 

Department of Bible and Greek 30 00 

Biology Department 6 14 

Department of Business Administration 30 54 

Chemistry Department 3 00 

Department of Economics 17 58 

Education Department 71 36 

English Department 29 76 

French Department 11 34 

Latin Department 37 05 

Department of Mathematics 24 96 



$561 73 



In addition to the above, books were contributed for the Library by the fol- 
lowing: 

Number of volumes Value 

Queenie Bilbo 5 $6 00 

Biology Department 24 85 10 

R. R. Butterwick 98 150 00 

Class of 1901 25 127 50 

Class of 1928 1 4 00 

Education Department 7 34 30 

Gladys Fencil 17 40 00 

Milton J. Kline 15 30 00 

Miscellaneous 8 10 00 



IS 



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. Derickson, Treasurer. We submit the following statement as our report. 

C. M. Wine 
W. M. Beattie 

Committee 



Harrisburg, Pa., April 4, 1928 
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, 1927, and have found them correct. I also examined 
the Securities deposited in the vault of the Annville National Bank and found 
them intact. 

Lebanon Valley College Account 

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

Cash Received during year 184,014 74 

Total $190,550 63 

Less: Disbursements 179,211 59 

Balance on hand August 31, 1927 $11,339 04 

Lebanon VaUey College Endowment Trust Fund 

Cash on hand September 1, 1926 $2,366 12 

Cash Received 74,392 46 

Total $76,758 58 

Less: Cash Invested 74,822 97 

Balance on hand August 31, 1927 1,935 61 

Lebanon Valley College Endowment Trust Income 

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

Received from Interest 28,552 55 

Total $29,908 55 

Less: Cash Distributed 28,316 66 

Balance on hand August 31, 1927 1,591 89 

Total Cash Balance— August 31, 1927 $14,866 54 

H. E. Schriver, 
Fellow, Chartered Accountant 



16 



Lebanon Valley College 

BULLETIN 



Vol. XVII JUNE. 1928 



No. 3 



Supplementary Report 

Giving Financial Statement of the 

Business from September 1 , 1 927, to 

June 4, 1928 



Presented to the Board of Trustees at their Annual 
Meeting, Monday, June 11, 1928 



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



STATEMENT OP ACCOUNTS, LEBANON VALLEY COLLEGE 

JUNE 4, 1928 

Debit 

Permanent Fund Assets 

Investment of Endowment Funds. . . $657,209 99 
Henry B. Stehman Fund — Loaned to 

Students 1,050 00 

Cash awaiting investment 957 83 $659,217 82 

Plant Assets 

Buildings 470,500 00 

Grounds 35,000 00 

Equipment 65,307 58 570,807 58 

Current Assets 

Cash $2,348 63 

Accounts Receivable 1927-1928. . . 207 79 

Accounts Receivable 1927-1928. . . 

Covered by Scholarships 802 43 

Fund for maintenance of Athletic 

Field and Gymnasium 19 30 

Advanced expenses for Summer 

School 1928 119 34 1,148 86 

Materials and Supplies 

Laboratories (estimated) 2,067 70 

Dining Hall (estimated) 500 00 2,567 70 

Insurance Premiums 
Unexpired 3,455 75 9,520 94j 

$1,239,546 343 



18 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE 

JUNE 4, 1928 

Credit 

Permanent Funds 

Endowment (Schedule XII, page 22) $657,017 82 

Endowment subject to annuities 2,200 00 $659,217 82 



Plant Funds 

From gifts from Conferences, 
Churches, and individuals, and 
accumulated surplus 570,807 58 

Current Funds and Liabilities 

Unexpended Laboratory Fees $76 28 

Funds for Designated Purposes 
Part of Matriculation Fee used for 

Student Activities 370 00 

Undistributed Scholarships 

Presser Foundation — Music 252 00 

Pennsylvania Conference C. E. 

Scholarship 3 96 255 96 



I 



Breakage Deposit to be returned 

Men's Dormitory (estimated) 1,122 25 

Day Students (estimated) 335 00 

Accounts Payable — For supplies. . . . 

Balance to be used for expenses for 
the months of June, July and 
August 



1,457 25 




4,668 


11 




2,693 


34* 


9,520 94 




$1,239,546 34 



*In addition to this sum, the amount to be derived during July and August 
from income of endowment funds, conference benevolences, and distribution of 
summer school receipts, will be sufficient to pay all necessary expenses for the 
balance of the fiscal year. 



19 



1 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT FROM SEPTEMBER 1, 1927, 

TO JUNE 4, 1928 

Receipts 

Student Accounts 

Tuition $50,757 44 

Music (Schedule XV, page 23) 7,326 86 

Graduation Fees 1,048 00 

Extension Department (Schedule XIII, page 22).. 6,052 00 $65,184 30 

Student Fees for Educational Purposes 

Matriculation 

For Recording Grades 783 00 

For use of Library 314 00 

Laboratory 

Biology 1,264 00 

Chemistry 2,080 00 

Physics 230 00 

Psychology 164 00 

Laboratory supplies sold 20 58 4,855 58 

Endowment Income 

General — Unrestricted 18,776 84 

General — Restricted 

Latin Chair and other Professorships 2,223 99 

Library 44 00 21,044 83 

Gifts and Grants 

General Purposes — Unrestricted 

Conference Benevolence Budget 8,762 95 

For General Purposes 642 70 

General Purposes — Restricted 

For Books for Library 416 22 

For Curtains 65 00 9,886 87 

Miscellaneous Income 235 07 

Dining Room 

From Students 39,417 78 

Supplies sold 482 95 

Extra meals served to visitors, etc 475 00 40,375 73 

Dormitories 

Rents from students 13,354 85 

Breakage Deposits— Men's Dormitory 1,205 00 14,559 85 

Specified for Non-Educational Purposes 

Matriculation 

Athletics— General 3,171 50 

Athletics — Field and Gymnasium 324 50 

Appointment Bureau 38 00 

Crucible Fund 313 00 

Student Activities 1,622 50 

Music Scholarship— Presser Foundation 250 00 5,719 50 

Sundry Accounts 

Breakage Deposit from Day Students 345 00 

Equipment sold 165 00 

For Library 4 40 

Rent for Chapel 45 00 559 40 

. $162,421 13 

Cash on hand September 1, 1927 11,339 04 

$173,760 17 

20 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT FROM SEPTEMBER 1, 1927, 

TO JUNE 4, 1928 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees $8,630 40 

General 

Student Campaign and Advertising 985 81 

Printing 333 61 

Interest on annuity bonds 80 00 

Miscellaneous Expenses 2,561 96 $12,591 78 

Collecting and Soliciting Funds Ill 68 

Instructional 

College Faculty 45,641 00 

Practice Teaching 857 50 

Librarians 2,350 00 

Student Teachers 777 16 49,625 66 

Supplies and Equipment 

Biology Laboratory 483 19 

Chemistry Laboratory 1,605 94 

Physics Laboratory 247 89 

Psychology Laboratory 78 22 

Library 1,358 00 3,773 24 

Auxiliary Departments 

Conservatory of Music (Schedule XV, page 23) 

Salaries 7,156 70 

Expenses of tuning, repairs, etc 361 22 

Extension Department (Schedule XIII, page 22).. 5,458 06 

Summer School 119 34 13,095 32 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 4,618 92 

Heat, Light, and Water 9,435 02 

Equipment 6,264 57 

Repairs 25,460 74 

I Insurance 5,141 64 

Taxes 65 26 50,986 15 

Dining Room 

Salaries 10,551 27 

Supplies 22,980 23 33,531 50 

Non-Educational Work 

Appointment Bureau 25 03 

Athletics— General 3,271 50 

Athletics — Field and Gymnasium 306 03 

College Band 150 00 

Crucible Fund 323 00 

Debating Team 21 54 

Distributed to Student Activities 1,613 22 5,710 32 

Sundry Accounts 

Cash Refunds 1,169 74 

Breakage fees returned 149 40 

Rebate on room rent in Dormitories 666 75 1,985 89 

$171,411 54 

Cash on hand June 4, 1928 2,348 63 

$173,760 17 



21 



Schedule XII 
ENDOWMENT FUND, JUNE 4, 1928 



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. . 197,424 00 

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 87,735 01 

307,679 19 
Paid out for campaign expenses 20,030 18 

Balance for investment 287,649 01 

Received from other sources than endowment subscribers 5,412 26 

Received for Scholarship Funds from United Enlistment and Be- 
nevolence Budget 7,167 30 

Received to be loaned to students 1,265 16 

Profit and loss account 1,736 85 



,217 82 



Schedule XIII 
EXTENSION DEPARTMENT, 1927-1928 



Received for first semester $3,444 00 

Received for second semester 2,608 00 



$6,052 00 
Less cash refunds 2 00 



Net Receipts. $6,060 00 

Expense incident to the course 130 47 

Paid to professors 5,327 59 

After paying expenses ten per cent was retained by the 

College for current expenses 591 94 6,050 00 



22 



Schedule XIV 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FROM SEPTEMBER 1, 1927, TO JUNE 4, 1928 

Receipts 

Cash on hand September 1, 1927 $1,591 89 

Total receipts $25,627 90 

Accrued interest returned to principal 553 70 25,074 20 

$26,666 09 
Distribution 

Lebanon Valley College for credit to Ministerial Stu- 
dents $1,497 57 

Lebanon Valley College for credit to others than Min- 
isterial Students 1,466 36 

Lebanon Valley College General Expense Account .... 18,776 84 

Lebanon Valley College Account of Latin Chair and 

other Professorships 2,223 99 

Lebanon Valley College Library Account 44 00 

Insurance on bonds 420 00 $24,428 76 

Cash on hand June 4, 1928 2,237 33 

$26,666 09 



Schedule XV 



MUSIC DEPARTMENT— 1927-1928 



Receipts 



For Instruction 

Piano 

Organ 

Voice 

Violin 

Musical Form . . 

Harmony 

Sight Singing . . . 

Received for use 

practice 

For Organ 



of Piano for 



First 

Semester 

$930 75 

494 00 

953 50 

221 00 

36 00 

189 00 

153 00 

110 00 
282 50 



Second 

Semester 

$1,056 28 

650 00 

1,094 58 

351 00 

18 00 

152 49 

152 49 

91 77 
390 50 



Both 

Semesters 

$1,987 03 

1,144 00 

2,048 08 

572 00 

54 00 

341 49 

305 49 

201 77 
673 00 



For 
Year 



$6,452 09 

874 77 
$7,326 86 



Expenditures 



Salaries 

Tuning, repairs and use of motor for organ to June 4, 1928. 
Equipment added during year 



$7,156 70 

401 22 

3,079 73 



$10,637 65 



23 



Schedule XVI 



BUILDINGS, GROUNDS AND EQUIPMENT 
SEPTEMBER 1, 1927 



Erected 



Present Value 



Total 



Buildings 

Administration 

Engle Hall. 

Carnegie Library 

Men's Dormitory 

North Hall for Women 

South Hall for Women 

West Hall for Women 

Heating Plant 

Underground Steam Pipes 
President's Home 

Grounds 

Campus 

Athletic Field 

Equipment 

Books in Library 

Biology Laboratory 

Chemistry Laboratory 

Physics Laboratory 

Museum Furniture 

Gymnasium 

Class Room Furniture 

Office Equipment 

Pianos 

Organs 

General Furniture 



1905 
1899 
1904 
1905 
1904 
1857 

igos 
igoo 



$155,000 00 
60,000 00 
38,000 00 
80,000 00 
72,000 00 
22,500 00 
12,000 00 
12,000 00 
10,000 00 
9,000 00 



30,000 00 
5,000 00 



8,500 00 
6,000 00 
6,000 00 
4,000 00 
4,000 00 
2,500 00 
4,500 00 
3,600 00 
3,000 00 
9,500 00 
7,500 00 



$470,500 00 



35,000 00 



59,100 00 



24