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 0
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
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