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

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, 1927, and ending August 31, 1928. A supple- 
mentary 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, 
1927, was $608,066.16. There was added to this fund during the year, a total 
of $66,816.53. Of this amount, we received from: the General Education Board, 
(Rockefeller), $22,840.57, the balance of $43,975.96 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, 1928, was 
$674,902.69. 

During the year Mr. Fred E. Foos, a member of Old Otterbein Church, 
Baltimore, paid to the endowment fund $1,000 for the establishment of a schol- 
arship for his late sister, Mrs. Bertha Foos Heinz. This is the second scholar- 
ship established by Mr. Foos in memory of members of his family. 

At the time of sending this report to press the unpaid subscriptions taken 
in 1924 amounted to $117,577.01. The amount still due us from the General 
Education Board is $49,450.76, indicating that we must receive, either on old 
subscriptions or from new sources, a total of $98,901.52 in order to secure the 
entire amount pledged by the General Education Board. A detailed report of 
the standing of each congregation m the two conferences relating to their 
endowment pledges will be prepared for the Board at its meeting in June. 

Investments 

The Committee on Investments has been very diligent in the purchase of 
securities for the Endowment Fund. During the past year our holdings have 
been analyzed by three groups of experts. Flattering reports were received from 
each. The representative of Halsey, Stuart & Company came to the College 
office after studying our list. He reported that for five years he has been 
devoting his time exclusively to work of this kind, during which time he 
analyzed more than twO' hundred separate lists. It was his frank opinion that 
he had never studied a list that was composed of so uniformly high class 
securities. This statement should be gratifying to the members of the Board 
of Trustees and is a compliment to^ the men who have devoted their time and 
thought to the safeguarding of our investments. 

Endowment Income 

As indicated on page 11, schedule III, the total income received from in- 
vested funds was $33,310.09. Of this amount there was turned into the College 
treasury to be used for general expenses, payment of professors, and books 
for the library, $28,494.01. The balance was placed to the credit of various 
scholarship funds and was distributed as, designated by the donor. 

Extension Department 

Extension classes were again conducted by our faculty at Annville, Leb- 
anon and Harrisburg. The gross receipts as indicated by schedule VIII, page 
14, was $6,050.00. Of this portion the college received $591.94 to be used for 
current expenses. 



Stimmer School 

Suminer sessions were held at Annville and Harrisburg during the sumnier 
of 1928, with a total enrollrment of 157. The gross receipts from this department 
were $6,427, of which the college received $530.51, as indicated in schedule IX, 
page 15. 

Repairs and Improvements 

For a number of years the female day-students used several rooms on the 
second floor of the library, between class periods. The Delphian Literary 
Society, since its organization, has used the auditorium in the library. Owing 
to the crowded condition of the library, it was necessary to make arrangements 
whereby the entire library building could be used for library purposes. The 
old dining room in South Hall, which has been used for a number of years by 
the Annville School District, was fitted out for the Delphians. The rear of 
South Hall, which was formerly the kitchen, was renovated and rooms were 
prepared for the use of the girl day-students. The second floor of this portion 
of South Hall was fitted out as an infirmary and an ofhce for the new Depart- 
ment of Physical Education for Women, which was established during the fall 
of 1928. 

Many comiplaints were registered in the office in recent years regarding 
the water supply and bathing facilities in the Men's Dormitory. It was recog- 
nized for a long time that these conditions were unsatisfactory, especially so 
in view of the fact that the Men's Dormitory now houses from twenty to 
twenty-five more students than was originally planned for when the building 
was erected. This building has been fitted out with the most modern facilities, 
increasing the number of shower baths from three to seven, adding urinals on 
each floor, and instead of using wooden partitions each bath room was fitted 
out with slate partitions. The plumbing in this building is of the most modern 
type and adds greatly to the comfort and convenience of the men who are 
occupying the building during the school year. 

In anticipation of the increased amount of water that will be needed in 
future years, the North Annville and Gravel Hill Consolidated Water Company 
laid a six inch main to our heating plant from which distribution will eventu- 
ally be made. A fire hydrant was placed back of the heating plant from which 
hose can be laid to any point on the campus, and since the water company main- 
tains a pressure of about 90 pounds, we will be sure of having sufficient water 
in case we would ever need it to fight any fires on the campus. 

The increased number of students in the fall of 1928 made it necessary to 
change the pantries in our dining room so that we might seat all our students. 
Linoleum was placed in the dining halls at the same time. 

New Real Estate 

The dwelling east of West Hall, owned by Mrs. Lizzie George, was placed 
on the market, after the death of Mrs. George. The Finance Commiittee deemed 
it advisable to purchase this property and on March 19, at public sale, we paid 
$3,530. The final payment on this property was made on May 10, when the 
deeds were delivered to the college. It was our purpose to make the necessary 
changes so that this house may be occupied by girls in the fall of 1929. 

Surplus 

It is hardly necessary to tell the Board of Trustees that the Finance 
Committee has been following its established policy of keeping the expenses 
of the college within our income. The house above referred to and the repairs 
have all been paid and the present indications point to a good surplus in cash 
at the end of the present school year. 

J. R. Engle, 
V ice-Chairman, Finance Committee 

3 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1928 

Debit 



Permanent Fund Assets 

Investments of Endowment Fund 

(Schedule II, pages 8 to 11) $673,288 45 

Henry B. Stehman Fund — Loaned 

to Students 1,050 00 

Cash awaiting investment 564 24 $674,902 69 

Plant Assets 

Buildings 470,500 00 

Grounds 35,000 00 

Books, equipment and furniture . . 64,600 00 570,100 00 

Current Assets 

Cash $2,452 64 

Accounts Receivable 

Student accounts, 1927-1928 

Covered by Scholarships 185 72 

Fund for maintenance of Athle- 
tic Field and Gymnasium. ... 55 25 240 97 

Materials and Supplies 

Dining Hall 999 31 

Laboratories (estimated) 1,661 60 2,660 91 

Insurance Premiums 

Unexpired 3,417 76 8,772 28 



$1,253,774 97 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1928 

Credit 

Permanent Funds 

Endowment (Schedule I, page 8). $673,202 69 

Endowment subject to annuities. . 1,700 00 $674,902 69 



Plant Funds 

From gifts from Conferences, 
Churches, and individuals and 
accumulated surplus 570,100 00 

Current Funds and Liabilities 
Unexpended Laboratory Fees 

Psychology Laboratory 80 35 

Appointment Bureau 55 18 $135 53 

Funds for Designated Purposes 
Part of Matriculation Fees used 

for student activities 370 00 

Undistributed Scholarships 

Presser Fund— Music 252 00 

Pennsylvania Conference C. E. 

Society.... 3 96 255 96 

Income Credits 

Matriculation fee paid in ad- 
vance 

Tuition paid in advance 

Room rent paid in advance .... 

Breakage deposit paid in ad- 
vance 15 00 560 00 

Surplus invested in supplies and 
materials, and reserve for re- 
pairs and improvements, au- 
thorized and in process , 7,450 79 8,772 28 



217 


00 


98 00 


230 


00 


15 


00 



$1,253,774 97 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1928 

Receipts 

Student Accounts 

Tuition $51,632 15 

Music (Schedule VI, page 13) 7,547 86 

Graduation Fees 1,048 00 

Extension Department (Schedule VIII, page 14) 6,052 00 

Summer School (Schedule IX, page 15) 6,464 00 

Paid in advance for 1928-1929 3 00 $72,747 01 

Student Fees for Educational Purposes 

Matriculation — For recording grades 813 00 

For use of Library 314 00 

Paid in advance for 1928-1929 217 00 

Laboratory — Biology 1,264 00 

Chemistry 2,320 00 

Physics 230 00 

Psychology 177 00 

Laboratory Supplies sold 345 26 5,680 26 

Endowment Income 

General— Unrestricted 26,017 02 

General — Restricted 

Latin Chair and Other Professorships 2,432 99 

Library 44 00 28,494 01 

Gifts and Grants 

General Purposes — Unrestricted 

Conference Benevolence Budget 11,155 85 

For General Purposes 642 70 

General Purposes — Restricted 

For books for Library (Schedule X, page 15). . 449 44 

For curtains 90 00 12,337 99 

Miscellaneous Income 340 64 

Dining Room 

From Students 39,417 78 

Supplies sold 597 29 

Extra meals 571 00 40,586 07 

Dormitories 

Rent from students 13,354 85 

Breakage Deposit — Men's Dormitory 1,205 00 

Breakage Deposit — -Men's Dormitory 10 00 

Breakage Deposit — Women's Dormitory 5 00 

Deposits for Room Rent for 1928-1929 230 00 14,804 85 

Specified for Non-Educational Purposes 

Matriculation — Athletics, General 3,171 50 

Athletics, Field and Gymnasium 324 50 

Appointment Bureau 39 00 

Crucible Fund 313 00 

Student Activities 1,622 50 

Music Scholarship— Presser Foundation 250 00 5,720 50 

Sundry Accounts 

Breakage Deposit from Day Students 345 00 

Equipment sold 165 00 

For Library 13 35 

Rent for Chapel 65 00 588 35 

$181,299 68 

Cash on hand September 1, 1927 11,339 04 

$192,638 72 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 
AUGUST 31, 1928 

Expenditures 

Administration and General Expense 

Salaries of President and Office Employees. . . . $11,328 26 

General 

Student Campaign and Advertising 1,504 85 

Printing 1,149 77 

Interest on annuity bonds 85 00 

Miscellaneous Expenses 3,758 04 $17,825 92 

Collecting and Soliciting of Funds Ill 68 

Instructional 

College Faculty 45,916 00 

Practice Teaching 857 50 

Librarians 2,600 00 

Student Teachers 777 16 50,150 66 

Supplies and Equipment 

Biology Laboratory 511 13 

Chemistry Laboratory 1,689 16 

Physics Laboratory 255 89 

Psychology Laboratory 83 90 

Library 1,448 31 3,988 39 

Auxiliary Departments 

Conservatory of Music (Schedule VI, page 13) 

Salaries 7,358 30 

Expenses of tuning, repairs, etc 595 66 

Extension Department (Schedule VIII, page 14) 5,458 06 

Summer School (Schedule IX, page 15) 5,684 49 19,096 51 

Maintenance of Plant 

Salaries of engineers, janitors, etc 5,899 23 

Heat, light and water 10,407 24 

Equipment 6,264 57 

Repairs 26,103 88 

Insurance 5,141 64 

Taxes 103 76 53,920 32 

Dining Room (Schedule VII, page 14) 

Salaries 11,081 32 

Supplies 25,006 24 36,087 56 

Non-Educational Work 

Appointment Bureau 33 18 

Athletics, General 3,271 50 

Athletics, Field and Gymnasium 341 98 

College Band 150 00 

Crucible Fund 323 00 

Debating Team 21 54 

Distributed to Student Activities 1,613 22 5,754 42 

Sundry Accounts 

Cash Refunds 1,209 74 

Breakage Fees returned 149 40 

Rebate on room rent in dormitories 682 50 

Breakage Deposit, Men's Dormitory, returned 951 70 
Breakage Deposit, Day Student's Room, re- 
turned 257 28 3,250 62 

$190,186 08 
Cash on hand August 31, 1928 2,452 64 

$192,638 72 



Schedule I 
ENDOWMENT FUND, AUGUST 31, 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 202,129 39 

Received in securities 2,490 00 

Received for campaign expenses from subscribers . . 19,030 1 8 

Received for expenses from individuals 1,000 00 

Received from General Education Board 98,614 49 

323,264 06 
Paid out for campaign expenses 20,030 18 

Balance for investment 303,233 88 

Received from other sources than endowment subscribers 5,412 26 

Received for scholarship funds from United Enlistment Movement 

and Benevolence Budget 7,167 30 

Received to be loaned to students 1,265 16 

Profit and Loss Account 1,836 85 



$674,902 69 



Schedule II 

INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1928, were invested as 
indicated by the following summary and list of investments. 





Amount 
Invested 


Percentage 
of Total 


Average 
Yield 


United States Government Securities 

Foreign Securities 


$29,970 63 
19,933 36 
47,476 25 

220,860 42 
61,161 25 
88,562 91 

186,704 15 
18,619 48 


4.46 

2.96 

7.05 

32.80 

9.08 

13.16 

27.73 

2.76 


4.25 
5.00 


Farms 


3.15 


Real Estate Bonds 


5.96 


Industrial Bonds 


5.40 


Public Utility Bonds 

Railroad Bonds 


5.42 
5.13 


Other Securities 


5.43 






Total 

Loaned to Students 


$673,288 45 

1,050 00 

564 24 


100.00 


5.57* 


Cash awaiting investment 












$674,902 69 













•"The farms are not included in computing this average. 

8 



Investment of Endowment Funds in Detail 

United States Government Securities 

Liberty Bonds Par Value 

First 3i $500 00 

First 4i 400 00 

Third 4i 10,550 00 

Fourth 4i 18,850 00 

(Total cost of above group, $29,970.63) 



$30,300 00 



Foreign 

Commonwealth of Australia, 5s 10,000 00 

City of Berlin, Germany, 6|s 5,000 00 

Kingdom of Norway, 5s 5,000 00 

(Total cost of above group, $19,933.36) 



20,000 00 



Farms 

Located near Shiremanstown — Appraised value. 37,700 00 
Located near East Berlin — Appraised value. . . 9,776 25 



47,476 25 



Real Estate Bonds 

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 

Carmon Theatre, Philadelphia, 6s 5,000 00 

Amos E. 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 

Eleven West Forty-Second Street Building, 

New York, 6|s 6,000 00 

Gatesworth Apartment Hotel, 6^3 5,000 00 

Jacob M. Gingrich, 6% 6,000 00 

Houston Medical Arts Building, Houston, 6|s. . 10,000 00 

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

John H. Kettering, 6% 5,000 00 

Lemoyne Trust Company — Mortgage Certifi- 
cates, 5% 13,500 00 

Lincoln Hotel Properties, New York, 6is 4,000 00 

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

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

New Pennsylvania Hotel, West Palm Beach, 

Florida, 7s 14,500 00 

North Avenue Market, Baltimore, 6s 5,000 00 

Ohio State Theaters Companv, 7s 15,000 00 

Polk Hotel, Haines City, 7s . ' 20,000 00 

Ponce de Leon Hotel, Atlanta, 7s 5,000 00 

Roosevelt Apartment Hotel, Miami, 7s 5,000 00 

Hotel Syracuse, Syracuse, 6Js 4,000 00 

Hotel Tattershall, Kansas City, 7s 5,000 00 

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

Ohio, 6s 35,600 00 

University Apartments, Pittsburgh, 7s 4,000 00 

Wilmington Auto Company, 7s 500 00 220,600 00 

(Total cost of above group, $220,860.42) — • 

9 



Investment of Endowment Funds in Detail (Continued) 

Industrial Bonds 

Agar Packing and Provision Company, 65s. . . . $3,000 00 

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

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

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

Old Ben Coal Corporation, 6s 5,000 00 

Sandura Company, 6s 5,000 00 

United States Steel Corporation, 5s 19,000 00 

Wilson and Company, Incorporated, 6s 15,000 00 $63,000 00 

(Total cost of above group, $61,161.25) • 

Public Utility Bonds 

Bell Telephone Company of Pennsylvania, 5s. . 9,000 00 

California Gas and Electric Corporation, 5s. . . . 2,000 00 

Florida Power and Light Company, 5s 5,000 00 

Georgia Power Company, 5s 5,000 00 

Harrisburg Light and Power Company, 5s 5,000 00 

Illinois Power and Light Corporation, 5s 5,000 00 

Indianapolis Water Company, 5|s 5,000 00 

Interstate Power Company, 5s 6,000 00 

Keystone Water Works Corporation, 5|s 10,000 00 

Lexington Water Power Company, 5s 6,000 00 

New York Power and Light Company, 4|s. . . . 10,000 00 

New York Steam Corporation, 6s 3,000 00 

Norfolk and Portsmouth Traction Company, 5s 5,000 00 

Penn Central Light and Power Company, 45s. . 5,000 00 

Public Service Company of Northern Illinois, 5s 5,000 00 
St. Joseph Railway, Light, Heat & Power 

Company, 5s 5,000 00 91,000 00 

(Total cost of above group, $88,562.91) 

Railroad Bonds 

Atchison, Topeka & Santa 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 

Chesapeake & Ohio Railway Company, 4|s. . . . 5,000 00 
Chicago, Milwaukee, St. Paul & Pacific Rail- 
road 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|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, 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 

Company, 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, General 4|s. . 15,000 00 

Pittsburgh, Cincinnati, Chicago & St. Louis, 5s. 15,000 00 

Seaboard Air Line Company, 4s 5,000 00 

10 .:; 



Investment of Endowment Funds in Detail (Continued) 

Railroad Bonds (Continued) 

Southern Railway Company, 5s $10,000 00 

St. Louis-San Francisco Railway Company, 42S. 5,000 00 

St. Paul and Kansas City Short Line, 44s 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 5,000 00 $212,500 00 

(Total cost of above group, $186,704 15) 

Other Securities 

The A. S. Kreider Shoe Company — Preferred 

Stock 

Durant Motors — Common Stock 

General Education Board 

The Potomac-Edison Company — Preferred 

Stock 500 00 18,619 48 

Schedule III 



7,000 


00 


240 


00 


10,879 


48 


500 


00 



RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FROM SEPTEMBER 1, 1927, TO AUGUST 31, 1928 

Receipts 

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

Total receipts $33,947 27 

Accrued interest returned to principal 637 18 33,310 09 



$34,901 98 



Distribution 



Lebanon Valley College for credit to Ministerial 

Students ._ $2,164 28 

Lebanon Valley College for credit to others than 
Ministerial Students 

Lebanon Valley College General Expense Account . . 

Lebanon Valley College Account of Latin Chair and 
Other Professorships 

Lebanon Valley College Library Account 

Max F. Lehman Fund — Prize for Freshman Mathe- 
matics 

Insurance on Real Estate Bonds 



Cash on hand August 31, 1928. 



1,466 36 
26,017 02 






2,432 99 
44 00 






20 00 
527 50 


$32,672 
2,229 


15 




83 








$34,901 


98 



ENDOWMENT FUND— HOW INCOME IS USED 

The Endowment Fund of the College on August 31, 1928, amounted to 
$674,902.69. The object for which the income from these funds was used is as 
follows: 

Unrestricted, the income to be used for current expenses, $514,473.97 
Restricted— Professorships, $73,917.54; Maintenance of Buildings, $200.00 
Student Aid, $6,098.66; Scholarships, $77,684.51; Books for Library, $1,000.00 
Miscellaneous, $1,528.01. 

11 



Schedule IV 

SCHOLARSHIP AND ENDOWMENT FUNDS AND INCOME 

CREDITED TO THESE FUNDS FOR YEAR ENDING 

AUGUST 31, 1928 



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 

L T. Bufifington Scholarship Fund 

Class of 1928 Scholarship Fund (To be paid prior to April 
1, 1930) 

Rev. 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 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 

Bertha Foos Heinz Scholarship Fund 

Harvey E. Herr Memorial Scholarship Fund 

Edwin M. Hershey Scholarship Fund 

H. S. Immel Scholarship Fund 

Henry G. and Anna S. Kauffman 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 
1,825 75 

400 00 

9,340 00 

2,517 00 

12,000 00 

500 00 
1,000 00 



228 00 

675 00 
3,906 00 

600 00 
1,600 00 
2,561 50 

514 66 

40,000 00 

4,050 00 

250 00 

1,000 00 
2,805 00 
2,000 00 
1,000 00 
2,120 00 
1,100 00 

200 00 
1,000 00 
1,000 00 

400 00 
5,000 00 
1,000 00 
1,020 00 
1,000 00 
10,000 00 

800,1 
24,377 54 

400 00 
1,000 00 
1,000 00 

320 00 
1,600 00 

245 00 
1,550 00 

3,000 00 

225 00 

1,800 00 

2,000 00 

3,809 26 

1,300 00 

4,611 00 

1,000 00 

2,800 00 

1,678 00 

200 00 

200 00 



♦The Principal of this fund is loaned, without interest, to students studying for the ministry 



Schedule V 

RECORD OF SCHOLARSHIPS AND OTHER FINANCIAL 
ASSISTANCE GIVEN STUDENTS IN 1927-1928 

Rebate to Ministers' Children $1,275 00 

Ministerial Scholarships to students having license 
to preach (in addition to those paid from 
Scholarship Funds). _. 185 72 

Paid in cash from Designated Scholarships in En- 
dowment Fund to College Accounts for credit 
to Ministerial Students 2,163 27 

Paid in cash from Designated Scholarships in En- 
dowment Fund to College Accounts for credit 
to other than Ministerial Students 902 99 

Athletic Scholarships 3,240 00 

Paid on Student Accounts by Athletic Council 3,817 04 

Graybill Scholarship 25 00 

Special Scholarships 438 14 

Distributed from Funds received from: 

Presser Foundation to Music Students 310 00 

Pennsylvania Conference C. E. Society 300 00 

Prize for Mathematics Student 20 00 

Secured for Ministerial Students from the Board of 

Education of the United Brethren Church 935 00 

Paid in cash to student teachers, assistants, waiters, 

librarians, janitors, etc 5,143 80 $18,755 96 

Schedule VI 
MUSIC DEPARTMENT— 1927-1928 



Receipts 



Second 


Both 


For 


Semester 


Semesters 


Year 


$1,056 28 


$1,987 03 




650 00 


1,144 00 




1,091 58 


2,045 08 




351 00 


572 00 




18 00 


54 00 




152 49 


341 49 




152 49 


305 49 


$6,449 09 


91 77 


201 77 




390 50 


673 00 
140 00 


874 77 




84 00 


224 66 



First 

For Instructions Semester 

Piano $930 75 

Organ 494 00 

Voice 953 50 

Violin 221 00 

Musical Form . 36 00 

Harmony 189 00 

Sight Singing 153 00 

Use of Instruments for practice 

Piano 110 00 

Organ 282 50 

Summer School 

Voice 

Violin 

$7,547 86 

Expenditures 

Salaries $7,358 30 

Tuning, repairs and current for motor 595 66 

Equipment purchased during the year 2,671 85 

i^ 

$10,625 81 

Summary 

Total Expenditures $10,625 81 

Total Receipts 7,547 86 

Deficit $3,077 95 

13 



Schedute VII 
DINING HALL— 1927-1928 

Receipts 

From Students $39,417 78 

For meals served to visitors, etc 571 00 

Supplies sold 597 29 $40,586 07 

Expenditures 

Inventory at beginning of year $1,337 60 

Supplies purchased during year 25,006 24 

$26,343 84 
Less Inventory August 31, 1928 999 31 

Net cost of supplies $25,344 53 

Salaries 11,081 32 

Water 309 64 

Cleaning drains 150 00 

$36,885 49 

Summary 

Total receipts $40,586 07 

Expenditures 36,885 49 

Surplus $3,700 58 

Note — No charge was made for use of building. 



Schedule VIII 
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 $6,050 00 

Expenses 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 



14 



Schedule IX 
SUMMER SCHOOL— 1928 



Total Receipts $6,464 00 

Less cash refunds 37 00 



Net Receipts $6,427 00 

Expenses, except salaries 910 85 

Room rent retained by College 212 00 

Distribution to Faculty 4,773 64 

After paying expenses, ten per cent, was retained by 

the College for current expenses 530 51 6,427 00 



Schedi^e X 



DONATIONS TO LEBANON VALLEY COLLEGE FOR 
SPECIAL PURPOSES IN 1927-1928 

During the fiscal year donations were received from the following: 

J. E. Gipple, for General Expenses $642 70 

Contributions toward purchase of curtain for Chapel: 

Philokosmian Literary Society $50 00 

CHonian Literary Society 25 00 

EurydiceClub 15 00 90 00 

Contributions for books for Library: 

Alumni Association 101 96 

Department of Bible 4 05 

Department of Biology 38 30 

Department of Business Administration 34 96 

Department of Chemistry 4 79 

Department of Economics 3 00 

Department of Education 72 48 

Department of English 64 67 

Department of French 54 46 

Department of Latin 19 28 

Department of Mathematics 37 08 

Department of Physics 14 41 449 44 

$1,182 14 

In addition to the above, books were contributed to the Library by the 
following: 

Number of Volumes 

Harold Bennett 1 $1 50 

R. R. Butterwick 57 75 00 

Class of 1901 28 120 35 

Class of 1927 1 4 00 

Class of 1929 2 8 00 

C. R. Gingrich 3 2 00 

G. D. Gossard 2 3 00 

W. E. Herr 7 5 00 

O.E.Reynolds 1 3 00 

H. H. Shenk.. 1 1 00 

Women's Missionary Association 6 4 00 

$226 85 

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

E. C. Wine 
H. E. Shaeffer 
W. N. McFaul 

Committee 



Harrisburg, Pa., December 19, 1928 
To the Auditing Committee, 

Board of Trustees of Lebanon Valley College, 
Annville, Pennsylvania. 

Gentlemen — Agreeable to your request, I have audited the accounts of 
S. H. Derickson, Treasurer of Lebanon Valley College, for this fiscal period 
ended August 31, 1928, and have found them correct as per the following Sum- 
mary of Accounts. The Securities are deposited in the vault of the Annville 
National Bank and were found intact. 

Lebanon Valley College Account 

Cash on hand September 1, 1927 $11,339 04 

Cash Received during year 181,299 68 

Total $192,638 72 

Less: Disbursements 190,186 08 

Balance on hand August 31, 1928 $2,452 64 

Lebanon Valley College Endowment Trust Fund 

Cash on hand September 1, 1927 $1,935 61 

Cash Received 67,453 71 

Total $69,389 32 

Less: Cash Invested 68,825 08 

Balance on hand August 31, 1928 564 24 

Lebanon Valley College Endowment Trust Income 

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

Received from Interest 33,310 09 

Total $34,901 98 

Less: Cash Distributed 32,672 15 

Balance on hand August 31, 1928 2,229 83 

Total Cash Balance— August 31, 1928 $5,246 71 

H. E. Schriver, 

Fellow, Chartered Accountant 



16 



Lebanon Valley College 

BULLETIN 



Vol XVIII 



JUNE, 1929 



No. 3 



Supplementary Report 

Giving Financial Statement of the 

Business from September 1 , I 928, to 

June 4, 1929 



Presented to the Board of Trustees at their Annual 
Meeting, Monday, June 10, 1929 



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



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE 

JUNE 4, 1929 

Debit 

Permanent Fund Assets 

Investment of Endowment Funds. . $748,091 94 
Henry B. Stehman Fund — Loaned 

to Students 1,050 00 

Cash awaiting investment 499 38 $749,641 32 

Plant Assets 

Real Estate 474,030 00 

Grounds 35,000 00 

Equipment 68,916 61 577,946 61 

Current Assets 

Cash $3,438 34 

Receivables 

Accounts Receivable from Stu- 
dents for 1928-1929 307 50 

Funds for maintenance of Athletic 

Field and Gymnasium 20 66 

Advanced expenses for Summer 

School of 1929 326 16 1,654 12 

Materials and Supplies 

Laboratories (estimated) 1,779 12 

Dining Hall (estimated) 500 00 2,279 12 

Insurance Premiums 
Unexpired 1,847 40 9,218 98 

$1,336,806 91 



18 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE 

JUNE 4, 1929 

Credit 

Permanent Funds 

Endowment (Schedule XI, page 22). $747,941 32 

Endowment subject to annuities .. . 1,700 00 $749,64132 



Plant Funds 

From gifts from Conferences, 
Churches, and individuals, and 
accumulated surplus 577,946 61 

Current Funds and Liabilities 

Unexpended Laboratory Fees $180 89 

Funds for Designated Purposes 
Part of Matriculation Fee used for 

Student Activities 725 20 

Undistributed Scholarship 

Presser Foundation— Music 102 00 

Breakage Deposit to be returned 

(Estimated) 1,857 69 

Accounts Payable — For Supplies. . . 222 16 

Balance to be used for expenses for 
the months of June, July and 
August 6,13104* 9,218 98 



$1,336,806 91 



*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 



GASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT FROM SEPTEMBER 1, 1928, 

TO JUNE 4, 1929 

Receipts 

Student Accounts 

Tuition $59,714 72 

Music (Schedule XIV, page 23) 7,915 00 

Graduation Fees 1,290 00 

Extension Department (Schedule XII, page 22) . . . 5,992 00 $74,911 72 

Student Fees for Educational Purposes 

Matriculation 

For Recording Grades 878 75 

For use of Library 349 00 

Laboratory 

Biology 1,336 00 

Chemistry 1,918 00 

Physics 210 00 

Psychology 160 00 

Laboratory supplies sold 11 73 4,863 48 

Endowment Income 

General— Unrestricted 21,321 02 

General — Restricted 

Latin Chair and other Professorships 1,597 30 

Library Account 44 00 22,962 32 

Gifts and Grants 

General Purposes — Unrestricted 

Conference Benevolence Budget 8,871 75 

General Purposes — Restricted 

For Books for Library 561 05 

For Equipment 55 00 9,487 80 

Miscellaneous Income 254 26 

Dining Room 

From Students 46,044 00 

Supplies sold 307 44 

Extra meals 559 95 46,911 39 

Dormitories 

Rent from students 16,132 00 

Breakage Deposits — Men's Dormitory 1,380 00 

Breakage Deposit — Women's Dormitories 495 00 18,007 00 

Specified for Non-Educational Purposes 

Appointment Bureau 52 00 

Matriculation 

Athletics— General 3,529 00 

Athletics — Field and Gymnasium 362 00 

Crucible Account 349 00 

Student Activities 1,810 00 

Music Scholarship— Presser Foundation 250 00 6,352 00 

Sundry Accounts 

Breakage Deposit from Day Students 390 00 

Rent from Chapel 90 00 

Accounts Receivable 1927-1928 185 72 

Electrical supplies sold 84 51 2,625 23 

$184,500 20 
Cash on hand September 1, 1928 2,452 64 

$186,952 84 
20 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT FROM SEPTEMBER 1, 1928, 

TO JUNE 4, 1929 

Expenditures 



$16,392 87 
354 89 



56,447 07 



4,580 10 



Administration and General Expense 

Salaries of President and Office Employees $9,742 51 

General 

Student Campaign and Advertising 1,498 02 

Printing 1,020 60 

Interest 80 00 

Miscellaneous Expense 4,051 74 

Collecting and Soliciting of Funds 

Instructional 

College Faculty 52,071 00 

Practice Teaching 980 00 

Librarians 2,442 12 

Student Teachers 953 95 

Supplies and Equipment 

Biology Laboratory 1,213 31 

Chemistry Laboratory 1,164 96 

Physics Laboratory 313 25 

Psychology Laboratory 93 37 

Library 1,520 39 

English Department ^ 274 82 

Auxiliary Departments 

Conservatory of Music (Schedule XIV, page 23) 

Salaries 7,127 50 

Expenses of tuning pianos, repairs, etc 478 48 

Appointment Bureau 31 52 

Extension Department (Schedule XII, page 22) . . 5,409 70 

Summer School 326 16 

Maintenance of Plant 

Salaries of Engineers, Janitors, etc 5,189 44 

Heat, Light and Water 9,736 97 

Equipment 4,316 61 

Repairs 21,236 40 

Taxes 131 18 

Infirmary 618 56 

Insurance 180 20 

Dining Room 

Salaries 11,799 26 

Supplies 26,637 10 

Non-Educational Work 

Athletics, General 3,632 00 

Athletics, Field and Gymnasium 338 41 

Athletics for Women 564 21 

Crucible Account 359 00 

College Band 178 52 

Distributed to Student Activities 1,509 80 

Debating Team 78 55 

Sundry Accounts 

Rent outside of Dormitories 607 50 

Cash Refunds 668 74 

Breakage Fee distribution 272 31 

Refunds on Room Rent 906 45 

Cash on hand June 4, 1929 



13,373 36 



41,409 36 



38,436 36 



6,660 49 



5,985 00 

$183,639 50 

3,313 34 

$186,952 84 



21 



Schedule XI 
ENDOWMENT FUND, JUNE 4, 1929 



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 69 

Paid out for campaign expenses 22,990 98 

Balance for investment 289,801 69 

Endowment of 1924 

Received in cash 252,042 27 

Received in securities 240 00 

Received for campaign expenses from subscribers. . . 19,030 18 

Received for campaign expenses from individuals. . . 1,000 00 

Received from General Education Board 125,549 24 

397,861 69 
Paid out for campaign expenses 20,030 18 

Balance for investment 377,831 51 

Received from other sources than endowment subscribers 5,518 26 

Received for Scholarship Funds from United Enlistment Movement 

and Benevolence Budget 7,167 30 

Received to be loaned to students 1,265 16 

Profit and loss account 1,871 85 



$749,641 32 



Schedule XII 
EXTENSION DEPARTMENT, 1928-1929 



Received for first semester $3,345 00 

Received for second semester 2,647 00 $5,992 00 

Expenditures incident to the course 168 91 

Paid to professors 5,240 79 

After paying expenses ten per cent was retained by the 

College for current expenses 582 30 5,992 00 



22 



Schedule XIII 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FROM SEPTEMBER 1, 1928, TO JUNE 4, 1929 

Receipts 

Cash on hand September 1, 1928 $2,229 83 

Total receipts $32,412 51 

Accrued interest returned to principal 1,419 49 30,993 02 



J,222 85 



Distribution 



Lebanon Valley College for credit to Ministerial Stu- 
dents $1,385 47 

Lebanon Valley College for credit to others than Min- 
isterial Students 2,172 67 

Lebanon Valley College General Expense Account.. . . 21,321 02 
Lebanon Valley College for Latin Chair and other Pro- 
fessorships 1,597 30 

Lebanon Valley College Library Account 44 00 

Loaned to students from Scholarship Funds 304 17 

Paid on Scholarships held over from 1927-1928 185 72 

Paid in Cash from Scholarship Funds 32 75 

Insurance on Bonds 240 00 $27,283 10 

Cash on hand June 4, 1929 5,939 75 



$33,222 85 



Schedule XIV 
MUSIC DEPARTMENT— 1928-1929 



Receipts 



For Instruction Semester 

Piano $804 00 

Organ 650 00 

Voice 810 50 

Violin 301 50 

Harmony 90 00 

Sight Singing 90 00 

Dictation 36 00 

Public School Music. 880 00 

Received for use of Piano for 

practice. 80 00 

For Organ. 414 50 



Second 


Both 


Semester 


Semesters 


f781 50 


$1,585 50 


625 00 


1,275 00 


710 00 


1,520 50 


325 00 


626 50 


90 00 


180 00 


90 00 


180 00 


36 00 


72 00 


770 00 


1,650 00 


78 00 


158 00 


326 50 


741 00 



Year 



$7,089 50 



899 00 

$7,988 50 



Expenditures 



Salaries $7,127 50 

Tuning, repairs and use of motor for organ to June 4, 1929 478 48 

Equipment added during year 104 00 



$7,709 98 



23 




Schedule XV 

BUILDINGS, GROUNDS AND EQUIPMENT 
SEPTEMBER 1, 1928 



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 

Ofifice Equipment 

Pianos 

Organs 

General Furniture 

Auditorium 

Dining Hall and Kitchen . . . 



1905 
1899 
1904 
1905 
1904 
1857 

1905 

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 



9,500 00 
6,000 00 
6,000 00 
4,000 00 
4,000 00 
2,500 00 
4,500 00 
3,900 00 
3,000 00 
9,500 00 
7,500 00 
2,700 00 
1,500 00 



24