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

Lebanon Valley College 

BULLETIN 



Vol. XXVIII NOVEMBER, 1939 No. 8 



Report of Finance Committee 

For Fiscal Year 

Ended June 30, 1939 



ANNVILLE, PENNSYLVANIA 



Presented to the Board of Trustees at their 
Meeting Nov. 4, 1939 



A Supplement to this report giving figures for the 

school year 1939-40, to May 31, 1940 

will be submitted to the Board at its meeting on June 10, 1940 



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



To the Board of Trustees of Lebanon T'alley College: 

The Finance Committee presents the following report for the year ended 
June 30, 1939 : 

Colleges, in common with other institutions, have been affected by the 
uncertainty of financial and economic conditions during the past year. Incomes 
have not noticeably increased and collections are not less difficult. The College 
has been fortunate to be able to operate within its income. 

Comparative figures again show an increase in operating profit over last 
year. The net profit, after deducting additions to plant from current funds, is 
$6,357.64, thereby reducing the accumulated deficit by that amount. This in- 
crease has come about even though there has been a falling off of income from 
three sources, Endowment Income, Gifts and Grants and Miscellaneous Income. 

The total income for the year was $218,211.82, an increase of almost 
$7,000.00, and the expenditures $208,519.43, an increase of $4,668.75 over last year. 

Safe and profitable investment of the Endowment Fund has been the con- 
stant concern of the Committee. This is an objective not easily obtainable. It 
has been the aim of the Committee to maintain a diversified list of bonds and 
stocks so as to be able to secure a maximum income and the greatest amount 
of appreciation in value. The investments have been subjected to constant 
supervision, and changes were made only when a good purpose seemed to be 
served. 

It is the hope of the Committee that by a continuance of this strict super- 
vision and by prompt and judicious changes, as a result, the effects of further 
interruption of industrial recovery, as far as income is concerned, may be 
minimized. 

J. R. Engle, Chairman 



LEBANON VALLEY COLLEGE 

COMPARATIVE BALANCE SHEET 

JUNE 30, 1939 and 1938 



Exhibit A 



Assets 





June 30, 19.39 


June 30, 1938 


Increase 


Decrease 


1. Current Funds: 
A . General : 

Cash 


$24 80 
11,427 87 
23,747 30 

342 07 

703 27 

2,350 00 

48 00 

198 37 

61 65 

466 00 
2,921 73 

3,331 52 
30,414 41 


$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 




$2,804 82 
32 00 


Investments, Notes Rec. 




Accts. Rec, Students. . 
Advances Rec, Endow- 
ment Fund 

Dining Hall Supplies.. 
Laboratory Supplies. . . 
Gen. Adm. — Salaries 


$4,596 78 

342 07 

""'76600 

48 00 
88 33 
61 65 

466 00 
246 17 


182 48 


Summer Sch. Ex.,Prep'd 
College Paper Prepaid. 
Music School Salaries, 




Prepaid Insurance 

Unamortized Remodel- 
ing Expense 

Deficit 


1 665 60 




6,357 64 










$76,036 99 


$80,530 53 




$4 493 54 


B. Restricted: 






1,872 69 


1,821 44 


51 25 








II. Loan Funds: 

Cash 


$77,909 68 


$82,351 97 




$4,442 29 


$1,903 93 
7,031 06 


$1,571 39 
6,401 56 


$332 54 
629 50 




Notes Receivable 




III. Endowment and Other 
Non-Expendable Funds: 


$8,934 99 


$7,972 95 


$962 04 






$144 40 

318,717 19 

519,291 06 

12,500 00 

18,626 71 

47,476 25 




$144 40 


Bonds 


$354,749 78 

485,344 38 

12,340 00 

18,401 71 

47,476 25 


$36,032 59 






33,946 68 


Mortgages 


160 00 


Notes Receivable 


225 00 


Real Estate (Farms). . . 






IV. Plant Funds: 

Lands 


$918,312 12 


$916,755 61 


$1,556 51 




$39,800 00 

17,089 39 
503,219 84 
123,727 03 


$39,800 00 

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


$3,334 75 




Underground Heating & 

Plumbing System . . . 

Buildings 




Equipment 




V. Agency Funds: 

Cash 


$683,836 26 


$680,501 51 


$3,334 75 




$1,044 01 

183 19 

2,500 00 

479 61 


$1,104 35 

183 19 

2,500 00 
419 27 




$60 34 


Advances Receivable 

from Current Fund . . 
Farm Improvements. . . 
Farm Deficit 


60 34 






$4,206 81 


$4,206 81 






Total Assets. . . 


$1,693,199 86 


$1,691,788 85 


$1,411 01 









LEBANON VALLEY COLLEGE 

COMPARATIVE BALANCE SHEET 

JUNE 30, 1939 and 1938 



Exhibit A 



Liabilities and Funds 





June 30, 1939 


June 30, 1938 


Increase 


Decrease 


L Current Funds: 
A. General: 

Notes Payable 


$60,000 00 

6,258 60 

183 19 

2,045 20 

7,550 00 


$66,470 00 

5,175 27 

183 19 
1,952 07 

6,750 00 




$6,470 00 


Accounts Payable 

Accts. Payable, Agency 
Funds 


$1,083 o3 

93 13 

800 OC 


Students' Deposits .... 
Reserve for Doubtful 
Accounts 










$76,036 99 


$80,530 53 




$4,493 54 






B. Restricted: 

Funds 


$1,872 69 


$1,821 44 


$51 25 










$77,909 68 


$82,351 97 




$4 442 29 








II. Loan Funds: 

Funds 


$8,934 99 


$7,972 95 


$962 04 








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


$684,678 35 
230,891 70 


$684,963 91 
229,391 70 




$285 56 


Restricted 


$1,500 00 








Annuity Funds 


$915,570 05 
2,400 00 


$914,355 61 
2,400 00 


$1,214 44 








Advances Payable, Cur- 
rent Funds 


$917,970 05 
342 07 


$916,755 61 


$1,214 44 
342 07 












$918,312 12 


$916,755 61 


$1,556 51 




IV. Plant Funds: 

Net Investment in Plant 


$683,836 26 


$680,501 51 


$3,334 75 




V. Agency Futsids: 

Notes Payable, Farm 
Account 


$4,000 00 
206 81 


$4,000 00 
206 81 






Funds 




Total Liabilities and 
Funds 


$4,206 81 
$1,693,199 86 


$4,206 81 
$1,691,788 85 


$1,411 01 









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 





Year Ended 
June 30, 1939 


Year Ended 
June 30, 1938 


Increase 


Decrease 


I. Educational and Gen- 
eral: 
(1) Student Income: 

School of Liberal Arts 

and Sciences 

Auxiliary Educational 
Schools 


$ 76,151 91 

43,933 08 


$70,917 07 

37,995 74 


$5,234 84 
5,937 34 






$120,084 99 


$108,912 81 


$11,172 18 




(2) Endowment Income. . . . 

(3) Gifts and Grants 


$20,966 18 
6,311 44 
3,164 42 


$27,996 89 
7,153 81 
3,718 49 




$7,030 71 
842 37 




(4) Other Sources 




554 07 






Total Educational and 
General Income 


$150,527 03 


$147,782 00 


$2,745 03 




11. Auxiliary Enterprises 
and Activities: 
(1) Dormitories 


$23,444 96 
41,720 14 

60 00 

1,012 43 


$22,354 82 
39,330 90 

53 00 

924 95 


$1,090 14 
2,389 24 

7 00 

87 48 




(2) Dining Hall 

(3) Placement Bureau In- 
come 




(4) Leadership Training 
School Income 




Total Income, Auxiliary 
Enterprises and Ac- 
tivities 


$66,237 53 


$62,663 67 


$3,573 86 








III. Income for Non-Edu- 
cational Purposes 


$1,447 26 


$782 11 


$665 15 




Total Income 


$218,211 82 
$208,519 43 


$211,227 78 
$203,850 68 


$6,984 04 
$4,668 75 




Total Expenses, 

Forwarded 








Net Profit before deduct- 
ing additions to Plant 
from Current Funds. . . 

Additions to Plant from 
Current Funds 


$9,692 39 
3,334 75 


$7,377 10 
6,946 14 


$2,315 29 


$3,611 39 








Net Profit after deducting 
additions to Plant from 
Current Funds 


$6,357 64 


$430 96 


$5,926 68 





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 





Year Ended 
June 30, 1939 


Year Ended 
June 30, 1938 


Increase 


Decrease 


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


$28,412 69 


$29,407 85 




$995 16 


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

Arts and Sciences . . . 
Auxiliary Educational 

Schools 


$69,109 33 
36,186 70 


$66,659 76 
32,880 78 


$2,449 57 
3,305 92 










$105,296 03 


$ 99,540 54 


5,755 49 




(3) Library 


$4,712 47 
10,243 52 


$4,940 17 
11,932 79 




$227 70 
1,689 27 


(4) Operation and Mainte- 
nance of Physical Plant 


Total Educational and 
General Expenses . . . 


$148,664 71 


$145,821 35 


$2,843 36 




IL Auxiliary Enterprises 
AND Activities: 
(1) Dormitories 


$14,106 59 

40,268 14 

135 93 

888 38 


$13,577 87 

39,354 77 

61 24 

826 38 


$528 72 

913 37 

74 69 

62 00 




(2) Dining Hall 




(3) Placement Bureau.. . . 

(4) Leadership Training 
School 








Total Expenses, 

Auxiliary Enterprises 
and Activities 


$55,399 04 


$53,820 26 


$1,578 78 




in. Other Non-Educa- 
tional Expenses 


$3,655 68 


$3,809 07 




$153 39 








Total Expenses before 
Reserve Provisions. . 
Reserve Provisions: 

Provision for Doubtful 
Accounts Receivable 


$207,719 43 
800 00 


$203,450 68 
400 00 


$4,268 75 
400 00 




Total Expenses, 

Forwarded 


$208,519 43 


$203,850 68 


$4,668 75 





LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT FUNDS 

YEAR ENDED JUNE 30, 1939 

Exhibit B 

Balance at beginning of year None 

Add: 

(1) Current educational and general income, 

per Schedule B-1, Sec. I ■.•;•.•• $150,527 03 

(2) Income Auxiliary enterprises and activities, 

per Schedule B-1, Sec. II 66,237 53 

(3) Income non-educational purposes, per 

Schedule B-1, Sec. Ill 7,697 59 

$224,462 15 

(4) Adjustments, per Schedule B-4 338 75 

$224,800 90 
Deduct: 

(1) Current educational and general expenses, 

per Schedule B-2, Sec. I $149,464 71 

(2) Expenditures of auxiliary enterprises and 

activities, per Schedule B-2, Sec. II 55,399 04 

(3) Other non-educational expenses, per 

Schedule B-2, Sec. Ill 9,854 76 

(4) General funds transferred to plant funds, 

per Exhibit E, Sec. I 3,334 75 

$218,053 26 

(5) Adjustments, per Schedule B-4 390 00 218,443 26 

Profit for year ended June 30, 1939 $6,357 64 

Deficit July 1, 1938 36,772 05 

Deficit June 30, 1939, to Exhibit A, Section I $30,414 41 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1939 



Schedule B-1 



Educational and General: 
(7) Student Income: 
A. School oj Liberal Arts and Sciences: 

Tuition $81,031 00 

Less, Scholarships 14,169 29 $66,861 71 

Matriculation Fees 1,765 75 

Biology Fees 2,059 45 

Chemistry Fees 2,200 00 

Physics Fees 395 00 

Psychology Fees 170 00 

Practice Teaching Fees 1,365 00 

Graduation Fees 1,335 00 



5,151 91 



B. Auxiliary Education Schools: 

Extension School $3,357 00 

Music School 33,960 64 

Saturday School 2,648 00 

Summer School 3,967 44 

{2) Endowment Income (Schedule B-j) 

Unrestricted $18,170 93 

Restricted 2,795 25 

(j) Gifts and Grants 

Benevolence, Conference $6,291 44 

Other 20 00 

{4) Other Sources: 

Group Life Insurance $729 61 

Interest on Current Funds 487 85 

Library Income 1,931 96 

Rent for Chapel 15 00 

■ ■ ■ 3,164 42 

Total Educational and General Income, to Exhibit B $150,527 03 



43,933 08 



20,966 18 



6,311 44 



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

Cleaning Fees $676 35 

Rentals 22,459 81 

Breakage Fees 308 80 

23,444 96 

(2) Dining Hall: 

Students' Board $41,508 15 

Sale of meals to others 152 39 

Sale of food and operating supplies 59 60 

41,720 14 

(j) Placement Bureau Income /'O 00 

(4) Leadership Training School Income 1,012 43 

Total Income Auxiliary Enterprises and Activities, to Ex- 
hibit B $66,237 53 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1939 

Schedule B-1 (Continued) 

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

Breakage $126 50 

Unexpended Student Activity Fees 692 78 

Scholarship Funds (Schedule B-3) 5,567 85 

Student Loan Funds (Schedule B-3) 500 73 

Prize Funds (Schedule B-3) 61 75 

Annuity Funds (Schedule B-3) 120 00 

Miscellaneous 627 98 

Total Income for Non-Educational Purposes, to Exhibit B $7,697 59 

Total Income to Exhibit B $224,462 15 



10 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1939 

Schedule B-2 



Educational and General: 
(7) General Administration and Expenses: 

A. General Administrative Offices: 

Miscellaneous f 133 35 

Office Supplies 352 66 

Postage 360 01 

Salaries 16,386 55 

Stationery and Printing 121 69 

Telephone and Telegraph 186 03 

— $17,540 29 

B. General Expense: 
Advertising, Bulletins and Cat- 
alogues $718 80 

Advertising, General 443 75 

Alumni Secretary, Salary and 

Expense 613 63 

Auditing and Accounting Services 275 80 

Commencement Expenses 348 29 

Compensation Insurance 414 46 

Credit Adjustment Service 9 00 

Diplomas 47 00 

Group Life Insurance 1,845 58 

Lecture Expense 215 00 

Membership Fees to Associations. 200 00 

Miscellaneous 1,132 79 

Press Service 1,010 31 

Public Liability Insurance 54 00 

Student Solicitation Expense. . . . 2,435 01 
Travel and Entertainment: 

Faculty 99 10 

Officers 947 56 

Trustees 17 82 

Alumni Expense 44 50 

Provision for Doubtful Accounts 

Receivable 800 00 

11,672 40 

(2) Instruction and Research: $29,212 69 

A. School of Liberal Arts and Sciences: 

Salaries, Faculty $65,400 49 

Salaries, Student Assistants 1,374 40 

Salaries, Practice Teaching 492 50 

67,267 39 

Departmental Expenses: 

Biology Laboratory $753 78 

Chemistry Laboratory 607 95 

Physics Laboratory 465 17 

Psychologv Laboratory 15 04 

1,841 94 

B. Auxiliary Schools: 69,109 33 

Extension School: 

Faculty Salaries $2,200 00 

Travel and Miscellaneous Ex- 
pense 822 01 

$3,022 01 

Saturday School: 

Faculty Salaries 2,383 20 

11 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1939 

Schedule B-2 (Continued) 



3,186 70 



4,712 47 



I. Educational and General: 

(2) Instruction and Research: 

B. Auxiliary Schools, Continued 
Music School: 

Faculty Salaries $24,442 80 

Salaries— Other than Faculty. . 510 00 

Music _ 207 72 

Practice Teaching, Salaries and 

Expense 822 00 

Stationery and Printing 213 65 

Tuning, repairs, etc 1,089 35 

$27,285 52 

Summer School: 

Faculty Salaries $2,141 23 

Miscellaneous Expense 1,354 74 

3,495 97 

(3) Library: 

Books and Magazines $1,070 32 

Salaries 3,540 22 

Supplies 101 93 

(4) Operation and Maintenance of Physical Plant: 

Care and Maintenance of Grounds $723 95 

Care of Buildings and Furniture 1,804 26 

Heat 3,239 84 

Infirmary 69 54 

Light 921 35 

Miscellaneous 27 50 

Operating Supplies 261 26 

Property Insurance 638 37 

Repairs to Buildings and Equipment 2,215 84 

Taxes 157 24 

Water 184 37 

Total Educational and General 

Expenses, to Exhibit B 

II. Auxiliary Enterprises and Activities: 

(/) Dormitories: 

Care of Buildings and Furniture $3,259 72 

Heat 3,227 83 

Light and Power 1,335 26 

Miscellaneous 21 84 

Operating Supplies 171 81 

Property Insurance 365 58 

Rent 856 50 

Repairs of Buildings and Equipment 4,327 09 

Telephone 118 93 

Water 422 03 



10,243 52 



,464 71 



$14,106 59 



12 



LEBANON VALLEY COLLEGE 
STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1939 
Schedule B-2 (Continued) 



n. Auxiliary Enterprises and Activities: (Continued) 

(2) Dining Hall: 

Food $25,018 92 

Gas 199 18 

Laundry 388 26 

Light and Power 497 96 

Miscellaneous 104 00 

Operating Supplies 165 45 

Renewals and Repairs 855 38 

Rental 4,465 00 

Salaries and Wages 8,475 99 

Telephone 23 65 

Water 74 35 

$40,268 14 

(j) Placement Bureau: 

Expenses 135 93 

(4) Leadership Training School: 
Expenses 888 38 

Total Expenses, Auxiliary Enterprises and Activities, to 

Exhibit B $55,399 04 

IIL Other Non-Educational Expenses: 

Debating Expense $81 51 

Interest on Loans 3,574 17 

Scholarships (Schedule B-3) 5,514 35 

Student Loan Funds (Schedule B-3) 500 73 

Prizes (Schedule B-3) 64 00 

Annuities (Schedule B-3) 120 00 

Total Non-Educational Expenses, to Exhibit B $9,854 76 

Total Expenses to Exhibit B $214,718 51 



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17 



LEBANON VALLEY COLLEGE 

DETAILS OF CURRENT FUND ADJUSTMENTS 

YEAR ENDED JUNE 30, 1939 

Schedule B-4 

Adjustments Adding to Current Funds: 

Decrease in income balances: 

East Pennsylvania Conference C. E. Scholarship $30 00 

G. D. Gossard and Wife Scholarship Fund. . . . 101 29 
Pennsylvania Conference C E. Scholarship 

Fund 7 50 

Sophia Plitt Scholarship Fund 197 71 

Class of 1928 Scholarship Fund 2 25 



Total to Exhibit B, Section 4 $338 75 



Adjustments Deducting from Current Funds: 
Increase in income balances: 

E. M. Baum Scholarship Fund $25 00 

Derickson Scholarship Fund 12 50 

Samuel F. Engle Scholarship Fund 175 00 

Harnish-Houser Publicity Fund 100 00 

Elizabeth May Mever Musical Scholarship 

Fund : 77 50 

Total to Exhibit B, Section 5 $390 00 



18 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1939 

Schedule B-5 

Balance July 1, 1938 $2,829 62 

Receipts 
Inxome: 

Students $180,567 82 

Endowment Income 20,966 18 

Gifts and Grants: 

Conference Benevolence $6,291 44 

Other 20 00 

6,311 44 

Other Sources: 

Interest on Current Funds $487 85 

Library Income 404 80 

Group Life Insurance 729 61 

Rent for Chapel 15 00 

Placement Bureau 60 00 

Leadership Training School 1,012 43 

Unexpended Student Activity 

Fees 692 78 

Sale of meals to others 152 39 

Sale of Food and Supplies 59 60 

Miscellaneous 627 98 

4,242 44 

$212,087 88 
Balance Sheet Items: 

Increase in Accounts Payable . . . $1,083 33 
Increase in Students' Deposits . . 93 13 
Received from Churches on ac- 
count of notes 32 00 

Decrease in Inventorv — Dining 

Hall '. 182 48 

Decrease in Unamortized Re- 
modeling Expense 1,665 60 

3,056 54 

$215,144 42 

$217,974 04 



19 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1939 

Schedule B-5 

Disbursements 
Expenses: 

Educational and General: 

General Administration and Ex- 
pense $28,412 69 

Instruction and Research 105,296 03 

Library 3,185 31 

Operation and Maintenance of 

Physical Plant 10,243 52 



$147,137 55 



Auxiliary Enterprises and Activities: 

Dormitories $14,106 59 

Dining Hall 40,268 14 

Placement Bureau 135 93 

Leadership Training School 888 38 

Other Non-Educational Expenses: 

Interest on Loans $3,574 17 

Debating Expenses 81 51 



Balance Sheet Items: 

Increase of Inventory of Labora- 
tory Supplies $700 00 

Increase in Advances Receivable: 

Endowment Account 342 07 

Increase in Prepaid Salaries: 

Genera! Administration Expense 48 00 

Increase in Prepaid Summer School 

Expenses 88 33 

Increase in Prepaid College Paper 

Expenses 61 65 

Increase in Prepaid Music School 
Salaries 

Increase in Prepaid Insurance. 

Decrease in Notes Payable .... 

Additions to Plant 



55,399 04 



3,655 68 
,192 27 



466 00 

246 17 

6,470 00 

3,334 75 


11,756 97 




A, Section I-A. . 


24 80 








$217,974 04 



20 



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

JUNE 30, 1939 

Schedule B-6 



Balance July 1, 1938 $1,821 44 

Receipts 

Income from Endowment Investments $27,626 18 

Less, accrued interest on bonds purchased 409 67 

27,216 51 

$29,037 95 

Disbursements 
Unrestricted: 

Transferred to General Fund for Educational Purposes $18,170 93 

Restricted: 

Transferred to General Fund for Educational and General Purposes: 

Printing: Funds $21 00 

Professorship Funds 2,693 00 

Library Funds 71 25 

Maintenance Funds 10 00 



Used for Non-Educational Purposes: 

Scholarship Funds $5,514 35 

Student Loan Funds 500 73 

Prize Funds 64 00 

Annuity Funds 120 00 



$2,795 25 



6,199 08 
8,994 33 



$27,165 26 
Balance June 30, 1939, per Exhibit A, Section I-B 1,872 69 

$29,037 95 



21 



LEBANON VALLEY COLLEGE 

STATEMENT OF LOAN FUNDS 
YEAR ENDED JUNE 30, 1939 



Exhibit C 



Fund Principal 



Funds 



Balance 

July 1, 

1938 



Alumni Annual Giving $1,329 55 

Mary A. Dodge Fund 4,386 63 

Daniel Eberly Fund 128 65 

Henry B. Stehman Fund 1,951 12 

Dr. Wagner Special Fund . . . 177 00 



Receipts 
for year 

$432 02 

504 29 

25 73 

+ 
+ 



$7,972 95 $962 04 



Other 
Additions 



Deduc- 
tions 



Balance 

June 30,1939 

Exhibit A 

Sec. II 

$1,761 57 

4,890 92 

154 38 

1,951 12 

177 00 

$8,934 99 



Fund Assets 
Cash $1,903 93 

Notes Receivable from Students: 

Alumni Annual Giving Fund $1,499 84 

Mary A. Dodge Fund 4,489 98 

Henry B. Stehman Fund 900 00 

Dr. Wagner Special Fund 141 24 



7,031 06 
Total Loan Fund Assets June 30, 1939, to Exhibit A, Section 1 1 $8,934 99 



22 



LEBANON VALLEY COLLEGE 

STATEMENT OF ENDOWMENT AND OTHER 
NON-EXPENDABLE FUNDS 
YEAR ENDED JUNE 30, 1939 



Exhibit D 



Fund Principal 

Endowment 

Funds Annuity Funds Total 

Balance July 1, 1938 $914,355 61 $2,400 00 $916,755 61 

Additions during year: 

Annie M. Burns Estate 150 00 

Isaiah H. Daugherty and Benja- 
min P. Raab Memorial Scholar- 
ship Fund 

Emma L. Landis Estate 



Total Additions . 



Deductions during year . 



Balance June 30, 1939, to Exhibit A, 
Section III 



833 56 




833 56 


230 88 




230 88 








$1,214 44 




$1,214 44 








$915,570 05 
None 


$2,400 00 
None 


$917,970 05 
None 


$915,570 05 


$2,400 00 


$917,970 05 



23 



SUMMARY OF ENDOWMENT FUND ASSETS 
JUNE 30, 1939 

Schedule D-1 



Investments: 
Farms 








Pe 

Amount o 

$47,476 25 


rcentage 
f Total 

5.17 








$30,466 82 

181,502 78 

92,257 72 

50,322 46 




Bonds: 

Industrial 


3.32 


Public Utility 




19.79 


Railroad 








10.05 


Real Estate 




5.32 




$17,300 00 
14,400 00 
33,076 74 
37,948 00 
61,250 92 
5,800 00 
24,100 00 
40,766 31 
14,170 32 
11,000 00 
13,300 00 
72,281 99 
34,693 43 


354,749 78 




Total Bonds 


$105,456 67 


38.48 


Stocks: 
Preferred 


11.48 


Common: 

Agriculture 

Auto Accessories 




1.88 






1.57 


Automobiles 






3.60 


Aviation 






4.13 


Bank 






6.67 


Broadcasting 

Building 

Metals 






.63 






2.63 






4.44 


Oils 






1.54 


Railroad 






1.20 


Rubber 






1.45 


Steel 






7.87 


Utility 






3.82 




380,087 71 






Total Common Stocks . . 






41.53 




imon Stocks . 


485,544 38 

12,340 00 
18,401 71 




Total Preferred and Con 




52.85 


Mortgages 


1.34 


Notes Receivable 








2.00 












Total Investments 


$918,312 12 
00 


100.00 




Assets, 


June 


30, 1939, to 




Cash awaiting investment 




Total Endowment Fund 
Exhibit A, Section III 


$918,312 12 





















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31 



LEBANON VALLEY COLLEGE 

STATEMENT OF PLANT FUNDS 
YEAR ENDED JUNE 30, 1939 

Exhibit E 

(1) Unexpended Plant Funds: 

Balance July 1, 1938 None 

Additions during year: 

1. Amount transferred from Current Funds $3,334 75 

$3,334 75 
Deductions during year: 

a. Band Instruments $610 07 

b. Typewriter, Line-a-time, Desk, file, ofiice 

chairs for offices 120 81 

c. Chairs, shelves, and bridge lamp 88 90 

d. Box lockers and keys for Conservatory 190 39 

e. Telebinocular light and stand for Psychology 
laboratory 15 18 

f . Riders Chanilist, Generator for Physics Labora- 
tory 232 50 

g. Specimens for Chemistry Laboratory 36 90 

h. Cabinet for Library 40 00 

i. Books for Library 2,000 00 

3,334 75 

Balance June 30, 1939 None 

(2) Invested in Plant 

Value of Plant July 1, 1938 $680,501 51 

Additions during year, as above 3,334 75 

Value of Plant, June 30, 1939, Exhibit A, Section IV $683,836 26 



32 



LEBANON VALLEY COLLEGE 



PLANT FUNDS ASSETS 
JUNE 30, 1939 



Schedule E-1 



Erected 



Book Value 
July 1, 1938 



Increase 



Book Value 
June 30, 1939 



Lands: 

Athletic Field 

Campus 

Hockey Field. 



Underground Heating and 
Plumbing 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 



$39,800 00 



$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 



,219 84 



$2,700 
6,928 
4,900 

503 
14,505 
5,371 
3,000 
7,656 
8,450 

1,000 

5,261 

101 

1,222 

21,300 

4,472 

27,691 

4,976 

350 



$120,392 28 



,501 51 



190 39 

88 90 



36 90 



232 50 

15 18 

40 00 

2,000 00 



610 07 
120 81 



$5,000 00 

34,000 00 

800 00 



$39,800 00 



$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 



$503,219 84 



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

694 38 
14,594 19 
5,371 00 
3,000 48 
7,656 35 
8,487 65 

1,000 00 

5,493 81 

116 40 

1,262 80 

23.300 00 
4,472 10 

28.301 40 
5,097 67 

350 00 



$3,334 75 



$123,727 03 



,334 75 $683,836 26 



33 



EXTENSION DEPARTMENT 
YEAR ENDED JUNE 30, 1939 



Income: 

Registration $73 00 

First Semester 1,714 00 

Second Semester 1,643 00 

Total Income $3,430 00 

Expenses: 

Salaries paid to Faculty $2,200 00 

Traveling and Miscellaneous expenses 822 01 

Total Expenses 3,022 01 

Net Profit $407 99 



SATURDAY SCHOOL REPORT 
YEAR ENDED JUNE 30, 1939 



Income: 

Registration Fees $39 00 

Tuition 

First Semester $1,360 00 

Second Semester 1,288 00 2,648 00 



Total Income $2,687 00 

Expenses: 

Salaries paid to Faculty $2,383 20 

Registration Fees retained by College 39 00 

Ten per cent retained by College 264 80 

Total Expenses $2,687 00 



34 



SUMMER SCHOOL REPORT 
YEAR ENDED JUNE 30, 1939 



Income: 

Registration $93 00 

Tuition 3,476 01 

Practice Teaching Fees 264 00 

Room Rent 65 00 

Profit on sale of books 19 43 

Hershey Demonstration School 50 00 



5,967 44 



Expenses: 

Salaries paid to Faculty 

Registration retained by College 

Room Rent retained by College 

Miscellaneous expenses 

Ten per cent retained by college 

Uncollected accounts for future distribution 



$2,141 


23 


93 


00 


65 


00 


1,354 


74 


250 


47 


63 


00 



5,967 44 



35 



STATEMENT OF MUSIC SCHOOL INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1939 



I^XOME 



Instruction: 

Voice 

Piano 

Organ 

Violin 

Cello 

Instruments of Band 

and Orchestra 

Theory 



Use of Instruments 

for Practice: 

Piano 

Organ 

Instruments of Band 

and Orchestra 



Total Income. 



First 
Semester 


Second 
Semester 


Both 

Semesters 




$2,801 00 

2,749 50 

885 50 

579 50 

100 00 


$2,823 50 

2,618 00 

876 50 

634 00 

125 00 


$5,624 50 

5,367 50 

1,762 00 

1,213 50 

225 00 




335 50 
7,556 20 


350 00 
8,212 94 


685 50 
15,769 14 


$30,647 14 


$15,007 20 


$15,639 94 




$764 00 
563 00 


$772 00 
578 50 


$1,536 00 
1,141 50 




354 00 


282 00 


636 00 


$3,313 50 


$1,681 00 


$1,632 50 
$17,272 44 




$16,688 20 


$33,960 64 



Expenses 

Salaries $24,442 80 

Salaries (Other than Faculty) 510 00 

Practice Teaching for Seniors, Including transpor- 
tation 822 00 

Tuning, repairs and use of motor for Organ 1,089 35 

Music 207 72 

Stationery and Printing 213 65 

Total Expenses $27,285 52 



Profit before Administration and Building 

Maintenance Expenses $6,675 12 



36 



LEBANON VALLEY COLLEGE 

STATEMENT OF DORMITORY INCOME AND EXPENSES 

YEAR ENDED JUNE 30, 1939 



Rentals: 

Men's Dormitory 

North Hall 

South Hall 

West Hall 

Fink's 

Brunner's 

Miller's 

Gruber's 

Long's 

Spessard's 

Dining Hall 

Leadership Training School. 



Inxome 



19,328 06 

4,146 75 

2,156 00 

1,331 50 

90 00 

112 50 

45 00 

450 00 

135 00 

90 00 

4,500 00 

75 00 



Breakage Fees 
Cleaning Fees . 



Total Income 



Expenses 

Care of Buildings and Furniture 

Heat 

Light and Power 

Miscellaneous 

Operating Supplies 

Property Insurance 

Rent 

Repairs and Maintenance of Buildings and Equip- 
ment 

Telephone 

Water 

Total Expenses 

Profit before Administration Expenses 



S22,459 81 
308 80 
676 35 



$3,259 72 

3,227 83 

1,335 26 

21 84 

171 81 

365 58 

856 50 

4,327 09 
118 93 
422 03 



B23,444 96 



$14,106 59 
$9,338 37 



37 



REPORT OF DINING HALL 
YEAR ENDED JUNE 30, 1939 



Income 

Students' Board $41,508 15 

Sale of meals to others 152 39 

Sale of food and operating supplies 59 60 

Rent for use of Dining Room 35 00 

Total Income $41,755 14 

Cost of meals, materials and supplies only: 

Inventory July 1, 1938 $885 75 

Purchases 24,836 44 

$25,722 19 
Inventory June 30, 1939 703 27 

Cost of meals, materials and supplies only $25,018 92 

Gross Profit before Operating Expenses $16,736 22 

Expenses 
Operating Expenses: 

Salaries and Wages $8,475 99 

Gas 199 18 

Laundry 388 26 

Light and Power 497 96 

Miscellaneous 104 00 

Operating Supplies 165 45 

Renewals and Repairs 855 38 

Rentals 4,500 00 

Telephone 23 65 

Water 74 35 

Total Operating Expenses $15,284 22 

Gain before Administration Expenses $1,452 00 



38 



STATEMENT OF LABORATORY INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1939 



Biology Chemistry Physics Psychology Total 

Income: 

Fees $2,059 45 $2,200 00 $395 00 $170 00 $4,824 45 

Breakage Income.. . . 42 00 287 75 + + 329 75 



2,101 45 $2,487 75 $395 00 $170 00 $5,154 20 



Expenses: 

Inventory July 1, 

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

Purchases 795 78 1,595 70 465 17 15 04 2,871 69 



$1,095 78 $2,895 70 $515 17 $15 04 $4,521 69 
Inventory June 30, 

1939 300 00 2,000 00 50 00 + 2,350 00 



$795 78 $895 70 $465 17 $15 04 $2,171 69 



Gain ( + ) or Loss ( — ) 
before Administra- 
tion and Mainte- 
nance Expenses $1,305 67+ $1,592 05+ $70 17— $154 96+ $2,982 51 + 



REPORT OF LIBRARY 
YEAR ENDED JUNE 30, 1939 



Income: 

Matriculation Fees $404 80 

Endowment Fund 71 25 

College Departments 1,527 16 



,003 21 



Expenses: 

Books and magazines $1,543 16 

Salaries 3,540 22 

Supplies and Binding Expense 101 93 

Specials for Departments 1,527 16 

^ 6,712 47 

Deduct, Items added to capital investment 2,000 00 

$4,712 47 

Loss before Administration and Maintenance Expenses $2,709 26 



39 



DONATIONS TO LEBANON VALLEY COLLEGE 
FOR SPECIAL PURPOSES 
YEAR ENDED JUNE 30, 1939 

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

Bible $20 32 

Biology 31 72 

Book Department 665 94 

Business Administration 10 17 

Chemistry 15 00 

Conservatory of Music 1 38 

Economics 4 94 

Education 7 25 

English 72 47 

French 31 32 

History 5 09 

Latin 4 42 

Mathematics 32 39 

Physical Education 7 53 

Physics 12 89 

Miscellaneous Sources 88 08 $1,010 91 

Y. W. C. A.— Christmas Carol Song Books 20 00 



$1,030 91 
Books Presented to Library 

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

Number of 

Volumes Value 

Books 

E. M. Balsbaugh 4 $4 00 

J. A. Borneman 1 4 00 

R. R. Butterwick 36 50 00 

Christ Library 195 150 00 

S. H. Derickson 1 1 00 

Mrs. George Fink 1 50 

J. H. Gallatin 9 2 50 

P. E. Holdcraft 1 3 00 

E.E.Hoover 2 4 00 

W. J. Knapp 2 1 50 

L. V. C. Class 1939 1 5 00 

L. V. C. Class 1940 1 4 00 

L.V.C. Office 2 3 00 

Henry Lochner 2 1 00 

Mason Long 1 2 50 

C. A. Lynch 7 7 00 

H.E.Myers 3 6 00 

H. H. Shenk 5 3 00 

Henry Snavely 1 2 00 

Hubert Snoke 1 1 00 

K. O. Spessard 4 2 00 

M. L. Stokes 1 3 00 

Guy Swope 26 26 00 

M. A. Wood 1 1 50 

Publishing Houses 21 21 00 

Gov't Publications 12 6 00 

Associations 34 18 00 

Miscellaneous 15 10 00 

$342 50 



40 



DONATIONS TO LEBANON VALLEY COLLEGE 
FOR SPECIAL PURPOSES 
YEAR ENDED JUNE 30, 1939 



Periodicals 

Andrew Bender 

R. R. Butterwick 

S. H. Derickson 

First National Bank, Lebanon 

C. A. Lynch 

H. E. Myers 

United Brethern Church 

Associations 

Government Departments . . . . 

Miscellaneous 

Biology Department 

Psychology Laboratory 



Number of 




Volumes 


Value 


1 


$7 50 


1 


2 00 


1 


3 00 


1 


3 00 


5 


19 00 


2 


7 50 


5 


5 85 


23 


42 15 


11 


12 50 


11 


16 25 


6 


53 00 


1 


2 00 


$173 75 



41 



LEBANON VALLEY COLLEGE 

ANALYSIS OF HEATING PLANT EXPENSE 

YEAR ENDED JUNE 30, 1939 



Fuel, including freight and drayage $4,354 96 

Hauling ashes 9 00 

Insurance 78 84 

Light and Power 410 00 

Repairs 176 00 

Supplies 1 75 

Telephone 50 15 

Wages 1,314 62 

Water 84 35 

$6,479 67 

Distribution of Heating Plant Expense 

Heating Physical Plant $3,239 84 

Heating Dormitories 3,239 83 

$6,479 67 



ANALYSIS OF FARM DEFICIT ACCOUNT 
YEAR ENDED JUNE 30, 1939 

East Berlin Farm 

Surplus, July 1, 1938 $641 57 

Deduct, Net Loss for current year 115102 

Surplus, June 30, 1939 $526 55 

Shiremanstown Farm 

Deficit July 1, 1938 1,060 84 

Deduct, Net Profit for current year 54 68 

Deficit June 30, 1939 1,006 16 

Total Farm Deficit June 30, 1939, Exhibit A, Section V $479 61 



42 



FARM REPORT, YEAR ENDED JUNE 30, 1939 
EAST BERLIN FARM 

Income 



$269 20 



Aug. 15, 1938 W. Denton Myers: 

227 bu. 14 lbs. wheat @ .58 $131 79 

112 bu. 50 lbs. wheat @ .60 67 70 

103 bu. barley @ .43 44 29 

$243 78 

Mar. 14, 1939 U. S. Government Soil Conserva- 
tion 25 42 

Total Income 

Expenses 

Aug. 26, 1938 John VV. Slaybaugh— School tax $60 00 

Oct. 19, 1938 W. Denton Myers— Lime, seed, fertilizer . . 135 42 
Feb. 10, 1939 Samuel D. Kling — Repairs to pump and 

furnace 14 85 

Feb. 23, 1939 John W. Slaybaugh — County, road, bond 

and poor tax 50 00 

Feb. 28, 1939 John W. Slaybaugh— Penalty on above tax 2 50 

May 1, 1939 W. Denton Myers: 

15 bu. seed oats @, .70 10 50 

11 9 bu. clover @ $12.00 18 00 

11 2 ton 2-9-5 fertilizer (a)$25A5. 38 14 

$66 64 

Discount 3 81 

• — ■ 62 83 

May 1, 1939 John W. Slaybaugh — County, poor and road 

tax 36 10 

June 23, 1939 H. J. Phillips — Fire Insurance Assessment 

Policy No. 18702 22 52 

Total Expenses 

Net Loss before Depreciation 



$384 22 
$115 02 



43 



FARM REPORT, YEAR ENDED JUNE 30, 1939 
SHIREMANSTOWN FARM 

Income 



July 22, 1938 Frank Eberly— 743-^ bu. wheat @ .60. . . $446 04 
Nov. 18, 1938 Frank Eberly— 25,070 lbs. corn @ .50 cwt. 125 35 
June 23, 1939 Frank Eberly— 361-Sf bu. ear corn @ .55. 198 74 



Total Income $770 13 



Expenses 



July 


1, 


July 


7, 


Aua;. 


8, 


AuR. 


8, 


Aue;. 


8, 


Aug. 


8, 


Au?. 


8, 


Aug. 
Sept. 
Sept. 
Sept. 
Sept. 
Oct. 


19, 
2, 
2, 
9, 
9, 
7, 


Oct. 


19, 


Oct. 


19, 


Oct. 


19, 


Oct. 


26, 


Nov. 


7, 


Nov. 


10, 


Dec. 


2, 


Feb. 


8, 


April 6, 
April 21, 
May 8, 
May 11, 



1938 Milleisens Lumber Company — White pine 
and shingles 

1938 Davis Hardware Co. — Fencing, wire and 
staples 

1938 Annville National Bank — Interest on note. . 

1938 Annie G. Witter— 1938 State & County Tax 

1938 Hempt Bros. — Stone dust and chips 

1938 Countrymens Mutual Fire Insurance Com- 
pany — Premiums 

1938 Hauck Brothers — Plumbing repairs 

1938 Hempt Brothers — Stone dust 

1938 W. S. Franklin — Carpenter work 

1938 Wrn. E. Kistler — Concrete work 

1938 Davis Hdw. Co. — Barbed wire and staples. . 

1938 Annie G. Witter— School tax 1938 

1938 Mutual Fire Insurance Co.— Assessment. . . . 

1938 Milleisens Lumber Company — Lumber and 
nails 

1938 P. L. Wolfe— Fertilizer | cost less 10% 

1938 P. L. Wolfe— 47 bags cement 

1938 Patron's Mutual Fire Insurance — Assessment 

1938 Annville National Bank — Interest on note. . 

1938 Coover Miller — Building fence 

1938 Mrs. Sara E. Zimmerman — Interest on note. 

1939 Annville National Bank — Interest on note. 

1939 Hauck Brothers — ^Valve and handle 

1939 Hempt Brothers— 8900 lbs. dust @ $1.50. . . 
1939 Annville National Bank — Interest on note. . 
1939 Frank Eberly: 

Yi bu. timothy seed $1 25 

fbu. clover seed 7 88 

Jbu. alsike seed 2 75 



$13 32 



11 


85 


25 


00 


53 


20 


9 


15 


4 


84 


4 


36 


20 


42 


20 


00 


21 


60 


10 


68 


140 


00 


5 


28 


31 


85 


81 


62 


32 


90 


10 


02 


25 


00 


3 


00 


50 


00 


25 


00 


2 


75 


6 


68 


25 


00 



May 29, 1939 Annie G. Witter— Road Tax for 1939 

June 1, 1939 Mrs. Sara E. Zimmerman — Interest on note. 
June 9, 1939 Frank Eberly— 150 lbs. Sudan grass seed . . . 



11 88 

13 30 

50 00 

6 75 



Total Expenses . 



Net Profit before Depreciation 



$715 45 
$54 68 



44 



FUNDS FROM THE N. Y. A. 

(Not taken into College Account 
YEAR ENDED JUNE 30, 1939 



October $180 85 

November 674 80 

December 516 25 

January 316 40 

February 605 15 

March 729 75 

April 630 70 

May 739 55 

June 375 20 

Number of students helped — 103 



$4,768 65 



45 



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 
G. I. Rider 
J. E. Oliver 

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, 1939 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 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 of the latter. Investments were examined 
or otherwise accounted for, and are stated in the aggregate at an amount equiva- 
lent 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 com- 
puted 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, 1939, and the results of its operations for the year ended that date. 

Respectfully submitted, 

C. E. Procasco, 
Harrisburg, Pennsylvania Certified Public Accountant 

August 25, 1939. 



46