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
Live Music Archive
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