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Full text of "Lebanon Valley College Report of the Finance Committee 1940"

Lebanon Valley College 

BULLETIN 

VoL XXIX NOVEMBER, 1940 No. 8 



Report of Finance Committee 

For Fiscal Year 

Ended June 30, 1940 



ANNVILLE, PENNSYLVANIA 



Presented to the Board of Trustees at their 
Meeting Oct. 26, 1940 

A Supplement to this report giving figures for the 

school year 1940-41, to May 31, 1941 

will be submitted to the Board at its meeting on June 6, 1941 



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



To the Members of the Board of Trustees of Lebanon Valley College: 

The Finance Committee presents the following report for the year ended 
June 30, 1940: 

The income of the College during the past fiscal year has again been slightly 
above the expenditures. The total income for the year was $231,758.44, an in- 
crease of over $13,500 over last year and the expenditures $214,271.42, an in- 
crease of $5,751.99. The net profit for the year after deducting the cost of 
additions to plant from current funds was $12,530.73. The net deficit is there- 
fore reduced from $30,414.41 to $17,883.68. 

During the year we have again had to contend with rapidly changing 
business conditions which have made necessary the greatest care in directing 
the endowment of the College along conservative lines. Both the foreign and 
the domestic economic situations continue to have a disturbing effect on general 
business and on industrial recovery. Marked fluctuations at frequent intervals 
have brought about such a degree of instability as to make it impossible to 
initiate any long range plan that would tend to place our investments on a 
firmer basis. 

The committee continues to operate on the principle of procuring the great- 
est income consonant with the utmost possible safety. It is not to be expected 
that the committee can accomplish such a result perfectly. If its members 
would be able to make a 100% score on both income and safety their services 
would not be available to the College. It is an aim of the committee also to 
buy as far as possible such securities as are likely to show measurable apprecia- 
tion. At the same time it is the purpose to reduce the holdings of stocks and 
increase the bond holdings, a result which the committee hopes to work out to a 
satisfactory degree in the not too distant future. 

At the year's end bonds constituted 36.41% of the total endowment, pre- 
ferred stocks, 8.81% and common stocks 46.40%. The balance of the en- 
dowment fund is made up of the College farms, mortgages and notes receivable. 

J. R. Engle, Chairman 



LEBANON VALLEY COLLEGE 

COMPARATIVE BALANCE SHEET 

JUNE 30, 1940 and 1939 



Exhibit A 



Assets 





June 30, 1940 


June 30, 1939 


Increase 


Decrease 


I. Current Funds: 
A. General: 

Cash 

I nvestments, NotesRec. 

Accts. Rec, Students. 

Advances Rec, Endow- 
ment Fund 

Dining Hall Supplies. . 

Laboratory Supplies . . 

Gen. Adm. — Salaries, 
Prepaid 

SummerSch.Ex.,Prep'd 

College Paper Prepaid . 

Music School Salaries, 
Prepaid 

Prepaid Insurance. . . . 

Unamortized Remodel- 
ing Expense 

Opfiril- 


$2,052 39 
11,352 87 
23,788 40 

2,413 66 

866 68 

2,500 00 

+ 

206 19 

4 40 

+ 
2,915 21 

1,665 92 
17,883 68 


$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 


$2,027 59 


$75 00 


41 10 

2,071 59 
163 41 
150 00 


48 00 


7 82 


57 25 




466 00 




6 52 




1,665 60 
12,530 73 











$65,649 40 


$76,036 99 




$10 387 59 


B. Restricted: 

Cash 






2,194 66 


1,872 69 


321 97 






$67,844 06 


$77,909 68 




$10,065 62 


IL Loan Funds: 

Cash 

Notes Receivable 






$1,981 70 
7,717 36 


$1,903 93 
7,031 06 


$77 77 
686 30 




in. ENDOWMENTand Other 

Non-Expendable Funds: 

Cash . . . 


$9,699 06 


$8,934 99 


$764 07 




$363 71 

335,391 65 

508,625 39 

11,600 00 

18,026 71 

47,476 25 




$363 71 






$354,749 78 

485,344 38 

12,340 00 

18,401 71 

47,476 25 


$19,358 13 


Stocks 

Mortgages 


23,281 01 


740 00 




375 00 


Real Estate (Farms) . . 






IV. Plant Funds: 

Lands 

Underground Heating 
& Plumbing System . 

Buildings 

Equipment 


$921,483 71 


$918,312 12 


$3,171 59 




$39,800 00 

17,089 39 
504,995 85 
126,907 31 


$39,800 00 

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


$1,776 01 
3,180 28 




V. Agency Funds: 

Cash 

Advances Receivable 
from Current Fund. . 
Farm Improvements. . 
Farm Deficit 


$688,792 55 


$683,836 26 


$4,956 29 




$1,463 17 

183 19 

2,500 00 

60 45 


$1,044 01 

183 19 

2,500 00 

479 61 


$419 16 


$419 16 










$4,206 81 


$4,206 81 






Total Assets . . 


$1,692,026 19 


$1,693,199 86 




$1,173 67 









LEBANON VALLEY COLLEGE 

COMPARATIVE BALANCE SHEET 

JUNE 30, 1940 and 1939 



Exhibit A 



Liabilities and Funds 





June 30, 1940 


June 30. 1939 


Increase 


Decrease 


I. Current Funds: 
A. General: 

Notes Payable 


$52,000 00 

2,796 10 

183 19 
2,320 11 

8,350 00 


$60,000 00 
6,258 60 

183 19 
2,045 20 

7,550 00 




$8,000 00 


Accounts Payable .... 




3,462 50 


Accts. Payable, Agency 
Funds 






Students' Deposits.. . . 

Reserve for Doubtful 

Accounts 


$274 91 
800 00 






$65,649 40 


$76,036 99 




$10,387 59 








B. Restricted: 

Funds 


$2,194 66 


$1,872 69 


$321 97 






$67,844 06 


$77,909 68 




$10,065 62 








IL Loan Funds: 

Funds 


$9,699 06 


$8,934 99 


$764 07 




in. Endowment AND Other 
Non-Expendable Funds: 
Endowment Funds: 

General 

Restricted 


$685,678 35 
230,991 70 


$684,678 35 
230,891 70 


$1,000 00 
100 00 




Annuity Funds 


$916,670 05 
2,400 00 


$915,570 05 
2,400 00 


$1,100 00 




Advances Payable, Cur- 
rent Funds 


$919,070 05 
2,413 66 


$917,970 05 
342 07 


$1,100 00 
2,071 59 






$921,483 71 


$918,312 12 


$3,171 59 




IV. Plant Funds: 

Net Investmentin Plant 


$688,792 55 


$683,836 26 


$4,956 29 




V. Agency Funds: 

Notes Payable, Farm 

Account 

Funds 


$4,000 00 
206 81 


$4,000 00 
206 81 






Total Liabilities and 
Funds 


$4,206 81 
$1,692,026 19 


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




$1,173 67 









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, 1940 


Year Ended 
June .30, 1939 


Increase 


Decrease 


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

School of Liberal Arts 

and Sciences 

Auxiliary Educational 
Schools 


$77,160 77 
45,696 30 


$76,151 91 
43,933 08 


$1,008 86 
1,763 22 






$122,857 07 


$120,084 99 


$2,772 08 




(2) Endowment Income... 

(3) Gifts and Grants 

(4) Other Sources 


$26,835 40 
6,811 15 
3,465 72 


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


$5,869 22 
499 71 
301 30 




Total Educational and 
General Income .... 


$159,969 34 


$150,527 03 


$9,442 31 




II. Auxiliary Enterprises 
AND Activities: 

(1) Dormitories 

(2) Dining Hall 

(3) Placement Bureau In- 
come 


$24,788 95 
44,484 98 

47 00 

883 35 
102 70 


$23,444 96 
41,720 14 

60 00 

1,012 43 


$1,343 99 
2,764 84 


$13 00 


(4) Leadership Training 
School Income 




129 08 


(5) Canteen 


102 70 










Total Income, Auxil- 
iary Enterprises and 
Activities 


$70,306 98 


$66,237 53 


$4,069 45 








III. Income for Non-Edu- 
cational Purposes 


$1,482 12 


$1,447 26 


$34 86 




Total Income 

Total Expenses, 

Forwarded 


$231,758 44 
$214,271 42 


$218,211 82 
$208,519 43 


$13,546 62 
$5,751 99 




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

Additions to Plant from 
Current Funds 


$17,487 02 
4,956 29 


$9,692 39 
3,334 75 


$7,794 63 
1,621 54 




Net Profit after deducting 
additions to Plant from 
Current Funds 


$12,530 73 


$6,357 64 


$6,173 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 





Year Ended 
June 30, 1940 


Year Ended 
June 30. 1939 


Increase 


Decrease 


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


$29,552 48 


$28,412 69 


$1,139 79 




(2) Instruction and Re- 
search : School of Liber- 
al Arts and Sciences . 


$67,981 28 
38,937 42 


$69,109 33 
36,186 70 




$1,128 05 


Auxiliary Educational 
Schools 


$2,750 72 




$106,918 70 


$105,296 03 


$1,622 67 




(3) Library 


$4,749 31 
11,055 77 


$4,712 47 
10,243 52 


$36 84 
812 25 




(4) Operation and Mainte- 
nance of Physical Plant 




Total Educational and 
General Expenses.. . 


$152,276 26 


$148,664 71 


$3,611 55 




II. AuxiliaryEnterprises 
.\ND Activities: 

(1) Dormitories 

(2) Dining Hall 

(3) Placement Bureau. . . 


$15,598 13 

41,838 75 

74 53 

929 25 
107 50 


$14,106 59 

40,268 14 

135 93 

888 38 


$1,491 54 
1,570 61 


$61 40 


(4) Leadership Training 
School 

(5) Canteen 


40 87 
107 50 








Total Expenses, 

Auxiliary Enterprises 
and Activities 


$58,548 16 


$55,399 04 


$3,149 12 




III. Other Non-Educa- 
tional Expenses 


$2,647 00 


$3,655 68 




$1,008 68 








Total Expenses before 
Reserve Provisions. 
Reserve Provisions: 

Provision for Doubtful 
Accounts Receivable 


$213,471 42 
800 00 


$207,719 43 
800 00 


$5,751 99 




Total Expenses, 

Forwarded 


$214,271 42 


$208,519 43 


$5,751 99 









LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT FUNDS 

YEAR ENDED JUNE 30, 1940 



Exhibit B 



Balance at beginning of year None 

Add: 

(1) Current educational and general income, 

per Schedule B-1, Sec. I $159,969 34 

(2) Income Auxiliary enterprises and activities, 

per Schedule B-1, Sec. II 70,306 98 

(3) Income non-educational purposes, per 

Schedule B-1, Sec. Ill 7,685 45 

$237,961 77 

(4) Adjustments, per Schedule B-4 215 78 

$238,177 65 
Deduct: 

(1) Current educational and general expenses, 

per Schedule B-2, Sec. I $153,076 26 

(2) Expenditures of auxiliary enterprises and 

activities, per Schedule B-2, Sec. II 58,548 16 

(3) Other non-educational expenses, per 

Schedule B-2, Sec. Ill 8,528 36 

(4) General funds transferred to plant funds, 

per Exhibit E. Sec. 1 4,956 29 

$225,109 07 

(5) Adjustments, per Schedule B-4 537 75 225,646 82 

Profit for year ended June 30, 1940 $12,530 73 

Deficit July 1, 1939 30,414 41 

Deficit June 30, 1940, to Exhibit A, Section I $17,883 68 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1940 

Schedule B-1 

Educational and General: 

(/) Student Income: 

A. School of Liberal Arts and Sciences: 

Tuition .' $82,424 28 

Less, Scholarships 14,271 26 $68,153 02 



Matriculation Fees 1,806 00 

Biology Fees 2,194 25 

Chemistry Fees 2,180 00 

Physics Fees 315 00 

Psychology Fees 130 00 

Graduation Fees 1,455 00 

Practice Teaching Fees 927 50 



B. Auxiliary Educational Schools: 

Aviation School $474 00 

Extension School 2,778 00 

Music School 35,733 43 

Saturday School 2,632 00 

Summer School 4,078 87 



(2) Endowment Income {Schedule B-^) 

Unrestricted $24,046 15 

Restricted 2,789 25 



$77,160 77 



45,696 30 



26,835 40 
(j) Gifts and Grants: 

Benevolence, Conference 6,811 15 

{4) Other Sources: 

Group Life Insurance $875 80 

Interest on Current Funds 630 29 

Library Income 1,914 63 

Rent for Chapel 45 00 

3,465 72 



Total Educational and General Income, to Exhibit B $159,969 34 



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

Cleaning Fees $766 25 

Rentals 23,725 06 

Breakage Fees 297 64 



(2) Dining Hall: 

Students' Board $44,253 25 

Sale of food and operating supplies 36 42 

Sale of meals to others 195 31 



$24,788 95 



44,484 98 



(j) Placement Bureau Income 47 00 

(4) Leadership Training School Income 883 35 

(5) Canteen 102 70 



Total Income Auxiliary Enterprises and Activities, to Ex- 
hibit B $70,306 98 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1940 

Schedule B-1 (Continued) 

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

Breakage $242 50 

Unexpended Student Activity Fees 412 17 

Scholarship Funds (Schedule B-3) 5,520 85 

Student Loan Funds (Schedule B-3) 500 73 

Prize Funds (Schedule B-3) 61 75 

Annuity Funds (Schedule B-3) 120 00 

Miscellaneous 827 45 

Total Income for Non-Educational Purposes, to Exhibit B. . $7,685 45 

Total Income to Exhibit B $237,961 77 



10 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1940 

Schedule B-2 

I. Educational .and General: 

(i) General Administration and Expenses: 

A. General Administrative Offices: 

Miscellaneous $78 47 

Office Supplies 370 79 

Postage 437 36 

Salaries 16,283 21 

Stationery & Printing 509 25 

Telephone and Telegraph 191 15 

$17,870 23 

B. General Expenses: 
Advertising, Bulletins & Cat- 
alogues $693 28 

Advertising, General 433 98 

Alumni Expense 37 13 

Alumni Secretary, Salary and 

Expense 525 04 

Auditing and Accounting Services 272 50 

Commencement Expenses 302 02 

Compensation Insurance 86 52 

Diplomas 214 24 

Group Life Insurance 2,303 32 

Lecture Expense 390 00 

Memberships 199 00 

Miscellaneous 799 34 

Press Service 1,137 85 

Public Liability Insurance 107 70 

Retirement Allowance 1,120 00 

Robbery Insurance 135 00 

Student Solicitation Expense. . . . 1,874 53 
Travel and Entertainment: 

Faculty 88 25 

Officers 943 90 

Trustees 18 65 

Provision for Doubtful Accounts 

Receivable 800 00 

12,482 25 

(2) Instrurtion and Research: $30,352 48 

A. School of Liberal Arts and Sciences: 

Salaries, Faculty $62,315 86 

Salaries, Student Assistants 1,508 70 

Salaries, Practice Teaching 420 00 

Departmental Expenses: 

Biology Laboratory $1,495 53 

Chemistry Laboratory 1,374 30 

English Department 7 00 

History 14 32 

Physics Laboratory 811 83 ■ 

Psvchology Laboratorv 33 74 

$3,736 72 

B. Auxiliary Schools: $67,981 28 

Music School: 

Faculty Salaries $25,898 84 

Salaries (Other than Facultv) .... 510 00 

Music '. 114 68 

11 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1940 

Schedule B-2 (Continued) 

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

Practice Teaching, Salaries and 

Expense $1,663 00 

Stationery and Printing 186 19 

Tuning, repairs, etc 1,133 28 

$29,505 99 

Aviation School: 

Miscellaneous 924 49 

Extension School: 

Faculty Salaries $1,625 00 

Travel and Miscellaneous 

Expense 763 92 

2,388 92 

Saturday School: 

Faculty Salaries $2,187 92 

Miscellaneous 201 03 

2,388 95 

Summer School: 

Faculty Salaries $2,320 26 

Miscellaneous 1,408 81 

3,729 07 

$38,937 42 

0) Library: 

Books and Magazines $1,051 80 

Salaries 3,601 26 

Supplies 96 25 

4,749 31 

{4) Operation and Maintenance of Physical Plant: 

Care and Maintenance of Grounds $634 67 

Care of Buildings and Furniture 1,856 35 

Heat 4,139 43 

Infirmary 58 75 

Light 932 76 

Miscellaneous 24 39 

Operating Supplies 162 01 

Property Insurance 795 69 

Repairs to Buildings and Equipment 2,097 43 

Taxes 155 92 

Water 198 37 

11,055 77 



Total Educational and General 

Expenses, to Exhibit B $153,076 26 

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

Care of Buildings and Furniture $3,377 42 

Heat 4,129 43 

Light 1,401 83 

Miscellaneous 20 00 

Operating Supplies 236 36 

12 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1940 

Schedule B-2 (Continued) 

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

Property Insurance $455 73 

Rent 2,054 45 

Repairs of Buildings and Equipment 3,340 41 

Telephone 92 69 

Water 489 81 

$15,598 13 

{2) Dining Hall 

Food $26,587 87 

Gas 223 71 

Laundry 363 72 

Light and Power 466 18 

Miscellaneous 117 60 

Operating Supplies 277 76 

Renewals and Repairs 868 04 

Rental 4,465 00 

Salaries and Wages 8,364 13 

Telephone 32 02 

Water 72 72 

$41,838 75 

(j) Placement Bureau: 

Expenses 74 53 

(4) Leadership Training School: 

Expenses 929 25 

(5) Canteen: 

Expenses 107 50 

Total Expenses, Auxiliary Enterprises and Activities, to 

Exhibit B $58,548 16 

III. Other Non-Educational Expenses: 

Debating Expense $77 74 

Life Work Recruits 10 00 

Interest on Loans 2,559 26 

Scholarships (Schedule B-3) 5,199 03 

Student Loan Funds (Schedule B-3) 500 73 

Prizes (Schedule B-3) 61 00 

Annuities (Schedule B-3) 120 00 

Total Non-Educational Expenses, to Exhibit B $8,528 36 

Total Expenses to Exhibit B $220,152 78 



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17 



LEBANON VALLEY COLLEGE 

DETAILS OF CURRENT FUND ADJUSTMENTS 

YEAR ENDED JUNE 30, 1940 

Schedule B-4 

Adjustments Adding to Current Funds: 

Decrease in income balances: 

East Pennsylvania Conference C. E. Scholarship f35 00 

Samuel F. Engle Scholarship 75 00 

Barbara June Kettering Scholarship 16 50 

A. S. Kreider Ministerial Fund 50 00 

Elizabeth May Meyer Musical Scholarship. ... 36 29 

Mrs. Elizabeth H. Millard Memorial Sch 49 

Pennsylvania Conference C. E. Scholarship. ... 2 50 

Total to Exhibit B, Section 4 $215 78 



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

Derickson Scholarship Fund $37 50 

G. D. Gossard and Wife Scholarship 165 00 

Harnish-Houser Publicity Fund 100 00 

Pennsylvania Branch W. M. A. Scholarship. . . 125 00 

Sophia Plitt Scholarship Fund 109 50 

Class of 1928 Scholarship 75 

Total to Exhibit B, Section 5 $537 75 



18 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1940 

Schedule B-5 

Balance July 1, 1939 $24 80 

Receipts 
Income: 

Students $192,100 67 

Endowment Income 26,835 40 

Gifts and Grants: 

Conference Benevolence 6,811 15 

Other Sources: 

Interest on Current Funds $630 29 

Library Income 412 00 

Group Life Insurance 875 80 

Rent for Chapel 45 00 

Placement Bureau 47 00 

Leadership Training School. . . . 883 35 

Canteen 102 70 

Unexpended Student Activity 

Fees 412 17 

Sale of meals to others 195 31 

Sale of Food and Supplies 36 42 

Miscellaneous 827 45 4,467 49 



),214 71 
Balance Sheet Items: 

Increase in Students' Deposits.. $274 91 
Received from Churches on ac- 
count of notes 75 00 

Decrease in Unamortized Re- 
modeling Expense 1,665 60 

Decrease in Prepaid Salaries: 
General Administration Expense 48 00 

Decrease in Prepaid College 

Paper Expense 57 25 

Decrease in Prepaid Music School 

Salaries 466 00 

Decrease in Prepaid Insurance. . 6 52 

2,593 28 

$232,807 99 



$232,832 79 



19 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1940 

Schedule B-5 

Disbursements 
Expenses: 

Educational and General: 

General Administration and Ex- 
pense $29,552 48 

Instruction and Research 106,918 70 

Library 3,246 68 

Operation and Maintenance of 

Physical Plant 11,055 77 



$150,773 63 



Auxiliary Enterprises and Activities: 

Dormitories $15,598 13 

Dining Hall 41,838 75 

Placement Bureau 74 53 

Leadership Training School .... 929 25 

Canteen 107 50 



58,548 16 



Other Non-Educational Expenses: 

Interest on Loans $2,559 26 

Debating Expenses. 77 74 

Life Work Recruits 10 00 2,647 00 



Balance Sheet Items: 

Increase in Inventory of Labora- 
tory Supplies 

Increase in Advances Receivable: 
Endowment Account 

Increase in Inventory of Dining 
Hall Supplies 

Increase in Prepaid Summer School 
Expenses 

Decrease in Accounts Payable .... 

Decrease in Notes Payable 

Additions to Plant 





$211,968 79 




$150 00 






2,071 59 






163 41 






7 82 
3,462 50 
8,000 00 
4,956 29 


18,811 61 






$230,780 40 
2,052 39 


A, Section I-A 












$232,832 79 



20 



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

JUNE 30, 1940 

Schedule B-6 

Balance July 1, 1939 $1,872 69 

Receipts 

Income from Endowment Investments !J34,235 29 

Less, accrued interest on bonds purchased . . . 1,196 56 



33,038 73 
$34,911 42 

Disbursements 

Unrestricted: 

Transferred to General Fund for Educational Purposes $24,046 15 

Restricted : 

Transferred to General Fund for Educational and General Purposes: 

Printing Funds $20 00 

Professorship Funds 2,693 00 

Library Funds 66 2,5 

Maintenance Funds 10 0(j 

$2,789 25 



Used for Non-Educational Purposes: 

Scholarship Funds $5,199 63 

Student Loan Funds 500 73 

Prize Funds 61 00 

Annuity Funds 120 00 



$5,881 36 
$8,670 61 



$32,716 76 
Balance June 30, 1940, per Exhibit A, Section I-B 2,194 66 

$34,911 42 



21 



LEBANON VALLEY COLLEGE 

STATEMENT OF LOAN FUNDS 

YEAR ENDED JUNE 30, 1940 



Exhibit C 



Fund Principal 

Balance 

July 1, Receipts 
Funds 1939 for year 

Alumni Annual Giving $1,761 57 $251 50 

Mary A. Dodge Fund 4,890 92 486 84 

Daniel Eberly Fund 154 38 25 73 

Henry B. Stehman Fund. . . . 1,951 12 + 
Dr. Wagner Special Fund. . . 177 00 + 


J 

Other Deduc- 
Additions tions 


Balance 

une 30, 1940 

Exhibit A 

Sec. II 

$2,013 07 
5,377 76 

180 11 
1,951 12 

177 00 


$8,934 99 


$764 07 




$9,699 06 


Fund 
Cash 


Assets 




$1,981 70 
7,717 36 


Notes Receivable from Students: 

Alumni Annual Giving Fund 




$1,820 34 


Mary A. Dodge Fund 




4,855 78 


Henry B. Stehman Fund 

Dr. Wagner Special Fund 




900 00 

141 24 




[940, to Ex 






bibit A, Section II 


Total Loan Fund Assets June 30, 


$9,699 06 







22 



LEBANON VALLEY COLLEGE 

STATEMENT OF ENDOWMENT AND OTHER 

NON-EXPENDABLE FUNDS 

YEAR ENDED JUNE 30, 1940 



Exhibit D 



Fund Princip.^l 

Endowment 
Funds 

Balance July 1, 1939 $915,570 05 

Additions during year: 

KatharineL. Hummel Estate. . . 1,000 00 

Donald J. Cowling 100 00 

Total Additions $1,100 00 

$916,670 05 
Deductions during year None 

Balance June 30, 1940, to Exhibit A, 
Section III 8916,670 05 



Annuity Funds Total 

52,400 00 8917,970 05 

1,000 00 

100 00 

§1,100 00 

82,400 00 8919,070 05 

None None 



$2,400 00 $919,070 05 



23 



SUMMARY OF ENDOWMENT FUND ASSETS 
JUNE 30, 1940 



Schedule D-1 



Investments: 
Farms 








Pe 

Amount c 

$47,476 25 


rcentage 
f Total 

5 16 






$25,658 66 

152,213 62 

107,196 91 

50,322 46 




Bonds: 

Industrial 


2.79 


Public Utility 




16 52 


Railroad 






11.64 


Real Estate 




5 46 






335,391 65 




Total Bonds 






36.41 




$17,300 00 

14,400 00 

38,517 81 

44,853 43 

92,477 54 

27,100 00 

9,400 00 

5,400 00 

27,416 31 

20,170 32 

11,000 00 

7,400 00 

13,300 00 

71,215 19 

27,493 43 

imon Stocks. 


$81,181 


36 




Stocks: 
Preferred 


8.81 


Common: 
Agriculture 




1.88 


Auto Accessories 








1.56 


Automobiles 








4 18 


Aviation 








4.87 


Bank 








10.04 


Building 








2.94 


Chemical 








1.02 


■ Farm Machinery 








.59 


Metals 








2.98 


Oils 








2.19 


Railroad 








1.19 


Railroad Equipment .... 








.80 


Rubber 








1.44 


Steel 








7.73 


Utility 








2.99 




427,444 


03 






Total Common Stocks. . 


46.40 




508,625 39 

11,600 00 
18,026 71 




Total Preferred and Con 






55.21 


Mortgages 


1.26 


Notes Receivable 








1.96 












Total Investments 


$921,120 00 
363 71 


100.00 












Cash awaiting investment 






Assets, June 


30, 1940, 


to 




Total Endowment Fund 
Exhibit A, Section III 


$921,483 71 











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31 



LEBANON VALLEY COLLEGE 

STATEMENT OF PLANT FUNDS 

YEAR ENDED JUNE 30, 1940 



Exhibit E 



(1) Unexpended Plant Funds: 

Balance July 1, 1939 None 

Additions during year: 

1. Amount transferred from Current Funds $4,956 29 

$4,956 29 
Deductions during year: 

a. Showers for Men's Dormitory $1,569 39 

b. Lavatory facilities for Engle Hall 65 77 

c. Acousti-celotex for Engle Hall 47 00 

d. Acousti-celotex for Conservatory Annex 93 85 

e. Drinking fountain for Conservatory 16 85 

f . Band Instruments 270 00 

g. Microscope for Biology Laboratory 170 00 

h. Transfer file for office 4 05 

i. Filing case, stacks and book cases for Library . . 459 64 
j. Blackboard with stand and chairs for class 

room 49 29 

k. Wilcox-Gay Recordio for Psychology Labora- 
tory 97 50 

1. Linoleum table tops for Physics Laboratory ... 66 75 

m. Beds for Dormitories 46 20 

n. Books for Library 2,000 00 

4,956 29 

Balance June 30, 1940 None 

(2) Invested in Plant 

Value of Plant July 1, 1939 $683,836 26 

Additions during year, as above 4,956 29 

Value of Plant, June 30, 1940, Exhibit A, Section IV $688,792 55 



32 



LEBANON VALLEY COLLEGE 

PLANT FUNDS ASSETS 

JUNE 30, 1940 



Schedule E-1 



Erected 



Book Value 
July 1, 1939 



Increase 



Book Value 
June 30, 1940 



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 



$5,000 00 

34,000 00 

800 00 



$39,800 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 



$93 85 
112 77 



1,569 39 



$157,170 25 
3,756 34 
68,112 77 
12,300 00 
39,250 00 
93,430 34 
87,111 91 
9,145 60 
22,611 83 
12,106 81 



$503,219 84 



[,776 01 



$504,995 85 



$2,700 
6,928 
4,900 

694 
14,594 
5,371 
3,000 
7,656 
8,487 

1,000 

5,493 

116 

1,262 

23,300 

4,472 

28,301 

5,097 

350 



$49 29 

16 85 

46 20 



170 00 



66 75 

97 50 

459 64 

2,000 00 



270 00 
4 05 



$2,700 00 
6,928 80 
4,949 29 

711 23 
14,640 39 
5,371 00 
3,000 48 
7,826 35 
8,487 65 

1,000 00 

5,560 56 

213 90 

1,722 44 

25,300 00 

4,472 10 

28,571 40 

5,101 72 

350 00 



$123,727 03 



$3,180 28 



$126,907 31 



$683,836 26 



$4,956 29 



,792 55 



33 



LEBANON VALLEY COLLEGE 
EXTENSION DEPARTMENT 
YEAR ENDED JUNE 30, 1940 



Income: 

Registration $70 00 

First Semester 1,395 00 

Second Semester 1,383 00 

Total Income $2,848 00 

Expenses: 

Salaries paid to Faculty $1,625 00 

Traveling and Miscellaneous expenses 763 92 



Total Expenses 2,388 92 

Net Profit $459 08 



LEBANON VALLEY COLLEGE 

SATURDAY SCHOOL REPORT 

YEAR ENDED JUNE 30, 1940 



Income: 

Registration Fees $45 00 

Tuition: 

First Semester $1,184 00 

Second Semester 1,448 00 2,632 00 

Total Income $2,677 00 

Expenses: 

Salaries paid to Faculty $2,187 92 

Registration Fees retained by College 45 00 

Miscellaneous Expenses 201 03 

Ten per cent retained by College 243 05 

Total Expenses $2,677 00 



34 



LEBANON VALLEY COLLEGE 

SUMMER SCHOOL REPORT 

YEAR ENDED JUNE 30, 1940 



Income: 

Registration Fees 

Tuition 

Practice Teaching Fees 

Profit on sale of books 

Hershey Demonstration School . 



Expenses: 

Salaries paid to Faculty 

Registration fees retained by College . 

Miscellaneous expenses 

Ten per cent retained by College. ... 



$92 00 
3,669 33 

252 00 
15 54 
50 00 




$2,320 26 

92 00 

1,408 81 

257 80 


$4,078 87 




$4,078 87 



35 



STATEMENT OF MUSIC SCHOOL INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1940 







Income 








Firs 




Second 


Both 






Semester 


Semester 


Semesters 




Instruction: 












Voice 


$3,088 


00 


$3,071 00 


$6,159 00 




Piano 


3,161 


50 


2,955 00 


6,116 50 




Organ 


950 


00 


950 00 


1,900 00 




Violin 


500 


00 


494 00 


994 00 




Cello 


100 


00 


75 00 


175 GO 




Instruments of Band 












and Orchestra . . . 


225 


00 


384 00 


609 00 




Theory 


8,277 


25 


7,922 68 


16,199 93 


$32,153 43 




$16,301 


75 


$15,851 68 




Use of Instruments 












for Practice: 












Piano 


852 


00 


792 00 


1,644 00 




Organ 


612 


00 


616 00 


1,228 00 




Instrumentsof Band 












and Orchestra . . . 


360 


00 


348 00 


708 00 


3,580 00 




$1,824 
$18,125 


00 
75 


$1,756 00 
$17,607 68 




Total Income. . 


$35,733 4a 



Expenses 

Salaries $25,898 84 

Salaries (Other than Faculty) 510 00 

Practice Teaching for Seniors, Including transpor- 
tation 1 ,663 00 

Tuning, repairs and use of motor for Organ 1,133 28 

Music 114 68 

Stationery and Printing 186 19 

Total Expenses $29,505 99 

Profit before Administration and Building 

Maintenance Expenses $6,227 44 



36 



LEBANON VALLEY COLLEGE 

STATEMENT OF DORMITORY INCOME AND EXPENSES 

YEAR ENDED JUNE 30, 1940 



Income 



Rentals: 

Men's Dormitory 

North Hall 

South Hall 

West Hall 

Fink's 

Bomberger's 

Gingrich's 

Gruber's 

Pencil's 

Long's 

Spessard's 

Wagner's 

Dining Hall 

Leadership Training School . 



59,369 31 

4,267 50 

2,156 00 

1,397 25 

180 00 

520 00 

180 00 

617 00 

180 00 

108 00 

90 00 

90 00 

4,500 00 

70 00 



Breakage Fees. 
Cleaning Fees. 



Total Income. 



5,725 06 
297 64 
766 25 



Expenses 

Care of Buildings and Furniture $3,377 42 

Heat 4,129 43 

Light and Power 1,401 83 

Miscellaneous 20 00 

Operating Supplies 236 36 

Property Insurance 455 73 

Rent . 2,054 45 

Repairs and Maintenance of Buildings and Equip- 
ment 3,340 41 

Telephone 92 69 

Water 489 81 



$24,788 95 



Total Expenses 

Profit before Administration Expenses. 



$15,598 13 
$9,190 82 



2,7 



REPORT OF DINING HALL 
YEAR ENDED JUNE 30, 1940 

Income 

Students' Board $44,253 25 

Sale of meals to others 195 31 

Sale of food and operating supplies 36 42 

Rent for use of Dining Room 35 00 

Total Income $44,519 98 

Cost of meals, materials and supplies only: 

Inventory July 1, 1939 $703 27 

Purchases 26,751 28 

$27 454 55 
Inventory June 30, 1940 '866 68 

Cost of meals, materials and supplies only $26,587 87 

Gross Profit before Operating Expenses $17,932 11 

Expenses 
Operating Expenses: 

Salaries and Wages $8,364 13 

Gas 223 71 

Laundry 363 72 

Light and Power 466 18 

Miscellaneous 117 60 

Operating Supplies 277 76 

Renewals and Repairs 868 04 

Rentals 4,500 00 

Telephone 32 02 

Water 72 72 

Total Operating Expenses $15,286 88 

Gain before Administration Expenses $2,646 23 



38 



STATEMENT OF LABORATORY INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1940 

Biology Chemistry Physics Psychology Total 

Income; 

Fees $2,194 25 $2,180 00 $315 00 $130 00 $4,819 25 

Breakage Income. . . 46 00 268 00 + + 314 00 

$2,240 25 $2,448 00 $315 00 $130 00 $5,133 25 

Expenses: 

Inventory July 1, 

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

Purchases 1,741 53 1,342 30 1,061 83 33 74 4,179 40 

$2,041 53 $3,342 30 $1,111 83 $33 74 $6,529 40 
Inventory June 30, 

1940 500 00 1,700 00 300 00 + 2,500 00 

$1,541 53 $1,642 30 $811 83 $33 74 $4,029 40 

Gain ( + ) or Loss ( — ) 
before Administra- 
tion and Mainte- 
nance Expenses $698 72+ $805 70+$496 83- $96 26+ $1,103 85 + 



REPORT OF LIBRARY 
YEAR ENDED JUNE 30, 1940 

Income: 

Matriculation Fees $412 00 

Endowment Fund 66 25 

College Departments 1,502 63 

$1,980 88 

Expenses: 

Books and magazines $1,549 17 

Salaries 3,601 26 

Supplies and Binding Expense 96 25 

Specials for Departments 1,502 63 

6,749 31 

Deduct, Items added to capital investment 2,000 00 

$4,749 31 

Loss before Administration and Maintenance Expenses $2,768 43 



39 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1940 

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

Bible $28 90 

Biology 46 77 

Book Department 690 34 

Business Administration 14 78 

Economics 26 18 

Education 5 80 

English 35 35 

French 3 25 

German 3 00 

Latin 11 25 

Mathematics 1 67 

Physical Education 10 00 

Physics 2 83 

Philosophy 7 30 

Psychology 2 00 

Miscellaneous 62 21 

$951 63 



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

Books 

R. S. Arndt 

R, R. Butterwick 

S. H. Derickson 

Sara Ensminger 

J. L. Fluck. 

C. R. Gingrich 

S. C. Huber 

Mrs. G. R. Kreider 

J. G. Kunkle 

Dr. J. B. Light 

C. A. Lynch 

H. L. Myers 

R. L. Neagley 

Edward Powell 

C. E. Roudabush 

H. D. Sarge 

H. H. Shenk 

M . L. Stokes 

G. G. Struble 

Herbert Tindall 

M. A. Wood 

Miscellaneous 

Associations 

Government Publications 

Publishers 

United Brethren 



40 



lumber of 




Volumes 


Value 


14 


$5 00 


36 


40 00 


9 


8 00 


6 


6 00 


1 


1 50 


3 


3 00 


1 


1 00 


62 


25 00 


15 


15 00 


27 


15 00 


6 


7 50 


1 


1 50 


1 


1 00 


2 


2 00 


1 


2 50 


7 


7 00 


1 


1 00 


1 


2 00 


2 


2 00 


2 


4 00 


3 


2 00 


26 


26 00 


18 


15 00 


33 


20 00 


4 


6 00 


4 


2 00 


$221 00 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1940 



Periodicals 

American Telephone and Telegraph Company . 

Andrew Bender 

Biology Laboratory 

Book Department 

Business Administration Department 

Chemistry Department 

College Office 

S. H. Derickson 

Education Department 

First National Bank, Lebanon 

Hershey Junior College 

CIvde A. Lynch 

H.'E. Myers 

Physical Education Department 

United Brethren Church 

Associations 

Government Departments 

Miscellaneous 



Number of 




Volumes 


Value 


2 


S3 50 


1 


7 50 


5 


92 50 


12 


86 25 


1 


3 00 


1 


3 00 


1 


1 50 


3 


11 25 


1 


2 00 


1 


3 00 


1 


1 00 


6 


19 00 


2 


7 50 


1 


1 00 


6 


5 85 


24 


47 15 


11 


12 50 


13 


22 50 


$330 00 



41 



LEBANON VALLEY COLLEGE 

ANALYSIS OF HEATING PLANT EXPENSE 

YEAR ENDED JUNE 30, 1940 

Fuel, including freight and drayage $4,481 44 

Hauling ashes 20 00 

Insurance 26 10 

Light and Power 438 25 

Miscellaneous 8 50 

Repairs 1,843 48 

Telephone 56 08 

Wages 1,314 36 

Water 90 65 

$8,278 86 

Distribution of Heating Plant Expense 

Heating Physical Plant $4,139 43 

Heating Dormitories 4,139 43 

$8,278 86 



ANALYSIS OF FARM DEFICIT ACCOUNT 
YEAR ENDED JUNE 30, 1940 

East Berlin Farm 

Surplus, July 1, 1939 $526 55 

Add, Net Profit for current year 196 12 

Surplus, June 30, 1940 $722 67 

Shiremanstown Farm 

Deficit July 1, 1939 1,006 16 

Deduct, Net Profit for current year 223 04 

Deficit June 30, 1940 783 12 

Total Farm Deficit June 30, 1940, Exhibit A, Section V $60 45 



42 



FARM REPORT, YEAR ENDED JUNE 30, 1940 
EAST BERLIN FARM 

Income 



July 4, 1939 VV. Denton Myers: 

379 bu. 34 lbs. corn @i .53 bu $201 18 

July 28, 1939 W. Denton Myers: 

69.58 bu. barley @ .40 $27 91 

68.26 bu. oats @ .28 19 26 

47 17 

Aug. 21, 1939 W. Denton Myers: 

343 bu. 45 lbs. wheat @ .67 233 30 

Aug. 21, 1939 U. S. Government: 

Price Adjustment Payment 75 35 

Feb. 14, 1940 U. S. Government: 

Soil Conservation 135 90 

April 2, 1940 U. S. Government: 

Price Adjustment on wheat 22 91 

April 13, 1940 U. S. Government: 

Parity Payment 22 42 

June 15, 1940 U. S. Government. 

Agricultural Conservation 68 52 

Total Income 



$806 75 



Expenses 



July 7, 1939 N. B. Sprenkle— Wire, fencing, staples. . . . $10 97 

July 14, 1939 Charles E. Albright— Papering kitchen 14 35 

Sept. 15, 1939 John W. Slaybaugh— School tax 1939 56 00 

Sept. 29, 1939 W. Denton Mvers— Fertilizer and timothy 

seed ' 99 12 

Nov. 10, 1939 P. H. Fisher — Hog pen and miscellaneous 

repairs 238 46 

Jan. 5, 1940 N. B. Sprenkle— Wire, staples, paint, oil . . . 39 21 

Mar. 15, 1940 Samuel D. Kling — Repair pump 6 00 

April 8, 1940 J. Monroe Danner, Adams County Mutual 

Fire Insurance Co. — Fire Insurance 22 52 

May 3, 1940 W. Denton Myers — Clover seed, fertilizer, 

seed oats 78 42 

May 3, 1940 Cochran & Allen—Paint and linseed oil. . . 4 45 
May 3, 1940 John W. Slaybaugh — County, road and 

poor tax for 1940 38 13 

June 6, 1940 Cochran & Allen — 1 gal. undcrcoater paint. 3 00 

Total Expenses $610 63 

Net Profit before Depreciation $196 12 



43 



FARM REPORT, YEAR ENDED JUNE 30, 1940 
SHIREMANSTOWN FARM 

Income 



July 11, 1939 Frank Eberly— 485-9/60 bu. wheat @ .65. . . .$315 35 

July 12, 1939 Homer C. Kistler:— straw $28 51 

51 bu. corn @ .50 C 25 50 

360 bu. corn @ .50 bu 182 50 



May 11, 1940 U. S. Government — Parity Payment. 
June 29, 1940 Frank Eberly— 298 bu. corn @ .75. . 



Total Income. 



236 51 

55 25 

223 50 



$830 61 



Expenses 



1939 



JUIJ 

Aug. 


4, 


1939 


Aug. 


4, 


1939 


Aug. 


4, 


1939 


Aug. 


4 


1939 


Aug. 


7 


1939 


Aug. 


25 


194U 


Sept. 


15 


1939 


Sept. 


15 


1939 


Sept. 


15 


1939 


Oct. 


6 


1939 


Nov. 


3 


1939 


Nov. 


6 


1939 


Nov. 


10 


1939 


Dec. 


11 


1939 


Feb. 


5 


1940 


April 


8 


1940 


May 


16 


1940 


May 


24 


1940 


May 


24 


1940 


May 


24 


1940 


May 


3 


1940 


May 


6 


1940 


June 


6 


1940 


June 


6 


1940 



Homer C. Kistler — Baling straw, cement, 

drinking bowl, spouting, hinges, etc $32 15 

Countrymen's Mutual Fire Insurance Co. — 

Assessment 4 84 

Wm. E. Kistler — Pointing barn wall 14 50 

Milleisen's Lumber Co. — Patching shingles. 7 00 

Annie G. Witter— State & County Tax 1939 . 53 20 

Annville National Bank — Interest on note . . 25 00 
Cumberland Valley Coop. Ass'n. — Cement, 

sand 5 60 

Mutual Fire Ins. Co. — Fire Insurance 5 28 

Annie G. Witter— School tax— 1939 147 00 

P. L. Wolfe — Repairing pump, etc 6 30 

A. Albert Herr — Electric supplies and labor . 6 75 

Cumberland Valley Coop. Ass'n. — fertilizer. 66 34 

Annville National Bank — Interest on note. . 25 00 

J. Henderson Stock — Electrical repairs 4 24 

Mrs. Sara Zimmerman — Interest on note. . . 50 00 

Annville National Bank — Interest on note. . 25 00 

Annville National Bank — Interest on note. . 25 00 

PaulO. Sunday— 2/3 ton 20% acid fertilizer. 12 42 

Paul O. Sunday— 2/3 ton fertilizer @ 31.25. . 18 75 

P. L. Wolfe — Repairing pump 5 20 

Annie G. Witter— H road tax 1940 13 30 

P. L. Wolfe— Repairs to pump 5 80 

Annville National Bank — Interest on note. . 25 00 

Frank Eberly — sweet clover, oats 19 25 

J. Henderson Stock — Electrical Work 4 65 

Total Expenses 

Net Profit before Depreciation 



$607 57 
$223 04 



44 



FUNDS FROM THE N. Y. A. 
(Not taken into College Account) 
YEAR ENDED JUNE 30, 1940 



October $153 30 

November 308 70 

December 450 80 

January 326 20 

February 420 70 

March 755 65 

April 623 70 

May 777 00 

June 716 45 



$4,532 50 



Number of students helped — 81 



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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 Isy Charles E. Procasco, C. P. A., of Harrisburg. 
We submit as our report his certification, which follows: 

H. E. SchaefTer 
I. S. Ernst 
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, 1940 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, 1940, and the results of its operations for the year ended that date. 

Respectfully submitted, 

C. E. Procasco, 

Certified Public Accountant 
Harrisburg, Pennsylvania 
August 23,1940 



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