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Full text of "Lebanon Valley College Report of the Finance Statement of 1937"

Lebanon Valley College 

BULLETIN 

Vol. XXVI NOVEMBER. 1937 No. 8 



REPORT OF FINANCE COMMITTEE 

FOR FISCAL YEAR 

ENDED JUNE 30, 1937 



ANNVILLE, PENNSYLVANIA 



Presented to the Board of Trustees at their Annual 
Meeting, Friday, June 3, 1938 



A Supplement to this report will give figures for the 
school year 1937-1938. to May 25. 1938 



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



To the Board of Trustees of Lebanon Valley College: 

The Finance Committee presents the following report for the year ending 
June 30, 1937. 

As compared with the preceding year the income and expenditures of the 
college have both increased. The income amounted to $203,300.51 and the dis- 
bursements $196,403.56, making a net operating profit $6,896.95 as against 
$4,197.98 net, for the previous year. After deducting the cost of additions to 
plant made out of current funds, which amounts to $11,591.25, the year's finances 
show a deficit of $4,694.30. This brings the total current deficit to $37,203.01, 
which is entirely accounted for by improvements made during recent years from 
current funds. Constant economy of expenditure has been practiced by the Com- 
mittee in order to keep the disbursements within the income. 

The total assets have increased during the year from $1,660,848.27 to 
$1,684,088.12. 

This has been a very hard year for those in charge of investments. Present 
conditions have never before been a part of the experience of investors. Security 
prices change without any apparent reason and the experienced buyers of se- 
curities have been uncertain as to the most advantageous investments to be made. 
This uncertainty applies to both stocks and bonds for both have been subject to 
the prevalent downward trend. 

The book value of the endowment is now $917,005.61 and the total income 
for the year just closed was $36,222.01. Including the farms and Publishing House 
Bonds, neither of which has contributed to the current income, the rate of income 
is 3.95%. Not counting these two items as productive endowment the income 
rate is 4.32%. The Committee is constantly striving to keep the income at the 
highest possible point, at the same time insuring that degree of safety consistent 
with the type of investment that the maintenance of our book value requires. 

A heavy drain on our resources has been the expectation of assistance on the 
part of the students. This has necessitated the granting of scholarships in in- 
creasing amounts. Competition among the colleges has brought about this situa- 
tion and many prospective students enter that college which gives them the 
greatest concessions. The State Teachers Colleges are formidable competitors in 
this respect. 

The assistance granted to students during the year totalled $33,433.47, in- 
cluding $5,857.52 paid by the government for N. Y. A. work. The sum of $5,365.99 
was paid by the college for assistantships, waiterships, janitorships and library 
work. Ministerial students and ministers' children received $3,650.00 and loans 
to the amount c f $577.25 were granted. Tuition scholarships were allocated from 
scholarship and current funds to the amount of $14,669.58. Other sources yielded 
$3,313.13 of student help. Help in some form was given to 265 different students. 

The Committee has maintained a constant vigilance over the list of invest- 
ments, always guided by the advice of the most experienced investment houses, 
and have made only such changes in holdings as would strengthen the position of 
the college with respect to the endowment fund. 

J. R. Engle 
Chairman, Finance Committee 



LEBANON VALLEY COLLEGE 

COMPARATIVE BALANCE SHEET 

JUNE 30, 1937 AND 1936 



Exhibit A 



Assets 





June 30, 1937 


June 30, 1936 


Increase 


Decrease 


L Current Funds: 

A. General: 

Cash 


$1,514 99 
11,469 87 
18,099 80 

74 89 

250 00 

625 17 

1,550 00 

238 55 


$2,615 25 
11,984 87 
16,459 47 

1,474 89 




$1,100 26 


Investments, Notes Rec. 




515 00 


Accts. Rec. , Students. . . 
Advances Receivable, 


$1,640 33 


1,400 00 


Advances Receivable, 


250 00 




Dining Hall Supplies. . . . 
Laboratory Supplies. . . . 
Summer Sch. Ex., Prep'd 
Y. M. C. A. Expenses, 


1,103 34 

1,800 00 

99 05 

2 75 
388 27 


478 17 




250 00 


139 50 


2 75 


Prepaid Insurance 

Unamortized Remodel- 


2,944 45 

6,662 72 
37,203 01 


2,556 18 

6,662 72 
4,694 30 




Deficit 


32,508 71 








B. Restricted: 


$80,633 45 


$68,436 60 


$12,196 85 




$1,378 55 


$1,557 39 




$178 84 








II. Loan Funds: 


$82,012 00 


$69,993 99 


$12,018 01 




$1,967 95 
5,156 52 


$2,213 13 
4,138 25 




$245 18 


Notes Receivable 


$1,018 27 




III. Endowment AND Other 

Non-Expendable Funds: 

Cash 


$7,124 47 


$6,351 38 


$773 09 




$90 81 

418,925 99 

411,500 85 

18,750 00 

20,261 71 

47,476 25 


$81 02 

650,026 74 

175,064 89 

21,750 00 

22,356 71 

47,476 25 


$9 79 






231,100 75 


Stocks 


236,435 96 






3,000 00 






2,095 00 


Real Estate (Farms). . . . 






IV. Plant Funds: 


$917,005 61 


$916,755 61 


$250 00 




$39,000 00 

17,089 39 
503,219 84 
114,246 14 


$39,000 00 

17,089 39 
495,219 84 
110,654 89 


$8,000 00 
3,591 25 




Underground Heating & 
Plumbing System 




Equipment 




V. Agency Funds: 

Cash 

Advances Receivable 

from General Fund . . . 
Farm Improvements. . . . 


$673,555 37 


$661,964 12 


$11,591 25 




$603 90 

183 19 
2,500 00 
1,103 58 


$520 99 

183 19 
2,500 00 
2,578 99 


$82 91 


$1,475 41 










$4,390 67 


$5,783 17 




$1,392 50 








Total Assets 


$1,684,088 12 


$1,660,848 27 


$23,239 85 





LEBANON VALLEY COLLEGE 

COMPARATIVE BALANCE SHEET 

JUNE 30, 1937 AND 1936 



Exhibit A 



Liabilities and Funds 





June 30, 1937 


June 30, 1936 


Increase 


Decrease 


L Current Founds: 
A. General: 

Notes Payable 

Accounts Payable 

Accts. Payable, Agency 
Funds 


$65,866 40 
6,427 82 

183 19 
1,806 04 

6,350 00 


$56,866 40 
3,973 74 

183 19 
1,813 27 

5,600 00 


$9,000 00 
2,454 08 




Students' Deposits 

Reserve for Doubtful 


$7 23 


750 00 










$80,633 45 


$68,436 60 


$12,196 85 




B. Restricted: 


$1,378 55 


$1,557 39 




$178 84 








$82,012 00 


$69,993 99 


$12,018 01 




U. Loan Funds: 

Funds. 


$7,124 47 


$6,351 38 


$773 09 








III. Endowment and Other 
Non-Expendable Funds: 
Endowment Funds: 
General 


$684,963 91 
229,391 70 


$684,963 91 
229,391 70 






Restricted 




Annuity Funds 


$914,355 61 
2,400 00 


$914,355 61 
2,400 00 






Advances Payable 


$916,755 61 
250 00 


$916,755 61 


$250 00 






$917,005 61 


$916,755 61 


$250 00 




IV. Plant Funds: 

Net Investment in Plant 


$673,555 37 


$661,964 12 


$11,591 25 




V. Agency Funds: 

Notes Payable, Farm ^^.c- 

count 

Advances Payable, Farm 


$4,000 00 

74 89 
315 78 


$4,000 00 

1,474 89 
308 28 




$1,400 00 


Funds 


$7 50 










$4,390 67 


$5,783 17 




$1,392 50 


Total Liabilities and 
Funds 






$1,684,088 12 


$1,660,848 27 


$23,239 85 









LEBANON VALLEY COLLEGE 

CONDENSED COMPARATIVE STATEMENT OF CURRENT 
INCOME AND EXPENSES 

(Excluding Receipts and Disbursements of Restricted Funds for 
Non-Educational Purposes) 

Exhibit B-1 



Income 





July 1, 1936 

to 
June 30. 1937 


Julv 1. 1935 

to 
June .30, 1936 


Increase 


Decrease 


L Educational AND Gen'l: 
(1) Student Income: 
School of Liberal Arts 
and Sciences 


$68,910 72 
34,454 61 


$66,391 87 
30,648 14 


$2,518 85 

3,806 47 




Auxiliary Educational 
Schools 










$103,365 33 


$97,040 01 


$6,325 32 




(2) Endowment Income.. . 

(3) Gifts and Grants 


$27,928 49 
6,559 63 
4,132 55 


$27,194 01 
6,977 05 
3,318 46 


$734 48 


$417 42 


(4) Other Sources 


814 09 




Total Educational and 
General Income 


$141,986 00 


$134,529 53 


.$7,456 47 




II. Auxiliary Enterprises 
AND Activities: 

(1) Dormitories 

(2) Dining Hall 

(3) Placement Bureau In- 
come 


$21,847 86 
37,672 06 

44 00 

755 25 


$21,247 45 
39,545 91 

49 00 

676 57 


$600 41 


$1,873 85 




5 00 


(4) Leadership Training 
School Income 


78 68 




Total Income, Auxiliary 
Enterprises and Activ- 
ities . . 


$60,319 17 


$61,518 93 




$1,199 76 








III. Income FOR Non-Educa- 
tional Purposes 


$995 34 


$1,759 09 




$763 75 








Total Income 

Total Expenses, 

Forwarded 


$203,300 51 
$196,403 56 


$197,807 55 
$193,609 57 


$5,492 96 
$2,793 99 




Net Profit before deducting 
additions to Plant from 
Current Funds 

Additions to Plant from 
Current Funds 


$6,896 95 
11,591 25 


$4,197 98 
17,939 37 


$2,698 97 


$6,348 12 








Net Loss after deducting 
additions to Plant from 
Current Funds 


$4,694 30 


$13,741 39 




$9,047 09 









LEBANON VALLEY COLLEGE 

CONDENSED COMPARATIVE STATEMENT OF CURRENT 
INCOME AND EXPENSES 

(Excluding Receipts and Disbursements of Restricted Funds for 
Non-Educational Purposes) 

Exhibit B-1 



Expenses 





July 1. 1936 

to 
June 30, 1937 


July 1, 1935 

to 
June 30, 1936 


Increase 


Decrease 


I. Educational and Gen- 
eral: 
(1) General Administra- 
tion and Expense 


$28,379 50 


$27,775 57 


$603 93 




(2) Instruction and Re- 
search : 

School of Liberal Arts 
and Sciences 


$65,822 43 
30,589 57 


$66,139 98 
28,300 04 




$317 55 


Auxiliary Educational 
Schools 


$2,289 53 








$96,412 00 


$94,440 02 


$1,971 98 




(3) Library 


$4,737 32 
10,041 71 


$4,811 69 
10,911 08 




$74 37 
869 37 


(4) Operation and Mainte- 
nance of Physical Plant 


Total Educational and 
General Expenses. . . 


$139,570 53 


$137,938 36 


$1,632 17 




IL Auxiliary Enterprises 
AND Activities: 
(1) Dormitories. 


$13,446 37 

39,521 54 

63 80 

689 41 


$12,625 39 

38,797 89 

41 84 

781 72 


$820 98 

723 65 

21 96 




(2) Dining Hall 

(3) Placement Bureau .... 

(4) Leadership Training 
School 


$92 31 








Total Expenses, Aux- 
iliary Enterprises & 
Activities 


$53,721 12 


$52,246 84 


$1,474 28 




in. Other Non-Education- 
al Expenses 


$2,361 91 


$2,824 37 




$462 46 








Total Expenses before 
Reserve Provisions. 
Reserve Provisions: 

Provision for Doubtful 
Accounts Receivable. . 


$195,653 56 
750 00 


$193,009 57 
600 00 


$2,643 99 
150 00 




Total Expenses, For- 
warded 


$196,403 56 


$193,609 57 


$2,793 99 





LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT FUNDS 

YEAR ENDED JUNE 30, 1937 



Exhibit B 



Balance at beginning of year None 

Add: 

(1) Current educational and general income, 

per Schedule B-1, Sec. I . . ;•;•.•• $l-il.986 00 

(2) Income Auxiliary enterprises and activities, 

per Schedule B-1, Sec. II 60,319 17 

(3) Income non-educational purposes, per 

Schedule B-1, Sec. Ill 7,174 83 

— — $209,480 00 

(4) Adjustments, per Schedule B-4 384 59 

$209,864 59 
Deduct: 

(1) Current educational and general expenses, 

per Schedule B-2, Sec. I. $140,320 53 

(2) Expenditures of auxiliary enterprises and 

activities, per Schedule B-2, Sec. II 53,721 12 

(3) Other non-educational expenses, per Sched- 
ule B-2, Sec. Ill 8,720 24 

(4) General funds transferred to plant funds, 

per Exhibit E, Sec. I 11,591 25 

$214,353 14 

(5) Adjustments, per Schedule B-4 205 75 214,558 89 

Deficit for year ended June 30, 1937 $ 4,694 30 

Add, Deficit July 1, 1936 32,508 71 

Deficit June 30, 1937, to Exhibit A, Section I $37,203 01 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1937 



Schedule B-1 



I. Educational and General; 
(/) Student Income: 

A. School of Liberal Arts and Sciences: 
Tuition $73,031 35 

Less, Scholarships 12,299 73 

$60,731 62 

Matriculation Fees 1,707 60 

Biology Fees 2,077 00 

Chemistry Fees 1,768 50 

Physics Fees 230 00 

Psychology Fees 141 00 

Practice Teaching Fees 1,085 00 

Graduation Fees 1,170 00 

B. Auxiliary Educational Schools: 

Extension School $1,186 00 

Music School 29,864 19 

Saturday School 1,450 00 

Summer School 1,954 42 

(2) Endowment Income (Schedule B-j) 

Unrestricted $25,145 24 

Restricted 2,7&3 25 

(3) Gifts and Grants: 

Benevolence, Conference $0,044 63 

Other 515 00 

{4) Other Sources: 

Chemical Analysis by Dr. Bender $81 75 

Interest on Current Funds 1,351 04 

Library Income 1,979 76 

Group Life Insurance 705 00 

Rent for Chapel 15 00 



$68,910 72 



34,454 61 



27,928 49 



6,559 63 



4,132 55 
Total Educational and General Income, to Exhibit B.. . . $141,986 00 

II. AUXILLARY EnTERPRLSES AND ACTIVITIES: 

(7) Dormitories: 

Rentals $20,879 15 

Breakage Fees 318 46 

Cleaning Fees 650 25 

• $21,847 86 

{2) Dining Hall: 

Students' Board $37,311 80 

Sale of meals to others 320 43 

Sale of food and operating supplies 39 83 

37,672 06 

is) Placement Bureau Income: 44 00 

{4) Leadership Training School Income: 755 25 

Total Income Auxiliary Enterprises and Activities, to Ex- 
hibit B $60,319 17 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1937 

Schedule B-1 (Continued) 

in. Income for Non-Educational Purposes: 

Day Students' Fees for Janitor Service and 

Breakage $260 50 

Unexpended Student Activity Fees 329 98 

Scholarship Funds (Schedule B-3) 5,497 01 

Student Loan Funds (Schedule B-3) 500 73 

Prize Funds (Schedule B-3) 61 75 

Annuity Funds (Schedule B-3) 120 00 

Miscellaneous 404 86 

Total Income for Non-Educational Purposes, to Exhibit B. $7,174 83 

Total Income to Exhibit B $209,480 00 



10 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1937 

Schedule B-2 

I. Educational and General: 

(/) General Adminislration and Expense: 

A. General Administrative Offices: 

Miscellaneous $292 58 

Office Supplies 365 74 

Postage 389 69 

Salaries 16,298 01 

Stationery and Printing 364 15 

Telephone and Telegraph 208 63 

$17,918 80 

B. General Expense: 

Advertising, General $469 85 

Advertising, Bulletins and Cata- 
logues 623 77 

Alumni Expense 113 22 

Alumni Secretary, Salary and Ex- 
pense 887 96 

Auditing and Accounting Service 268 75 

Commencement Expenses 183 33 

Compensation Insurance 232 92 

Credit Adjustment Service 278 55 

Diplomas 87 00 

Group Life Insurance 1,597 78 

Lecture Expense 124 00 

Membership Dues 163 50 

Miscellaneous 918 15 

Press Service 974 71 

Robbery Insurance 138 51 

Student Solicitation Expense. . . . 2,302 37 

Travel and Entertainment: 

Faculty 50 00 

Officers 1,032 09 

Trustees 14 24 

Provision for Doubtful Accounts 

Receivable 750 00 

$11,210 70 

(2) Instruction and Research: $29,129 50 

A. School of Liberal Arts and Sciences: 

Salaries, Faculty $61,409 93 

Student Assistants 1,296 90 

$62,700 83 

Practice Teaching 560 00 

Departmental Expenses: 

Biology Laboratory 704 39 

Chemistry Laboratory 1,006 75 

History Department 6 81 

Physics Laboratory 654 72 

Psychology Laboratory 182 93 

2,555 60 

B. Auxiliary Schools: 65,822 43 

Extension School: 

Faculty Salaries. 800 00 

Traveling and Miscellaneous 

Expense 329 58 

$1,129 58 

11 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1937 

Schedule B-2 (Continued) 



I. Educational and General: 

(2) Instruction and Research: 

B. Auxiliary School, (Continued) 
Music School: 

Faculty Salaries _. $23,761 43 

Practice Teaching, Salaries and 

Expense 972 50 

Salaries— Other than Faculty. . 478 00 

Tuning, repairs, etc 988 40 

Music 74 78 

Stationery and Printing 53 25 

$26,328 36 

Saturday School: 

Faculty Salaries 1,380 60 

Summer School: 

Faculty Salaries $852 48 

Miscellaneous Expense 898 55 

1,751 03 

(j) Library: 

Books and Magazines 1,084 97 

Salaries 3,509 78 

Supplies and Binding 142 57 

(4) Operation and Maintenance of Physical Plant: 

Care and Maintenance of Grounds $926 03 

Care of Buildings and Furniture 1,995 21 

Heat 3,666 84 

Infirmary 14 54 

Light and Power 1,077 93 

Miscellaneous 23 00 

Operating Supplies 149 56 

Planting Expense 25 70 

Property Insurance 834 86 

Repairs of Buildings and Equipment 1,022 02 

Taxes 134 75 

Water 171 27 



Total Educational and General Expenses, to Exhibit B . . 

II. Auxiliary Enterprises and Activities: 
(/) Dormitories: 

Care of Buildings and Furniture $3,184 28 

Heat 3,717 08 

Light 1,9C7 54 

Miscellaneous 40 64 

Operating Supplies 166 77 

Property Insurance 489 33 

Rent 401 74 

Repairs of Buildings and Equipment 2,984 14 

Telephone 119 62 

Water 435 23 



12 



$30,589 57 



4,737 32 



10,041 71 
$140,320 53 



$13,446 37 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1937 

Schedule B-2 (Continued) 

II. Auxiliary Enterprises and Activities: 
(2) Dining Hall: 

Food $24,473 38 

Gas 180 13 

Laundry 428 00 

Light and Power 463 80 

Miscellaneous 1 18 68 

Operating Supplies 187 47 

Renewals and Repairs 530 26 

Rental 4,475 00 

Salaries and Wages 8,569 48 

Telephone 24 20 

Water 71 14 

.'$39,521 54 

(j) Placement Bureau: 

Expenses 63 80 

(4) Leadership Training School: 

Expenses 689 41 

Total Expenses, Auxiliary Enterprises and Activities, to 

Exhibit B $53,721 12 

III. Other Non-Education.\l Expenses: 

Debating Expense SlOl 00 

Interest on Loans 2,260 91 

Scholarships (Schedule B-3) 5,689 10 

Student Loan Funds (Schedule B-3) 500 73 

Prizes (Schedule B-3) 61 00 

Annuities (Schedule B-3) 107 50 

Total Non-Educational Expenses, to Exhibit B $8,720 24 

Total Expenses to Exhibit B $202,761 89 



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17 



LEBANON VALLEY COLLEGE 

DETAILS OF CURRENT FUND ADJUSTMENTS 

YEAR ENDED JUNE 30, 1937 

Schedule B~4 

L Adjustments Adding to Current Funds: 
Decrease in income balances: 

Alice Evers Burtner Memorial Award Fund $33 34 

G. D. Gossard and Wife Scholarship Fund 248 75 

Elizabeth May Meyer Musical Scholarship Fund ... 77 50 

Ezra G. Ranck and Wife Scholarship Fund 25 00 

Total to Exhibit B, Section 4 $384 59 



2. Adjustments Deducting from Current Funds: 
Increase in income balances: 

East Pennsylvania Conference C. E. Scholarship 

Fund $25 00 

Harnish-Houser Publicity Fund 100 00 

A. S. Kreider Ministerial Fund 50 00 

Pennsylvania Conference C. E. Scholarship Fund. . . 17 50 

Class of 1928 Scholarship Fund 75 

S. H. Derickson and Wife Annuity Fund 12 50 

Total to Exhibit B, Section 5 $205 75 



18 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1937 

Schedule B-5 

RpXEIPTS 

Balance July 1, 1936 $2,615 25 

Income: 

Students $161,145 16 

Endowment Income 27,928 49 

Gifts and Grants: 

Conference Benevolence $6,044 63 

Other 515 00 

6,559 63 

Other Sources: 

Interest on Current Funds $1,351 04 

Chemical Analysis by Dr. Bender. . 81 75 

Library Income 405 00 

G'"oup Life Insurance 705 00 

Rent for Chapel 15 00 

Placement Bureau 44 00 

Leadership Training School 755 25 

Unexpended Student Activity Fees. 329 98 

Sale of meals to others 320 43 

Sale of Food and Supplies 39 83 

Miscellaneous 404 86 

4,452 14 

$200,085 42 
Balance Sheet Items: 

Increase in Notes Payable $9,000 00 

Increase in Accounts Payable 2,454 08 

Received from churches on account 
of notes 515 00 

Decrease in Advances Receivable, 

Farm Account 1,400 00 

Decrease in Y. M. C. A. Prepaid Ex- 
penses 

Decrease in Inventories: 

Dining Hall $478 17 

Laboratory Supplies 250 00 728 17 14,100 00 



2 75 



$214,185 42 



$216,800 67 



19 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1937 

Schedule B-5 



Disbursements 
Expenses: 

Educational and General: 

General Administration & Expense $28,379 50 

Instruction and Research 96,412 00 

Library 3,162 56 

Operation and Maintenance of 

Physical Plant 10,041 71 

Auxiliary Enterprises and Activities: 

Dormitories $13,446 37 

Dining Hall 39,521 54 

Placement Bureau 63 80 

Leadership Training School 689 41 

Other Non-Educational Expenses: 

Interest on Loans $2,260 91 

Debating Expenses 101 00 



$137,995 77 



53,721 12 



2,361 91 
$194,078 80 



Balance Sheet Items: 

Increase in Prepaid Insurance $2,556 18 

Increase in Summer School Expenses 

Prepaid 139 50 

Increase in Advances Receivable — 

Endowment Account 250 00 

Decrease in Students' Deposits 7 23 

Unamortized Remodeling Expense, 

Men's Dormitory 6,662 72 

Additions to Plant 11,591 25 



21,206 88 

$215,285 68 



Balance June 30, 1937, per Exhibit A, Section I-A 1,514 99 



$216,800 61 



20 



STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS 
ENDOWMENT INCOME ACCOUNT FOR THE YEAR ENDED 

JUNE 30, 1937 

Schedule B-6 



Receipts 
Balance July 1, 1936 11,557 39 

Income from Endowment Investments $36,222 01 

Less, accrued interest on bonds purchased 2,089 03 



34,132 98 

$35,690 37 

Disbursements 
Unrestricted: 

Transferred to General Fund for Educational Purposes $25,145 24 

Restricted: 

Transferred to General Fund for Educational and General Purposes: 

Printing Funds $19 00 

Professorship Funds 2,693 00 

Library Funds 61 25 

Maintenance Funds 10 00 

K2,783 25 



Used for Non-Educational Purposes: 

Scholarship Funds $5,689 10 

Student Loan Funds 500 73 

Prize Funds 61 00 

Annuity Funds 107 50 

6,358 33 

9,141 58 

Expenses: 

Insurance on Adair Bonds 25 00 



$34,311 32 
Balance June 30, 1937, per Exhibit A, Section I-B 1,378 55 

$35,690 37 



21 



LEBANON VALLEY COLLEGE 

STATEMENT OF LOAN FUNDS 

YEAR ENDED JUNE 30, 1937 



Exhibit C 



Funds 



Fund Principal 



Balance 

July 1. 

1936 



Alumni Annual Giving $856 20 

Mary A. Dodge Fund 3,284 87 

Daniel Eberly Fund 77 19 

Henry B. Stehman Fund. . . . 1,951 12 

Dr. Wagner Special Fund ... 182 00 



Receipts 
for year 



Other 
Additions 



$230 60 

516 76 

25 73 



Balance 
Deduc- June 30. 1937 
tions Exhibit A 

Sec. II 

$1,086 80 

3,801 63 

102 92 

1,951 12 

182 00 



$6,351 38 $773 09 



$7,124 47 



Fund Assets 
Cash $1,967 95 

Notes Receivable from Students: 

Alumni Annual Giving Fund $1,077 10 

Mary A. Dodge Fund 3,035 48 

Henry B. Stehman Fund 900 00 

Dr. Wagner Special Fund 143 94 

5,156 52 



Total Loan Fund Assets June 30, 1937, to Exhibit A, Section II $7,124 47 



22 



LEBANON VALLEY COLLEGE 

STATEMENT OF ENDOWMENT AND OTHER 
NON-EXPENDABLE FUNDS 



YEAR ENDED JUNE 30, 1937 



Exhibit D 



Fund Principal 

Endowment Funds Annuity Founds 



Balance July 1, 1936 $914,355 61 

Additions during year None 

Deductions during year None 



Balance June 30, 1937, to Exhibit A, 
Section III 



Total 



$2,400 00 $916,755 61 
None None 

None None 



,355 61 $2,400 00 $916,755 61 



Summary 
Assets, per Schedule D-I $917,005 61 



Liabilities, consisting of advances payable to current fund $250 00 

Fund Principal, as shown above 916,755 61 



$917,005 61 



23 



SUMMARY OF ENDOWMENT FUND INVESTMENTS 
JUNE 30, 1937 

Schedule D-1 



Investments: 
Farms 



Bonds: 

Industrial. . . . 
Public Utility. 

Railroad 

Real Estate . . 



$9,600 00 
213,778 52 
137,249 31 

56,798 16 



Percentage 
Amount of Total 

$47,476 25 5.18 



1.05 
23.32 
14.97 

6.19 



Total Bonds 417, 425 99 45 . 53 



Stocks: 
Preferred. 



Common: 

Auto Accessories $14,400 00 

Automobile 12,793 36 

Aviation 10,148 21 

Bank 76,100 00 

Broadcasting 5,800 00 

Building 17,500 00 

Copper 22,200 00 

Electric Equipment 12,000 00 

Food 5,500 00 

Office Equipment 8,000 00 

Oils 28,000 00 

Rubber 13,300 00 

Steel 31,368 27 

Utility 29,491 51 

Total Common Stocks 



$124,899 50 



286,601 35 



Total Preferred and Common Stocks. 

Mortgages 

Notes Receivable 

Certificate of Deposit, Lemoyne Trust Co.. . 



411,500 85 

18,750 00 

20,261 71 

1,500 00 



Total Investments $916,914 80 

Cash awaiting investment 90 81 



Total Endowment Fund Assets, June 30, 1937, 

to Exhibit A, Section III $917,005 61 



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31 



LEBANON VALLEY COLLEGE 

STATEMENT OF PLANT FUNDS 
YEAR ENDED JUNE 30, 1937 

Exhibit E 

(1) Unexpended Plant Funds: 

Balance July 1, 1936 None 

Additions during year: 

1. Amount transferred from Current Funds $11,591 25 

$11,591 25 
Deductions during year: 

a. Filing cabinets and duplicator for office. . . $235 05 

b. Cabinet for Museum 222 10 

c. Tray units and base for Library 63 25 

d. Spectrometer and bench lathe for Physics 

Laboratory 649 95 

e. Desk and chairs, lighting for Chemistry dis- 

play cases 320 90 

f. Musical instruments — Sousaphones 100 00 

g. Books for Library _. 2,000 00 

h. Improvements and betterments to Men's 

Dormitory 8,000 00 

11,591 25 

Balance June 30, 1937 None 

(2) Invested in Plant 

Value of Plant July 1, 1936 $661,964 12 

Additions during year, as above 11,591 25 

Value of Plant, June 30, 1937, Exhibit A, Section IV $673,555 37 



32 



PLANT FUNDS ASSETS 
JUNE 30, 1937 



Schedule E-1 



Erected 



Book Value 
July 1, 1936 



Increase 



Book Value 
June 30, 1937 



Lands: 

Athletic Field . 
Campus 



Underground Heating and Plumb- 
ing System 



Buildings: 

Administration 

Conservatory Annex. . . 

EngleHall 

Heating Plant 

Carnegie Library 

Men's Dormitory 

North Hall for Women. 

President's Home 

South Hall for Women . 
West Hall for Women. . 



1905 



1899 



1904 
1905 
1904 
1900 

1857 



Equipment: 

Auditorium 

Dining Hall and Kitchen 

Class Room Furniture 

Conservatory Class Room 

Furniture and Apparatus. . . 
General Furniture and Apparatus 
Athletic Field and Gymnasium 

Heating Plant 

Biology Laboratory 

Chemistry Laboratory 

English Department — Lantern 

slides and equipment 

Physics Laboratory 

Library 

Books in Library 

Museum Furniture 

Musical Instruments 

Office Equipment 

Y. M. C. A. Room 



Total Plant Funds Assets. 



$5,000 00 
34,000 00 



$5,000 00 
34,000 00 



$39,000 00 



539,000 00 



$17,089 39 



$17,089 39 



$157,170 25 
3,662 49 
68,000 00 
12,300 00 
39,250 00 
83,860 95 
87,111 91 
9,145 60 
22,611 8:3 
12,106 81 



$8,000 00 



$157,170 25 
3,662 49 
68,000 00 
12,300 00 
39,250 00 
91,860 95 
87,111 91 
9,145 60 
22,611 83 
12,106 81 



$495,219 84 



$8,000 00 



$503,219 84 



,700 00 
,828 80 
,900 00 

503 99 
,110 12 
,371 00 
,000 48 
,656 35 
,150 75 

,000 00 
,546 86 
,159 55 
,100 00 
,250 00 
,296 18 
,730 81 
350 00 



$320 90 



649 95 
63 25 
2,000 00 
222 10 
100 00 
235 05 



$2,700 00 
6,828 80 
4,900 00 

503 99 

12,431 02 

5,371 00 

3,000 48 

7, 656 35 

8,150 75 

1,000 00 
5,196 81 
1,222 80 

19,100 00 
4,472 10 

26,396 18 

4,965 86 

350 00 



$110,654 89 



5,591 25 



[14,246 14 



$661,964 12 



[1,591 25 



$673,555 37 



33 



EXTENSION DEPARTMENT 
YEAR ENDED JUNE 30, 1937 



In'COME: 

Registration $36 00 

First Semester 717 00 

Second Semester 433 00 

Total Income $1,186 00 

Expenses: 

Salaries paid to Faculty $800 00 

Traveling and miscellaneous expenses 329 58 

Total expenses 1,129 58 

Net Profit $56 42 



SATURDAY SCHOOL REPORT 
JUNE 30, 1937 



Income: 

Registration Fees $43 00 

Tuition 

First Semester $906 00 

Second Semester 544 00 1,450 00 

Total Income $1,493 00 



Expenses: 

Salaries paid to Faculty $1,305 00 

Registration Fees retained by College 43 00 

Ten per cent retained by College 145 00 

Total Expenses $1,493 00 



34 



SUMMER SCHOOL REPORT 
JUNE 30, 1937 



Income: 

Registration $42 00 

Tuition 1,578 50 

Practice Teaching Fees 270 00 

Profit on sale of books 13 92 

Hershey Demonstration School 50 00 



$1,954 42 

Expenses: 

Salaries paid to Faculty $852 48 

Registration retained by College 42 00 

Miscellaneous expenses 898 55 

Retained by College 161 39 

Total expenses $1,954 42 



35 



STATEMENT OF MUSIC SCHOOL INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1937 



Income 



Instruction: 



Voice . 



First 
Semester 



Second 
Semester 



Piano 

Organ 

Violin 

Cello 

Instruments of Band and 

Orchestra 

Theory 



$2,727 00 $2,751 50 



2,801 50 
543 00 
625 00 
222 00 

363 50 



2,705 50 
500 00 
629 50 
248 00 

325 00 



Use of Instruments for 
Practice: 

Piano 

Organ 

Instruments of Band and 
Orchestra 



$13,613 20 $13,595 99 



5676 00 
397 00 

330 00 



$686 00 
416 00 

150 00 



$1,403 00 $1,252 00 



Both 
Semesters 

55,478 50 

5,507 00 

1,043 00 

1,254 50 

470 00 

688 50 



6,331 20 6,436 49 12,767 69 



,362 00 
813 00 

480 00 



$27,209 19 



2,655 00 



Total Income $15,016 20 $14,847 99 $29,864 19 



Expenses 

Salaries $23,761 43 

Salaries (Other than Faculty) 478 00 

Practice Teaching for Seniors, including transportation 972 50 

Tuning, repairs, and use of motor for Organ 988 40 

Music I"* ''^? 

Stationery and Printing 53 25 

Total Expenses 26,328 36 



Profit before Administration and Building Maintenance Ex- 
penses 



5,535 83 



36 



LEBANON VALLEY COLLEGE 

STATEMENT OF DORMITORY INCOME AND EXPENSES 

YEAR ENDED JUNE 30, 1937 

Income 
Rentals: 

Men's Dormitory $9,144 65 

North Hall 3,855 00 

South Hall 1,898 40 

West Hall 1,000 50 

Fencil's 280 60 

Gruber's 90 00 

Long's 45 00 

Dining Hall. 4,500 00 

Leadership Training School 65 00 

$20,879 15 

Breakage Fees 318 46 

Cleaning Fees 650 25 

Total Income $21,847 86 

Expenses 

Care of Buildings and Furniture $3,184 28 

Heat 3,717 08 

Light and Power 1,907 54 

Miscellaneous 40 64 

Operating Supplies 166 77 

Property Insurance 489 33 

Rent. . 401 74 

Repairs and Maintenance of Buildings and Equipment 2,984 14 

Telephone 119 62 

Water 435 23 

Total Expenses 13,446 37 

Profit before Administration Expenses $8,401 49 



37 



REPORT OF DINING HALL 
YEAR ENDED JUNE 30, 1937 



Income 

Students' Board $37,311 80 

Sale of meals to others 320 43 

Sale of food and operating supplies 39 83 

Rent for use of Dining Room 25 00 

Total Income $37,697 06 

Cost of meals, materials and supplies only: 

Inventory July 1, 1936 $1,103 34 

Purchases 23,995 21 

$25,098 55 
Inventory June 30, 1937 625 17 

Cost of meals, materials and supplies only. 24,473 38 

Gross Profit before Operating Expenses $13,223 68 

Expenses 
Operating Expenses: 

Salaries and Wages $8,569 48 

Gas 180 13 

Laundry 428 00 

Light 463 80 

Miscellaneous 118 68 

Operating Supplies 187 47 

Renewals ancl Repairs 530 26 

Rental 4,500 00 

Telephone 24 20 

Water 71 14 

Total Operating Expenses 15,073 16 

Loss before Administration Expenses $1,849 48 



38 



STATEMENT OF LABORATORY INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1937 



Income: 



Biology Chemistry Physics Psychology Total 



Fees $2,077 00 $1,768 50 $230 00 $14100 $4,216 50 

Breakage Income... . 27 20 242 75 269 95 



$2,104 20 $2,011 25 $230 00 $141 00 $4,486 45 
Expenses: 

Inventoryjuly 1, 1936 300 00 1,450 00 50 00 1,800 00 

Purchases 731 59 999 50 654 72 182 93 2,568 74 



$1,031 59 $2,449 50 $704 72 $182 93 $4,368 74 
Inventory June 30, 1937 300 00 1,200 00 50 00 1,550 00 



>731 59 $1,249 50 $654 72 $182 93 $2,818 74 



Gain before Administra- 
tion and Maintenance 
Expenses $1,372 61 $761 75 $424 72 -$41 93-$l,667 71 



REPORT OF LIBRARY 
YEAR ENDED JUNE 30, 1937 



Income: 

Matriculation Fees $405 00 

Endowment Fund 61 25 

College Departments 1,574 76 



$2,041 01 



Expenses: 

Books and magazines $1,510 21 

Salaries 3,509 78 

Supplies and Binding Expense 142 57 

Specials for Departments 1,574 76 

6,737 32 

Deduct, Items added to capital investment 2,000 00 

$4,737 32 
Loss $2,696 31 



39 



DONATIONS TO LEBANON VALLEY COLLEGE 
FOR SPECIAL PURPOSES 
YEAR ENDED JUNE 30, 1937 

Cash Contributed to Current Account 
For books, supplies, binding, etc., for Library, from Departments: 

Bible $34 67 

Biology 47 60 

Book Department 558 32 

Business Administration 3 00 

Chemistry 47 42 

Education 14 80 

English 21 42 

History 7 25 

Physical Education 4 00 

« 738 48 

Class of 1935— Planting Fund 15 00 

Athletic Council — For salary of Publicity Director 500 00 



$1,253 48 
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 

J. W. Esbenshade 1 $1 00 

C. A. Lynch 2 2 00 

R. R. Butterwick 19 30 00 

Jane Fearnow 2 200 

M. S. Hershey Estate 1 150 

V. E. Light 9 2 00 

O. E. Reynolds 3 450 

J. E. Rubenstone 6 8 00 

William Schaak Estate 233 400 00 

Guy Swope 37 37 00 

Silver Burdett Company 49 49 00 

Class of 1937 1 4 00 

Class of 1938 1 3 00 

Boy Scouts of Lebanon 1 250 

Miscellaneous 57 105 00 

President's Office 2 4 00 

Summer School 13 29 33 



Periodicals 

United Brethren Church , 

VVistar Institute 

R. R. Butterwick 

Andrew Bender 

S. H. Derickson 

C. A. Lynch 

H. E. Myers 

Miscellaneous 





$684 83 


4 


$4 55 


5 


50 00 


1 


3 00 


1 


7 50 


1 


8 GO 


3 


9 00 


2 


6 50 


43 


62 90 



$836 28 



40 



LEBANON VALLEY COLLEGE 

ANALYSIS OF HEATING PLANT EXPENSE 

YEAR ENDED JUNE 30, 1937 

Fuel, including freight and drayage $4,316 90 

Insurance 27 37 

Light and Power 503 29 

Miscellaneous 3 16 

Repairs 309 37 

Supplies 45 90 

Telephone 54 25 

Wages 2,104 76 

Water 79 17 

$7,444 17 

Distribution of Heating Plant Expense 

Heating Physical Plant $3,722 09 

Heating Dormitories 3,722 08 



r,444 17 



ANALYSIS OF FARM DEFICIT ACCOUNT 
YEAR ENDED JUNE 30, 1937 

East Berlin Farm 

Surplus, July 1, 1936 $118 46 

Add, Net Profit for current year 460 40 

Surplus, June 30, 1937 $578 86 

Shiremanstown Farm 

Deficit July 1, 1936 $2,697 45 

Deduct Net Profit for year 1,015 01 

Deficit June 30, 1937 $1,682 44 

Total Farm Deficit June 30, 1937, Exhibit A, Section V $1,103 58 



41 



FARM REPORT, YEAR ENDED JUNE 30, 1937 
EAST BERLIN FARM 

Income 

July 18, 1936 W. Denton Myers— 340 bu. 35 lbs. corn @ 

.88 $299 74 

Mar. 19, 1937 Soil Conservation Administration 187 31 

June 24, 1937 Golden Grain Mills— 3715^ bu. corn @ 

$1.17 434 25 

Total Income $921 30 



Expenses 



Sept. 
Sept. 

Nov. 

Mar. 



3, 1936 

25, 1936 

13, 1936 

30, 1937 



July 10, 1936 W. Denton Myers — 1^ bu. clover seed @ 

$13.06 $19 50 

1 ton fertilizer 25 30 

15 bu. seed oats @ .60 9 00 

1 bag lime 35 

Gregory F. Gebhart— 1936 School Tax ... 40 00 

Oliver Myers — Repair Chimney and Barn 

Roof ... 67 44 

Oliver Myers — Lumber for barn repairs.. . 4 41 

W. Denton Myers — 3 bags cement for re- 
pairs to chimney 1 95 

3 bags lime @ .35 1 05 

60 bricks 60 

Lumber for scaffolding 7 28 

Lumber for scaffolding 88 

167 lbs. sweet clover @ $4.50 bu ... . 12 53 

200 bricks for chimney 2 00 

1 bag lime 35 

1 bag cement 75 

1 ton 2-9-5 fertilizer 25 30 

2| bu. timothy @ $4.50 a bu 11 25 

1 ton 2-9-5 fertilizer 25 30 

21 bu. seed wheat @ $1.15 24 15 

1 ton fertilizer 2-9-5 25 30 

19 bu. seed wheat @ $1.15 21 85 

1 ton 2-9-5 fertilizer 25 30 

J. P. Bixler & Sons— Paint, oil, etc 39 56 

Gregory Gebhart — County, bond and road 

tax 47 50 

May 19, 1937 Miller Lumber & Coal Company — One sani- 
tary unit 22 00 

Total Expenses $460 90 

Net Profit before Depreciation $460 40 



April 
May 



16, 1937 
7, 1937 



42 



FARM REPORT, YEAR ENDED JUNE 30, 1937 
SHIREMANSTOWN FARM 

Income 

July 18, 1936 Frank Eberly— 813 bu. 41 lbs. wheat @ 

.89 bu $724 18 

July 31, 1936 H. C. Kistler— 296 bu. oats (1935 crop) @ 

30 88 80 

198 bu. oats (1936 crop) @ .35. ... . . 69 30 

Nov. 7, 1936 Frank Eberly— 17 bu. 26 lbs. wheat @ 

$1.10 19 17 

Feb. 20, 1937 Jacob M. Sheely — Contribution for con- 
necting to farm power line for church 74 25 

Feb. 20, 1937 J. W. Shopp— Contribution for connecting 

to the farm power line 84 25 

Mar. 14, 1937 Cora E. Zimmerman — Contribution for 

connecting to farm power line 84 25 

Mar. 19, 1937 Pennsylvania Power and Light Company 

—Right of way 1 00 

June 15, 1937 GoldenGrain Mills— 813 1 bu. corn @ $1.22 

bu 992 62 

Total Income $2,137 82 

Expenses 

July 14, 1936 Frank Eberly— 2^ bu. alfalfa seed @$12.00 $30 00 

2\ bu. size nitrogen 1 50 

25 bu. seed oats @ .60 15 00 

July 29, 1936 H. C. Kistler— Frank Eberly & Mr. Rauch 

—seed rye 12 37 

M. C. Deitz— Cement 75 

Davis Hardware Company — -Hardware 

for drinking cups 7 60 

Terra cotta pipe 72 

Porch screen and paint 4 13 

J. A. Shull — Timothy seed L. V. C. share 

U bu. @ $2.00 2 50 

Aug. 7, 1936 Annville National Bank— Interest on note 30 00 
Annie G. Witter — State and County Tax 

for 1936 53 20 

Aug. 14, 1936 Coover Miller — Labor on garden fence. . . 3 75 
Aug. 14, 1936 J. Henderson Stock — Rebuilding electrical 

system 83 67 

Aug. 21, 1936 Countrymen's Mutual Fire Insurance Co. 

— Renewal of policy 5 28 

Sept. 12, 1936 H. E. Millard— 39 tons lime @ $8.50 321 75 

Sept. 12, 1936 Annie G. Witter— 1936 School Tax 140 00 

Oct. 9, 1936 P. L. Wolfe— 5^ tons fertilizer @ $26.30, 

college share f 86 85 

Oct. 22, 1936 Mutual F"ire Insurance Company of Ann- 
ville — -Assessment 5 28 

Nov. 4, 1936 Annville National Bank — Interest on note 25 00 



43 



FARM REPORT, YEAR ENDED JUNE 30, 1937 
SHIREMANSTOWN FARM 

Expenses 

Nov. 7, 1936 Frank Eberly — Treating 60 bu. seed wheat 

@ .05 $ 3 00 

U bu. timothy seed @ $4.00 5 00 

Dec. 3, 1936 Harry Zimmerman — Interest on note 50 00 

Jan. 8, 1937 Patron's Mutual Fire Insurance Co. — Re- 
newal of policy 10 02 

Feb. 8, 1937 Annville National Bank — Interest on note 25 00 

Feb. 26, 1937 Hempt Bros. — 19.825 tons stone (oi $1.40 27 76 

May 7, 1937 Frank Eberly— 1 bu. alsike seed 17 00 

i bu. clover seed 7 50 

583 lbs. seed oats 14 58 

H. W. Kurtz — Repairing walls and paper- 
ing 11 80 

Davis Hardware Company — Bronze and 

hinges 3 22 

May 10, 1937 Annville National Bank— Interest on note 25 00 

May 14, 1937 P. L. Wolfe— College share of fertilizer 12 10 

May 14, 1937 Patron's Mutual Fire Insurance Company 

— Insurance 8 93 

May 27, 1937 Annie G. Witter— Road Tax 13 30 

June 8, 1937 Harry Zimmerman — Interest on note 50 00 

June 18, 1937 C.F.Heisey— Repairs to barn roof . . 3 20 

June 30, 1937 Milleisens Lumber Company — 5 lbs. nails, 

3 bdl. shingles 6 05 

Total Expenses $1,122 81 

Net Profit before Depreciation $1,015 01 



44 



STUDENT ENROLLMENT, 1936-1937 



College Department Men Women Total 

Graduate Students 2 1 3 

Seniors 40 20 60 

Juniors 41 26 67 

Sophomores 43 23 66 

Freshmen 88 29 117 

Saturday and Evening Classes 13 31 44 

227 130 ... 357 
Conservatory of Music 

Seniors 8 8 16 

Juniors 8 10 18 

Sophomores 10 18 28 

Freshmen 14 14 28 

Specials — Full-time 1 3 4 

Specials— Part-time 27 58 85 

68 111 ... 179 

Extension Department 14 33 ... 47 

TOTAL ENROLLMENT 309 274 ... 583 

Duplicates 15 16 ... 31 

NET ENROLLMENT 294 258 ... 552 

Summer Session, 1937 

College Department 39 40 79 

Music Department 10 17 27 

49 57 ... 106 



FUNDS FROM THE N. Y. A. 
(Not taken into College Account) 
YEAR ENDED JUNE 30, 1937 



October $631 40 

November 718 55 

December 674 98 

January 502 25 

February 635 95 

March 729 75 

April 445 90 

May 871 85 

June 570 85 



Number of students helped — 115 



55,781 48 



45 



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 certified public accountant to audit the accounts 
of S. H. Derickson, Treasurer of the College. 

The audit was made by Charles E. Procasco, C. P. A., of Harrisburg. 

We submit as our report his certification, which follows: 

H. E. SCHAEFFER 

p. O. Shettel 
E. E. Miller 

Committee 



Report of the Auditor 



August 17, 1937 



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

Gentlemen: 

I have made an examination of the accounts of Lebanon Valley College for 
the year ended June 30, 1937, also the balance sheet, profit and loss and relative 
statements included in the foregoing report of your Finance Committee. 

In connection therewith, cash receipts and disbursements for all funds were 
audited in detail, cash balances confirmed and receivables verified. Investments 
were examined or otherwise accounted for, and are stated in the aggregate at an 
amount equivalent to the book value of the funds which they represent. Plant 
additions were determined to be proper capital charges. 

Notes payable were confirmed and all other ascertainable liabilities computed 
and included in the accompanying balance sheet. 

In addition thereto, I made a review of the accounting methods of the College 
and examined or tested the operating accounts for the year, including a verifica- 
tion of the income received from securities, but did not make a detailed audit of 
the transactions. 

Based upon such examination and subject to the foregoing, I hereby certify 
that the balance sheet, profit and loss and relative statements fairly present, in 
accordance with accepted principles of accounting consistently maintained during 
the year under review, the financial position of Lebanon Valley College at June 
30, 1937, and the results of its operations for the year ended that date. 

Respectfully submitted, 

C. E. Procasco, 

Certified Public Accountant 



46 



TABLE OF CONTENTS 

Comments 3 

Comparative Balance Sheet 4 

Condensed Comparative Statement of Current Income and Expenses 6 

Statement of Current Funds 8 

Statement cf Current Income 9 

Statement of Current Expenses 11 

Statement of Endowment Income 14 

Details of Current Fund Adjustments 18 

Condensed Statement of General Fund Cash Receipts and Disbursements. . 19 
Statement of Cash Receipts and Disbursements, Endowment Income Ac- 
count 21 

Statement of Loan Funds 22 

Statement of Endowment and Other Non-Expendable Funds 23 

Summary of Endowment Fund Investments 24 

Schedule of Endowment Fund Investments 25 

Statement of Plant Funds 32 

Plant Fund Assets 33 

Extension Department 34 

Saturday School Report 34 

Summer School Report 35 

Statement of Music School Income and Expenses 36 

Statement of Dormitory Income and Expenses 37 

Report of Dining Hall 38 

Statement of Laboratory Income and Expenses 39 

Report of Library 39 

Donations to Lebanon Valley College for Special Purposes 40 

Analysis of Heating Plant Expense 41 

Analysis of Farm Deficit Account 41 

Farm Reports, East Berlin Farm 42 

Farm Reports, Shiremanstown Farm 43 

Student Enrollment, 1936-37 45 

Funds from the N. Y. A 45 

Auditing Committee Report 46 



47