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

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LEBANON VALLEY COLLEGE 

offers 

Extension Courses 

HARRISBURG - LEBAXOX - ANNVILLE 

SATURDAY MORNING CLASSES 
IN ANNVILLE 

1934 - 1935 

Bulletin— August ist 
Address: M. L. Stokes, Sec'y., Annville, Pa. 




CONSERVATORY OF MUSIC 



Lebanon Valley College 

BULLETIN 

Vol. XXIII MAY, 1934 No. 2 



REPORT OF FINANCE COMMITTEE 

FOR FISCAL YEAR 

ENDING AUGUST 31, 1933 



Presented to the Board of Trustees at their Annual 
Meeting, Friday, June 1, 1934 



A Supplement to this report will give figures for the 
school year 1933-1934, to May 25, 1934 



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



Digitized by the Internet Archive 

in 2011 with funding from 

LYRASIS Members and Sloan Foundation 



http://www.archive.org/details/lebanonvalmay193423leba 



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, 1933; also, a report for the part of the current fiscal year 

extending from September 1, 1933 to May 25, 1934. 

Throughout the annual report figures are shown by which the business 

of the year reported may be compared with that of the previous year. 

Income 
In common with other institutions throughout the country the returns 
from the various sources of income have not been maintained at the usual 
level. Decreases in tuition charges, investment income, Benevolence Budget 
receipts and departmental incomes have all contributed to the total income 
shrinkage. However, this resultant decrease has been offset in part by a 
corresponding reduction in expenditures. 

Improvements and Repairs 

Throughout the period covered by the two reports only necessary repairs 
have been made, and only such improvements as have been planned for more 
economical operation of the plant have been completed. The replacement of 
the gymnasium floor, which was damaged by a flood last summer, the re- 
building of the parapet over the entrance to North Hall were the largest 
items of repair expense. 

The major improvements have been the remodeling of the George Prop- 
erty for Conservatory purposes ; the laying of steam, water and light lines 
from North Hall to the three buildings on the northwest part of the campus ; 
the installation of an additional stoker in the power plant and the elimination 
of gas for water-heating purposes, by the installation in all the buildings of 
water heaters operated by steam from the power plant. The cooking for the 
dining hall is also being done with steam from the power plant. This change 
eliminates the use of fuel oil. 

The results obtained have shown the wisdom of making these improve- 
ments ; for, in spite of the fact that two additional buildings are being heated, 
and that the water heating for all of the buildings, and the cooking are being 
done by the power plant, the coal costs show a decrease from those of the 
previous year, notwithstanding an unusually severe winter. 

Securities 

It need scarcely be said that the conditions that have persisted in the 
financial world have increased our difficulty in maintaining a list of securi- 
ties on the safest and most profitable basis possible, on the one hand, and 
in anticipating the greatest possible appreciation of the entire group of in- 
vestments on the other. 

The Committee has made such changes in our holdings as would, upon 
the best advice obtainable, strengthen the position of the College in respect to 
its investments. Security of principal has been uppermost in the minds of the 
committee members, and on this basis some changes have been made at the 
sacrifice of immediate income. Standard Statistics Service has been used 
consistently, and changes have been made upon definite advice from this 
source. 

Student Accounts 

The slow improvement in general financial conditions continues to make 
difficult the collection of student accounts. It is exceedingly difficult to find a 
middle course between rigid insistence upon payment and too much leniency. 
Increasing requests for scholarships and other forms of assistance and the 
keen competition among the colleges in the granting of concessions have a 
decided bearing on this phase of our college finances. 

J. R. Engle, 
Chairman, Finance Committee 



BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1933 



Debit 





August, 1933 


August, 1932 


Increase 


Decrease 


Permanent Fund Assets 
Investments of Endow- 


$911,483 58 

1,050 00 
865 15 


$911,857 14 

1,050 00 
602 71 




$373 56 


Henry B. Stehman Fund- 
Loaned to students 

Cash awaiting investment. . 


$262 44 




Total Permanent Funds . . 


$913,398 73 


$913,509 85 




$111 12 








Designated Fund Assets, 
(Operating Accounts) Cash . 


$3,138 82 


$2,425 70 


$713 12 




Total Designated Funds. . . 


$3,138 82 


$2,425 70 


$713 12 




Plant Assets 


$507,680 00 
39,000 00 

87,850 00 


$506,430 00 
39,000 00 

85,100 00 


$1,250 00 
2,750 00 








Equipment, Furniture and 
books 








Total Plant A ssets 


$634,530 00 


$630,530 00 


$4,000 00 




Current Assets 


$390 17 
22,292 29 


$910 01 
22,332 29 

567 30 
3,192 15 




$519 84 


Investments in notes 




40 00 


Accounts Receivable: 
1930-1931 




567 30 


1931-1932 


1,863 28 
6,783 75 

232 95 




1,328 87 


1932-1933 


$6,783 75 
3 15 


Athletics, Field and Gym- 


229 80 

8 24 

1,099 50 

697 92 
8,811 60 






8 24 


Advances due, Farm Ac- 
count 

Materials and Supplies: 
Dining Hall 


1,937 38 

700 28 
720 00 


837 88 
2 36 


8,091 60 








Total Current A ssets 


$34,920 10 


$37,848 81 




$2,928 71 








Deferred Charges 




$1,806 47 




$1,806 47 










Total Deferred Charges. . . 


$1,806 47 


SI, 806 47 










$1,585,987 65 


$1,586,120 83 




$133 18 









BALANCE SHEET, LEBANON VALLEY COLLEGE 
AUGUST 31, 1933 



Credit 





August, 1933 


August, 1932 


Increase 


Decrease 


Current Liabilities 

Notes Payable 


$24,000 00 
2,809 88 


$30,000 00 




$6,000 00 


Accounts Payable 


$2,809 88 












$26,809 88 


$30,000 00 




$3,190 12 








Deferred Credits 




$16 59 

$1,259 72 
575 57 

8 00 




$16 59 


Funds for Designated Pur- 
poses 

Part of Matriculation 
Fees used for Student 

Activities 

Unexpended Athletic 

Fund 

Undistributed Scholarships 
Presser Foundation — 

Music 

Accounts Receivable, 
1932-1933 


$1,624 25 
1,174 99 

58 00 

56 50 

1,000 00 


$364 53 
599 42 

50 00 
56 50 




Student Accounts Paid in 


1,569 00 


569 00 








Total Deferred Credits 


$3,913 74 


$3,428 88 


$484 86 




Total Liabilities 


$30,723 62 


$33,428 88 




$2,705 26 








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


$3,138 82 


$2,425 70 


$713 12 








Net Worth 

REPRESENTED BY 

Endowment Fund 


$1,552,125 21 

910,998 73 
2,400 00 


$1,550,266 25 

911,109 85 

2,400 00 

26,995 98 

609,760 42 


$1,858 96 


$111 12 


Annuities 

Depreciation Reserve 




26,995 98 


Net Investment 


638,726 48 


28,966 06 






$1,552,125 21 


$1,550,266 25 


$1,858 96 





Analysis of Net Investment 

Balance Sept. 1, 1932 $609,760 42 

Add: 

Net Profit from Operations, year ending Aug. 31, 

1933, as annexed $1,970 08 

Credit arising from cancellation of Depreciation 

Reserve 26,995 98 28,966 06 



Balance Aug. 31, 1933. 



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Schedule I 

LABORATORIES, ETC. 

Balances transferred to Balance Sheet, pages 4 and 5 



Credit 

Balance 

August 

1932 



Debit 

Balance 

August 

1932 



Income 



Expenses 
(Including 
Equipment) 



Credit 
Balance 
August 

1933 



Deficit 

August 

1933 



Biology 

Chemistry. . . 

Physics 

Psychology . . 

Appointment 

Bureau. . . . 



$16 59 



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



8 24 



51,585 03 

1,511 07 

195 00 

14 25 

44 00 



$876 00 

1,103 89 

219 14 

35 03 

42 55 



$100 00 

570 00 

50 00 



$2,418 19 

3,122 22 

1,459 12 

4 19 

6 79 



$16 59 



,819 84 



,349 35 



J.276 61 



$720 00 



$7,010 51 



Schedule II 
ENDOWMENT FUND, AUGUST 31, 1933 



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 1,929 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 3,922 92 



$913,398 73 



15 



Schedule III 

INVESTMENT OF ENDOWMENT FUNDS 

The Endowment Funds of the College on August 31, 1933, were invested as 
indicated by the following summary and list of investments. 



Amount 
Invested 



Percentage 
of Total 



Farms (Appraised Value) . 

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 

47,425 75 

9,691 23 

273,464 92 

191,777 83 

110,352 50 

29,250 00 

187,271 59 

14,773 51 



5.21 

5.21 

1.06 

30.01 

21.04 

12.10 

3.21 

20.54 

1.62 



.1,483 58 

1,050 00 

865 15 



100.00 



$913,398 73 



INVESTMENT OF ENDOWMENT FUNDS IN DETAIL 
AUGUST 31, 1933 

Farms 

Amount Name Rate Maturity- 

Farm at East Berlin 
Farm at Shiremanstown 

(Appraised value, $47,476.25) 

Industrial Bonds 

$10,000 Butler Brothers 5 1943 

10,000 Goodyear Tire and Rubber Company 5 1957 

5,000 Lane Bryant, Inc 6 1940 

5,000 The Mead Corporation 6 1945 

10,000 National Steel Corporation 5 1956 

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

50,000 (Total cost of above group, $47,425.75) 

Municipal Bonds 
10,000 City and County of Dallas Levee Improvement District 5J 1945 

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

Public Utility Bonds 

10,000 American and Foreign Power Company, Incorporated 5 2030 

5,000 Arkansas-Missouri Power Company 6 1953 

10,000 Associated Gas & Electric Company 4§ 1958 

5,000 Associated Gas & Electric Company 6 1948 

10,000 Associated Gas & Electric Company 5| 1938 

6,000 Associated Gas & Electric Company 5 1965 

10,000 Birmingham Gas Company 5 1959 

16 



Investment of Endowment Funds in Detail (Continued) 

Public Utility Bonds {Continued) 

Amount Name Rate Maturity 

$10,000 Central Gas & Electric Corporation 5^ 1946 

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 Sendee Company 5 1950 

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

10,000 Federated Utilities, Inc 5§ 1957 

10,000 Florida Power Corporation oh 1979 

5,000 Genesee Valley Gas Company, Inc 6 1956 

9,000 Hydro Electric Power Commission of Ontario 5^ 1952 

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 Nevada-California Electric Corporation 5 1956 

10,000 New England Gas & Electric Corporation 5 1950 

10,500 Northeastern Public Service Company 5| 1961 

10,000 Postal Telegraph and Cable Corporation 5 1953 

10,000 Standard Power and Light Corporation 6 1957 

10,000 Tide Water Power Corporation 5 1979 

10,000 United Light & Power Corporation 6 1975 

10,000 Utilities Power and Light Corporation 5 1957 

10,000 West Texas Utilities Company 5 1957 



290,500 (Total cost of above group, $273,464.92) 

Railroad Bonds 

5,000 Allegheny Corporation Cvt 5 1949 

10,000 Allegheny Corporation Cvt 5 1944 

10,000 Baltimore & Ohio Railroad Company 4| 1960 

10,000 Baltimore & Ohio Railroad Company 5 1995 

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

10,000 Chicago Great W T estern Railroad Company 4 1959 

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

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 1976 

10,000 Midland Valley Railroad Company 5 1943 

10,000 Missouri Pacific Railroad Company 5 1977 

10,000 New Orleans, Texas and Mexico Railway Company. . . 5§ 1954 

5,000 New York Central and Hudson River Railroad Co 4| 2013 

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

5,000 Northern Pacific Railway Company 3 2047 

10,000 Pennsylvania Railroad Company 4§ 1965 

5,000 Southern Pacific Company 4| 1969 

5,000 St. Louis, Peoria and Northwestern Railway 5 1948 

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 



200,000 (Total cost of above group, $191,777.83 

17 



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

Amount Name Rate Maturity 

$1,000 Agar Packing and 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 and Forty-First Street Building 6J 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 1954 

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 \ 1936-1938 

38,000 United Brethren Publishing House 6 1934-1953 

4,000 University Apartments, Pittsburgh 7 1933 

110,500 (Total cost of above group, $110,352.50) 

Real Estate Bonds — Local 

4,750 Jacob M. Baum 

5,000 Amos K. Curry 5 

8,500 Lemoyne Trust Company Guaranteed Certificate 5 1929 

5,000 Derry Street United Brethren Church, Harrisburg, Pa. . 6 1929 

6,000 P. A. W. Wallace 5* 



29,250 (Total cost of above group, $29,250.00) 

Allotment Certificates 

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

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

Stocks and Notes 

50 shares Anaconda Copper 
100 shares Atlantic Refining Company 
100 shares Bethlehem Steel Corporation, Pfd. 

50 shares The Borden Company 
100 shares Burroughs Adding Machine Company 
200 shares Chase National Bank of New York 

60 shares Chemical Bank & Trust Company 
5 shares Durant Motors, Inc. 

50 shares Electric Power & Light Company 
100 shares General Electric Company, Inc. 

50 shares General Foods Corporation 

50 shares International Harvester Company 

60 shares Irving Trust Company 
100 shares Kennecott Copper 
120 shares A. S. Kreider Shoe Company Preferred Stock. 

60 shares Bank of Manhattan Company 
100 shares National Biscuit Company 
200 shares National City Bank of New York 
100 shares North American Company, Inc. 

5 shares Potomac Edison Company 

50 shares The Procter & Gamble Company 

50 shares Radio Corporation 
100 shares R. J. Reynolds Tobacco Company 

18 



Investment of Endowment Funds in Detail (Continued) 

Stocks and Notes (Continued) 
Amount Name Rate Maturity 

100 shares Standard Brands, Inc. 
100 shares Standard Oil Company, Inc. 
100 shares Union Carbide & Carbon Corporation 
100 shares United Gas Improvement 
100 shares United States Steel Corporation 

Notes from Churches and Individuals 



2360 shares (Total cost of above group, §187,271.59) 

Miscellaneous 

10,000 American Commonwealth Power Corporation 

6,000 Consolidated Gas Utilities 

5,000 Insull Utilities Investment Incorporated, w.w. 

5,000 Insull Utilities Investment Incorporated, x.w. 

8,000 International Match Corporation 

6,000 Midland Utilities Company 

8,000 Minnesota and Ontario Paper Company. 

5,000 Seaboard Air Line Railway 

5,000 Tattershall Hotel 
10,000 Tri Utilities Corporation 



68,000 (The above securities are listed at no value) 

Schedule IV 

RECEIPTS AND DISTRIBUTION OF ENDOWMENT INCOME 
FOR FISCAL YEAR ENDING AUGUST 31, 1933 

Receipts 

Cash on hand September 1, 1932 82,425 70 

Total Receipts . 839,663 45 

LessBarbara June Kettering Scholarship 10 50 39,652 95 



842,078 65 



Distribution 



Lebanon Valley College for credit to Ministerial 

Students $659 25 

Lebanon Valley College for credit to others than Min- 
isterial Students 3,990 05 

Lebanon Valley College General Expense Account. . . . 30,641 69 
Lebanon Valley College Latin Chair and Other Pro- 
fessorships 2,748 00 

Lebanon Valley College Library Account 61 25 

Paid in cash to students 71 66 

Loaned to students 628 25 

Insurance on Adair Bonds 75 00 

Prizes for Designated Funds 62 00 

Internal Revenue Tax on Checks 2 68 

838,939 83 
Cash on hand August 31, 1933 3,138 82 



842,078 65 
19 



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23 



Schedule VIII 
REPORT OF MUSIC DEPARTMENT— 1932-1933 

Receipts 



For Instruction: 

Organ 

Piano 

Violin 

Voice 

Band and Orchestra In- 
struments 

Chorus 

Unit Ensembles 

Violin Class 

Piano Class 

Dictation 

Harmony 

Sight Singing 

History of Music 

Methods 

Practice Teaching 

Composition 

Percussion 

Conducting 

Extra hours 

Received for use for practice: 

Organ 

Piano 

Instruments of Band and 
Orchestra 



First 
Semester 
$375 00 
1,337 50 
356 00 
1,512 00 

329 60 
7 00 

18 83 
7 00 

51 00 
630 00 
756 00 
630 00 
126 00 
111 00 

90 00 

54 00 

"5833 
66,449 26 

215 00 
294 00 

151 08 



Second 
Semester 

$335 50 

1,337 00 

375 00 

1,450 00 

309 00 

49 00 

54 00 

14 00 

81 00 

608 00 

705 00 

629 00 

144 00 

237 00 

90 00 



3 


50 


14 


00 


518 00 



Both 
Semesters 
$710 50 
2,674 50 
731 00 
2,962 00 

638 60 

56 00 

72 83 

21 00 

132 CO 

1,238 00 

1,461 00 

1,259 00 

270 00 

348 00 

180 00 

54 00 

3 50 

72 33 

518 00 



Year 



,953 00 $13,402 26 



225 00 
284 00 

182 00 



440 00 
578 00 

333 08 1,351 08 



57,109 34 $7,644 00 



,753 34 



Expenditures 



Salaries 

Practice teaching for Seniors 

Transportation of practice teachers. . 

Printing 

Tuning, repairs and use of motor for organ. 
Equipment 



$125 00 
178 50 



$17,480 01 

303 50 
152 87 
613 67 
899 50 



Less Items added to Capital Investment (Instruments). 



),449 55 
700 00 











$18,749 55 


Summary 


Expenditures. 








$18,749 55 


Receipts 








14,753 34 


Deficit 








$3,996 21 




EXTENSION 


Schedule IX 
DEPARTMENT, 


1932-1933 





Income— First Semester $1,502 00 

Second Semester 1,-221 00 

$2,723 00 

Less Cash Refund 12 00 

Net Receipts 

Expenditures — Salaries paid to Faculty 1,800 00 

Traveling expenses paid to Faculty 330 00 

Miscellaneous expenditures 53 21 

Printing 55 38 

Balance 

24 



2,711 00 



2,238 59 
$472 41 



Schedule X 
SUMMER SCHOOL REPORT, 1933 



Income 

Registration $86 00 

Tuition 3,208 00 

Boarding 324 00 

Profit from sale of books 55 00 

$3,673 00 

Less: Cash Refunds 42 00 



Expenses 

Distributed to Faculty 2,435 53 

Paid to C. R. Gingrich for Boarding 324 00 

Miscellaneous expenses 600 86 



5,631 00 



3,360 39 



Balance, retained by College $270 61 

Schedule XI 
DINING HALL, 1932-1933 

Receipts 

From Students $42,416 24 

For meals served to visitors, etc 768 60 

Supplies sold 83 50 



$43,268 34 



Expenditures 

Inventory at beginning of year $697 92 

Supplies purchased during the year 16,460 47 

$17,158 39 
Less inventory of August 31, 1933 700 28 



$16,458 11 



Salaries 9,881 37 

Water 188 83 

Equipment purchased 295 72 

Gas 623 88 

Fuel Oil 254 51 

Light and Power 604 37 

Telephone 27 00 

Cleaning Drain 15 00 

11,890 68 

$28,348 79 

Summary 

Total Receipts $43,268 34 

Total Expenditures 28,348 79 

$14,919 55 

Note — No charge was made for use of building. 

25 



Schedule XII 
REPORT OF LIBRARY FOR 1932-1933 

Income — From Matriculation Fees $382 92 

From Endowment Fund 61 25 

From Alumni Association 100 00 

From College Departments 917 22 

From Breakage Deposits 2 00 

$1,463 39 

Expenditures — From Alumni Association . $41 30 

Specials for Departments 917 22 

From Budget 1,696 48 

Equipment 585 14 

Salaries 3,535 56 

Sales tax on books 45 16 

6,820 86 

Deduct for items added to capital investment 550 00 

$6,270 86 
Deficit $4,807 47 



Schedule XIII 

BUILDINGS, GROUNDS AND EQUIPMENT 
SEPTEMBER 1, 1933 

Erected Present Value Total 

Buildings— Administration 1905 $157,000 00 

Engle Hall 1899 68,000 00 

Carnegie Library 1904 39,250 00 

Men's Dormitory 1905 80,000 00 

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

South Hall for Women 1857 22,500 00 

West Hall for Women 12,000 00 

Heating Plant 12,300 00 

Underground Steam Pipes 14,000 00 

President's Home 1900 9,100 00 

George Property 3,530 00 

Y. M. C. A 3,000 00 

$507,680 00 

Grounds— Campus 34,000 00 

Athletic Field 5,000 00 

39,000 00 

Equipment — Books in Library 11,500 00 

Library Furniture 550 00 

Biology Laboratory 7,000 00 

Chemistry Laboratory 8,000 00 

Physics Laboratory 4,100 00 

English Dept. — Lantern slides and 

equipment 1,000 00 

Museum Furniture 4,250 00 

Gymnasium 2,500 00 

Class Room Furniture 4,900 00 

Office Equipment 4,500 00 

Pianos 4,940 00 

Instruments of Band and Orchestra 1,520 00 

Organs 9,500 00 

General Furniture 11,800 00 

Auditorium 2,700 00 

Dining Hall and Kitchen 6,800 00 

Y. M. C. A. Room Furniture. ... 300 00 
Y. M. C. A. Room Equipment. v 50 00 
Conservatory Class Room Furni- 
ture 440 00 

Heating Plant 1,500 00 87,850 00 

$634,530 00 

26 



Increase 



$1,250 00 



550 00 



700 00 



1,500 00 
$4,000 00 



Schedule XIV 

DONATIONS TO LEBANON VALLEY COLLEGE, FOR 
SPECIAL PURPOSES, 1932-1933 

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

Bible $43 67 

Biology 66 86 

Book Department 679 24 

Business Administration 13 74 

Chemistry 7 63 

Economics 4 78 

Education and Psychology 23 20 

English 46 42 

French 1 00 

German 14 38 

History 4 05 

Latin 1 50 

Mathematics 6 25 

Physics 4 50 

$917 22 

Alumni Association 100 00 

$1,017 22 

For Expenses and Salary of Alumni Secretary, from Alumni Asso- 
ciation 150 00 

For Trees for Campus, from Class of 1907 10 00 

$1,177 22 

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 

Miscellaneous gifts 354 $500 00 

Smithsonian Institute 18 27 00 

S. O. Grimm 1 1 50 

V. Earl Light 1 1 50 

O. E. Reynolds 7 10 00 

C. R. Gingrich 7 10 00 

P. A. W. Wallace 1 1 50 

G. D. Gossard 155 300 00 

R. R. Butterwick 114 175 00 

Periodicals 

Wistar Institute of Anatomy 20 00 

Other Periodicals 50 00 

$1,096 50 



27 



Schedule XV 



RECORD OF SCHOLARSHIPS AND OTHER FINANCIAL 
ASSISTANCE GIVEN STUDENTS IN 1932-1933 



Rebate to Ministers' Children 

Tuition Scholarships to Ministerial Students not 
covered by income from Scholarship Funds 

Tuition Scholarships to other than M inisterial Students, 
not covered by income from Scholarship Funds. . 

Paid in cash from Designated Scholarships in Endow- 
ment Fund to College accounts for credit to Min- 
isterial Students 

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

Athletic Scholarships 

Paid on Student Accounts by Athletic Council 

Paid in cash from Scholarship Funds for books, matric- 
ulation fee, breakage deposit 

Distributed from Funds received from: 

Allegheny Youngjpeople's Union 

Pennsylvania Conference C. E. Society 

Presser Foundation, to Music Students 

Prize for Mathematics Student 

Prizes for English Students 

Loaned to Students from Scholarship Funds 

Secured for Ministerial Students from the Board of 
Education of the United Brethren Church 

Paid in cash to student teachers, assistants, waiters, 
librarians, janitors, etc 



$1,450 00 
1,690 75 
1,179 28 

659 25 



4,000 


55 


3,960 00 


2,865 00 


71 


66 


75 


00 


100 


04 


200 


00 


20 


00 


42 00 


528 25 


315 


00 


6,374 


51 



5,531 29 



Schedule XVI 

STUDENT ENROLLMENT, COLLEGIATE YEAR, 1933-1934 

College Men Women Total 

Graduate Students 4 1 5 

Seniors 42 27 69 

Juniors 45 19 64 

Sophomores 52 26 78 

Freshmen 69 27 96 

Specials 2 ... 2 

Saturday Classes 5 21 26 

219 121 ... 340 
Conservatory 

Seniors 2 5 7 

Juniors 3 5 8 

Sophomores 9 11 20 

Freshmen 11 9 20 

Specials 25 43 67 

50 73 ... 123 

Extension Department 14 82 ... 46 

Summer Session 43 43 ... 86 

Total in all Departments 326 269 ... 595 

Names repeated 37 39 ... 76 

Net Total in all Departments 289 230 ... 519 

28 



Schedule XVII 

FARM REPORTS, AUGUST 31, 1933 
EAST BERLIN FARM 



Receipts 



Cash on hand August 31, 1932 $3 47 

Sept. 23, 1932 Transferred to Farm Account from Cur- 
rent College Account $145 00 

Nov. 18, 1932 W. Denton Mvers: 

88 bus. 50 lbs. Wheat @ .62 55 08 

42 bus. 05 lbs. Wheat @ .60 25 25 

29 bus. Wheat (§> .50 14 50 

June 17, 1933 W. Denton Myers: 

411 bus. 43 lbs. corn @ .60 247 05 



Expenditures 



486 88 
$490 35 



Sept. 26, 1932 Frank Haar— School taxes for 1932 $57 60 

Sept. 26, 1932 W. Denton Myers— Fertilizer and Timo- 
thy Seed 82 22 

Nov. 18, 1932 W. Denton Mvers: 

1-7/60 bus. clover $12 38 

5 barrel cement 1 18 

2 sacks 60 

4 tons fertilizer @ $20.00 80 00 

$94 16 

Credit — Cement bag 30 

— 93 86 

June 22, 1933 Frank Haar — County and Bond taxes for 

1933 38 30 

June 22, 1933 W. Denton Myers— Clover seed, lime 116 93 

Aug. 1, 1933 Samuel D. Kling — Repairs to pump, in- 
cluding new cylinder and miscel- 
laneous repairs 21 65 

Aug. 4, 1933 Frank Haar— Road tax for 1933 46 08 

Internal Revenue Tax on checks 16 

456 80 
Cash on hand August 31, 1933 33 55 

$490 35 



29 



Schedule XVIII 

FARM REPORTS, AUGUST 31, 1933 
SHIREMANSTOWN FARM 



Receipts 



Cash on hand August 31, 1932 $179 14 

Sept. 23, 1932 Transferred to Farm Account from Current 

College Account $105 00 

Nov. 18, 1932 Transferred to Farm Account from Current 

College Account 470 00 

Feb. 16, 1933 Transferred to Farm Account from Current 

College Account 30 00 

Feb. 16, 1933 S. B. Weber— Corn 15 00 

Mar 25, 1933 Transferred to Farm Account from Current 

College Account 50 00 

May 17, 1933 Transferred to Farm Account from Current 

College Account 37 88 

June 17, 1933 Frank Eberly: 

258 bus. 15 lb. Corn @ .55 142 05 

June 22, 1933 Charles Crowl: 20 bushels Corn @ .60 12 00 

July 18, 1933 Frank Eberly: 

700-56/60 bus. Wheat @ $1.00 per bu.. . 700 93 



$1,562 86 
$1,742 00 



Expenditures 



Sept. 26, 1932 O. H. Witter— School taxes for 1932 $194 30 

Sept. 26, 1932 Milleisen's Lumber Co. — White pine for 

repairs 3 00 

Sept. 26, 1932 Ritter's Hardware— Fencing 82 20 

Sept. 30, 1932 Annville National Bank — Interest on note 

of $500.00 for three months 7 50 

Nov. 18, 1932 Annville National Bank — Interest on re- 
newal of four notes combined into one 

($2,626.00) for ninety days 33 40 

Nov. 18, 1932 M. C. Dietz's Sons: 

5| tons fertilizer @ $18.50 $98 67 

17 tons lime @ $9.04 153 68 

252 35 

Nov. 18, 1932 H. E. Millard— 17 tons hydrated lime @ 

$7.50 _ 127 50 

Nov. 18, 1932 Coover Miller — Labor for cutting posts and 

making fence: 144 hrs. @ .25. . 36 00 

70 hrs. @ .20 . . 14 00 

50 00 

Feb. 16, 1933 Annville National Bank — Interest on note 

of $2,525.00 for ninety days 37 88 

Feb. 16, 1933 Frank Eberly: 62 lbs. timothy seed 2 76 
f bu. timothy seed 1 50 

4 26 

Feb. 16, 1933 Hauck Bros.— Repairs to pump 3 00 

Mar. 25, 1933 Harry Zimmerman — Interest on note of 

$2,000.00 due December, 1932 50 00 

May 17, 1933 Annville National Bank — Interest on re- 
newal of note $2,525.00 for ninety 
days 37 88 

30 



Farm Reports, August 31, 1933 
Shiremanstown Farm (Continued) 



Expenditures (Continued) 
June 22, 1933 Mrs. Ruth Palmer — 970 sheaves corn fod- 
der $9 70 

June 22, 1933 Frank Eberly: 

3 bus. alfalfa seed @ $14.50. . . $43 50 

3 bus. nitrogen 2 70 

14 acres drilled 2 10 

48 30 

June 22, 1933 Hauck Bros. — Check valve and work on 

water line and pump 3 55 

June 22, 1933 Harry Zimmerman — Interest on $2,000 

note due June, 1933 50 00 

Aug. 4, 1933 Milleisen's Lumber Company — Lumber. . . 2 10 

Aug. 4, 1933 O. H. Witter— Road tax for 1933 70 65 

Aug. 10, 1933 Ritter's Hardware — Poultry wire 55 25 

Aug. 14, 1933 Annville National Bank — Paid on note of 

$2,525.00 325 00 

Aug. 14, 1933 Annville National Bank — Interest on note 

of $2,200 for ninety days 33 00 

Aug. 31, 1933 O. H. Witter— State and County Tax for 

1933 67 12 

Internal Revenue Tax on checks 70 

$1,548 64 

Cash on hand August 31, 1933 193 36 

$1,742 00 



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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 work was done at this time by Charles E. Procasco, C. P. A. of 
Harrisburg. 

We submit as our report his certification, which follows : 

H. E. ScHAEFFER 

P. E. V. Shannon 
A. W. Wilt 

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 12, 1934. 

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

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

LEBANON VALLEY COLLEGE 
Annville, Pennsylvania, 

for the fiscal year ended August 31, 1933, 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 investment statements, as 
herewith submitted, are in agreement with the books of account, which were 
found to be correct. 

Respectfully submitted, 

C. E. Procasco, 
Certified Public Accountant 



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