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

Lebanon Valley College 


BULLETIN 


Vol. XXVII NOVEMBER, 1938 No. 8 


Report of Finance Committee 

For Fiscal Year 

Ended June 30, 1938 


ANNVILLE, PENNSYLVANIA 



Presented to the Board of Trustees at their 
Meeting Oct. 22, 1938 



A Supplement to this report giving figures for the 

school year 1938-1939, to May 24, 1939 

will be submitted to the Board at its meeting on June 5, 1939 



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, 1938: 

It is gratifying to be able to again report an operating profit slightly in 
advance of that of the previous year. The total income for the year was $211,- 
227.78, almost $8,000.00 more than last year, while the expenditures were 
$203,850.68, an increase of almost $7,500.00 over last year. A comparison of the 
figures in the report indicates that the net operating profit prior to deducting 
additions to plant from current funds exceeds that of last year by $480.15. 

For the first time in several years operation shows a profit after deducting 
the amount applied to payment of additions to plant. This figure is $430.96, 
which also represents the amount by which the accumulated deficit is reduced 
below that of last year. 

The Committee has been consistently on the alert to keep the Endowment 
Fund in the best possible condition, consistently holding in mind the two invest- 
ment factors, safety of principal and income from invested funds. Changes in 
investments were made only after advising with those most experienced in 
investment trends and forecasts. 

J. R. Engle 

Chairman, Finance Committee 



LEBANON VALLEY COLLEGE 
COMPARATIVE BALANCE SHEET 
JUNE 30, 1938 AND 1937 



Exhibit A 



Assets 





June 30, 1938 


June 30, 1937 


Increase 


Decrease 


I. Current Funds: 
A. General: 


$2,829 62 
11,459 87 
19,150 52 

+ 

+ 
885 75 

1,650 00 
110 04 

2,675 56 

4,997 12 
36,772 05 


$1,514 99 

11,469 87 
18,099 80 

74 89 

250 00 
625 17 

1,550 00 
238 55 

2,944 45 

6,662 72 
37,203 01 


$1,314 63 


* 


Investments, Notes Rec. 


$10 00 


Accts. Rec, Students.. . 
Advances Receivable, 


1,050 72 


74 89 


Advances Receivable, 




250 00 


Dining Hall Supplies. . . 

Laboratory Supplies 

Summer Sch. Ex., Prep'd 

Prepaid Insurance 

Unamortized Remodel- 


260 58 
100 00 


128 51 




268 89 




1,665 60 


Deficit 




430 96 










$80,530 53 


$80,633 45 




$102 92 


B. Restricted: 






$1,821 44 


$1,378 55 


$442 89 








II. Loan Funds: 


$82,351 97 


$82,012 00 


$339 97 




$1,571 39 
6,401 56 


$1,967 95 
5,156 52 




$396 56 


Notes Receivable 


$1,245 04 




III. Endowment and Other 
Non-Expendable Funds: 


$7,972 95 


$7,124 47 


$848 48 




$144 40 

318,717 19 

519,291 06 

12,500 00 

18,626 71 

47,476 25 


$90 81 

418,925 99 

411,500 85 

18,750 00 

20,261 71 

47,476 25 


$53 59 






100,208 80 




107,790 21 






6,250 00 






1,635 00 


Real Estate (Farms) . . . 








$916,755 61 


$917,005 61 




$250 00 


IV. Plant Funds: 

Lands 






$39,800 00 

17,089 39 
503,219 84 
120,392 28 


$39,000 00 

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


$800 00 
6,146 14 




Underground Heating & 

Plumbing System. . . . 

Buildings 




Equipment 








V. Agency Funds: 

Cash 


$680,501 51 


$673,555 37 


$6,946 14 




$1,104 35 

183 19 

2,500 00 
419 27 


$603 90 

183 19 

2,500 00 
1,103 58 


$50 45 




Advances Receivable 

from General Fund. . . 
Farm Improvements. . . 


$684 31 










$4,206 81 


$4,390 67 




$183 86 








Total Assets 


$1,691,788 85 


$1,684,088 12 


$7,700 73 





LEBANON VALLEY COLLEGE 
COMPARATIVE BALANCE SHEET 
JUNE 30, 1938 AND 1937 



Exhibit A 



Liabilities and Funds 





June 30, 1938 


June 30, 1937 


Increase 


Decrease 


I. Current Funds: 
A. General: 

Notes Payable 


$66,470 00 
5,175 27 

183 19 
1,952 07 

6,750 00 


$65,866 40 
6,427 82 

183 19 
1,806 04 

6,350 00 


$603 60 




Accounts Payable 


$1,252 55 


Accts. Payable, Agency 
Funds 

Students' Deposits 

Reserve for Doubtful 
Accounts 


146 03 
400 00 






$80,530 53 


$80,633 45 




$102 92 








B. Restricted: 

Funds 


$1,821 44 


$1,378 55 


$442 89 










$82,351 97 


$82,012 00 


$339 97 




II. Loan Funds: 

Funds 


$7,972 95 


$7,124 47 


$848 48 








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 












$916,755 61 


$916,755 61 
250 00 




$250 00 












$916,755 61 


$917,005 61 




$250 00 








IV. Plant Funds: 

Net Investment in Plant 


$680,501 51 


$673,555 37 


$6,946 14 




V. Agency Funds: 

Notes Payable, Farm 
Account 


$4,000 00 


$4,000 00 

74 89 
315 78 






Advances Payable, 


$74 89 


Funds. 


206 81 




108 97 










$4,206 81 


$4,390 67 




$183 86 








Total Liabilities and 
Funds 


$1,691,788 85 


$1,684,088 12 


$7,700 73 










LEBANON VALLEY COLLEGE 

CONDENSED COMPARATIVE STATEMENT OF CURRENT 
INCOME AND EXPENSES 

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

Exhibit B-l 

Income 





July 1, 1937 

to 
June 30, 1938 


July 1, 1936 

to 
June 30, 1937 


Increase 


Decrease 


I. Educational and Gen'l: 
(1) Student Income: 
School of Liberal Arts 

and Sciences 

Auxiliary Educational 
Schools 


$70,917 07 
37,995 74 


$68,910 72 
34,454 61 


$2,006 35 
3,541 13 








(2) Endowment Income. . . 

(3) Gifts and Grants 

(4) Other Sources 


$108,912 81 

27,996 89 

7,153 81 

3,718 49 


$103,365 33 

27,928 49 

6,559 63 

4,132 55 


$5,547 48 

68 40 

594 18 


$414 06 


Total Educational and 
General Income 


$147,782 00 


$141,986 00 


$5,796 00 




II. Auxiliary Enterprises 
and Activities: 
(1) Dormitories 


$22,354 82 
39,330 90 

53 00 

924 95 


$21,847 86 
37,672 06 

44 00 

755 25 


$506 96 
1,658 84 

9 00 

169 70 




(2) Dining Hall 




(3) Placement Bureau 
Income 




(4) Leadership Training 
School Income 








Total Income, Auxiliary 
Enterprises and 
Activities 


$62,663 67 


$60,319 17 


$2,344 50 








III. Income for Non-Educa- 
tional Purposes 


$782 11 


$995 34 




$213 23 


Total Income 


$211,227 78 
203,850 68 


$203,300 51 
196,403 56 


$7,927 27 
7,447 12 




Total Expenses, 

Forwarded 








Net Profit before deducting 
additions to Plant from 
Current Funds 


$7,377 10 
6,946 14 


$6,896 95 
11,591 25 


$480 15 




Additions to Plant from 
Current Funds 


$4,645 11 






Net Profit (+) or Loss (-) 
after deducting additions 
to Plant from Current 
Funds 


$430 96<+> 


$4,694 30<-> 




$5,125 26<-> 







LEBANON VALLEY COLLEGE 

CONDENSED COMPARATIVE STATEMENT OF CURRENT 
INCOME AND EXPENSES 

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

Exhibit B-l 

Expenses 





July 1, 1937 

to 
June 30, 1938 


July 1, 1936 

to 
June 30, 1937 


Increase 


Decrease 


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


$29,407 85 


$28,379 50 


$1,028 35 




(2) Instruction and Re- 
search : 
School of Liberal Arts 

and Sciences 

Auxiliary Educational 

Schools 


$66,659 76 

32,880 78 


$65,822 43 
30,589 57 


$837 33 
2,291 21 






$99,540 54 


$96,412 00 


$3,128 54 




(3) Library 

(4) Operation and Mainte- 
nance of Physical Plant 


$4,940 17 
11,932 79 


$4,737 32 
10,041 71 


$202 85 
1,891 08 




Total Educational and 
General Expenses. . . . 


$145,821 35 


$139,570 53 


$6,250 82 




II. Auxiliary Enterprises 
and Activities: 

(1) Dormitories 

(2) Dining Hall 

(3) Placement Bureau. . . . 

(4) Leadership Training 
School 


$13,577 87 

39,354 77 

61 24 

826 38 


$13,446 37 

39,521 54 

63 80 

689 41 


$131 50 


$166 77 




2 56 


136 97 




Total Expenses, 

Auxiliary Enterprises 
and Activities 


$53,820 26 


$53,721 12 


$99 14 




III. Other Non-Education- 
al Expenses 


$3,809 07 


$2,361 91 


$1,447 16 




Total Expenses before 
Reserve Provisions. . . 
Reserve Provisions: 

Provision for Doubtful 


$203,450 68 
400 00 


$195,653 56 
750 00 


$7,797 12 


$350 00 








Total Expenses, 

Forwarded 


$203,850 68 


$196,403 56 


$7,447 12 





LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT FUNDS 
YEAR ENDED JUNE 30, 1938 



Exhibit B 



Balance at beginning of year None 

Add: 

(1) Current educational and general income, 

per Schedule B-l, Sec. I . . . $147,782 00 

(2) Income Auxiliary enterprises and activ- 

ities, per Schedule B-l, Sec. II 62,663 67 

(3) Income non-educational purposes, per 

Schedule B-l, Sec. Ill 7,532 44 

$217,978 11 

(4) Adjustments, per Schedule B-4 267 58 

$218,245 69 
Deduct: 

(1) Current educational and general expenses, 

per Schedule B-2, Sec. I $146,221 35 

(2) Expenditures of auxiliary enterprises and 

activities, per Schedule B-2, Sec. II 53,820 26 

(3) Other non-educational expenses, per 

Schedule B-2, Sec. Ill 10,116 51 

(4) General funds transferred to plant funds, 

per Exhibit E, Sec. I 6,946 14 

$217,104 26 

(5) Adjustments, per Schedule B-4 710 47 217,814 73 

Profit for year ended June 30, 1938 $430 96 

Deficit July 1, 1937 37,203 01 

Deficit June 30, 1937, to Exhibit A, Section I $36,772 05 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1938 



Schedule B-l 



I. Educational and General: 
(7) Student Income: 

A. School of Liberal Arts and Sciences: 
Tuition $75,601 58 

Less, Scholarships 13,683 48 

$61,918 10 

Matriculation Fees 1,682 47 

Biology Fees 2,148 00 

Chemistry Fees 2,341 00 

Physics Fees 380 00 

Psychology Fees 162 00 

Practice Teaching Fees 1,032 50 

Graduation Fees 1,253 00 

$70,917 07 

B. Auxiliary Educational Schools: 

Extension School $1,489 58 

Music School 30,904 71 

Saturday School 1,704 00 

Summer School 3,897 45 

37.995 74 

(2) Endowment Income (Schedule B -3) 

Unrestricted $25,213 64 

Restricted 2,783 25 

27.996 89 

(3) Gifts and Grants: 

Benevolence, Conference $6,311 91 

Other 841 90 

7,153 81 

(4) Other Sources: 

Chemical Analysis by Dr. Bender $73 50 

Interest on Current Funds 650 82 

Library Income 2,251 97 

Group Life Insurance 727 20 

Rent for Chapel 15 00 

3,718 49 



Total Educational and General Income, to Exhibit B $147,782 00 



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

Rentals $21,525 89 

Breakage Fees 193 93 

Cleaning Fees 635 00 

$22,354 82 

(2) Dining Hall: 

Students' Board $38,985 75 

Sale of meals to others 333 96 

Sale of food and operating supplies 11 19 

39,330 90 

(3) Placement Bureau Income: 53 00 

(4) Leadership Training School Income: 924 95 

Total Income Auxiliary Enterprises and Activities, to Ex- 
hibit B $02,663 67 

9 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1938 

Schedule B-l (Continued) 

III. Income for Non-Educational Purposes: 
Day Students' Fees for Janitor Service and 

Breakage $264 50 

Unexpended Student Activity Fees 215 99 

Scholarship Funds (Schedule B-3) 6,067 85 

Student Loan Funds (Schedule B-3) 500 73 

Prize Funds (Schedule B-3) 61 75 

Annuity Funds (Schedule B-3) 120 00 

Miscellaneous 301 62 

Total Income for Non-Educational Purposes, to Exhibit B. . $7,532 44 



Total Income to Exhibit B $217,978 11 



10 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1938 

Schedule B-2 

I. Educational and General: 

(i) General Administration and Expense: 

A. General Administrative Offices: 

Miscellaneous $232 91 

Office Supplies 319 48 

Postage 304 32 

Salaries 16,503 22 

Stationery and Printing 708 54 

Telephone and Telegraph 178 30 $18,246 77 

B. General Expense: 

Advertising, General $236 13 

Advertising, Bulletins & Cat- 
alogues 875 64 

Alumni Secretary, Salary & Ex- 
pense 814 75 

Auditing and Accounting Services 267 50 

Commencement Expenses 254 70 

Compensation Insurance 486 12 

Credit Adjustment Service 82 50 

Diplomas 259 09 

Group Life Insurance 2,006 97 

Lecture Expenses 75 00 

Membership Fees to Associa- 
tions 204 00 

Miscellaneous 881 18 

Press Service 984 35 

Public Liability Insurance 81 00 

Student Solicitation Expense. . . . 2,374 60 

Travel and Entertainment: 

Faculty 99 10 

Officers 1,002 06 

Trustees 38 58 

Alumni Expense 137 81 

Provision for Doubtful Accounts 

Receivable 400 00 

$11,561 08 

(2) Instruction and Research: $29,807 85 

A. School of Liberal Arts and Sciences: 

Salaries, Faculty $62,719 67 

Salaries, Student Assistants 1,448 90 

Salaries, Practice Teaching 420 00 

$64,588 57 
Departmental Expenses: 

Biology Laboratory $979 13 

Chemistry Laboratory 572 18 

Physics Laboratory 443 93 

Psychology Laboratory 20 34 

History Department 55 61 

$2,071 19 

B. Auxiliary Schools: $66,659 76 

Extension School: 

Faculty Salaries $950 00 

Travel and Miscellaneous 
Expense 274 37 



,224 37 



11 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1938 

Schedule B-2 (Continued) 

Educational and General: 
(2) Instruction and Research: 
B. Auxiliary Schools, (Continued) 
Music School: 

Faculty Salaries $23,325 33 

Practice Teaching, Salaries and 

Expense 1,033 50 

Tuning, repairs, etc 1,321 12 

Stationery and Printing 60 10 

Music 125 31 

Salaries— Other than Faculty . . 510 00 

$26,375 36 

Summer Schools: 

Faculty Salaries $2,450 69 

Miscellaneous Expenses 1,296 76 

3,747 45 

Saturday School: 

Faculty Salaries 1,533 60 $32,880 78 



(j) Library: 

Books and Magazines $1,170 42 

Salaries 3,663 42 

Supplies and Binding 106 33 

(4) Operation and Maintenance of Physical Plant: 

Care and Maintenance of Grounds $1,864 53 

Care of Buildings and Furniture 2,055 56 

Heat 3,375 07 

Infirmary 46 49 

Light and Power 1,127 73 

Miscellaneous 54 25 

Operating Supplies 225 85 

Planting Expenses 4 30 

Property Insurance 964 47 

Repairs of Buildings and Equipment 1,874 56 

Taxes 153 04 

Water 186 94 



4,940 17 



11,932 79 
Total Educational and General Expenses, to Exhibit B $146,221 35 



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

Care of Buildings and Furniture $3,368 50 

Heat 3,421 08 

Light and Power 1,775 02 

Miscellaneous 37 00 

Operating Supplies 142 95 

Property Insurance 549 33 

Rent 431 50 

Repairs of Buildings and Equipment 3,239 97 

Telephone 142 97 

Water 469 55 

$13,577 87 

12 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1938 

Schedule B-2 (Continued) 

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

Food $24,185 5G 

Gas 203 54 

Laundry 483 84 

Light and Power 566 01 

Miscellaneous 112 25 

Operating Supplies 178 69 

Renewals and Repairs 729 99 

Rentals 4,465 00 

Salaries and Wages 8,323 49 

Telphone 24 50 

Water 81 90 

$39,354 77 

(j) Placement Bureau: 

Expenses 61 24 

(4) Leadership Training School: 
Expenses 826 38 

Total Expenses, Auxiliary Enterprises and Activities, to Ex- 
hibit B $53 ,820 26 

III. Other Non-Educational Expenses: 

Debating Expense $85 70 

Interest on Loans 3,723 37 

Scholarships (Schedule B-3) 5,613 21 

Student Loan Funds (Schedule B-3) 500 73 

Prizes (Schedule B-3) 61 00 

Annuities (Schedule B-3) 132 50 

Total Non-Educational Expenses, to Exhibit B $10,116 51 

Total Expenses to Exhibit B $210,158 12 



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17 



LEBANON VALLEY COLLEGE 

DETAILS OF CURRENT FUND ADJUSTMENTS 
YEAR ENDED JUNE 30, 1938 



Schedule B-4 



1. Adjustments Adding to Current Funds: 
Decrease in income balances: 

G. D. Gossard and Wife Scholarship Fund .... $251 15 

Pennsylvania Conference C. E. Scholarship 

Fund 3 93 

S. H. Derickson & Wife Annuity Fund 12 50 

Total to Exhibit B, Section 4 $267 58 



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

Derickson Scholarship Fund $77 50 

East Pennsylvania Conference C. E. Scholar- 
ship Fund 40 00 

Harnish-Houser Publicity Fund 100 00 

A. S. Kreider Ministerial Fund 414 72 

Elizabeth May Meyer Musical Scholarship 

Fund 77 50 

Class of 1928 Scholarship Fund 75 

Total to Exhibit B, Section 5 $710 47 



18 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1938 

Schedule B-5 

Balance July 1,1937 $1,514 99 

Receipts 
Income: 

Students $169,467 16 

Endowment Income 27,996 89 

Gifts and Grants: 

Conference Benevolence $6,311 91 

Other 84190 7,153 81 

Other Sources: 

Interest on Current Funds $650 82 

Chemical Analysis by Dr. Bender 73 50 

Library Income , . . 404 50 

Group Life Insurance 727 20 

Rent for Chapel 15 00 

Placement Bureau 53 00 

Leadership Training School. . . . 924 95 
Unexpended Student Activity 

Fees 215 99 

Sale of meals to others 333 96 

Sale of Food and Supplies 11 19 

Miscellaneous 301 62 

3,711 73 

$208,329 59 
Balance Sheet Items: 

Increase in Notes Payable $603 60 

Increase in Students' Deposits.. . 146 03 
Received from Churches on ac- 
count of notes 10 00 

Decrease in Advances Receiv- 
able, Farm Account 74 89 

Decrease in Advances Receiv- 
able, Endowment Account. . . . 250 00 
Decrease in Summer School Ex- 
penses Prepaid 128 51 

Decrease in Prepaid Insurance. . 268 89 
Decrease in Unamortized Re- 
modeling Expense 665 60 

3,147 52 
$211,477 11 



$212,992 10 



1«) 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1938 

Schedule B-5 

Disbursements 
Expenses: 

Educational and General: 

General Administration and Ex- 
pense $29,407 85 

Instruction and Research 99,540 54 

Library 3,092 70 

Operation and Maintenance of 

Physical Plant 11,932 79 



Auxiliary Enterprises and Activities: 

Dormitories $13,577 87 

Dining Hall 39,354 77 

Placement Bureau 61 24 

Leadership Training School 826 38 

Other Non-Educational Expenses: 

Interest on Loans $3,723 37 

Debating Expenses 85 70 



Balance Sheet Items: 
Increase in Inventories: 

Dining Hall $260 58 

Laboratory Supplies 100 00 

Decrease in Accounts Payable 1,252 55 

Additions to Plant 6,946 14 



$143,973 88 

53,820 26 

3,809 07 
$201,603 21 



5,559 27 

$210,162 48 



Balance June 30, 1938, per Exhibit A, Section I-A 2,829 62 

$212,992 10 



20 



STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS 

ENDOWMENT INCOME ACCOUNT FOR THE YEAR 

ENDED JUNE 30, 1938 

Schedule B-6 

Balance July 1, 1937 $1,378 55 

Receipts 

Income from Endowment Investments $34,595 94 
Less, accrued interest on bonds 

purchased 348 72 

— $34,247 22 

Refund received from J. Calvin Keene on account of 

A. S. Kreider Ministerial Fund 500 00 

34,747 22 

$36,125 77 

Disbursements 
Unrestricted: 

Transferred to General Fund for Educational Purposes^ $25,213 64 

Restricted: 
Transferred to General Fund for Educational and General Purposes: 

Printing Funds 

Professorship Funds 

Library Funds 

Maintenance Funds 



Used for Non-Educational Purposes: 

Scholarship Funds 

Student Loan Funds 

Prize Funds 

Annuity Funds 



$19 00 


2,693 


00 


61 


25 


10 


00 


$5,613 21 


500 


7;{ 


61 


00 


132 


50 



2,783 25 



6,307 44 

9,090 69 



$34,304 33 
Balance June 30, 1938, per Exhibit A, Section I-B 1,821 44 

$36 125 77 



21 



LEBANON VALLEY COLLEGE 

STATEMENT OF LOAN FUNDS 
YEAR ENDED JUNE 30, 1938 



Exhibit C 



Fund Principal 



Funds 



Balance 

July 1, 

1937 

Alumni Annual Giving $1,086 80 

Mary A. Dodge Fund 3,801 63 

Daniel Eberly Fund 102 92 

Henry B. Stehman Fund 1,951 12 

Dr. Wagner Special Fund. ... 182 00 



Receipts 
for year 

$242 75 

585 00 

25 73 

+ 

+ 



',124 47 $853 48 



Other 
Additions 



Balance 
June 30, 1938 
Deduc- Exhibit A 
tions Sec. II 



51,329 55 
4,386 63 

128 65 
1,951 12 

177 00 



$5 00 



$5 00 $7,972 95 



Cash. 



Fund Assets 



Notes Receivable from Students: 

Alumni Annual Giving Fund $1,261 64 

Mary A. Dodge Fund 4,095 98 

Henry B. Stehman Fund 900 00 

Dr. Wagner Special Fund 143 94 



1,571 39 



6,401 56 



Total Loan Fund Assets June 30, 1938, to Exhibit A, Section 1 1 $7,972 95 



22 



LEBANON VALLEY COLLEGE 

STATEMENT OF ENDOWMENT AND OTHER 
NON-EXPENDABLE FUNDS 
YEAR ENDED JUNE 30, 1938 

Exhibit 



Fund Principal 

Endowment 
Funds 

Balance July 1, 1937 $914,355 61 

Additions during year None 

Deductions during year None 

Balance Jtfne 30, 1938, to Exhibit A, 

Section III $914,355 61 



Annuity Funds 

$2,400 00 
None 
None 



Total 

$916,755 61 
None 
None 



2,400 00 $916,755 61 



23 



SUMMARY OF ENDOWMENT FUND ASSETS 
JUNE 30, 1938 



Schedule D-l 



Investments: 
Farms 








Pe 

Amount 

$47,476 25 


rcentage 
of Total 

5.18 


Bonds: : 




$9,600 00 

188,572 99 

74,746 04 

44,298 16 


. 


1.05 


Public Utility 






20.57 


Railroad 








8.16 


Real Estate 






4.83 






317,217 


19 




Total Bonds 






34.61 




$15,300 00 
14,400 00 
32,293 36 
10,148 21 
77,784 13 

5,800 00 
30,300 00 
12,000 00 

5,500 00 
40,766 31 

8,000 00 
46,876 05 
11,000 00 
13,300 00 
65,981 99 
10,300 00 
35,891 51 


$83,649 50 




Stocks : 
Preferred 


9.12 


Common : 
Agriculture 








1.67 


Auto Accessories 










1.57 


Automobile 










3.52 


Aviation 










1.11 


Bank 










8.49 


Broadcasting 

Food 










.63 










3.31 










1.31 










.60 


Metals 










4.45 


Office Equipment 










.87 


Oils 










5.11 


Railroad 










1.20 


Rubber 










1.45 


Steel 










7.20 












1.12 


Utility 










3.92 




435,641 56 








Total Common Stocks. . 




47.53 




on Stocks. . . 


519,291 06 

12,500 00 

18,626 71 

1,500 00 




Total Preferred & Comm 






56.65 












Mortgages 


1.37 


Notes Receivable 








2.03 


Certificate of Deposit, Lemoyne 


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.16 










Total Investments.. . . 


$916,611 21 
144 40 


100.00 




nd Assets, Ji 
i III 


jne 30, 1938, 




Cash awaiting investment .... 





Total Endowment Fu 
to Exhibit A, Sectioi 


$916,755 61 























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i-l 



LEBANON VALLEY COLLEGE 

STATEMENT OF PLANT FUNDS 

YEAR ENDED JUNE 30, 1938 



Exhibit E 



(1) Unexpended Plant Funds: 

Balance July 1,1937 None 

Additions during year: 

1. Amount transferred from Current Funds $6,946 14 

$6,946 14 
Deductions during year: 

a. Slate tops for chemistry laboratory tables $300 00 

b. Musical instruments — portable organ, 

string bass, band uniform 1,295 1,5 

c. Oscillator for Physics Laboratory 64 50 

d. Fire alarm equipment for buildings 1,078 28 

e. Emergency lighting in Conservatory 

auditorium 901 49 

f . Ice cream machine for kitchen 100 00 

g. Book shelves for dormitories 12 00 

h. Intra-phones in Men's Dormitory 82 50 

i. Hand punch for office 11 00 

j. Opaque projector for Psychology Labora- 
tory 101 22 

k. Hockev field on Summit Street 800 00 

1. Books for Library 2,200 00 

6,946 14 

Balance June 30, 1938 None 

(2) Invested in Plant 

Value of Plant July 1, 1937 $673,555 37 

Additions during year, as above 6,946 14 

Value of Plant, June 30, 1938, Exhibit A, Section IV $680,501 51 



34 



LEBANON VALLEY COLLEGE 

PLANT FUNDS ASSETS 
JUNE 30, 1938 



Schedule E-l 



Erected 



Book Value 
July 1, 1937 



Increase 



Book Value 
June 30, 1938 



Lands: 

Athletic Field. 

Campus 

Hockey Field . 



Underground Heating and Plumb- 
ing System 



Buildings: 

Administration 

Conservatory Annex. . . 

Engle Hall 

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 
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 

Psychology 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 

+ 



$800 00 



$5,000 00 

34,000 00 

800 00 



$39,000 00 



$800 00 



$39,800 00 



$17,089 39 



$17,089 39 



$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 



$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 



$503,219 84 



$503,219 84 



$2,700 00 
6,828 SO 
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 



$100 00 



2,074 27 



300 00 



64 50 
101 22 



2,200 00 



1,295 15 
11 00 



$2,700 00 
6,928 80 
4,900 00 

503 99 
14,505 29 
5,371 00 
3,000 48 
7,656 35 
8,450 75 

1,000 00 

5,261 31 

101 22 

1,222 80 

21,300 00 

4,472 10 

27,691 33 

4,976 86 

350 00 



$114,246 14 
$673,555 37 




$120,392 28 
,501 51 



35 



EXTENSION DEPARTMENT 
YEAR ENDED JUNE 30, 1938 



Income: 

Registration $42 00 

First Semester 722 00 

Second Semester 746 00 

Total Income $1,510 00 

Less, Profit for year 1936-1937, transferred to 

Summer School, as follows: 
Net Profit, per report for year ended June 30, 

1937 $56 42 

Deduct, Registration Fees retained by 

College 36 00 20 42 



Expenses: 

Salaries paid to Faculty $950 00 

Traveling and Miscellaneous expenses 274 37 



$1,489 58 



Total Expenses , 1,224 37 

Net Profit $265 21 



SATURDAY SCHOOL REPORT 
JUNE 30, 1938 



Income: 

Registration Fees $33 00 

Tuition 

First Semester $888 00 

Second Semester 816 00 $1,704 00 

Total Income $1,737 00 



Expenses: 

Salaries paid to Faculty $1,533 60 

Registration Fees retained by College 33 00 

Ten per cent retained by College 170 40 

Total Expenses $1,737 00 



36 



SUMMER SCHOOL REPORT 
JUNE 30, 1938 



Income: 

Registration 

Tuition 

Practice Teaching Fees 

Room Rent 

Profit on sale of books 

Hershey Demonstration School 

1936-1937 Extension Department Profit. 



$102 00 


3,380 00 


282 00 


48 00 


15 03 


50 00 


20 42 



5,897 45 



Expenses: 

Salaries paid to Faculty . $2,450 69 

Registration retained by College 102 00 

Room Rent retained by College 48 00 

Miscellaneous expenses 1,296 76 

Total expenses $3,897 45 



37 



STATEMENT OF MUSIC SCHOOL INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1938 



Instruction: 

Organ 


Income 

First Second 
Semester Semester 

$2,925 05 $2,979 00 

2,849 00 2,607 00 

775 00 800 00 

703 00 609 00 

228 50 225 00 

221 00 225 00 
6,214 60 6,317 56 


Both 
Semesters 

$5,904 05 

5,456 00 

1,575 00 

1,312 00 

453 50 

446 00 
12,532 16 




Cello 

Instruments of Band 

and Orchestra .... 

Theory 




Use of Instruments 
for Practice: 


$13,916 15 

$780 00 
504 00 

372 00 


$13,762 56 

$748 00 
516 00 

306 00 


$1,528 00 
1,020 00 

678 00 


$27,678 71 


Instruments of Band 
and Orchestra .... 




Total Income.. 


$1,656 00 
. $15,572 15 


$1,570 00 
$15,332 56 




$3,226 00 
$30,904 71 



Expenses 

Salaries $23,325 33 

Salaries (Other than Faculty) . 510 00 

Practice Teaching for Seniors, including transpor- 
tation 1,033 50 

Tuning, repairs, and use of motor for 

Organ 1,321 12 

Music 125 31 

Stationery and Printing 60 10 

Total Expenses 

Profit before Administration and Building 

Maintenance Expenses 



26,375 36 



$4,529 35 



38 



LEBANON VALLEY COLLEGE 

STATEMENT OF DORMITORY INCOME AND EXPENSES 

YEAR ENDED JUNE 30, 1938 



Income 
Rentals: 

Men's Dormitory $9,044 34 

North Hall 4,016 60 

South Hall 2,099 95 

West Hall 1,340 00 

Fink's 180 00 

Miller's... 90 00 

Rutledge's 180 00 

Dining Hall . 4,500 00 

Leadership Training School 75 00 



$21,525 89 

Breakage Fees 193 93 

Cleaning Fees 635 00 

Total Income $22,354 82 

Expenses 

Care of Building and Furniture 

Heat 

Light and Power 

Miscellaneous 

Operating Supplies 

Property Insurance 

Rent 

Repairs and Maintenance of Buildings and Equip- 
ment 

Telephone 

Water 



53,368 


50 


3,421 


08 


1,775 02 


37 


00 


142 


95 


549 33 


431 


50 


3,239 97 


142 


97 


469 


55 



Total Expenses 13,577 87 

Profit before Administration Expenses $8,776 95 



39 



REPORT OF DINING HALL 
YEAR ENDED JUNE 30, 1938 



Income 

Students' Board $38,985 75 

Sale of meals to others 333 96 

Sale of food and operating supplies 11 19 

Rent for use of Dining Room 35 00 

Total Income $39,365 90 

Cost of meals, materials and supplies only: 

Inventory July 1, 1937 $625 17 

Purchases 24,446 14 

$25,071 31 
Inventory June 30, 1938 885 75 

Cost of meals, materials and supplies only 24,185 56 

Gross Profit before Operating Expenses $15,180 34 

Expenses 
Operating Expenses: 

Salaries and Wages $8,323 49 

Gas 203 54 

Laundry 483 84 

Light and Power 566 01 

Miscellaneous 112 25 

Operating Supplies 178 69 

Renewals and Repairs 729 99 

Rentals 4,500 00 

Telephone 24 50 

Water 81 90 

Total Operating Expenses 15,204 21 

Loss before Administration Expenses $23 87 



40 



STATEMENT OF LABORATORY INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1938 



Income: 

Biology Chemistry Physics Psychology Total 

Fees $2,148 00 $2,341 00 $380 00 $162 00 $5,031 00 

Breakage Income. . . 23 85 299 50 323 35 

$2,171 85 $2,640 50 $380 00 $162 00 $5,354 35 

Expenses: 

Inventory July 1, 

1937 $300 00 $1,200 00 $50 00 + $1,550 00 

Purchases 1,002 98 97168 443 93 20 34 2,438 93 

$1,302 98 $2,171 68 $493 93 $20 34 $3,988 93 
Inventory June 30, 

1938 300 00 1,300 00 50 00 + 1,650 00 



$1,002 98 $871 68 $443 93 



34 $2,338 93 



Gain (+) or loss ( — ) 
before Administra- 
tion and Mainte- 
nance Expenses. . . . 



1,168 87+ $1,768 82+ 



93— $141 66+ $3,015 42+ 



REPORT OF LIBRARY 
YEAR ENDED JUNE 30, 1938 



Income: 

Matriculation Fees $404 50 

Endowment Fund 61 25 

College Departments 1,847 47 

$2,313 22 

Expenses: 

Books and magazines $1,522 95 

Salaries 3,663 42 

Supplies and Binding Expense 106 33 

Specials for Departments 1,847 47 

7,140 17 

Deduct, Items added to capital investment 2,200 00 



Loss before Administration and Maintenance Expenses . 



$4,940 17 
$2,626 95 



41 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1938 

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

Bible $21 68 

Biology 34 54 

Book Department 919 43 

Business Administration 9 31 

Chemistry 3 00 

Economics 32 67 

Education 61 25 

English Department 46 12 

French 5 72 

German 7 52 

Latin 2 18 

Mathematics 4 00 

Physical Education 24 26 

Physics 90 

Miscellaneous Sources 37 25 $1,209 83 

Donald J. Cowling — Printing annual report 40 00 

Alumni Annual Giving Fund — Organ 133 97 

Athletic Council — For salary of Publicity Director 500 00 

L. V. C. Band— Uniform 14 58 

Annville United Brethren Church — Education Day Offering 110 85 

Ladies' Auxiliary — Intra-phones for Men's Dormitory 42 50 

Class of 1938 — Initial payment on gymnasium fund 25 00 

$2,076 73 
Books Presented to Library 
In addition to the above, books and periodicals were contributed to the Library 
by the following: 

Number of 
Books Volumes Value 

R. R. Butterwick 52 $130 00 

S. F. Daugherty 150 200 00 

S. H. Derickson 1 2 00 

M.E.Gillespie 2 2 00 

E.E.Hoover 1 2 00 

J. K. Kitzmiller 1 3 50 

Mason Long 1 2 00 

C. A. Lynch 4 6 00 

EllaMoyer 4 3 50 

Ruth Norton 1 1 00 

O. E. Reynolds 2 3 00 

H. H.Shenk 3 3 00 

M. L. Stokes 1 2 00 

R.L.Wilbur 1 2 50 

H.L.Mencken.. 1 2 00 

Leadership Training School 2 1 50 

Silver, Burdette Company 21 21 00 

United Brethren Mission Board 1 1 50 

Biological Laboratory 1 2 00 

L. V. C. Summer School 23 74 

Miscellaneous 61 90 00 

$504 24 
42 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1938 



Periodicals 



Andrew Bender 

R. R. Butterwick 

C. A. Lynch 

Helen E. Myers , 

Bell Telephone Company , 
United Brethren Church . 

Wistar Institute 

Miscellaneous 



Number of 




Volumes 


Value 


1 


$7 50 


1 


3 00 


3 


5 00 


2 


7 50 


2 


3 00 


5 


5 75 


5 


40 50 


37 


61 15 



$133 40 



43 



LEBANON VALLEY COLLEGE 

ANALYSIS OF HEATING PLANT EXPENSE 

YEAR ENDED JUNE 30, 1938 

Fuel, including freight and drayage $4,173 29 

Hauling ashes 8 40 

Insurance 88 62 

Light and Power 505 07 

Miscellaneous 14 00 

Repairs 448 39 

Supplies 6 32 

Telephone 49 80 

Wages 1,469 48 

Water 88 78 

$6,852 15 

Distribution of Heating Plant Expense 

Heating Physical Plant $3,426 07 

Heating Dormitories 3,426 08 

$6,852 15 



ANALYSIS OF FARM DEFICIT ACCOUNT 
YEAR ENDED JUNE 30, 1938 

East Berlin Farm 

Surplus, July 1, 1937 $578 86 

Add, Net Profit for current year 62 71 

Surplus, June 30, 1938 $641 57 

Shiremanstown Farm 

Deficit July 1, 1937 $1,682 44 

Deduct Net Profit for year 621 60 

Deficit June 30, 1938 $1,060 84 

Total Farm Deficit June 30, 1938, Exhibit A, Section V $419 27 



44 



FARM REPORT, YEAR ENDED JUNE 30, 1938 
EAST BERLIN FARM 

Income 



Oct. 19, 1937 W. Denton Myers— 194% bu. wheat @ $1.05 $204 52 

141% bu. oats @ .30 42 45 

Jan. 22, 1938 U. S. Government Soil Conservation 101 22 

Jan. 29, 1938 D. W. Lebo— 34 bu. oats @ .50, 3 bu. wheat 

© .90 19 70 

June 17, 1938 Old Fort Milling Company— 472 bu. 14 lb. 

corn @ .62 295 27 

Total Income $663 16 



Expenses 

July 16, 1937 W. Denton Myers— 3/31 Balance $3 10 

4/14 — lj bu. sweet clover 12 50 

22^ bu. seed oats @ .80 18 00 

If tons 2-9-5 fertilizer ©$23.90. . 35 85 
5/4 — 9 bags 2-9-5 fertilizer 

@$23.905 17 93 

$87 38 

Aug. 6, 1937 Mummasburg Mutual Fire Insurance Com- 
pany — Premium 27 98 

Aug. 6, 1937 J. P. Bixler Sons— 2 gals, paint 5 50 

Sept. 3, 1937 Gregory Gebhart— School tax 48 00 

Sept. 3, 1937 Samuel D. Kling — Spouting 16 66 

Oct. 28, 1937 W. Denton Myers— 6 tons fertilizer @ $26.00 

less 10% discount 140 40 

2\ bu. timothy seed © $2.00 5 00 

Dec. 13, 1937 C. W. Spangler— 20 rds. fencing @.40 

5 1b. staples @.06 8 30 

Dec. 22, 1937 Oliver Myers— Lumber and hardware 169 62 

Jan. 15, 1938 Cochran & Allen— 6 rolls roofing $13.50, less 

credit $.58. 12 92 

Jan. 26, 1938 David Lebo — Nails, glass, staples, oats for 

seed 3 62 

April 19, 1938 W. Denton Myers— 1 bu. alfalfa $24 00 

2bu. clover 15 00 

H ton fertilizer 39 68 

1 seed bag 35 

Less discount 3 96 75 07 

Total Expenses $600 45 

Net Profit before Depreciation $62 71 



45 



FARM REPORT, YEAR ENDED JUNE 30, 1938 
SHIREMANSTOWN FARM 

Income 

July 16, 1937 Frank Eberly— 759% bu. wheat © $1.10. . . $835 63 

Aug. 6, 1937 Frank Eberly— 169% 2 bu. oats @ .35 59 25 

Dec. 3, 1937 Old Fort Mill, Inc.— 23,490 lb. ear corn .50 

for 72 1b 163 02 

June 17, 1938 Old Fort Mill, Inc.— 825 bu. 50 lbs. corn @ 

.62 512 05 

Total Income $1,569 95 



Expenses 

Aug. 9, 1937 Annville National Bank— Interest on note. . . $25 00 
Aug. 6, 1937 Annie G. Witter — State and County Tax for 

1937 53 20 

Sept. 10, 1937 Norman M. Spahr— Hay track 17 71 

Sept. 18, 1937 Annie G. Witter— School tax for 1937 140 00 

Oct. 6, 1937 Countrymen's Mutual Fire Insurance Com- 
pany — Renewal of policy 5 28 

Oct. 6, 1937 Mutual Fire Insurance Company of Annville 

— Assessment 5 28 

James V. Clendenin — White pine for 

corn crib 20 00 

Oct. 8, 1937 P. L. Wolfe— Fertilizer 80 70 

Oct. 14, 1937 James V. Clendenin — 448-ft. corn crib sid- 
ing @ .05 22 40 

Oct. 22, 1937 Milleisen Lumber Company — Cement, sand 

and lumber 38 30 

Oct. 22, 1937 E. L. Sunday— 1,200 ft. lumber 48 00 

Oct. 28, 1937 Frank R. Hess— Carpenter work 174 90 

Nov. 8, 1937 Annville National Bank — Interest on note. . . 25 00 
Nov. 8, 1937 Davis Hardware Company — Steel roofing, 

nails, bolts for wagon shed 73 39 

Dec. 13, 1937 Dr. Harry Zimmerman — Interest on note. ... 50 00 

Dec. 13, 1937 Frank Eberly— 1| bu. timothy seed 2 81 

Dec. 13, 1937 H. W. Shaull & Son— 6,000 lbs. stone 4 20 

Feb. 7, 1938 Annville National Bank— Interest on note. . . 25 00 
April 9, 1938 Frank Eberly— 1J bu. clover @$13.50.$16 88 

\ bu. alsike @$22.00 11 00 

27 88 

May 9, 1938 Annville National Bank — Interest on note. . . 25 00 
May 6, 1938 Hauck Brothers — Repairs to pump and water 

system 2 25 

May 25, 1938 Annie G. Witter— 1938 road tax 26 60 

June 3, 1938 Harry Zimmerman — Interest on note 50 00 

June 11, 1938 Cochran & Allen — Paint and Poultry wire. . . 5 45 

Total Expenses $948 35 



Net Profit before Depreciation $621 60 



46 



STUDENT ENROLLMENT, 1937-1938 



College Department Men Women Total 

Graduate Students 2 

Seniors 35 

Juniors 38 

Sophomores 50 

Freshmen 85 

Specials 2 

Saturday and Evening Classes 17 

229 
Conservatory of Music 

Seniors 8 

Juniors 8 

Sophomores 9 

Freshmen 10 

Specials — Full-time 2 

Specials — Part-time 34 

71 

Extension Department 16 

TOTAL ENROLLMENT 316 

Duplicates 13 

NET ENROLLMENT 303 

Summer Session, 1938 

College Department 32 

Conservatory 2 

Evening Class at Harrisburg 5 

39 60 



3 


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21 


59 




22 


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126 




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20 




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100 




124 




195 


34 




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284 




600 


21 




37 


260 




563 


38 


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21 




3 


8 





99 



FUNDS FROM THE N. Y. A. 
(Not taken into College Account) 
YEAR ENDED JUNE 30, 1938 



October . . . 
November . 
December . 
January. . 
February . 
March 

April 

May 

June 



Number of students helped — 77 



$228 20 


503 


65 


527 


10 


333 


90 


476 


00 


520 


45 


518 


70 


557 


90 


364 


00 



$4,029 90 



47 



AUDITING COMMITTEE REPORT 

To the Board of Trustees of Lebanon Valley College: 

Gentlemen: — As has been the case for a number of years past, your auditing 
committee secured the services of a certified public accountant to audit the ac- 
counts 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 

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

Gentlemen: 

I have made an examination of the accounts of Lebanon Valley College for the 
year ended June 30, 1938, also the balance sheet, profit and loss and relative state- 
ments included in the foregoing report of your Finance Committee. 

In connection therewith, cash receipts and disbursements for all funds were 
audited in detail and cash balances confirmed. Notes and accounts receivable were 
not confirmed but verified, and are shown at book values, with adequate reserve 
provisions for uncollectibility. 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 verifi- 
cation 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 dur- 
ing the year under review, the financial position of Lebanon Valley College at 
June 30, 1938, and the results of its operations for the year ended that date. 

Respectfully submitted, 
Harrisburg, Pennsylvania, C. E. Procasco, 

August 15, 1938, Certified Public Accountant 



48