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

Entered as aeoand-class matter at AnnviUe, Pa., under Act of August 24, 1912 



-/- 



Digitized by the Internet Archive 

in 2011 with funding from 

LYRASIS IVIembers and Sloan Foundation 



http://www.archive.org/details/lebanonvalmay193120leba 



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, 1929, and ending August 31, 1930. A supple- 
mentary report giving a record for a portion of the fiscal year will be ready 
for distribution at the meeting of the Board. 

The report has been changed in a number of instances in order to indicate 
more clearly the operating cost of the institution. The Balance Sheet has been 
re-arranged to show the additions that were made to the endowment fund, 
and the net worth of the College. 

Another added feature is the Schedule of Income and Expenditures 
divided into groups to show the comparison between the two items in each 
group. The summary of these statements as shown on page nine, indicates that 
the College was operated at a loss of $40,511.28. If, however, the income of 
the endowment was added to the receipts of the college department, which 
is permitted by all of the authorities on college finance, there would be a 
surplus of $11,354.76. 

There are also a number of supporting schedules giving in more detail 
the operation of the Library, Extension, Summer School, Dining Hall, and 
Dormitories. 

Endowment 

Very little has been added since the last meeting of the Board. The 
schedules, included in the report, as shown on the Balance Sheet of the endow- 
ment on page nine, indicates the amount paid into the fund. On page fourteen 
is shown the source from which these funds were received. A list of Trust 
Funds has also been rearranged to show how the income is distributed. 

Student Accounts 

The number of students was slightly larger this year, and with the addi- 
tion to the rate of tuition, the total charges were increased by 5.61. In spite 
of the business depression the difference in the outstanding accounts at the 
time this report was sent to the printer was less than one per cent higher than 
last year at the same time. 

Repairs 

Only a limited amount of repairs were made during the summer of 1930. 
A new roof was placed on both the Library Building and the Heating Plant. 
A stone retaining wall was erected along the south side of the campus. The 
toilet rooms in the Administration Building were reconstructed and add ma- 
terially to the comfort of the students. 

The Finance Committee has decided to spend $25,000 for repairs and 
equipment during the 1931 vacation. This will include the change of the third 
floor of Engle Hall to permit its use by the Music Department. The balance 
will be used to modernize North Hall and for the reconstruction of the heating 
main between the Men's Dormitory and North Hall. 

J. R. Engle, 
Chairman, Finance Commdttee 



y- 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1930 



Debit 





August, 1929 


August, 1930 


Increase 


Decrease 


Permanent Fund Assets 
Investments of Endow- 
ment Fund (Schedule 
III, pages 10 to 13). .. 
Henry B. Stehman Fund — 

Loaned to students 

Cash awaiting investment. 


$775,252 04 

1,050 00 
749 30 


$907,640 73 

1,050 00 
704 66 


$132,388 69 


$44 64 






Total Permanent Funds . . 


$777,051 34 


$909,395 39 


$132,344 05 




Plant Assets (Schedule XV, 
page 20) 
Buildings 


$474,030 00 
35,000 00 

65,600 00 


$474,030 00 
35,000 00 

66,300 00 


$700 00 




Grounds 




Equipment, furniture and 
books 








Total Plant A ssets 


$574,630 00 


$575,330 00 


$700 00 




Current Assets 

Cash 


$1,623 63 


$2,442 90 
40,337 70 

696 38 

542 44 


$819 27 
40,337 70 

696 38 

542 44 




Investments in notes 




Accounts Receivable 

Student Accounts 1929- 
1930 






Student Accounts 1929- 
1930— Covered by 
Scholarships 






Fund for maintenance of 
Athletic Field and 
Gymnasium 


51 12 

6 28 

1,563 59 

571 10 

3,666 95 


$51 12 


Extension Department. . 
Materials and Supplies 
Dining Hall 


34 94 
916 36 


28 66 


647 23 


Heating Plant — Coal, 
etc 




571 10 


Laboratories (Schedule 
I, page 9) 


3,453 83 




213 12 








Total Current A ssets 


$7,482 67 


$48,424 55 


$40,941 88 




Deferred Charges 

Insurance 


$1,846 08 


$54 00 




$1,792 08 








Total Deferred Charges. . . 


$1,846 08 


$54 00 


$1,792 08 






Total A ssets 


$1,361,010 09 


$1,533,203 94 


$172,193 85 





BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1930 



Credit 





August, 1929 


August, 1930 


Increase 


Decrease 


Current Liabilities 

Notes Payable 




$15,000 00 


$15,000 00 












$15,000 00 


$15,000 00 




Deferred Credits 

Unexpended Fees (Sched- 
ule I, page 9) 
Psychology Laboratory . 
Appointment Bureau . . . 


$100 55 
38 38 

7 19 

725 20 


$112 67 
32 73 

2 29 

749 95 
630 36 
281 55 

204 24 


$12 12 


$5 65 


Funds for Designated Pur- 
poses 
Alumni Library Fund. . . 




4 90 


Part of Matriculation 
Fees used for Student 
Activities 


24 75 
630 36 
281 55 

89 60 




Unexpended Athletic 
Funds 




Contributed for Plants 

and Trees for Campus 

Undistributed Scholarships 

Pennsylvania Confer- 
ence C. E. Scholar- 
ship 






114 64 

102 00 

50 00 




Presser Foundation 
Music 


102 00 


Student Accounts paid in 
advance 


50 00 














$1,137 96 


$2,063 79 


$925 83 




Total Liabilities 


$1,137 96 


$17,063 79 


$15,925 83 








Net Worth 


$1,359,872 13 

775,351 34 

1,700 00 

19,023 20 

563,797 59 


$1,516,140 15 

907,495 39 

1,900 00 

24,983 65 

581,761 11 


$156,268 02 

132,144 05 

200 00 

5,960 45 

17,963 52 




REPRESENTED BY 

Endowment Fund (Sched- 
ule II, page 9) 

Annuities 




Depreciation Reserve 

Net Investment 










$1,359,872 13 


$1,516,140 15 


$156,268 02 





856 


00 


355 


00 


1,085 75 


1,410 


00 


1,606 


50 


142 


50 


98 25 


195 


52 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1930 

Receipts 

From Students 

Student Accounts $129,776 77 

Less cash refunds $79 47 

Rebate on room rent 832 45 911 92 $128,864 85 

Extension (Schedule XI, page 18)... 5,871 00 

Less cash refunds 25 00 5,846 00 

Summer School (Schedule XII, page 

19) 5,670 52 

Less cash refunds 37 5,633 52 $140,344 37 

Student Fees for Educational Purposes 

Matriculation — Retained by College 

For Library 

Laboratories 

Portion retained for overhead 

Biology 

Chemistry 

Physics 

Psychology 

Supplies sold 195 52 5,749 52 

Endowment Income, etc. 

General — Unrestricted 40,104 34 

General — Restricted 

For Library 45 25 

For Professorships 2,058 44 

Interest on notes held as cash in Current Accounts 5 64 42,213 67 

Gifts and Grants 

Conference Benevolence Budget 10,027 76 

For Books for Library (Schedule XVI, page 21).. 903 82 

For campus planting (Schedule XVI, page 21) . . . 460 40 11,391 98 

Miscellaneous Income 207 1 1 

Dining Hall 

Supplies sold 467 26 

Extra meals served to visitors, etc 506 22 973 48 

From Students for Non-Educational Purposes 

Athletics, General 3,550 00 

Athletics, Women's 887 50 

Maintenance of Athletic Field and Gymnasium. . 1,065 00 

College Paper 532 50 

Student Activities 1,775 00 

Scholarship, Presser — Music 250 00 

Appointment Bureau 66 00 

Pennsylvania Conference C. E. Scholarship 204 24 8,330 24 

Sundry Accounts 
Breakage Fees 

Men Dormitory Students 1,200 00 

Women Dormitory Students 500 00 

Men Day Students 402 50 

Women Day Students 162 00 

2,264 50 

Less rebates 1,750 76 513 74 

Rent for Chapel 95 00 608 74 

$209,819 11 

Borrowed from Banks 15,000 00 

Cash on hand September 1, 1929 1,623 63 

$226,442 74 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT, FOR FISCAL YEAR ENDING 

AUGUST 31, 1930 

Expenditures 

Administration and General Expenses 

Salaries of President and Office Employees. . . . $16,459 04 
General 

Student Campaign and Advertising 1,412 67 

Printing 1,449 85 

Interest 288 33 

Miscellaneous expense 6,933 61 $26,543 50 

Collecting and Soliciting Funds 324 50 

Instructional 

College Faculty 54,219 95 

Practice Teaching 1,239 75 

Saturday Classes 1,164 00 

Student Teachers 1,214 30 

Librarians 2,664 26 

Extension 4,000 00 64,502 26 

Supplies and Equipment 

Biology Laboratory 802 39 

Chemistry Laboratory 2,155 34 

Physics Laboratory 186 16 

Psychology Laboratory 86 13 

English Department 495 66 

Library (Not including equipment) 1,965 61 5,691 29 

Auxiliary Departments 

Conservatory of Music (Schedule X, page 18) 

Salaries 7,992 25 

Expenses for tuning, repairs, etc 635 66 

Extension Department 899 53 

Extension Department, 1930-1931 34 94 

Appointment Bureau 71 65 

Summer School 5,169 14 14,803 17 

Maintenance of Plant 

Salaries of engineers, janitors, etc 6,409 04 

Equipment 2,538 24 

Heat, Light and Water $8,788 16 

Less Electrical Supplies sold 80 18 8,707 98 

Repairs and Improvements 8,680 54 

Infirmary 6 00 

Taxes 82 14 26,423 94 

Dining Room (Schedule XIII, page 19) 

Supplies 25,847 97 

Salaries 11,855 17 37,703 14 

Non-Educational Purposes 

Athletics for Women 433 55 

Athletic Field and Gymnasium 837 47 

Athletics, General 3,710 00 

College Band 8 20 

Crucible Account 532 50 

Student Activities 1,750 25 

Debating Teams 38 37 7,310 34 

J- Sundry Accounts 

Rents for outside sources 360 00 

$183,662 14 

Notes carried as cash in current account 40,337 70 

Cash on hand August 31, 1930 2,442 90 

$226,442 74 

5 



SCHEDULE OF INCOME, COLLEGE ACCOUNT 
FOR FISCAL YEAR ENDING AUGUST 31, 1930 

LIBERAL ARTS DEPARTMENT 

Tuition $66,509 50 

Paid in advance 50 00 



66,559 50 



Less Scholarships 

To Athletes 3,600 00 

Rebate to Children of Ministers 1,200 00 



4,800 00 

Net Tuition $61,759 50 

Note: Other Scholarships were paid from in- 
come of designated sums in Endow- 
ment Fund (Schedule VII, page 16) 

Matriculation Fees 856 00 

Fees from Day Students for Janitor Service and 
Breakage 

Male 402 50 

Female 162 00 



564 50 
Less amount returned 347 18 217 32 



Graduation Fees 1,389 00 

Laboratory fees retained for overhead 1,085 75 

Interest 5 64 

Rent for Chapel 95 00 

Donations for maintenance of plant 460 40 

Library (Schedule XIV, page 20) 1,304 07 

Miscellaneous income 141 11 



TOTAL FOR LIBERAL ARTS DEPARTMENT 67,313 79 



FROM INVESTED FUNDS, ETC. 

Endowment 40,104 34 

Less expense 324 50 39,779 84 

Designated for Professorships 2,058 44 

Conference Benevolence Budget 10,027 76 



TOTAL FROM INVESTED FUNDS, ETC 51,866 04 



TOTAL FROM COLLEGE AND FUNDS 119,179 83 



AUXILIARY DEPARTMENTS 

Extension Department (Schedule XI, page 18) 5,846 00 

Summer School (Schedule XII, page 19) 5,633 52 

Music Department (Schedule X, page 18) 8,105 90 

Dining Hall (Schedule XIII, page 19) 43,606 98 

Dormitories (Schedule VIII, page 17) 17,192 47 



TOTAL FROM AUXILIARY DEPARTMENTS 80,384 87 



TOTAL FROM ALL DEPARTMENTS $199,564 70 

There were 339 regular full time students in the College Department. The in- 
come in the College Department per student, without considering endowment 
was $198.56. Counting endowment with college receipts, the income per student 
was $351.56, of which the student paid $193.69, or slightly more than 55 per cent^ 

6 



SCHEDULE OF EXPENDITURES, COLLEGE ACCOUNT 
FOR FISCAL YEAR ENDING AUGUST 31, 1930 

LIBERAL ARTS DEPARTMENT 
Administration 

Salaries $16,459 04 

Student Campaign and Advertising 1,412 67 

Printing 1,449 85 

Interest 288 33 

General 

Board and Committee Meetings $193 06 

Office Supplies 279 58 

Postage 311 09 

Telephone and Telegrams ]32 51 

Diplomas 236 37 

Miscellaneous 4,276 64 

Athletic Banquet 160 00 

College Band 8 20 

Debating 38 37 

Suspended Accounts 213 64 5,849 46 

Depreciation Reserve 5,960 45 



TOTAL FOR ADMINISTRATION 31,419 80 



Instruction and Supplies 

Faculty 54,219 95 

Saturday Classes 1,164 00 

Practice Teaching 1,067 50 

Student Assistants 1,386 55 57,838 00 

Library (Schedule XIV, page 20) 4,939 97 

Lantern Slides for English Department 498 15 

TOTAL FOR INSTRUCTION AND SUPPLIES 63,276 12 



Maintenance of Plant 

Maintenance of Buildings (Schedule IX, page 17) 9,165 94 

Care of Campus, including Planting Plans, etc 2,165 13 

Insurance 1,792 08 

Infirmary 6 00 



TOTAL FOR MAINTENANCE 13,129 15 



TOTAL FOR SCHOOL OF LIBERAL ARTS 107,825 07 



AUXILIARY DEPARTMENTS 

Extension Department (Schedule XI, page 18) 4,905 81 

Summer School (Schedule XII, page 19) 5,169 14 

Music Department (Schedule X, page 18) 8,627 91 

Dining Hall (Schedule XIII, page 19) 38,998 97 

Dormitories (Schedule IX, page 17) 16,074 28 

TOTAL FOR AUXILIARY DEPARTMENTS 73,776 11 



TOTAL EXPENDITURES 181,601 18 

ADDED TO NET INVESTMENT 17,963 52 



$199,564 70 



The cost of operating the College Department per student was $318.07, of 
which the student paid $193.69, or slightly less than 61 per cent. 



CONSOLIDATED STATEMENT OF INCOME AND EXPENSES 
FOR FISCAL YEAR ENDING AUGUST 31, 1930 





Income 


Expense 


Loss 


Gain 


College Department 


$67,313 79 $107,825 07 


$40,511 28 
40,511 28 




Balance 


$40,511 28 












40,511 28 


40,511 28 


Loss brought down 






40,511 28 




Endowment, etc. 


41,838 28 
10,027 76 

51,866 04 




41,838 28 








10,027 76 










Balance 


40,511 28 
11,354 76 


51,866 04 












51,866 04 


51,866 04 


Gain brought down 






11,354 76 


Auxiliary Departments 

Extension (Schedule XI, 

page 18) 

Summer School (Schedule 

XII, page 19) 

M usic (Schedule X , page 1 8) 
Dining Hall (Schedule 

XIII, page 19) 

Dormitories (Schedule IX, 

page 17) 


5,846 00 

5,633 52 
8,105 90 

43,606 98 

17,192 47 


4,905 81 

5,169 14 
8,627 91 

38,998 97 

16,074 28 

73,776 11 




940 19 




464 38 


522 01 


4,608 01 




1,118 19 






Added to Net Investment. 


80,384 87 


522 01 
17,963 52 


18,485 53 












$18,485 53 $18,485 53 



Schedule I 



LABORATORIES, ETC. 

Balances transferred to Balance Sheet, pages 4 and 5 



Credit 

Balance 

August 

1929 



Debit 
Balance 

August 
1929 



Income 



Expenses 



Credit 

Balance 

August 

1930 



Debit 
Balance 
August 

1930 



Biology 

Chemistry 

Physics 

Psychology 

Appointment Bureau. 
English Department. 



$100 55 
38 38 



$2,6i6 77 

374 Si 
672 88 



2 49 



$1,410 00 

1,606 50 

142 50 

98 25 

66 00 

2 49 



$795 37 

1,966 84 

186 16 

86 13 

71 65 



L12 67 
32 73 



$2,002 14 

735 15 
716 54 



$138 93 $3,666 95 



$3,325 74 



5,106 15 



$145 40 



$3A53 83 



Schedule II 
ENDOWMENT FUND, AUGUST 31, 1930 



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 355,177 58 

Received in securities 7,272 50 

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

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

Received from General Education Board 175,000 00 

557,480 26 
Paid out for campaign expenses 20,030 18 

Balance for investment 537,450 08 

Received from other sources than endowment subscribers 5,676 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 1,849 35 



$909,395 39 



Schedule III 



INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1930, were invested as 
indicated by the following summary and list of investments. 



Amount 
Invested 



Percentage 
of Total 



Farms (Appraised value) 

Foreign Bonds — Municipal 

Foreign Bonds — Public Utilities 

Foreign Bonds — Industrial 

Industrial Bonds 

Municipal Bonds 

Public Utility Bonds 

Real Estate Bonds 

Real Estate Bonds — Local 

Railroad Bonds 

Stocks 

Allotment Certificate 

" Total 

Loaned to students 

Cash awaiting investment 



$47,476 25 

39,092 25 

23,833 34 

9,900 00 

84,657 77 

9,691 23 

263,676 33 

137,027 50 
29,500 00 

231,258 31 
12,593 25 
18,934 50 



5.23 

4.31 

2.63 

1.09 

9.32 

1.07 

29.05 

15.10 

3.25 

25.47 

1.39 

2.09 



$907,640 73 
1,050 00 
704 66 



100.00 



$909,395 391. 



INVESTMENT OF ENDOWMENT FUNDS IN DETAIL 
AUGUST 31, 1930 



Farms 

Amount Name • Rate Maturity- 

Farm at East Berlin 
Farm at Shiremanstown 

(Appraised value, $47,476.25) 

Foreign Bonds — Municipal 

$10,000 Government of the Argentine Nation 6 

10,000 Commonwealth of Australia 5 

5,000 City of Berlin, Germany 6| 

5,000 Republic of Cuba 5| 

5,000 Kingdom of Norway 5 

5,000 City of Sydney, Australia 5^ 

40,000 (Total cost of above group, $39,092.25) 

Foreign Bonds — Public Utilities 

10,000 Berlin City Electric Company 6 

5,000 Copenhagen Telephone Company 5 

10,000 European Electric Company, Limited Cvt 6§ 

25,000 (Total cost of above group, $23,833.34) 



1961 
1957 
1950 
1932 
1963 
1955 



1955 
1954 
1965 



Foreign Bonds — Industrial 

10,000 The Lautaro Nitrate Company, Ltd 6 



10,000 (Total cost of above group, $9,900.00) 

10 



1954 



Investment of Endowment Funds in Detail (Continued) 
Industrial Bonds 

Amount Name Rate Maturity 

$5,000 Armstrong Cork Company 5 1940 

10,000 Canadian International Paper Company 6 1949 

10,000 B. F. Goodrich 6 1945 

10,000 Goodyear Tire and Rubber Company 5 1957 

1,000 Jones & Laughlin Steel Company 5 1939 

5,000 Koppers Gas and Coke Company 5^ 1950 

5,000 The Mead Corporation 6 1945 

5,000 Old Ben Coal Corporation 6 1944 

10,000 Philadelphia and Reading Coal and Iron Company. ... 6 1949 

5,000 Sandura Company, Incorporated 6 1940 

5,000 Texas Corporation w. w 5 1944 

15,000 Wilson & Company, Incorporated 6 1941 



86,000 (Total cost of above group, $79,732.08) 

Municipal Bonds 
10,000 City and County of Dallas Levee Improvement 

District 5h 1945 



10,000 (Total cost of above group, $9,691.23) 

Public Utility Bonds 

10,000 American Commonwealth Power Corporation Cvt 6 1940 

10,000 American & Foreign Power Company Incorporated .... 5 2030 

11,000 American Telegraph and Telephone Company 5 1965 

5,000 Associated Gas & Electric Company Cvt 6 1948 

10,000 Associated Gas & Electric Company Cvt 5^ 1938 

5,000 Birmingham Gas Company 5 1959 

5,000 Central Power & Light Company 5 1956 

10,000 Cities Service Company w.w 5 1969 

5,000 Cities Service Company x.w 5 1963 

10,000 Cities Service Company 5 1950 

10,000 Cities Service Power & Light Company 5^ 1949 

10,000 Commonwealth Subsidiary Company Sf 1948 

10,000 Eastern Utilities Investing Corporation w.w 5 1954 

10,000 Florida Power Corporation 5| 1979 

5,000 Florida Power & Light Company 5 1954 

5,000 General Water Works & Electric Corporation w.w 6 1944 

5,000 Illinois Power & Light Corporation 5 1956 

5,000 Illinois Power & Light Corporation 6 1953 

5,000 Indianapolis Power & Light 5 1957 

5,000 Indianapolis Water Company 5| 1954 

10,000 Insull Utilities Investment Inc. w.w 6 1940 

10,000 Insull Utilities Investment Company x.w 5 1949 

10,000 International Hydro Electric System 6 1944 

10,000 International Telephone & Telegraph Corporation 5 1955 

6,000 Interstate Power Company 5 1957 

5,000 Kentucky Utilities Company 5 1961 

10,500 Keystone Water Works Corporation 5| 1952 

10,000 New York Power & Light Corporation 4| 1967 

5,000 Norfolk & Portsmouth Traction Company 5 1936 

10,000 Pacific Northwest Public Service Company Cvt. w.w. . . 6 1950 

5,000 Penn Central Light & Power Company 4-1 1977 

5,000 Penn Ohio Edison Company 5| 1959 

10,000 Southern Cities Public Service Cvt 6 1949 

5,000 St. Joseph Railway Light, Heat & Power Company. ... 5 1937 

5,000 Standard Power & Light Corporation 6 1957 



267,500 (Total cost of above group, $268,602.02) 

11 



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

Amount Name Rate Maturity 

$3,000 Agar Packing & Provision Company 6| 1931-35 

5,000 Atlanta Medical Arts Building 6i 1938 

500 Belmont Apartments 6| 1943 

2,000 Broadway-Barclay Office Building 6 1941 

5,000 Broadway & 41st Street Building 6i 1944 

5,000 Carmen Theatre, Philadelphia 6 1940 

1,000 The Dorset 6 1941 

6,000 Eleven West 42nd Street Building 6i 1945 

5,000 Five Hundred Fifth Avenue Inc 6| 1949 

14,000 Fuller Building 5| 1949 

5,000 Gatesworth Apartment Hotel 6| 1938 

10,000 Huntingdon Ofifice Building 7 1940 

5,000 Loutellus Apartments, Pittsburgh 6| 1936 

5,000 North Avenue Market, Baltimore 6 1940 

15,000 The Ohio State Theatres Company 7 1935 

4,000 Syracuse Hotel 6i 1936-38 

5,000 Tattershall Hotel 7 1936-37 

36,800 United Brethren Publishing House 6 1934-53 

4,000 University Apartments, Pittsburgh 7 1933 

500 Wilmington Auto Company 7 1930 



136,800 (Total cost of above group, $137,027.50) 

Real Estate Bonds — Local 

5,000 Amos K. Curry 6 

6,000 Jacob M. Gingrich 6 

5,000 John H. Kettering 6 

8,500 Lemoyne Trust Company Guaranteed Certificate 5 

5,000 Derry Street United Brethren Church, Harrisburg 6 



29,500 (Total cost of above group, $29,500.00) 

Railroad Bonds 

10,000 Allegheny Corporation Cvt 5 1944 

5,000 Allegheny Corporation Cvt 5 1949 

10,000 Atchison, Topeka & Santa Fe Railway 4 1995 

10,000 Baltimore & Ohio Railroad Company 4§ 1960 

5,000 Canadian Pacific Equipment 5 1944 

5,000 Chesapeake & Ohio Railway Company 4| 1992 

10,000 Chicago, Milwaukee, St. Paul & Pacific Railroad Co 5 1975 

10,000 Chicago Great Western Railroad Company 4 1959 

5,000 Chicago & Northwestern Railway Company Cvt 4f 1949 

10,000 Chicago South Shore «& South Bend Equipment 5J 1935 

10,000 Denver & Rio Grande Railroad Company 4 1936 

10,000 Erie Railroad Company Refunding & Improvement. ... 5 1975 

10,000 Kansas City Terminal Railway 4 1960 

3,000 Midland Railroad of New Jersey 5 1940 

10,000 Missouri Pacific Railroad 5 1977 

10,000 New Orleans Terminal Company' 4 1953 

5,000 New York Central & Hudson River Railroad Company 4| 2013 

15,000 Northern Pacific Railway Company 3 2047 

5,000 Pennsylvania Company 4f 1963 

10,000 Pennsylvania Dock & Warehouse Company w.w 6 1949 

15,000 Pennsylvania Railroad, General 4? 1965 

10,000 Pennsylvania Railroad Debentures 4| 1970 

5,000 Seaboard Air Line Railway Company 4 1950 

5,000 Southern Pacific w.w 4^ 1969 

12 



Investment of Endowment Funds in Detail (Continued) 

Railroad Bonds (Continued) 

Amount Name Rate Maturity 

$10,000 St. Louis-San Francisco Railway Company 4^ 1978 

10,000 St. Paul & Kansas City Short Line Railroad 4| 1941 

5,000 Van Swerigen Corporation 6 1935 

10,000 Western Maryland 4 1952 

10,000 Western Pacific Railroad Company 5 1946 

$248,000 (Total cost of above group, $231,258.31) 

Stocks 

120 shares A. S. Kreider Shoe Company, Preferred Stock 5| 

5 shares Potomac Edison Company, Preferred Stock 7 

5 shares Durant Motors, Inc. 

100 shares Lautaro Nitrate Company (Bonus) 

(Total cost of above group, $12,593.25) 

Allotment Certificate 

50 shares Associated Gas & Electric Company 8 

100 shares Corporation Securities Company of Chicago 
160 shares Kreuger & Toll Company 

(Total cost of above group, $18,934.50) 



13 



Schedule IV 

SOURCES FROM WHICH FUNDS WERE RECEIVED 

Endowment prior to 1918 

Farms, appraised value $49,700 00 

Securities 16,485 55 $66,185 55 

From East Pennsylvania Conference 

1918 Campaign 211,643 41 

1924 Campaign 220,986 04 432,629 45 

From Pennsylvania Conference 

1918 Campaign 91,733 86 

1924 Campaign 117,615 25 209,349 11 

From Alumni, Miscellaneous, etc. 

1918 Campaign 9,415 40 

1924 Campaign 21,499 25 30,914 65 

From General Education Board 175,000 00 

For Scholarship from United Enlistment Movement 7,167 30 

Received to be loaned to students 1,265 16 

From Miscellaneous Sources other than subscriptions to either cam- 
paigns 5,676 26 

From Profits from sale of securities 24,229 07 

$952,416 55 

Less amount expended for two campaigns 

1918 ' $22,990 98 

1924 20,030 18 43,021 16 

$909,395 39 

Schedule V » 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FOR FISCAL YEAR ENDING AUGUST 31, 1930 

Receipts 

Cash on hand September 1, 1929 $2,957 77 

Total receipts $52,181 66 

Accrued interest returned to principal 4,788 77 47,392 89 

$50,350 66 

Distribution 

Lebanon Valley College for credit to Ministerial 

Students _. . $1,980 00 

Lebanon Valley College for credit to others than Min- 
isterial Students 2,342 15 

Lebanon Valley College General Expense Account.. . 40,104 34 

Lebanon Valley College Library Account 45 25 

Lebanon Valley College Account of Latin Chair and 

Other Professorships 2,058 44 

Loaned to students from Scholarship Funds 150 00 

Paid in cash to students 23 70 

Transferred to Permanent Funds from Scholarship 

Income 1,544 00 

Insurance on Real Estate Bonds 120 00 

Prize from Max F. Lehman Fund 20 00 

$48 387 88 

Cash on hand August 31, 1930 L962 78 

$50,350 66 

14 



Schedule VI 
ENDOWMENT TRUST FUNDS 



The object for which the income from the Endowment Fund is used is shown 
below: 

UNRESTRICTED 

The Income to be used for Current Expenses $683,068 69 

RESTRICTED 
Professorships 

Chair of English Bible and Greek Testament . . . $15,230 00 

Josephine Bittinger Eberly Professorship of Latin 

Language and Literature 40,000 00 

John Evans Lehman Chair of Mathematics 36,382 04 

Rev. J. B. Weidler Fund 200 00 91,812 04 

Student Aid 

Mary A. Dodge Fund 9,500 00 

Daniel Eberly Scholarship Fund 514 66 

John A. H. Keith Fund 100 00 

Henry B. Stehman Fund 1,903 00 12,017 66 

Scholarships 

Allegheny Conference C. E. Society Scholarship. 1,000 00 

Dorothy Jean Bachman Scholarship Fund 1,000 00 

Lillian Merle Bachman Scholarship Fund 1,000 00 

Baltimore Fifth Church Otterbein Memorial Sun- 
day School Scholarship 3,000 00 

E. M. Baum Scholarship Fund 500 00 

Biological Scholarship Fund 2,517 00 

Eliza Bittinger Scholarship Fund 12,000 00 

Mary A. Bixler Scholarship Fund 500 00 

I. T. Buffington Scholarship Fund 1,000 00 

Derickson Scholarship Fund 2,750 00 

William E. Duff Scholarship Fund 600 00 

East Pennsylvania Branch W. M. A. Sch 3,000 00 

• East Pennsylvania Conference C. E. Sch 5,000 00 

Samuel F. Engle Scholarship Fund 6,000 00 

M. C. Favinger and Wife Scholarship Fund. . . . 1,000 00 

Fred E. Foos Scholarship Fund 1,000 00 

C. C. Gingrich Scholarship Fund 3,000 00 

G. D. Gossard and Wife Scholarship Fund 3,300 00 

Peter Graybill Scholarship Fund 1,000 00 

Jacob F. Greasley Scholarship Fund 500 00 

Harrisburg Otterbein Church Scholarship Fund 2,120 00 

Harrisburg Otterbein Sunday School Scholarship 1,100 00 

J. M. Heagy and Wife Scholarship Fund 500 00 

Bertha Foos Heinz Scholarship Fund 1,000 00 

Harvey E. Herr Memorial Scholarship Fund.. . . 1,000 00 

Edwin M. Hershey Scholarship Fund 400 00 

H. S. Immel Scholarship Fund 5,000 00 

Henry G. and Anna S. Kauff man and Family Sch. 1 ,000 00 

Barbara June Kettering Scholarship Fund 1,020 00 

Rev. and Mrs. J. E. and Rev. A. H. Kleffman Sch 1,000 00 

The A. S. Kreider Ministerial Fund 15,000 00 

W. E. Kreider Scholarship Fund 2,000 00 

Mrs. Savilla Loux Scholarship Fund 1,000 00 

15 



Endowment Trust Funds (Continued) 



Scholarships (Continued) 

Lykens Otterbein Church Scholarship Fund .... $1,000 00 

Mechanicsburg U. B. Sunday School Scholarship 2,000 00 

Medical Scholarship Fund 245 00 

Elizabeth Meyer Endowment Fund 500 00 

Elizabeth May Meyer Musical Scholarship Fund 1,550 00 

Mrs. Elizabeth H. Millard Memorial Scholarship 5,000 00 

Bishop J. S. Mills Scholarship Fund 3,500 00 

Elizabeth A. Mower Beneficiary Fund 225 00 

Grace U. B. Church of Penbrook, Pa., Sch 3,000 00 

Pennsylvania Branch W. M. A. Scholarship 2,500 00 

Pennsylvania Conference C. E. Scholarship 4,150 00 

Rev. H. C. Phillips Scholarship Fund 1,300 00 

Sophia Plitt Scholarship Fund 6,380 00 

Ezra G. Ranck and Wife Scholarship Fund 1,000 00 

Levi S. Reist Scholarship Fund 300 00 

Harvey L. Seltzer Scholarship Fund 3,000 00 $117,457 00 

Books for Library 

Library Fund of Class of 1916 1,225 00 

Maintenance of Buildings 

Hiram E. Steinmetz Memorial Room Fund 200 00 

Miscellaneous 

Class of 1928 Prize for Proficiency in English. . . 835 00 

Rev. John P. Cowling Memorial Fund 380 00 

Harnish-Houser Publicity Fund 2,000 00 

Max F. Lehman Fund 400 00 3,615 00 



$909,395 39 



Schedule VII 

RECORD OF SCHOLARSHIPS AND OTHER FINANCIAL 
ASSISTANCE GIVEN STUDENTS IN 1929-1930 

Rebate to Ministers' Children $1,200 00 

Paid in cash from Designated Scholarships in Endow- 
ment Fund to College Accounts for credit to 

Ministerial Students 1,975 00 

Paid in cash from Designated Scholarships in Endow- 
ment Fund to College Accounts for credit to 

other than Ministerial Students 1,514 28 

Athletic Scholarships 3,600 00 

Paid on Student Accounts by Athletic Council 3,829 00 

Special Scholarships 250 00 

Distributed from Funds received from — 

Allegheny Conference C. E. Society 50 00 

East Pennsylvania Conference C. E. Society. . . . 190 90 

East Pennsylvania Conference W. M. A 138 61 

Pennsylvania Conference C. E. Society 200 00 

Pennsylvania Conference W. M. A 113 00 

Presser Foundation, to Music Students 352 00 

Prize for Mathematics Students 20 00 

Secured for Ministerial Students from the Board of 

Education of the United Brethren Church. . . . 365 00 
Paid in cash to student teachers, assistants, waiters, 

librarians, janitors, etc 5,545 46 $19,343 25 

16 



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17 



Schedule X 
REPORT OF MUSIC DEPARTMENT— 1929-1930 

Receipts 

First Second Both 

For Instruction Semester Semester Semesters Year 

Piano $1,075 00 $940 50 $2,015 50 

Organ 575 00 525 00 1,100 00 

Voice 975 00 1,075 00 2,050 00 

Violin 225 00 266 40 491 40 

Harmony 216 00 180 00 396 00 

Musical Form and Analysis. . 72 00 72 00 

Dictation 234 00 180 00 414 00 

Sight Singing 162 00 162 00 324 00 

Keyboard Harmony 36 00 36 00 

History of Music 126 00 108 00 234 00 

Composition and Orchestra- 
tion _ 72 00 72 00 $7,204 90 

Received for use of Piano for prac- 
tice 132 00 144 00 276 00 

For Organ 332 50 292 50 625 00 901 00 

$8,105 90 
Expenditures 

Salaries $7,992 25 

Tuning, repairs and use of motor for organ 635 66 

$8,627 91 
Summary 

Total Expenditures $8,627 91 

Total Receipts 8,105 90 

Deficit* $522 01 

*The music students carried a total of 115 hours in the College Department 
for which no charge was made. This includes Public School Music. At our regular 
catalogue rate, tuition should be credited with $690 and the Department of 
Music should be charged with $690 for the work in the College. 

Schedule XI 
EXTENSION DEPARTMENT, 1929-1930 

Income 

First semester $3,191 00 

Second semester 2,680 00 

$5,871 00 
Less cash refunds 25 00 

Net receipts $5,846 00 

Expenditures 

Salaries to Faculty 4,000 00 

Miscellaneous expenditures 287 81 

Traveling expenses for Faculty 618 00 

Total expenditures 4,905 81 

Balance 940 19 

18 



Schedule XII 
SUMMER SCHOOL REPORT— 1930 



Income 

Registration $145 00 

Tuition 4,704 00 

Boarding 462 00 

Room Rent 154 00 

Special 50 00 

Profit on sale of books 155 52 

5,670 52 
Less: Refunds 37 00 $5,633 52 

Expenses 

Distributed to Faculty 4,179 42 

Paid to Pennway Hotel for Boarding 438 90 

Miscellaneous expense 550 82 

Total expenses 5,169 14 

Balance $464 38 



Schedule XIII 
DINING HALL— 1929-1930 

Receipts 

From students $42,633 50 

For meals served to visitors, etc 506 22 

Supplies sold 467 26 

$43,606 98 



Expenditures 



Inventory at beginning of year $1,563 59 

Supplies purchased during the year 25,847 97 

27,411 56 
Less inventory August 31, 1930 916 36 

Net cost of supplies $26,495 20 

Salaries 11,855 17 

Cleaning drain 100 00 

Water 222 10 

Equipment purchased 326 50 

$38,998 97 

Summary 

Total Receipts $43,606 98 

Expenditures 38,998 97 

Surplus $4,608 01 

Note — No charge was made for use of building. 

19 



Schedule XIV 
REPORT OF LIBRARY FOR 1929-1930 



Income 

From Matriculation Fees $355 00 

From Endowment Fund 45 25 

From Alumni Association 125 00 

From College Departments 778 82 $1,304 07 

Expenditures 

From Alumni Association 125 00 

Specials for Departments 778 82 

From Budget 999 10 

Equipment 315 00 

Books for German Department 57 79 

Salaries 2,664 26 4,939 97 

Deficit $3,635 go 



Schedule XV 

BUILDINGS, GROUNDS AND EQUIPMENT 
SEPTEMBER 1, 1930 



Erected Present Value 



Total 



Buildings 

Administration 1905 $155,000 00 

Engle Hall 1899 60,000 00 

Carnegie Library 1904 38,000 00 

Men's Dormitory 1905 80,000 00 

North Hall for Women 1904 72,000 00 

South Hall for Women 1857 22,500 00 

West Hall for Women 12,000 00 

Heating Plant 12,000 00 

Underground Steam Pipes 10,000 00 

President's Home 1900 9,000 00 

George Property 3,530 00 

Grounds 

Campus 30,000 00 

Athletic Field 5,000 00 

Equipment 

Books in Library 9,500 00 

Biology Laboratory 6,000 00 

Chemistry Laboratory 6,000 00 

Physics Laboratory 4,000 00 

Museum Furniture 4,000 00 

Gymnasium 2,500 00 

Class Room Furniture 4,500 00 

Office Equipment 4,300 00 

Pianos 3,000 00 

Organs 9,500 00 

General Furniture 8,500 00 

Auditorium 2,700 00 

Dining Hall and Kitchen 1,800 00 



$474,030 00 



35,000 00 



66,300 00 



20 



Schedule XVI 

DONATIONS TO LEBANON VALLEY COLLEGE FOR 
SPECIAL PURPOSES, 1929-1930 

For Books for Library, from 

Alumni Association $125 00 

Library Text Book Department 115 87 

Department of Business Administration 27 56 

Bible Department 8 39 

English Department 527 87 

Chemistry Department 38 05 

Economics Department 14 20 

French Department 11 06 

History Department 13 20 

Mathematics Department 14 90 

Physics Department 5 00 

Psychology Department 2 72 $903 82 

For Trees and Shrubs for Campus Planting 

Alumni Association 400 00 

R. R. Butterwick 3 90 

G. D. Gossard 1 50 

Class of 1930 50 00 

G.W.Williams 5 00 460 40 



L,364 22 



In addition to the above, books were contributed to the Library by the follow- 
ing during the year: 

Number of 

Volumes Value 

H. and E. Bennett 63 $25 00 

R. R. Butterwick. 90 165 00 

Clionian Literary Society. 3 5 00 

S. O. Grimm 1 1 50 

J. Edgar Knipp 1 2 00 

L. V. C. Class of 1931 2 8 00 

J. E. Lehman Library 82 150 00 

M. L. Stokes 1 3 00 

Alfred T. Sumner 2 2 00 

U. B. Publishing House 1 3 00 

P. S. Wagrter 1 1 50 

^ P. A. W. Wallace 3 3 00 

Wistar Institute, Periodicals . . 42 00 

Miscellaneous 23 35 00 

Miscellaneous, Periodicals . . 15 00 

$461 00 



21 



Schedule XVII 

FARM REPORTS, AUGUST 31, 1930 
EAST BERLIN FARM 



Receipts 



May 21, 1930 Borrowed from Annville National Bank $350 00 

May 14, 1930 C. A. Crowl— 122 bushels corn at .90 109 80 

June 6, 1930 W.Denton Myers— 71+ bushels corn at $1.00 7178 

$531 58 



Expenditures 



May 14, 1930 C. M. Spangler— Paint $7 25 

May 14, 1930 D. B. Lease — Paper and paper hanging. ... 58 32 

John M. Burgard — Clover seed 14 63 

C. A. Crowl — Repairs to pump 2 25 

C. A. Crowl — Boarding paper hangers 1 65 

C. A. Crowl — Restripping ceilings 2 60 

May 26, 1930 Samuel D. Kling — Repairs to building and 

pump 49 20 

May 21, 1930 Annville National Bank — Interest on note. . 10 50 
May 26, 1930 Denton Myers— Fertilizer for 1929, cement, 

wall plaster, shingles, etc 142 79 

Frank Haar — County, Bond and Road Taxes 

for 1930 115 52 

M. L. Slothour — Premium in Adams County 

Mutual Fire Insurance Company 22 52 

June 6, 1930 W. Denton Myers—Shingles 9 00 

June 7, 1930 D. B. Lease— Painting 87 22 

Aug. 21, 1930 C. A. Crowl — Carpenter work on roof by N. 

S. Brown 7 20 

■ — $530 65 

Cash on hand August 31, 1930 93 



$531 58 



22 



Schedule XVIII 

FARM REPORTS, AUGUST 31, 1930 
SHIREMANSTOWN FARM 



Receipts 



Cash Balance April 30, 1930 $28 04 

May 1, 1930 Samuel Ritter, 155 bushels ear corn at .75. . $116 25 
May 1, 1930 Frank Eberly, 41 f bushels ear corn at .90. . 37 67 

May 1, 1930 Borrowed from Annville National Bank 550 00 

May 21, 1930 Borrowed from Annville National Bank 250 00 

June 6, 1930 Bell Telephone Company — Permit for plac- 
ing pole. 12 50 

Aug. 30, 1930 Frank Eberly, 253 U bushels wheat at .80. . 202 79 1,169 21 



Expenditures 



L,197 25 



Apr. 30, 1930 O. H. Witter— Taxes for 1929 $231 04 

May 1, 1930 Annville National Bank — Interest on note . . 16 50 

May 7, 1930 Frank Eberly— Timothy seed 6 50 

Houck Bros. — Repairing pump 9 75 

Patron's Mutual Fire Insurance Company . 13 36 
John W. Mayberry — Balance on bill for 

carpenter work 143 00 

May 14, 1930 E. W. Rupp— Balance on fertilizer for 1929 

and repairs 252 80 

May 21, 1930 Annville National Bank — Interest on note. . 7 50 

May 26, 1930 Frank Eberly— Seed oats and clover seed. . . 61 28 
C. L. Bernheisel & Company — f of fertilizer 

for spring of 1930 75 60 

May 26, 1930 O. H. Witter— Road Taxes for 1930 67 13 

Aug. 29, 1930 O. H. Witter— Balance of 1929 taxes (Irvin 

Hair share) 239 52 

Aug. 29, 1930 O. H. Witter— 1930 County Taxes (College 

share) 33 57 

Aug. 29, 1930 Countrymen's Mutual Fire Insurance Com- 
pany — Premium for 1930 5 94 

$1,163 49 

Cash on hand August 31, 1930 33 76 



L,197 25 



23 



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. 

J. O. Jones "I 
R. G. Mowrey > Committee 
E. C. Wine j 

Harrisburg, Pa., April 20, 1931 

To the Auditing Committee, Board of Trustees of Lebanon Valley College, 
Annville, Pa. 

Gentlemen — This is to certify that I have audited the accounts of S. H. 
Derickson, Treasurer of Lebanon Valley College, for the fiscal period ended 
August 31, 1930, and found them correct as per the summary of accounts, the 
balances of which were reconciled with the banks' balances. 

A physical examination of the securities of the College was made. The se- 
curities were found intact and are in safety deposit boxes of the Annville National 
Bank, Annville, Pa., and the Farmers Trust Company, Lebanon, Pa. 

Lebanon Valley College Account 

Cash on hand September 1, 1929 $1,623 63 

Cash received during year 227,613 97 

Total $229,237 60 

Less: Disbursements 226,794 70 

Balance on hand August 31, 1930 $2,442 90 

Deposited in: 

Annville National Bank $2,376 49 

Peoples Trust Company, Annville. . 55 41 

Farmers Trust Co., Lebanon, Pa. ... 11 00 



Lebanon Valley College Endowment Trust Fund 

Cash on hand September 1, 1929 $749 30 

Cash received during year 614,529 62 

$615,278 92 
Less: Cash Invested 614,574 26 

Balance on hand August 31, 1930 704 66 

Deposited in: 

Annville National Bank 704 66 

Lebanon Valley College Endowment Trust Income 

Cash on hand September 1, 1929 $2,957 77 

Cash received during year 47,392 89 

Total 50,350 66 

Less: Cash Distributed 48,387 88 

Balance on hand August 31, 1930 $1,962 78 

Deposited in: 

Annville National Bank $1,962 78 

H. E. Schriver, 
Chartered Accountant 
2A 



Lebanon Valley College 

BULLETIN 



Vol XX 



JUNE. 1931 



No. 3 



Supplementary Report 

Giving Financial Statement of the 

Business from September 1, 1930, to 

June 3. 1931 



Presented to the Board of Trustees at their Annual 
Meeting, Monday, June 8, 1931 



Entered as second-clasa matter at Annvllle, Pa., under Act of August 24, 1912 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE 

JUNE 3, 1931 

Debit 

Permanent Fund Assets 

Investments of Endowment Fund 

(Schedule XXI, pages 31 to 34) . . $910,715 92 
Henry B. Stehman Fund — Loaned 

to Students 1,050 00 

Cash awaiting investment 13 16 $911,779 08 

Plant Assets 

Buildings 474,030 00 

Grounds 35,000 00 

Equipment 75,101 13 584,131 13 

Current Assets 

Cash $8,769 97 

Notes carried as cash 38,443 89 

Accounts Receivable 

Student Accounts 1930-1931 2,001 54 

Student Accounts 1930-1931 

Covered by Scholarships 350 00 

Summer School 1931 356 66 2,708 20 

Materials and Supplies 

Dining Hall (Estimated) 800 00 

Laboratories (Estimated) 3,867 70 4,667 70 

Deferred Charge 

Insurance 5,143 65 59,733 41 

$1,555,643 62 



26 



STATEMENT OF ACCOUNTS, LEBANON VALLEY COLLEGE 

JUNE 3, 1931 

Credit 

Permanent Funds 

Endowment (Schedule XX, page 30) $909,879 08 

Endowment subject to annuities. . . 1,900 00 $911,779 08 



Plant Funds 

From gifts from Conferences, 
Churches and individuals, and 
accumulated surplus 584,131 13 

Current Funds and Liabilities 

Unexpended Laboratory Fees. ..•■ • $91 63 

Fund for Designated Purposes 

Alumni Library Fund 41 09 

Part of Matriculation Fees used 

for Student Activities 1,021 95 

Unexpended Athletic Funds 1,255 96 

Breakage Deposit to be returned 

(Estimated) 2,000 00 

Accounts Payable 10,426 09 

Student accounts paid in advance . . 153 45 

Due Faculty for Saturday Work. . . 

Balance to be used for expenses for 
June, July and August, repairs, etc 



14,898 54 




770 00 




43,973 24 


59,733 41 


$1,555,643 62 



27 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT FROM SEPTEMBER 1, 1930, 

TO JUNE 3, 1931 

Receipts 

Student Accounts 

College $138,190 34 

Extension Department (Schedule XIX, page 30) . 6,245 00 

Summer School 29 00 $144,464 34 

Student Fees for Educational Purposes 

Matriculation — Retained by College 875 00 

For Library 366 50 

Laboratories 

Portion retained for overhead expenses 1,025 00 

Biology 1,455 00 

Chemistry 1,394 25 

Physics 90 00 

Psychology 135 75 

Supplies sold 32 80 5,374 30 

Endowment Income (Schedule XXIII, page 35) 

General— Not Designated 28,391 59 

General — Designated 

Latin Chair and Other Professorships 2,455 66 

Library Account 59 00 

Interest on notes held as cash in Current Accounts 874 10 31,780 35 
Gifts and Grants 

Purposes not designated 90 00 

Conference Benevolence Budget 7,253 19 

Designated 

For Books for Library 867 48 

For purchase of furniture and equipment 100 00 8,310 67 

Auxiliary Departments 

Appointment Bureau 31 00 

Miscellaneous Income 200 99 

Dining Hall 

Extra meals served to visitors, etc 505 59 

Supplies sold 330 31 835 90 

From Students for Non-Educational Purposes 

Athletics— General 3,665 00 

Athletics— Women's 975 43 

Maintenance of Athletic Field and Gymnasium. . 1,099 50 

College Paper 549 75 

Student Activities 1,832 50 8,122 18 

Sundry Accounts 

Breakage Deposit — Men's Dormitory 1,385 00 

Breakage Deposit — Women's Dormitory 469 50 

Breakage Deposit — Men Day Students 437 50 

Breakage Deposit — Women Day Students 143 50 

Accounts Receivable— Old 1,034 27 

Scholarship — Presser, Music 250 00 

Rent from Chapel 95 00 

Electric supplies sold 24 79 

Rebate on insurance 511 98 4,351 54 

$203,471 27 

Borrowed from Banks 25,000 00 

Notes held as cash September 1, 1930 40,337 70 

Cash on hand September 1, 1930 2,442 90 

$271,251 87 

28 



CASH RECEIPTS AND EXPENDITURES, LEBANON VALLEY 

COLLEGE ACCOUNT FROM SEPTEMBER 1, 1930, 

TO JUNE 3, 1931 

Expenditures 

Administration and General Expense 

Salaries of President and Office Employees $12,161 41 

General — Student Campaign and Advertising. . . . 963 82 

Interest 463 34 

Printing 1,836 73 

Miscellaneous expense 3,589 64 

Insurance on Messenger Robbery Policy 138 51 

Insurance on Fidelity Bonds 125 00 $19,278 45 

Instructional 

College Faculty 60,325 00 

Librarians 2,516 67 

Practice Teaching 542 50 

Student Teachers 1,235 10 

Extension 3,600 00 

Saturday Work 294 00 68,513 27 

Supplies and Equipment 

Biology Laboratory 1,189 38 

Chemistry Laboratory 1,863 20 

Physics Laboratory 300 99 

Psychology Laboratory 154 54 

English Department 229 92 

Library 2,131 82 5,869 85 

Auxiliary Departments 

Conservatory of Music (Schedule XXII, page 35) . 

Salaries 10,285 50 

Expenses for tuning, etc 557 98 

Extension Department (Schedule XIX, page 30). 1,200 47 

Appointment Bureau 74 76 

Summer School 385 66 12,504 37 

Maintenance of Plant 

Salaries of engineers, janitors, etc 5,389 83 

Equipment 8,801 13 . 

Heat, Light and Water 10,013 62 

Repairs and Improvements 14,789 08 

Infirmary 1 95 

Taxes 205 20 

Fire Insurance 5,170 78 

Compensation Insurance 167 34 44,538 93 

Dining Room 

Salaries 10,665 91 

Supplies 23,201 11 33,867 02 

Non-Educational Purposes 

Athletic Field and Gymnasium 705 58 

Athletics, General 3,665 00 

Athletics, Women 743 75 

College Paper 549 75 

Debating 89 87 

Student Activities 1,560 50 7,314 45 

Sundry Accounts 

Cash Refunds 267 50 

Rent for outside sources 874 64 

Breakage fees distributed 31 63 

Rebates on Room Rent 987 90 2,161 67 

$194,048 01 

Notes carried as cash in current account 38,433 89 

Loans returned to banks 30,000 00 

Cash on hand June 3, 1931 8,769 97 

$271,251 87 

29 



Schedule XIX 
EXTENSION DEPARTMENT, 1930-1931 



Income 

First Semester f3,346 00 

Second Semester 2,899 00 



Total 6,245 00 

Less Refund 14 00 



$6,231 00 

ExPENDITtJRES 

Salaries paid to Faculty 3,600 00 

Traveling expenses paid to Faculty 1,005 00 

Miscellaneous expense 230 41 4,835 41 



Balance $1,395 59 



Schedule XX 
ENDOWMENT FUND, JUNE 3, 1931 

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 355,177 58 

Received in securities 7,272 50 

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

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

Received from General Education Board 175,000 00 

557,480 26 
Paid out for campaign expenses 20,030 18 

Balance for investment 537,450 08 

Added to Endowment Fund from payment on subscriptions and 

cash contributions since September 1, 1930 99 00 

Received from other sources than endowment subscribers 5,676 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 4,134 04 

1911,779 08 
_ - 



Schedule XXI 



INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on June 3, 1931, were invested as 
indicated by the following summary and list of investments. 



Amount 
Invested 



Percentage 
of Total 



Farms 

Foreign — Municipal 

Foreign — Public Utilities. . 
Foreign Bonds — Industrial 

Industrial Bonds 

Municipal Bonds 

Public Utility Bonds 

Real Estate Bonds 

Real Estate Bonds — Local. 

Railroad Bonds 

Stocks 

Allotment Certificate 

Total 

Loaned to students 

Cash awaiting investment . 



$47,476 25 
34,229 75 
23,775 00 
14,748 61 

102,520 46 
9,691 23 

303,092 83 

136,527 50 
31,000 00 

174,298 28 
12,522 50 
20,833 51 



5.21 
3.76 
2.61 
1.62 

11.26 
1.06 

33.28 

14.99 
3.40 

19.14 
1.38 
2.29 



$910,715 92 

1,050 00 

13 16 



100.00 



LI, 779 08 



INVESTMENTS OF ENDOWMENT FUND 
JUNE 3, 1931 



Farms 



Amount 



Name 



Rate Maturity- 



Far m at East Berlin 
Farm at Shiremanstown 

(Appraised value, $47,476.25) 

Foreign Bonds — Municipal 

510,000 Government of the Argentine Nation 6 

10,000 Commonwealth of Australia 5 

5,000 City of Berlin, Germany 6| 

5,000 Republic of Cuba 5 J 

5,000 City of Sydney, Australia 5-2- 

35,000 (Total cost of above group, $34,229.75) 

Foreign Bonds — Public Utilities 

10,000 Berlin City Electric Company 6 

5,000 Copenhagen Telephone Company 5 

10,000 European, Electric Company, Limited Cvt 6^ 

25,000 (Total cost of above group, $23,775.00) 

Foreign Bonds — Industrial 

5,000 International Match Corporation 5 

10,000 The Lautaro Nitrate Company, Ltd 6 



15,000 



(Total cost of above group, $14,748.61) 
31 



1961 
1957 
1950 
1932 
1955 



1955 
1954 
1965 



1941 
1954 



Investments of Endowment Fund, June 3, 1931 (Continued) 
Industrial Bonds 

Amount Name Rate Maturity 

$5,000 Armstrong Cork Company 5 1940 

10,000 Butler Brothers 5 1945 

10,000 Canadian International Paper Company 6 1949 

10,000 Chicago Herald and Examiner 6| 1950 

10,000 B. F. Goodrich 6 1945 

10,000 Goodyear Tire and Rubber Company 5 1957 

5,000 Koppers Gas and Coke Company 5| 1950 

5,000 The Mead Corporation 6 1945 

2,000 Minnesota and Ontario Paper Company 6 1945 

4,000 Minnesota and Ontario Paper Company 6 1948 

2,000 Minnesota and Ontario Paper Company 6 1950 

10,000 Philadelphia and Reading Coal and Iron Company. ... 6 1949 

10,000 Texas Corporation w. w 5 1944 

15,000 Wilson & Company, Incorporated 6 1941 



108,000 (Total cost of above group, $102,520.46) 

Municipal Bonds 

10,000 City and County of Dallas Levee Improvement 

District 5* 1945 



10,000 (Total cost of above group, $9,691.23) 

Public Utility Bonds 

10,000 American Commonwealth Power Corporation Cvt 6 1940 

10,000 American & Foreign Power Company Incorporated .... 5 2030 

5,000 Associated Gas & Electric Company Cvt 6 1948 

10,000 Associated Gas & Electric Company Cvt 5§ 1938 

10,000 Central Power & Light Company 5 1956 

10,000 Central West Public Service Company 5| 1956 

10,000 Cities Service Company w.w 5 1969 

5,000 Cities Service Company x.w 5 1963 

10,000 Cities Service Company Conv 5 1950 

10,000 Cities Service Power & Light Company 5J 1949 

10,000 Commonwealth Subsidiary Company 5^ 1948 

10,000 Eastern Utilities Investing Corporation w.w 5 1954 

10,000 Florida Power Corporation 5^- 1979 

5,000 Florida Power & Light Company 5 1954 

5,000 General W^ater Works & Electric Corporation w.w 6 1944 

10,000 Indiana Service Corporation 5 1950 

5,000 Indianapolis Water Company 5^ 1954 

10,000 Insull Utilities Investment Inc. w.w 6 1940 

10,000 Insull Utilities Investment Company x.w 5 1949 

10,000 International Hydro Electric System 6 1944 

10,000 International Telephone & Telegraph Corporation 5 1955 

10,000 Interstate Power Company 5 1957 

5,000 Kentucky Utilities Company 5 1961 

10,500 Keystone Water Works Corporation 5| 1952 

10,000 New England Gas and Electric Corporation 5 1950 

10,000 Ontario Power Service Corporation 5§ 1950 

10,000 Pacific Northwest Public Service Company Cvt. w.w. . . 6 1950 

5,000 Penn Central Light & Power Company 4-J- 1977 

10,000 Portland General Electric Company 4| 1960 

10,000 Power, Gas and Water Securities Corporation 5 1948 

10,000 Southern Cities Public Service Cvt 6 1949 

5,000 Standard Power & Light Corporation 6 1957 

10,000 Super Power Company of Illinois 4| 1970 

32 



Investments of EndoTwrnent Fund, June 3, 1931 (Continued) 
Public Utility Bonds (Continued) 

Amount Name Rate Maturity 

$10,000 Tide Water Power Company 5 1979 

10,000 Tri Utilities Corporation 6 1979 

10,000 West Texas Utilities Company 5 1961 



320,500 (Total cost of above group, $303,092.83) 

Real Estate Bonds 

3,000 Agar Packing Provision Company 6^ 1931-35 

5,000 Atlanta Medical Arts Building 6^ 1938 

500 Belmont Apartments 6§ 1943 

2,000 Broadway-Barclay Office Building 6 1941 

5,000 Broadway & 41st Street Building 6| 1944 

5,000 Carmen Theatre, Philadelphia 6 1940 

1,000 The Dorset 6 1941 

6,000 Eleven West 42nd Street Building 6| 1945 

5,000 Five Hundred Fifth Avenue Inc 6| 1949 

14,000 Fuller Building 5| 1949 

5,000 Gatesworth Apartment Hotel 6| 1938 

10,000 Huntingdon Office Building 7 1940 

5,000 Loutellus Apartments, Pittsburgh 6i 1936 

5,000 North Avenue Market, Baltimore 6 1940 

15,000 The Ohio State Theatres Company 7 1935 

4,000 Syracuse Hotel 6| 1936-38 

5,000 Tattershall Hotel 7 1936-37 

36,800 United Brethren Publishing House 6 1934-53 

4,000 University Apartments, Pittsburgh 7 1933 



136,300 (Total cost of above group, $136,527.50) 

Real Estate Bonds — Local 

5,000 Amos K. Curry 6 

6,000 Jacob M. Gingrich 6 

8,500 Lemoyne Trust Company Guaranteed Certificate 5 

5,000 Derry Street United Brethren Church, Harrisburg 6 

6,500 P. A. W. Wallace 5| 



31,000 (Total cost of above group, $31,000.00) 

Railroad Bonds 

10,000 Allegheny Corporation Cvt 5 1944 

5,000 Allegheny Corporation Cvt 5 1949 

10,000 Baltimore & Ohio Railroad Company 4| 1960 

10,000 Chicago, Milwaukee, St. Paul & Pacific Railroad 5 1975 

10,000 Chicago & Northwestern Railway Company Cvt 4f 1949 

10,000 Chicago South Shore & South Bend Equipment 5^ 1935 

10,000 Erie Railroad Company Refunding & Improvement. ... 5 1975 

10,000 Illinois Central Railroad 4| 1966 

10,000 Missouri Pacific Railroad 5 1977 

10,000 New Orleans, Texas & Mexico Railway Company 5| 1954 

5,000 New York Central and Hudson River Railroad Company 4J 2013 

15,000 Northern Pacific Railway Company 3 2047 

5,000 Pennsylvania Company 4| 1963 

10,000 Pennsylvania Dock & Warehouse Company w.w 6 1949 

10,000 Pennsylvania Railroad, General 4| 1965 

5,000 Seaboard Air Line Railway Company 4 1950 

5,000 Southern Pacific w.w 4^ 1969 

33 



Investments of Endowment Fund, June 3, 1931 (Continued) 
Railroad Bonds (Continued) 

Amount Name Rate Maturity 

$10,000 St. Louis-San Francisco Railway Company 4^ 1978 

5,000 Van Sweringen Corporation 6 1935 

10,000 Western Maryland Railway Company 4 1952 

10,000 Western Pacific Railroad Company 5 1946 

$185,000 (Total cost of above group, f 174,298.28) 

Stocks 

120 shares A. S. Kreider Shoe Company, Preferred Stock 5j 

5 shares Potomac Edison Company, Preferred Stock 7 

5 shares Durant Motors, Inc. 

100 shares Lautaro Nitrate Company (Bonus) 

(Total cost of above group, $12,522.50) 

Allotment Certificate 

50 shares Associated Gas & Electric Company 8 

100 shares Corporation Securities Company of Chicago 
235 shares Kreuger & Toll Company 

(Total cost of above group, $20,833.51) 



34 



Schedule XXII 

MUSIC DEPARTMENT— 1930-1931 
To June 3, 1931 



Receipts 



First Second 

'i'or Instruction Semester Semester Semesters Year 

Cello $152 00 $114 00 

Organ 237 50 281 50 

Piano 986 00 974 00 

Violin 376 00 486 50 

Voice 1,175 00 1,117 00 

Dictation 315 00 306 00 

Sight Singing... ._ 315 00 324 00 

Form and Analysis 54 00 

Harmony 387 00 306 00 

Methods 54 00 54 00 

History of Music 36 00 54 00 

Miscellaneous. . ._ 18 00 18 00 $8,122 50 

Received for use of Piano for prac- 
tice 185 00 170 00 

Organ 164 00 181 50 345 50 700 50 



Both 




$266 00 


519 


00 


1,960 


00 


862 


50 


2,292 


00 


621 


00 


639 


00 


54 


00 


693 


00 


108 00 


90 


00 


18 00 


355 


00 


345 


50 



?,823 00 



Expenditures 



Salaries $10,285 50 

Tuning, repairs and use of motor for organ to June 3, 1931 547 03 



),832 53 



Schedule XXIII 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FROM SEPTEMBER 1, 1930, TO JUNE 3, 1931 

Receipts 

Cash on hand September 1, 1930 $1,962 78 

Total receipts $39,641 16 

Accrued interest returned to principal 2,883 65 36,757 51 

$38,720 29 

Distribution 

Lebanon Valley College for credit to Ministerial 

Students _. . $1,312 38 

Lebanon Valley College for credit to others than Min- 
isterial Students 3,460 35 

Lebanon Valley College General Expense Account. . . 28,391 59 

Lebanon Valley College Latin Chair Account 2,455 66 

Lebanon Valley College Library Account 59 00 

Loaned to students 230 00 

Insurance on Real Estate Bonds, etc 450 00 

'" $36,358 98 

Cash on hand June 3, 1931 2,361 31 

$38,720 29 



T