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

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 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

46