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.

,726 48

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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 WTestern 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
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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

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 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

32