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

Lebanon Valley College 

BULLETIN 



Vol. XXII 



MAY, 1933 



No. 2 



REPORT OF FINANCE COMMITTEE 

FOR FISCAL YEAR 

ENDING AUGUST 31. 1932 



Presented to the Board of Trustees at their Annual 
Meeting, Friday, June 2, 1933 

A Supplement to this report will give figures for the 
school year 1932-1933, to May 26, 1933 



Entered as Second-Class matter at Annville, Pa., under the Act of August 24, 1912 



To the Members of the Board of Trustees of Lebanon Valley College : 

The Finance Committee submits the following report for the fiscal year 

ending August 31, 1932, and also a report for the current fiscal year from 

September 1, 1932, to May 26, 1933. 

Comparative figures given in the report show a gain in the assets of the 

College amounting to $22,044.97 which is approximately $2,000 less than the 

gain in assets during the previous year. 

Income 

The income derived from all sources during the year shows a decrease 
of $8,514.08 as compared with the income of 1930-1931. While the net tuition 
shows a gratifying increase, the endowment income and the payments from the 
Conference Benevolence Budget have been considerably reduced. A considerable 
portion of the decreased income is accounted for also by income shrinkages 
in the auxiliary departments, all of which, except the music department and 
the dormitories, present lower income figures this year than last. 

Repairs 

Only such repairs and installations as have been considered necessary 
were made during the year. The basement of the library was remodelled and 
equipped for study rooms. During this current year an automatic coal stoker 
was placed in the boiler room and is expected to show a saving in fuel costs. 
A new steam boiler for the kitchen had to be installed when the old one was 
no longer safe. 

Securities 

Because of constant changes in conditions affecting the prices and values 
of securities there have been frequent changes in the holdings of the college. 
All changes however have been made upon the advice of Standard Statistics 
Service, which service we have been consistently using for some time. 

While our list of securities is not entirely free from defaulting bonds, we 
feel that our position with respect to investments is much improved over a 
year ago. This has been due to a constant study of trends and conditions in 
the securities market. 

The bonds now in our list are very definitely recommended by the Standard 
Statistics to be held. 

Student Accounts 

With closed banks and diminished incomes the collection of student ac- 
counts has become increasingly difficult. Likewise, the requests for assistance on 
the part of present and prospective students are on the increase. 

J. R. EnglEj 
Chairman, Finance Committee 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1932 



Debit 





August, 1932 


August, 1931 


Increase 


Decrease 


Permanent Fund Assets 
Investments of Endow- 
ment Fund (Schedule 

III, pages 16-19) 

Henry B. Stehman Fund — 

Loaned to students 

Cash awaiting investment . 


$911,857 14 

1,050 00 
602 71 


$910,404 92 

1,050 00 
929 16 


$1,452 22 


$326 45 






Total Permanent Funds. . 


$913,509 85 


$912,384 08 


$1,125 77 




Designated Fund Assets, 
(Operating Accounts) Cash. 

Plant A ssets (Schedule XIII 
page 26) 

Buildings 

Grounds 


$2,425 70 




$2,425 70 








$506,430 00 
39,000 00 

85,100 00 


$490,030 00 
39,000 00 

72,400 00 


$16,400 00 
12,700 00 




Equipment, furniture and 
books 








Total Plant Assets 


$630,530 00 


$601,430 00 


$29,100 00 




Current Assets 

Cash 


$910 01 
22,332 29 

567 30 
3,192 15 

229 80 
8 24 


$29 56 
38,429 31 

1,324 94 


$880 45 




Investments in notes 


16.097 02 


Accounts Receivable: 
Student Accounts 

1930-1931 




757 64 


1931-1932 


3,192 15 
229 80 




Athletic Field and Gym- 
nasium 






Appointment Bureau . . . 


26 03 
16 25 


17 79 


Extension Department . . 




16 25 


Advances due, Farm Ac- 
count 


1,099 50 

697 92 

8,811 60 


1,099 50 




Materials and Supplies 
Dining Hall 


1,270 74 
5,715 35 


572 82 


Laboratories (Schedule I, 
page 15) 


3,096 25 








Total Current A ssets 


$37,848 81 


$46,812 18 




$8,963 37 








Deferred Charges 


$1,806 47 


$3,449 60 




$1,643 13 








Total Deferred Charges. . . 


$1,806 47 


$3,449 60 


$1,643 13 










$1,586,120 83 


$1,564,075 86 


$22,044 97 









BALANCE SHEET, LEBANON VALLEY 
AUGUST 31, 1932 



COLLEGE 



Credit 





August, 1932 


August, 1931 


Increase 


Decrease 


Current Liabilities 

Notes Payable 


$30,000 00 


$20,000 00 


$10,000 00 










$30,000 00 


$20,000 00 


$10,000 00 




Deferred Credits 

Psychology Laboratory. . . . 


$16 59 


$98 38 

4 44 
40 55 

1,021 80 

1,058 20 

32 43 

189 50 




$81 79 


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




4 44 


Breakage Deposits 






40 55 


Part of Matriculation 
Fees used for Student 
Activities 


1,259 72 

575 57 


$237 92 




Unexpended Athletic 
Fund 


482 63 


Contribution for Plants 
and Trees for Campus. 




32 43 


Undistributed Scholarships 
Pennsylvania Confer- 
ence C. E. Scholar- 
ship 






189 50 


Presser Foundation — 
Music 


8 00 
1,569 00 


8 00 
1,334 00 




Student Accounts paid in 
advance 


235 00 




Total Deferred Credits 


$3,428 88 


$2,680 30 


$748 58 




Total Liabilities 


$33,428 88 


$22,680 30 


$10,748 58 








Designated Funds (Opera- 
ting Accounts) Undis- 
tributed Income 


$2,425 70 
1,550,266 25 

911,109 85 

2,400 00 

26,995 98 

609,760 42 




$2,425 70 
8,870 69 

1,125 77 

3,818 85 
3,926 07 




Net Worth 


$1,541,395 56 

909,984 08 

2,400 00 

23,177 13 

605,834 35 




REPRESENTED BY 
Endowment Fund (Sched- 
ule II page 15) 

Annuities 




Depreciation Reserve 

Net Investment 










$1,550,266 25 


$1,541,395 56 


$8,870 69 





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Schedule I 

LABORATORIES, ETC. 

Balances transferred to Balance Sheet, pages 4 and 5 





Credit 

Balance 

August 

1931 


Debit 
Balance 
August 

1931 


Income 


Expenses 
(Including 
Equipment) 


Credit 

Balance 

August 

1932 


Debit 
Balance 
August 

1932 


Biology 




$1,686 36 
2,742 67 
1,286 32 

26 03 


$1,921 26 

1,618 60 

221 25 

10 50 

71 00 


$3,462 12 

2,975 33 

419 91 

92 29 

53 21 




$3,227 22 
4,099 40 
1,484 98 


Chemistry 






Physics 






Psychology 

Appointment 
Bureau 


$98 38 


$16 59 


8 24 










$98 38 


$5J4I 38 


$3,842 61 


$7,002 86 


$16 59 


$8,819 84 


Schedule II 
ENDOWMENT FUND, AUGUST 31 


1932 



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 1,829 77 

Received from other sources than endowment subscribers 5,676 26 

Received from 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 



$913,509 85 



15 



Schedule III 
INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1932, 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 

Industrial Bonds 

Municipal Bonds 

Public Utility Bonds 

Railroad Bonds 

Real Estate Bonds 

Real Estate Bonds — Local 

Stocks and Notes 

Allotment Certificates 

Loaned to students 

Cash awaiting investment 



$47,476 25 

9,920 00 

28,753 75 

90,345 25 

9,691 23 

314,316 25 

196,738 54 

120,152 50 

30,500 00 

49,189 86 

14,773 51 



5.21 

1.09 

3.15 

9.91 

1.06 

34.47 

21.58 

13.18 

3.34 

5.39 

1.62 



11,857 14 

1,050 00 

602 71 



100.00 



$913,509 85 



INVESTMENT OF ENDOWMENT FUNDS IN DETAIL 

AUGUST 31, 1932 

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 

10,000 (Total cost of above group, $9,920.00) 6 1961 

Foreign Bonds — Public Utilities 

5,000 Berlin City Electric Company 6 1955 

10,000 Brandenburg Electric Power Company 6 1953 

5,000 Copenhagen Telephone Company 5 1954 

10,000 European Electric Corporation, Ltd., Certificate 6§ 1965 

30,000 (Total cost of above group, $28,753.75) 

Industrial Bonds 

10,000 Butler Brothers 5 1943 

10,000 Chicago Herald and Examiner 6| 1950 

5,000 Childs Company 5 1943 

10,000 Goodyear Tire and Rubber Company 5 1957 

8,000 International Match Corporation 5 1941 

5,000 Lane Bryant, Inc 6 1940 

16 



Investment of Endowment Funds in Detail (Continued) 

Industrial Bonds {Continued) 

Amount Name Rate Maturity 

$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 National Steel Corporation 5 1956 

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

5,000 Remington Rand, Inc 5| 1947 

10,000 Wilson & Company, Inc 6 1941 



96,000 (Total cost of above group, $90,345.25) 

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, Inc 5 2030 

5,000 Arkansas-Missouri Power Company 6 1953 

10,000 Associated Gas & Electric Company \\ 1958 

5,000 Associated Gas & Electric Company 6 1948 

10,000 Associated Gas & Electric Company b\ 1938 

6,000 Associated Gas & Electric Company 5 1965 

10,000 Birmingham Gas Company 5 1959 

10,000 Central West Public Service Company b\ 1956 

10,000 Cities Service Company, w.w . 1969 

5,000 Cities Service Company, x.w 5 1963 

10,000 Cities Service Company 5 1950 

10,000 Cities Service Power & Light Company b\ 1949 

10,000 Commonwealth Subsidiary Company 5| 1948 

10,000 Federated Utilities, Inc 5| 1957 

10,000 Florida Power Corporation 5| 1979 

5,000 Genesee Valley Gas Company, Inc 6 1956 

10,000 Indiana Service Corporation 5 1950 

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

5,000 Insull Utilities Investment Inc., w.w 6 1940 

10,000 Interborough Rapid Transit Company 5 1956 

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 Manitoba Power Company, Ltd 5§ 1951 

10,000 Municipal Service Company 6 1956 

10,000 New England Gas and Electric Corporation 5 1950 

10,500 Northeastern Public Service Company 5| 1961 

10,000 Ontario Power Service Corporation 5| 1950 

10,000 Philadelphia Rapid Transit Company 6 1962 

10,000 Postal Telegraph and Cable Corporation 5 1953 

10,000 Seattle Lighting Company 5 1949 

10,000 Standard Power and Light Corporation 6 1957 

10,000 Tide Water Power Corporation 5 1979 

10,000 Tri-Utilities Corporation 6 1979 

10,000 Utilities Power and Light Corporation 5 1959 

10,000 West Texas Utilities Company 5 1957 



331,500 (Total cost of above group, $314,316.25) 

17 



Investment of Endowment Funds in Detail (Continued) 
Railroad Bonds 

Amount Name Rate Maturity 

$5,000 Allegheny Corporation Cvt 5 1949 

10,000 Allegheny Corporation Cvt 5 1944 

10,000 Baltimore & Ohio Railway Company 4£ 1960 

10,000 Chicago and Northwestern Railway Company Cvt. ... 4f 1949 

10,000 Chicago Great Western Railroad Company 4 1959 

5,000 Chicago, Rock Island and Pacific Railway Company. . 4 J 1960 
10,000 Chicago, South Shore and South Bend Railroad Equip- 
ment 5£ 1935 

5,000 Dallas Railway and Terminal Company 6 1951 

10,000 Erie Railroad Company (Refunding and Improvement) 5 1975 

10,000 Illinois Central Railroad Company 4f 1966 

5,000 International Great Northern Railroad Company 5 1956 

10,000 Midland Valley Railroad Company 5 1943 

10,000 Missouri Pacific Railroad Company 5 1977 

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

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

10,000 New York, Chicago & St. Louis Railroad Company 5| 1974 

5,000 Northern Pacific Railway Company 3 2047 

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

10,000 Pennsylvania Railroad Company 4| 1965 

5,000 Seaboard Air Line Railway Company 4 1950 

5,000 Southern Pacific Company 4§ 1969 

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

5,000 Virginia & Southwestern Railway Company 5 1958 

10,000 Western Maryland Railroad Company 4 1952 

10,000 Western Pacific Railroad Company 5 1946 

205,000 (Total cost of above group, $196,738.54) 

Real Estate Bonds 

1,000 Agar Packing & Provision Company 6-| 1934-1935 

5,000 Atlanta Medical Arts Building 6£ 1938 

500 Belmont Apartments 6£ 1943 

2,000 Broadway-Barclay Office Building 6 1941 

5,000 Broadway & Forty-First Street Building 6£ 1944 

5,000 Carman Theatre 6 1940 

1,000 The Dorset 6 1941 

6,000 Eleven West Forty-Second Street 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 6? 1936 

5,000 North Avenue Market, Baltimore 6 1940 

4,000 Hotel Syracuse, Syracuse, New York 6| 1936-38 

5,000 Hotel Tattershall 7 1936-37 

37,800 United Brethren Publishing House 6 1934-53 

4,000 University Apartments, Pittsburgh 7 1933 

120,300 (Total cost of above group, $120,152.50) 

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 Deny Street United Brethren Church, Harrisburg 6 

6,000 P. A. W. Wallace ,-. . 5£ 

30,500 (Total cost of above group, $30,500.00) 

18 



Investment of Endowment Funds in Detail (Continued) 
Stocks and Notes 

Amount Name Rate Maturity 

200 shares Chase National Bank of New York 
5 shares Durant Motors, Inc. 

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

200 shares National City Bank of New York 
5 shares Potomac Edison Company 

Notes from Churches and Individuals 
(Total cost of above group, $49,189.86) 

Allotment Certificates 

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

(Total cost of above group, $14,773.51) 



Schedule IV 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FOR FISCAL YEAR ENDING AUGUST 31, 1932 

Receipts 

Cash on hand September 1, 1931 $2,443 40 

Total receipts . $40,328 00 

Accrued interest returned to principal 44 78 40,283 22 



$42,726 62 



Distribution 

Lebanon Valley College for credit to Ministerial 

Students $1,265 00 

Lebanon Valley College for credit to others than Min- 
isterial Students 3,820 90 

Lebanon Valley College General Expense Account.. . . 31,419 58 
Lebanon Valley College Latin Chair and Other Profes- 
sorships 2,638 00 

Lebanon Valley College Library Account 61 25 

Paid in cash to students 32 03 

Loaned to students 802 00 

Transferred to Permanent Funds 100 00 

Insurance on Adair Bonds 100 00 

Prizes from Designated Funds 62 00 

Internal Revenue Tax on checks 16 

$40,300 92 
Cash on hand August 31, 1932 2,425 70 

$42,726 62 



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23 



Schedule VIII 
REPORT OF MUSIC DEPARTMENT— 1931-1932 

Receipts 

First Second Both 

For Instruction Semester Semester Semesters 

Organ $237 50 $253 00 $ 490 50 

Piano 1,016 00 970 50 1,986 50 

Violin 225 00 175 00 400 00 

Voice 1,000 00 1,150 00 2,150 00 

Flute 12 50 + 12 50 

Clarinet 25 00 + 25 00 

Dictation 288 00 306 00 594 00 

Sight Singing 306 00 270 00 576 00 

Methods 36 00 126 00 162 00 

History of Music 54 00 54 00 108 00 

Practice Teaching 72 00 72 00 144 00 

Harmony 360 00 306 00 666 00 

Keyboard Harmony 54 00 + 54 00 

Form and Analysis 36 00 36 00 

Violin Classes 128 00 80 00 208 00 

Brass Class 112 00 104 00 216 00 

Woodwind Class 64 00 72 00 136 00 

Ensemble, String, Instru- 
mental 68 00 56 00 124 00 

Chorus + + + 

Community Singing + + + 

Orchestra + + + 

Band + + + 

Games and Pageantry 90 00 + 90 00 

Orchestra and Choral Con- 
ducting + 80 00 80 00 

Miscellaneous + 18 00 18 00 

Received for rental of— Organ. . 200 00 180 00 380 00 

Piano 170 00 170 00 340 00 

Instruments 96 00 102 00 198 00 



Year 



5,276 50 



918 00 
),194 50 



Expenditures 

Salaries $14,626 63 

Tuning, repairs and use of motor for organ 716 84 

Practice teaching for seniors at Hershey, Pa 100 00 

Expenses for transportation for practice teaching 183 80 

Printing 76 37 











$15,703 64 


Summary 


Expenditures. . 








$15,703 64 


Receipts 








9,194 50 


Deficit 








$6,509 14 




Schedule IX 
EXTENSION DEPARTMENT, 


1931 


-1932 





Income — First Semester $2,511 00 

Second Semester 1,848 00 

Net receipts $4,359 00 

Expenditures — Salaries paid to Faculty 4,000 00 

Traveling expenses paid to Faculty 494 75 

Miscellaneous expenditures Ill 61 

Total expenditures 4,606 36 

Debit Balance $247 36 

24 



Schedule X 
SUMMER SCHOOL REPORT— 1932 



Income 

Registration $104 00 

Tuition 3,776 00 

Boarding 456 00 

Profit on sale of books 75 14 

Special 25 00 

$4,436 14 
Less: Refund 14 00 

Net Receipts $4,422 14 

Expenses 

Distributed to Faculty 2,944 56 

Paid to C. R. Gingrich for boarding 456 00 

Miscellaneous expenses 508 41 

Total expenditures 3,908 97 

Balance $513 17 



Schedule XI 
DINING HALL, 1931-1932 

Receipts 

From Students . . . ! $43,969 75 

For meals served to visitors, etc 71 1 20 

Supplies sold 235 16 

$44,916 11 

Expenditures 

Inventory at beginning of year $1,270 74 

Supplies purchased during the year 19,247 84 

$20 518 58 
Less inventory of August 31, 1932 '697 92 

Net cost of supplies $19,820 66 

Salaries 10,306 22 

Water 236 51 

Equipment purchased 4,179 83 

Gas 615 95 

Fuel Oil 252 41 

Printing 3 85 

Telephone 27 00 

Cleaning Drain 50 00 

15,671 77 

$35,492 43 

Summary 

Total Receipts $44,916 11 

Expenditures 35,492 43 

$9,423 68 

Note — No charge was made for use of building. 

25 



Schedule XII 
REPORT OF LIBRARY FOR 1931-1932 



Income — From Matriculation Fees $376 99 

From Endowment Fund 61 25 

From Alumni Association 100 00 

From College Departments 979 70 $1,517 94 

Expenditures — From Alumni Association 104 67 

Specials for Departments 967 44 

From Budget 1,469 19 

Equipment . . 121 00 

Books for Latin Department 299 72 

Salaries 2,579 78 5,541 80 

Deduct for items added to capital investment 1,100 00 

$4,441 80 

Deficit $2,923 86 

Schedule XIII 

BUILDINGS, GROUNDS AND EQUIPMENT 
SEPTEMBER 1, 1932 

Erected Present Value Total Increase 

Buildings— Administration 1905 $157,000 00 

Engle Hall 1899 68,000 00 $3,000 00 

Carnegie Library 1904 38,000 00 

Men's Dormitory 1905 80,000 00 

North Hall for Women.... 1904 87,000 00 10,000 00 

South Hall for Women 1857 22,500 00 

West Hall for Women 12,000 00 

Heating Plant 12,300 00 300 00 

Underground Steam Pipes 14,000 00 

President's Home 1900 9,100 00 100 00 

George Property 3,530 00 

Y. M. C. A 3,000 00 3,000 00 

$506,430 00 

Grounds— Campus 34,000 00 

Athletic Field 5,000 00 

39,000 00 

Equipment— Books in Library 11,500 00 1,000 00 

Biology Laboratory 7,000 00 1,000 00 

Chemistry Laboratory 8,000 00 500 00 

Physics Laboratory 4,100 00 100 00 

English Dept. — Lantern slides and 

equipment 1,000 00 

Museum Furniture 4,250 00 250 00 

Gymnasium 2,500 00 

Class Room Furniture 4,900 00 

Office Equipment 4,500 00 

Pianos 4,940 00 1,940 00 

Instruments of Band and Orchestra 820 00 820 00 

Organs 9,500 00 

General Furniture 11,800 00 3,300 00 

Auditorium 2,700 00 

Dining Hall and Kitchen 6,800 00 3,000 00 

Y. M. C. A. Room Furniture 300 00 300 00 

Y. M. C. A. Room Equipment. ... 50 00 50 00 

Conservatory Class Room Furni- 
ture 440 00 85,100 00 440 00 

$630,530 00 $29,100 00 

26 



Schedule XIV 

DONATIONS TO LEBANON VALLEY COLLEGE, FOR 
SPECIAL PURPOSES, 1931-1932 

Cash Contributed to Current Account 
For Books for Library, from Departments 

Bible $39 56 

Biology 42 07 

Book Department. 691 87 

Business Administration 43 15 

Chemistry 22 23 

Economics 8 69 

Education and Psychology 18 90 

English 56 29 

French 1 88 

German 15 00 

History 10 25 

Latin 10 11 

Mathematics 4 25 

Philosophy 8 20 

Physics 7 25 

$979 70 

Alumni Association 100 00 

For Equipment for Y. M. C. A. Room, from Faculty and Students. . . 123 00 

For Trees for Campus, from Alumni Association 129 50 



$1,332 20 
Books Presented to Library 

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

_ Number of 

BOOKS Volumes Value 

R. R. Butterwick 89 $130 00 

Clionian Literary Society 1 150 

Class of 1932 1 4 00 

Class of 1933 2 8 00 

Karl Heilman 2 2 50 

R. W. Kelsey 6 12 00 

C. L. Mackert 8 10 00 

Helen Ethel Myers 2 2 00 

Raymond T. Ohl 3 2 00 

Chester B. Pond 2 2 00 

Daniel Reamer 145 250 00 

E. H. Stevenson 1 1 50 

M. L. Stokes 1 3 00 

Women's Missionary Association 1 1 50 

Periodicals 

Mrs. A. S. Kreider, Back numbers of periodicals 4 00 

Wistar Institute of Anatomy 20 00 

Other Periodicals 50 00 

$509 00 
Added to Endowment Fund 

Elmer R. Andrews, Hagerstown Grace $20 00 

John A. H. Keith (Transferred from Trust Income Ac- 
count) 100 00 

L. V. C. Dramatic Club 5 77 

125 77 

27 



Schedule XV 

RECORD OF SCHOLARSHIPS AND OTHER FINANCIAL 
ASSISTANCE GIVEN STUDENTS IN 1931-1932 

Rebate to Ministers' Children $1,475 00 

Tuition Scholarships not covered by income from 

Scholarship Funds 1,946 06 

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

Ministerial Students 1,265 00 

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

than Ministerial Students 3,213 74 

Athletic Scholarships 3,960 00 

Paid on Student Accounts by Athletic Council 4,348 50 

Special Scholarships 221 53 

Distributed from Funds received from — 

East Pennsylvania Conference C. E. Society 275 00 

East Pennsylvania Conference W. M. A 221 66 

Pennsylvania Conference C. E. Society 110 50 

Presser Foundation, to Music Students 242 00 

Prize for Mathematics Student 20 00 

Prize for English Students 42 00 

Loaned to Students from Scholarship Funds 802 00 

Secured for Ministerial Students from the Board of Edu- 
cation of the United Brethren Church 325 00 

Paid in cash to student teachers, assistants, waiters, 

librarians, janitors, etc 5,810 94 $24,278 93 



Schedule XVI 



STUDENT ENROLLMENT, COLLEGIATE YEAR, 1932-1933 



College Men 

Graduate Students 12 

Seniors 50 

Juniors 47 

Sophomores 58 

Freshmen 83 

Unclassified 4 

254 
Conservatory 

Seniors 1 

Juniors 2 

Sophomores 2 

Freshmen 12 

Specials 26 

43 

Extension Department 19 

Summer Session 46 

Total in all Departments 362 

Names repeated 46 

Net Total in all Departments 316 



Women 



Total 



4 


16 




33 


83 




30 


77 




18 


76 




34 


117 




1 


5 




120 




374 


4 


5 




5 


7 




5 


7 




16 


28 




37 


63 




67 




110 


68 




87 


58 




104 


313 




675 


52 




98 


261 




577 



28 



Schedule XVII 

FARM REPORTS, AUGUST 31, 1932 
EAST BERLIN FARM 



Receipts 



Overdrawn account September 1, 1931 $jq q8 

Feb. 23, 1932 W. Denton Myers — For grain delivered dur- 
ing summer of 1931: 

Wheat, 465 bus. 20 lbs. @ .43§ and .42. . $202 16 
Oats, 253 bus. 24 lbs. @ .28 71 05 

June 1, 1932 Transferred from Lebanon Valley College 

Account to Farm Account 140 00 

June 29, 1932 Frank Haar— Refund on taxes 94 

July 18, 1932 Transferred from Lebanon Valley College 

Account to Farm Account 28 00 



442 15 

$402 17 



Expenditures 



Sept. 30, 1931 Frank Haar— School taxes for 1931 $57 60 

Oct. 29, 1931 M. K. Bushey— Repairs to wagon shed.. . . 29 35 

Dec. 10, 1931 Joseph Crowl— Pointing wall at barn 23 10 

Mar. 31, 1932 W. Denton Myers— Timothy 2 39 

Fertilizer 109 55 

Lumber 47 63 

Cement 14 47 

Lime 3 60 

May 31, 1932 Frank Haar— Taxes 83 03 

July 18, 1932 Mummasburg Mutual Fire Protection So- 
ciety — Fire Insurance from July 20, 1932 

to 1937 27 98 

$398 70 

Cash on hand August 31, 1932 3 47 



$402 17 



29 



Schedule XVIII 

FARM REPORTS, AUGUST 31, 1932 
SHIREMANSTOWN FARM 



Receipts 



Cash 

Oct. 

Oct. 

Dec. 
May 

June 

June 

July 

Aug. 



on hand September 1, 1931 $62 66 

1, 1931 Annville National Bank— Note $500 00 

23, 1931 Frank Eberly — Portion of fence constructed 

along line 15 00 

3, 1931 Peoples Trust Company— Note 600 00 

23, 1932 Transferred from Lebanon Valley College 

Account to Farm Account 16 50 

1, 1932 Transferred from Lebanon Valley College 

Account to Farm Account 60 00 

29, 1932 Transferred from Lebanon Valley College 

Account to Farm Account 250 00 

18, 1932 Transferred from Lebanon Valley College 

Account to Farm Account 5 00 

5, 1932 S. W. Weber— 700 bus. Corn @ .30 210 00 

355§ bus. Oats @ .25 88 88 1,745 38 



L,808 04 



Expenditures 



Annville National Bank — Interest on note. $15 00 

O. H. Witter— School taxes for 1931 211 97 

Mutual Fire Insurance Company of Ann- 
ville— Premium on Policy No. 10354.. 5 28 

Hempt Bros. — Crushed stone for silo 11 92 

Milleisen's Lumber Company — Lumber for 

silo roof, etc 156 37 

Prowell & Davis Hardware Co. — Hardware 

for silo shed 3 89 

Annville National Bank — Interest on note 

of $1,100 for three months 16 50 

Annville National Bank — Interest on note 

of $125 3 75 

Peoples Trust Company — Interest on note 

of $600 18 00 

Hauck Bros. — Repairs to Pump 5 45 

H. T. Shearer — Wiring in silo shed 8 13 

M. C. Dietz's Sons— Fertilizer 125 00 

Cement 56 25 

Frank Eberly — Timothy seed 3 91 

Ritters Hardware — Fence wire and gates. . 191 66 
Harry Zimmerman — Interest on $2,000 note 

to December 15, 1931 50 00 

Hempt Bros. — Crushed stone for barn .... 51 41 
General Electric Company — Motor for 

pump 46 50 

Annville National Bank — Interest on note 

of $800 for three months 12 00 

D. L. Hertzler — Pulley and belt for pump. . 8 91 
Keystone Engineering Company — Electric 

supplies for pump 1 54 

30 



Sept. 
Sept. 
Sept. 


30, 
30, 
30, 


1931 
1931 
1931 


Sept. 
Sept. 


30, 
30, 


1931 
1931 


Oct. 


29, 


1931 


Nov. 


21, 


1931 


Nov. 


30, 


1931 


Dec. 


3, 


1931 


Dec. 
Dec. 
Dec. 


10, 
10, 
10, 


1931 
1931 
1931 


Dec. 
Dec. 
Dec. 


10, 
10, 
10, 


1931 
1931 
1931 


Dec. 
Dec. 


10, 
10, 


1931 
1931 


Feb. 


18, 


1932 


Feb. 
Feb. 


18, 
18, 


1932 
1932 



Farm Reports, August 31, 1932 
Shiremanstown Farm (Continued) 



Feb. 

Mar. 

Mar. 
Mar. 
May 



May 18 



May 23 



May 
May 


31 
31 


1932 
1932 


June 


29 


1932 


June 


29 


1932 


June 
June 
June 
June 


29 
29 
29 
29 


1932 
1932 
1932 
1932 


July 
Aug. 


18 

12 


1932 
1932 


Aug. 


18 


1932 


Aug. 


23 


1932 


Aug. 


31 


1932 


Aug. 


31 


1932 


Aug. 


31 


1932 



1932 

1932 

1932 
1932 
1932 

1932 



1932 



Expenditures (Continued) 

Annville National Bank — Interest on note 

of $1,100 for three months $16 50 

Annville National Bank — Interest on note 

of $500 7 50 

Coover Miller — Making fences 46 25 

Milleisen's Lumber Co. — Lumber for fences 24 98 

Annville National Bank — Interest on note 

of $800 for three months 12 00 

Happle & Swartz — Insurance in Patron's 
Mutual Fire Insurance Company for 5 
years 8 93 

Annville National Bank — Interest on re- 
newal of $1,100 note for three months . 16 50 

O. H. Witter— Road taxes for 1932 100 68 

Annville National Bank — Interest on note 

of $125; renewal for three months. ... 1 88 

Harry Zimmerman — Interest on note of 

$2,000 for six months 50 00 

M. C. Dietz's Sons — 5 bus. sweet clover.. . 23 75 
2\ tons fertilizer 51 38 

Frank Eberly — 2 bus. clover seed 22 00 

Ritters Hardware — Repairs 5 27 

H. E. Millard— 15 tons lime at $7.25 108 75 

Annville National Bank — Interest on note 

of $500 _ 7 50 

S. O. Grimm — Trip to install motor 5 00 

Countrymen's Mutual Fire Insurance Com- 
pany — Premium on Fire Insurance 
Policy.... 5 72 

Annville National Bank — Interest on re- 
newal of note of $800 for three months 12 00 

Annville National Bank — Interest on re- 
newal of note of $1,100 for three months 16 50 

Annville National Bank — Interest on re- 
newal of note of $125 for three months . J. 88 

O. H. Witter — State and County tax for 

1932 67 13 

Patron's Mutual Fire Insurance Company 

—Premium on Policy No. 12345 13 36 



Cash on hand August 31, 1932. 



$1,628 90 
179 14 

$1,808 04 



31 



AUDITING COMMITTEE REPORT 

To the Board of Trustees of Lebanon Valley College : 

Gentlemen : — Following the practice of recent years, your auditing com- 
mittee secured the services of a public accountant to audit the accounts of 
S. H. Derickson, Treasurer of the College. 

The death of Mr. H. E. Schriver, who did the auditing for several years 
past made necessary the employment of another auditor. The work was done 
at this time by Charles E. Procasco, C. P. A. of Harrisburg. 

We submit as our report his certification, which follows : 

John O. Jones 
W. M. Beattie 
A. J. Sechrist 

Committee 



Charles E. Procasco. C. P. A. 

MECHANICS TRUST BUILDING 
HARRISBURG. PA. 

MEMBER OF AMERICAN INSTITUTE OF ACCOUNTANTS 
MEMBER OF NATIONAL ASSOCIATION OF COST ACCOUNTANTS 

May 24, 1933. 
Board of Trustees, 
Lebanon Valley College, 
Annville, Pennsylvania. 

Gentlemen : — Pursuant to instructions received from your Finance Com- 
mittee, I have audited the cash and securities of 

LEBANON VALLEY COLLEGE 
Annville, Pennsylvania 

for the fiscal year ended August 31, 1932, also the relative statements included 
in the foregoing report of your Treasurer, Mr. S. H. Derickson. 

The cash receipts and disbursements, for all funds, were audited in detail ; 
the cash balances were confirmed by direct correspondence with the several 
depositaries, and all investments were examined or otherwise properly ac- 
counted for. 

All income was verified and found to be correctly allocated, and all dis- 
bursements were supported by authentic vouchers. 

I hereby certify that the Treasurer's cash and security statements, as here- 
with submitted, are in agreement with the books of account, which were found 
to be correct. 

Respectfully submitted, 

C. E. Procasco, 

Certified Public Accountant 



32