(navigation image)
Home American Libraries | Canadian Libraries | Universal Library | Community Texts | Project Gutenberg | Children's Library | Biodiversity Heritage Library | Additional Collections
Search: Advanced Search
Anonymous User (login or join us)
Upload
See other formats

Full text of "Lebanon Valley College Report of the Finance Committee 1941"

Lebanon Valley College 


BULLETIN 


Vol. XXX NOVEMBER, 1941 No. 8 


Report of Finance Committee 

For Fiscal Year 

Ended June 30, 1941 


ANNVILLE, PENNSYLVANIA 



Presented to the Board of Trustees at their 
Meeting Nov. 1, 1941 

A Supplement to this report giving figures for the 

school year 1941-42, to May 31, 1942 

will be submitted to the Board at its meeting on June 12, 1942 



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 of the business opera- 
tions of the College for the fiscal year ending June 30, 1941 : 

The income for the year has been somewhat above the cost of operation. This 
fact must be gratifying to you in view of the uncertainties experienced by all 
institutions during the last twelve months. The number of full time students was 
less by thirty-seven than the previous year, which materially reduced the income. 

This report shows the total income to be $223,086.43, the expenses to be 
$214,151.08 with a net profit before deducting additions to plant from current funds 
of $8,935.35. Plant additions paid out of current funds amounted to $13,253.44. The 
net loss after deducting additions to plant from current funds is therefore found 
to be $4,318.09, which is the amount by which the deficit is increased in the year 
covered by this report. 

Included in the additions to plant are two properties on Sheridan Avenue 
which together cost nearly $9,000.00. The balance of plant additions are made up 
mainly of purchases of equipment for the Physics Department, the Chemistry De- 
partment, the Music School and the library. 

The activities of the Finance Committee were reported upon in detail at the 
June meeting of the Board, when the minutes of all the meetings held were read. 
It has been very difficult at times to determine the best procedure to follow in order 
to keep the income at a maximum and at the same time invest endowment funds 
in securities whose values would be likely to appreciate when we once again return 
to normal financial conditions. 

At the time of this report the percentage of bonds in the endowment invest- 
ment had increased from 36.41% a year ago to 43.92%; preferred stock increased 
from 8.81% to 12.36%; common stocks decreased from 46.40% to 35.56%. 

Notwithstanding the fact that a considerable portion of our endowment con- 
sists of Farms and Publishing House bonds, the rate of income for the past year 
was 4.09%. 

J. R. Engle, Chairman 



LEBANON VALLEY COLLEGE 

COMPARATIVE BALANCE SHEET 

JUNE 30, 1941 and 1940 



Exhibit A 



Assets 





June 30, 1941 


June 30, 1940 


Increase 


Decrease 


I. Current Funds: 
A. General: 

Cash 


$498 85 
11,268 53 
24,812 06 

1,673 66 
1,490 42 
2,050 00 
179 65 
2,914 21 

69 74 

+ 

+ 
22,201 77 


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

2,413 66 
866 68 

2,500 00 
206 19 

2,915 21 




$1,553 54 
84 34 


Investments, Notes Rec. . . 




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


$1,023 66 


740 00 


Dining Hall Supplies 
Laboratory Supplies 


623 74 


450 00 


Summer Sch. Ex., Prep'd. 




26 54 


Prepaid Insurance 




1 00 


Athletics, Field & Gym., 
Prepaid 


69 74 




College Paper Prepaid. . . . 


4 40 

1,665 92 
17,883 68 


4 40 


Unamortized Remodeling 
Expense 




1,665 92 


Deficit 


4,318 09 








$67,158 89 


$65,649 40 


$1,509 49 




B. Restricted: 

Cash 


1,618 70 


2,194 66 




575 96 








II. Loan Funds: 

Cash 

Notes Receivable 


$68,777 59 


$67,844 06 


$933 53 




$3,190 08 
7,270 44 


$1,981 70 
7,717 36 


$1,208 38 


$446 92 








III. Endowment and Other 
Non-Expendable Funds: 
Cash 


$10,460 52 


$9,699 06 


$761 46 




$341 59 

404,533 99 

441,337 28 

9,977 89 

17,676 71 

47,476 25 


$363 71 

335,391 65 

508,625 39 

11,600 00 

18,026 71 

47,476 25 




$22 12 


Bonds 


$69,142 34 


67,288 11 


Mortgages 




1,622 11 




350 00 


Real Estate (Farms) 








$921,343 71 


$921,483 71 




$140 00 


IV. Plant Funds: 

Lands 

Underground Heating & 

Plumbing System 

Buildings 

Equipment 






$39,800 00 

17,089 39 
513,798 32 
131,358 28 


$39,800 00 

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


$8,802 47 
4,450 97 




V. Agency Funds: 

Cash 


$702,045 99 


$688,792 55 


$13,253 44 




$1,082 38 

183 19 

2,500 00 

441 24 


$1,463 17 

183 19 

2,500 00 
60 45 




$380 79 


Advances Receivable from 

Current Fund 

Farm Improvements 

Farm Deficit 


$380 79 










$4,206 81 


$4,206 81 






Total Assets 


$1,706,834 62 


$1,692,026 19 


$14,808 43 





LEBANON VALLEY COLLEGE 

COMPARATIVE BALANCE SHEET 

JUNE 30, 1941 and 1940 



Exhibit A 



Liabilities and Funds 





June 30, 1941 


June 30, 1940 


Increase 


Decrease 


I. Current Funds: 
A. General: 

Notes Payable 


$54,000 00 
2,882 49 

183 19 
1,736 91 

8,356 30 


$52,000 00 
2,796 10 

183 19 

2,320 11 

8,350 00 


$2,000 00 
86 39 




Accounts Payable 

Accts. Payable, Agency 
Funds 




Students' Deposits 

Reserve for Doubtful 
Accounts 


$583 20 


6 30 










$67,158 89 


$65,649 40 


$1,509 49 




B. Restricted: 

Funds 


$1,618 70 


$2,194 66 




$575 96 










$68,777 59 


$67,844 06 


$933 53 




II. Loan Funds: 

Funds 


$10,460 52 


$9,699 06 


$761 46 








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

General 


$686,178 35 
231,091 70 


$685,678 35 
230,991 70 


$500 00 
100 00 




Restricted 








Annuity Funds 


$917,270 05 
2,400 00 


$916,670 05 
2,400 00 


$600 00 








Advances Payable, Current 
Funds 


$919,670 05 
1,673 66 


$919,070 05 
2,413 66 


$600 00 


$740 00 










$921,343 71 


$921,483 71 




$140 00 








IV. Plant Funds: 

Net Investment in Plant . . 


$702,045 99 


$688,792 55 


$13,253 44 




V. Agency Funds: 

Notes Payable, Farm 
Account 


$4,000 00 
206 81 


$4,000 00 
206 81 






Funds 










$4,206 81 


$4,206 81 






Total Liabilities and 
Funds 


$1,706,834 62 


$1,692,026 19 


$14,808 43 









LEBANON VALLEY COLLEGE 

CONDENSED COMPARATIVE STATEMENT OF CURRENT 

INCOME AND EXPENSES 

(Excluding Receipts and Disbursements of Restricted Funds for 

Non-Educational Purposes) 

Exhibit B-l 





Income 




Year Ended 
June 30, 1941 


Year Ended 
June 30, 1940 


Increase 


Decrease 


I. Educational and Gen- 
eral: 

(1) Student Income: 

School of Liberal Arts 
and Sciences 


$67,645 20 
48,515 53 


$77,160 77 
45,696 30 




$9,515 57 


Auxiliary Educational 
Schools 


$2,819 23 








$116,160 73 


$122,857 07 




$6,696 34 








(2) Endowment Income... . 

(3) Gifts and Grants 

(4) Other Sources 


$29,396 29 
8,154 58 
3,828 51 


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


$2,560 89 

1,343 43 

362 79 








Total Educational and 
General Income 


$157,540 11 


$159,969 34 




$2,429 23 








II. Auxiliary Enterprises 
and Activities: 
(1) Dormitories 


$23,089 61 
39,697 11 

42 00 

834 37 
599 90 
160 00 


$24,788 95 
44,484 98 

47 00 

883 35 
102 70 




$1,699 34 
4,787 87 

5 00 


(2) Dining Hall 




(3) Placement Bureau In- 
come 




(4) Leadership Training 
School Income 




48 98 


(5) Canteen 


$497 20 
160 00 




(6) Kindt Property 










Total Income, Auxili- 
ary Enterprises and 
Activities 


$64,422 99 


$70,306 98 




$5,883 99 






III. Income for Non-Edu- 
cational Purposes 


$1,123 33 


$1,482 12 




$358 79 








Total Income 


$223,086 43 
214,151 08 


$231,758 44 
214,271 42 




$8,672 01 


Total Expenses, 

Forwarded 




120 34 








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


$8,935 35 
13,253 44 


$17,487 02 
4,956 29 




$8,551 67 


Additions to Plant from 
Current Funds 


$8,297 15 




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


$4,318 09- 


$12,530 73 + 




$16,848 82- 







LEBANON VALLEY COLLEGE 

CONDENSED COMPARATIVE STATEMENT OF CURRENT 

INCOME AND EXPENSES 

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

Exhibit B-l 



Expenses 





Year Ended 
June 30, 1941 


Year Ended 
June 30, 1940 


Increase 


Decrease 


I. Educational and General : 

(l)General Administration 

and Expense 


$31,954 46 


$29,552 48 


$2,401 98 








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


$67,452 13 
41,506 47 


$67,981 28 
38,937 42 




$529 15 


Auxiliary Educational 
Schools 


$2,569 05 










$108,958 60 


$106,918 70 


$2,039 90 






$4,579 74 
10,944 55 


$4,749 31 
11,055 77 




$169 57 


(4) Operation and Mainte- 
nance of Physical Plant . . . 




111 22 








Total Educational and 
General Expenses 


$156,437 35 


$152,276 26 


$4,161 09 




II. Auxiliary Enterprises 
and Activities: 
(1) Dormitories 


$13,177 89 

39,335 70 

30 00 

873 90 

499 95 

45 08 


$15,598 13 

41,838 75 

74 53 

929 25 
107 50 




$2,420 24 


(2) Dining Hall 




2,503 05 


(3) Placement Bureau 




44 53 


(4) Leadership Training 
School 




55 35 


(5) Canteen 


$392 45 
45 08 




(6) Kindt Property 










Total Expenses, Auxiliary 
Enterprises and Activi- 
ties 


$53,962 52 


$58,548 16 




$4,585 64 








III. Other Non-Educational 
Expenses 


$3,251 21 


$2,647 00 


$604 21 








Total Expenses before 

Reserve Provisions 

Reserve Provisions : 

Provision for Doubtful 
Accounts Receivable . . . 


$213,651 08 
500 00 


$213,471 42 
800 00 


$179 66 


$300 00 








Total Expenses, 

Forwarded 


$214,151 08 


$214,271 42 




$120 34 









LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT FUNDS 

YEAR ENDED JUNE 30, 1941 



Exhibit B 



Balance at beginning of year None 

Add: 

(1) Current educational and general income, per 

Schedule B-l, Sec. I . .. $157,540 11 

(2) Income Auxiliary enterprises and activities, per 

Schedule B-l, Sec. II 64,422 99 

(3) Income non-educational purposes, per Schedule 

B-l, Sec. Ill 7,373 66 

$229,336 76 

(4) Adjustments, per Schedule B-4 1,115 71 

$230,452 47 
Deduct: 

(1) Current educational and general expenses, per 

Schedule B-2, Sec. I . $156,937 35 

(2) Expenditures of auxiliary enterprises and activ- 

ities, per Schedule B-2, Sec. II 53,962 52 

(3) Other non -educational expenses, per Schedule 

B-2, Sec. Ill 10,077 50 

(4) General funds transferred to plant funds, per 

Exhibit E, Sec. I 13,253 44 

$234 230 81 

(5) Adjustments, per Schedule B-4 " '539 75 234,770 56 

Loss for year ended June 30, 1941 $4,318 09 

Deficit July 1, 1940 17,883 68 



Deficit June 30, 1941, to Exhibit A, Section I $22,201 77 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1941 

Schedule B-l 

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

A. School of Liberal Arts and Sciences: 

Tuition $72,396 40 

Less, Scholarships 13,487 15 $58,909 25 

Matriculation Fees 1,626 35 

Biology Fees 2,200 00 

Chemistry Fees 2,097 00 

Physics Fees 325 00 

Psychology Fees 227 60 

Graduation Fees 1,350 00 

Practice Teaching Fees 910 00 

$67,645 20 

B. Auxiliary Educational Schools: 

Aviation School $1,026 00 

Extension School 2,839 00 

Music School 36,369 58 

Saturday School 4,168 00 

Summer School 4,112 95 

48,515 53 

(2) Endowment Income (Schedule B-3) 

Unrestricted $26,607 04 

Restricted 2,789 25 

29,396 29 

(3) Gifts and Grants: 

Benevolence, Conference $7,529 58 

Other 625 00 

8,154 58 

(4) Other Sources: 

Group Life Insurance $861 60 

Interest on Current Funds 756 75 

Library Income 2,150 16 

Rent for Chapel 60 00 

3,828 51 

Total Educational and General Income, to Exhibit B $157,540 11 

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

Cleaning Fees $640 50 

Rentals 21,921 65 

Breakage Fees 527 46 

• $23,089 61 

(2) Dining Hall: 

Students' Board $39,450 50 

Sale of food and operating supplies 12 31 

Sale of meals to others 234 30 

39,697 11 

(3) Placement Bureau Income 42 00 

{4) Canteen 599 90 

(5) Kindt Property 160 00 

(6) Leadership Training School 834 37 

Total Income Auxiliary Enterprises and Activities, to Exhibit B $64,422 99 






LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT INCOME 

YEAR ENDED JUNE 30, 1941 

Schedule B-l (Continued) 

III. Income for Non-Educational Purposes: 

Day Students' Fees for Janitor Service and Breakage $373 03 

Unexpended Student Activity Fees 373 74 

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 376 56 

Total Income for Non-Educational Purposes, to Exhibit B . . . $7,373 66 



Total Income to Exhibit B $229,336 76 



10 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1941 



Schedule B-2 



I. Educational and General: 

(j) General Administration and Expenses: 

A. General Administrative Offices: 

Miscellaneous $632 86 

Office Supplies 459 43 

Postage 396 17 

Salaries 17,980 09 

Stationery & Printing 899 03 

Telephone and Telegraph 178 61 

B. General Expenses: 

Advertising, Bulletins & Catalogues $507 40 

Advertising, General 420 51 

Alumni Expense 25 71 

Alumni Secretary, Salary & Expense 547 37 

Auditing and Accounting Services. . . 270 25 

Commencement Expenses 298 45 

Compensation Insurance 207 93 

Group Life Insurance 2,614 03 

Lecture Expense 195 00 

Membership Fees to Associations . . . 184 00 

Miscellaneous 851 22 

Press Service 1,155 58 

Public Liability Insurance 64 62 

Retirement Allowance 1,141 45 

Student Solicitation Expense 1,763 61 

Travel and Entertainment: 

Faculty 33 85 

Officers 1,127 29 

Provision for Doubtful Accounts 

Receivable 500 00 



$20,546 19 



11,908 27 



(2) Instruction and Research: 

A. School of Liberal Arts and Sciences: 

Salaries, Faculty $62,591 60 

Salaries, Student Assistants 1,627 78 

Salaries, Practice Teaching 322 81 

Departmental Expenses: 

Biology Laboratory $1,158 82 

Chemistry Laboratory 1,144 66 

Physics Laboratory 418 78 

Psychology Laboratory 187 68 

$2,909 94 



$32,454 46 



B. Auxiliary Schools: 
Music School: 

Faculty Salaries $28,403 64 

Insurance 52 51 

Music 222 19 

Practice Teaching, Salaries & Exp. 996 50 

Stationery & Printing 69 05 

Tuning, repairs, etc 1,371 24 



$67,452 13 



1,115 13 



11 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1941 

Schedule B-2 (Continued) 

I. Educational and General: 

(2) Instruction and Research: 

B. Auxiliary Schools, Continued 
Aviation School: 

Miscellaneous $360 19 

Extension School: 

Faculty Salaries $1,800 00 

Miscellaneous 688 65 

2,488 65 

Saturday and Evening School: 

Faculty Salaries $3,589 37 

Miscellaneous 191 09 

3,780 46 

Summer School: 

Faculty Salaries $2,456 20 

Miscellaneous 1,305 84 

3,762 04 

$41,506 47 

(3) Library: 

Books and Magazines $858 23 

Salaries 3,561 43 

Supplies 160 08 

4,579 74 

(4) Operation and Maintenance of Physical Plant: 

Care and Maintenance of Grounds $700 02 

Care of Buildings and Furniture 2,141 20 

Heat 3,726 45 

Infirmary 40 70 

Light 1,029 23 

Miscellaneous 31 03 

Operating Supplies 154 57 

Property Insurance 792 33 

Repairs to Buildings and Equipment 1,956 89 

Taxes 155 92 

Water 216 21 

10,944 55 

Total Educational and General 

Expenses, to Exhibit B $156,937 35 

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

Care of Buildings and Furniture $3,392 32 

Heat 3,716 45 

Light 1,383 67 

Miscellaneous 58 64 

Operating Supplies 257 69 

Property Insurance 453 72 

Rent 258 00 

Repairs to Buildings and Equipment 3,085 87 

Telephone 80 92 

Water 490 61 

$13,177 89 

12 



LEBANON VALLEY COLLEGE 

STATEMENT OF CURRENT EXPENSES 

YEAR ENDED JUNE 30, 1941 

Schedule B-2 (Continued) 

II. Auxiliary Enterprises and Activities: (Continued) 

(2) Dining Hall: 

Food $24,303 24 

Gas 214 24 

Laundry 433 76 

Light 453 47 

Miscellaneous 105 00 

Operating Supplies 182 26 

Renewals & Repairs 746 54 

Rental 4,465 00 

Salaries and Wages 8,314 08 

Telephone 34 48 

Water 83 63 

$39,335 70 

(3) Placement Bureau: 

Expenses 30 00 

(4) Leadership Training School: 

Expenses 873 90 

(5) Canteen: 

Expenses 499 95 

(6) Kindt Property: 

Expenses 45 08 

Total Expenses, Auxiliary Enterprises and Activities, to 

Exhibit B $53,962 52 

III. Other Non-Educational Expenses: 

Debating Expenses $32 68 

Interest on Loans 3,212 53 

Life Work Recruits 6 00 

Scholarships (Schedule B-3) 6,144 56 

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 $10,077 50 

Total Expenses to Exhibit B $220,977 37 



13 





« DO* < "' 
































n ecOrH.ti 


























Balai 

Incoi 

June 

194 

Exhib 


























^ 


o 


o 


o o o o 


o 


»o 


iO 


o 


o 


IO 


oo 






c 


o 
o 


o 
o 


rH OHO 


o 

co 


05 

CD 


<M 

co 


o 

o 


o 

o 


CM 

OS 


oo 
oo 




Exper 

ture 

(inclui 

in Sch 

B-2 


C 


<M 


cq 


CD O CM rH 


OS 


CD 


CO 


<— I 


rH 


00 


»OiO 




cc 
cc 


9? 


e© 


b- i-h oo 

6© ,_- 


CO 


9% 


m 


s© 


m 




s© 




CM 








93 










m 








9; 
























-* 


o 


o 


o ooo 


o 


U3 


»o 


o 


o 


»c 


oo 


w 




c 


o 


o 


lO OlOO 


o 


cm 


CM 


o 


o 


CM 


oo 


s 


"3 


I> 


o 


o 


rH OHO 


co 


CO 


CD 


o 


o 


05 


oo 


o 
o 


c 


<M 


CM 


CO ONh 


© 


CC 


CO 


r-l 


i— i 


OC 


»CHO 


o 


cc 
cc 


93 


93 


i> .-too 

s© ^r 


CO 


93 


m 


s% 


€# 


1> 


e© 




CM 








93 










93 








91 
























M- 


o 


O 


o ooo 


o 


IQ 


IO 


o 


O 


<o 


oo 




i d""*" 


C 


o 


o 


»o OiOO 


o 


CM 


CM 


o 


O 


CM 


oo 




Sr3 s "e . 


t> 


o 


o 


<-h OnC 


CO 


CD 


CO 


o 


O 


o: 


oo 




c 


CM 


CM 


CO ONH 


Oi 


CD 


CO 


T— 1 




OC 


IOIQ 




Inc< 

for 

year 

cludi 

iched 


cc 


93 


93 


I> rH 00 


CO 


93 


6© 


۩ 


s# 


J> 


9& 




cc 






9& rH 


cm" 










o; 






<M 








93 










91 






uj 


9? 






















tin . 




























of o xs 




























■-S c-friCJi 




























a a 3r-" 




























«£>-> 




























IC 


c 


o 


O O -* C 


Th 


O 


o 


o 


o 


rr 


OO 




cc 


c 


o 


o ooo 


o 


o 


o 


o 


o 


c 


OO 


Fund 
rincipal 
une 30, 
1941 


oc 


c 


o 


o ooo 


o 


iC 


iO 


o 


o 


IC 


OO 


1> 


c 


o 


co o co c 


CO 


CM 


CM 


o 


o 


oc 


OO 




cc 


CO 


e?q 0_-*<M 


So 


cc 


co_ 


CM 


CM 


c 


o_o 


cc 


as 


93 


>o" ©"co* 






T— 1 


m 


m 


cc 


r-Tl-T 


CL, 1 — » 


oc 






rH -HH fO 


© 


m 


m 






o- 


e© 




cc 






a© 


m 










9& 




9= 






























!*S 














-o 
c 














"S °- 










~o 




rt 














C .3. 

CU J3 










c 

3 




"c3 


•v • 










S £ 










fc 




c 


c : 






*c 




ca o 














_o 


3 . 










■w en 
en en 

01 CU 

H"o 




£ 






s 

O 

o 
"c3 




ca 
o 

3 


■si 






to cc 

t I 




Greek 
ly Pr 
ature . 
rof M 
ment 




cc 
5- 




W 

O „. 


■ 

CUrC 

T! O 






i 1 

«s c 

!§■= 




Bible and 
iger Ebei 
and Liter; 
man Chai: 
ler Endow 






S 




"^ 0. 













"c 
tr 

cc 

c 


i 

N 
• • +-> 

en cu 

•9 6 

3.S 

ft, '53 

o . 




TJ C 
cu c 

o h 

en _ 


! Purpos 

'c. E. S 

achman 




■z. 

"5 


U 


Chair of English 
Josephine Bittii 
Latin Language 
John Evans Leh 
Rev. T. B. Weid 


i 

! 

u 


"c 

3rt 
H > 




OS u 

" tt. 

_. c 

«<- 


Non-Educational 
cholarship Fund; 
Allegheny Conf. 
Dorothv Tean B 




u v 


icted: 
r Educat 
Printing 
Rev. T 




1 

c 

: 


3 u 

2J 


c PI 
cu a 

ax 








34 


c 


4 


r- 


J 






*.co 




CO. **• 


C/3 . 1— ' 


c 


j 


C< 


3 


■*' 






SrH 






















Kj 






t-H 


*— • 



























14 



oo 
oo 



• o oooo oo 

• oooooo o 

• O O >C iC o o o 

• CO «3 t> l> "5 ■o *S 

rtHCO " 



■ OOOO 

■ OOOO 



"oOOOOOOOOOOOOCOO 
OOOOOOOOOOOOOCOO 



888888888888888 
S*S5g8S8888§888S 

t— I HHCO 1— It— I r— it— i 




OOOOOO 

oooooo 

10U50000 
lO <M "-O lO <N lO 



oooooo 
oooooo 

lOttJOOOO 
IC (M *0 »C <N lO 



oooooo 
oooooo 

lOiOOOOO 
lO <M lO lO <N "3 



r-iOOOOOOOOOOOOOO 

880000000000000 

i : lllllllllllllll 



oooooo 
oooooo 

oooooo 
oooooo 

T-T T-Tt-T 10 



y.0 



iCQ 



V3-* 3 



CO 



p-g^ § fc^Q £cH 03.2^ g 2-s^-g ^-g-e 



c a c 
333 

• rtlnCO <n 3 

: y^'u o.g. 

.J> c ^i OJ o 
, .3 .3 J2 




15 






¥1 "S"0 



>>"o o 









OOOOOOiOOr-iOOiOOOOOOOOO 
000000<NO<NOO<NOOOOOOOO 

OOOOOONU3tOO«3HOOOiOiOOiOO 
lOOO>OiOOrtP|05iONHiOiO»OiONiOHiO 



OlOH 

as 



OiOOOOOiCOHOOKJONOOOlOOO 
O-tfOOOOtNOCNOOtNOOOO'tfOOO 

OiOOOOONU5(OOOHOHOiO^OU50 

lOHOlOlOOHMOJlClOHlONlOffl^lOrHlO 

CO i-h t-h himim i-<<M<N *0 .-h 



ooooooioooooiooooooooo 

000000(NO"500(NOiCOOOOOO 

OOOOOOMU3NOOHON10 1000100 

iOiOOIO'OOhNNiCiiOhiChNO'HIOhiO 

t^*-l »H <N<N i-KNr-t CO r-i 









CD 
id 












i— 1 

CO 
I— 1 

i— 1 








b- o 

coo 

<N 

i-H 


O 







ooo o o o o o o o o o o o o o oo o o o o o 

ooo o o o o o o o o o o o o o o o o o o o o 

OOO ooooooioooooiooooooooo 

O O C3 OOOOOO^OUJOONOOOOOOOOO 

0_r-i o o_o_oo o__o__cm lO io O 0<M O co ioco CO O CO o 

rH rt ^-TlOCsf'-H''-rCsf .-Tlo'lO" CO"* Nt-TcCtH CO~ 

€© i — I 



73 tuO'O 

C -S s 

3 u <fl 

L- 1^ (^ C: (-] 



o-* 

OH 

lOlO 







™ g y c-" k- u 
2 S^-g c3 S^ 



.c/5 S « .g^JSW g^ ^.«sOw & 



■gas 

00 






<" h c 

CO 



16 



PQ 



CO 



o S 

2 o 



W 
Z 

13 

1—1 

P 

W 


W 
< 

W 

M 
H 

g« 
£° 

CO 






1) i-j? o I 

as gcopa 






4J 0) . 



■a aeo, 



io o 
co o 

00^ 



lOOOWO 

m 



o o o o o 
o o o o o 

10 <N iO<N 



.& 
2. 

(fl "u 

u C 
JS 3 

Ofc, 
J= 

O C 
CO 03 

oo 6 

..<N J3 

to OS OJ 

C«*- . 

3°fc 
0) Cfl 03 

•SOS 

Oh 



.. o 
tfl en 



CD U) 03 

sK «6 g^ 
< 






C* 



Oh D 



o o 



17 



LEBANON VALLEY COLLEGE 

DETAILS OF CURRENT FUND ADJUSTMENTS 

YEAR ENDED JUNE 30, 1941 

Schedule B-4 

Adjustments Adding to Current Funds: 
Decrease in income balances: 

E. M. Baum Scholarship $25 00 

Samuel F. Engle Scholarship 75 00 

Harnish-Houser Publicity Fund 522 00 

A. S. Kreider Ministerial Fund 250 00 

Elizabeth May Meyer Musical Scholarship 118 71 

Pennsylvania Branch W. M. A. Scholarship 125 00 

Total to Exhibit B, Section 4 $1,115 71 



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

Derickson Scholarship Fund $137 50 

G. D. Gossard and Wife Scholarship Fund 165 00 

Bishop J. S. Mills Scholarship 75 00 

Pennsylvania Conference C. E. Scholarship 67 50 

Sophia Plitt Scholarship Fund 94 00 

Class of 1928 Scholarship Fund 75 

Total to Exhibit B, Section 5 $539 75 



18 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1941 

Schedule B-5 

Balance July 1, 1940 $2,052 39 

Receipts 
Income: 

Students $177,556 51 

Endowment Income 29,396 29 

Gifts and Grants: 

Conference Benevolence $7,529 58 

Other 625 00 

8,154 58 

Other Sources: 

Interest on Current Funds $756 75 

Library Income 375 10 

Group Life Insurance 861 60 

Rent for Chapel 60 00 

Placement Bureau 42 00 

Leadership Training School 834 37 

Canteen 599 90 

Kindt Property 160 00 

Unexpended Student Activity Fees . . 373 74 

Sale of meals to others 234 30 

Sale of food and supplies 12 31 

Miscellaneous 376 56 4,686 63 

$219,794 01 
Balance Sheet Items: 

Increase in Notes Payable $2,000 00 

Increase in Accounts Payable 86 39 

Received from Churches on account 

of notes 84 34 

Decrease in Unamortized Remodeling 

Expense 1,665 92 

Decrease in Advances Receivable, 

Endowment Fund 740 00 

Decrease in Inventory of Laboratory 

Supplies 450 00 

Decrease in Prepaid Summer School 

Expenses 26 54 

Decrease in Prepaid Insurance 1 00 

Decrease in Prepaid College Paper 

Expense 4 40 

5,058 59 

$224,852 60 



$226,904 99 



19 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JUNE 30, 1941 



Schedule B-5 



Disbursements 
Expenses: 

Educational and General: 

General Administration and Expense $31,954 46 

Instruction and Research 108,958 60 

Library 2,804 68 

Operation and Maintenance of Physi- 
cal Plant 10,944 55 



Auxiliary Enterprises and Activities: 

Dormitories $13,177 89 

Dining Hall 39,335 70 

Placement Bureau 30 00 

Leadership Training School 873 90 

Canteen 499 95 

Kindt Property 45 08 



$154,662 29 



53,962 52 



Other Non-Educational Expenses: 

Interest on Loans $3,212 53 

Debating Expenses 32 68 

Life Work Recruits 6 00 3,251 21 



Balance Sheet Items: 

Increase in Inventory of Dining Hall 
Supplies $623 74 

Increase in Prepaid Expenses, Athlet- 
ics — Field & Gymnasium 69 74 

Decrease in Students Deposits 583 20 

Additions to Plant 13,253 44 



$211,876 02 



14,530 12 

$226,406 14 



Balance June 30, 1941, per Exhibit A, Section I-A 498 85 

$226,904 99 



20 



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

JUNE 30, 1941 

Schedule B-6 

Balance July 1, 1940 $2,194 66 

Receipts 

Income from Endowment Investments $37,715 37 

Less, accrued interest on bonds purchased 2,081 25 



35,634 12 

$37,828 78 

Disbursements 
Unrestricted: 
Transferred to General Fund for Educational Purposes $26,607 04 

Restricted: 

Transferred to General Fund for Educational and General Purposes: 

Printing Funds $20 00 

Professorship Funds 2,693 00 

Library Funds 66 25 

Maintenance Funds 10 00 

$2,789 25 



Used for Non-Educational Purposes: 

Scholarship Funds $6,144 56 

Student Loan Funds 500 73 

Prize Funds 61 00 

Annuity Funds 120 00 



$6,826 29 
Less, Annuity Fund Income trans- 
ferred to General Fund 12 50 



6,813 79 
9,603 04 



$36,210 08 
Balance June 30, 1941, per Exhibit A, Section I-B 1,618 70 

$37,828 78 



21 



LEBANON VALLEY COLLEGE 

STATEMENT OF LOAN FUNDS 

YEAR ENDED JUNE 30, 1941 



Exhibit C 



Fund Principal 



Funds 



Balance 

July 1, 

1940 



Alumni Annual Giving $2,013 07 

Mary A. Dodge Fund 5,377 76 

Daniel Eberly Fund 180 1 1 

Henry B. Stehman Fund 1,951 12 

Dr. Wagner Special Fund 177 00 



Receipts 
for year 

$234 08 

501 65 

25 73 

+ 
+ 



Other 
Additions 



Deduc- 
tions 



$9,699 06 $761 46 



Fund Assets 

Cash 

Notes Receivable from Students: 

Alumni Annual Giving Fund $1,846 89 

Mary A. Dodge Fund 4,382 31 

Henry B. Stehman Fund 900 00 

Dr. Wagner Special Fund 141 24 



Balance 

June 30, 1941 

Exhibit A 

Sec. II 

$2,247 15 

5,879 41 

205 84 

1,951 12 

177 00 

$10,460 52 



$3,190 08 



7,270 44 



Total Loan Fund Assets June 30, 1941, to Exhibit A, Section II $10,460 52 



22 



LEBANON VALLEY COLLEGE 

STATEMENT OF ENDOWMENT AND OTHER 

NON-EXPENDABLE FUNDS 

YEAR ENDED JUNE 30, 1941 



Exhibit D 



Fund Principal 

Endowment 
Funds 

Balance July 1, 1940 $916,670 05 

Additions during year: 

Mary A. Keeport Estate 500 00 

Donald J. Cowling 100 00 

Total Additions $600 00 

$917,270 05 
Deductions during year None 

Balance June 30, 1941, to Exhibit A, 

Section III $917,270 05 



Annuity 

Funds Total 

$2,400 00 $919,070 05 

500 00 

100 00 

$600 00 

$2,400 00 $919,670 05 

None None 



J,400 00 $919,670 05 



23 



SUMMARY OF ENDOWMENT FUND ASSETS 
JUNE 30, 1941 

Schedule D-l 



Investments: 

Farms 






] 

Amount 

$47,476 25 


Percentage 
of Total 

5.16 






$75,914 59 

137,059 03 

141,237 91 

50,322 46 




Bonds: 

Industrial 


8.24 


Public Utility 

Railroad 




14.88 




15.34 


Real Estate 




5.46 






$404,533 99 




Total Bonds 




43.92 




$44,451 39 
69,417 30 






Stocks : 
Preferred : 
Industrial 


4.82 


Utility 






7.54 




$113,868 69 






Total Preferred Stocks . . . 


12.36 




$5,300 00 

6,900 00 

3,000 00 

19,747 30 

92,412 61 

27,100 00 

8,300 00 

2,700 00 

27,416 31 

27,303 75 

3,000 00 

7,400 00 

13,300 00 

65,915 19 

17,673 43 

)n Stocks .... 






Common: 
Agriculture 


.58 


Auto Accessories 






.75 


Automobiles 






.33 


Aviation 






2.14 


Bank 






10.03 


Building 






2.94 


Chemical 






.90 


Farm Machinery 

Metals 






.29 






2.98 


Oils 






2.97 


Railroad 






.33 


Railroad Equipment 






.80 


Rubber 






1.44 


Steel 






7.16 


Utility 






1.92 




327,468 59 






Total Common Stocks . . 


35.56 




441,337 28 

9,977 89 
17,676 71 




Total Preferred & Commi 




47.92 


Mortgages 


1.08 


Notes Receivable 






1.92 










Total Investments 


$921,002 12 
341 59 


100.00 




Assets, June 


30, 1941, to 




Cash awaiting investment 




Total Endowment Fund 
Exhibit A, Section III 


$921,343 71 











24 



++ 



ICHOCOOO 



lO lO O O lO CO 
t^t^ O 0<M CO 
CO >H lO lO HN 



i> o oo 

MOlOO 

CO 10 1> »o 



CD O 



000(000 
NOHTfOOO 
CO <N CO CO 00 00 



NOOOOOHOOOiOmNN 
NOCOOOOHOONNOIN 

OINNOONXOONrti^N 

^ojioocoioooooHraN 
oo io o> o ■* roes © oo io ■"£ © 
o" <o* oo" n" o> ?h t>* io os* o<f o*" ■* as" 



OOOtDffiTfH 
OS OS OS OS OS OS 



roooowNooiooiOHOoo 

lOiOiOCOiOiOiOiOCOCOiOiCCO 
OSOSOSOSOSOSOSOSOOSOSOSOS 
rt^H^ W-It-It-Ii-C<Ni-Ii-Ii-ItH 



0) D 



CO l ^lOiOlO'O l O> l OCO-*iOlClO 



V 


Cd 


pq 


S 


CO 




cd 


■G 


w 


CO 


4_j 


4-> 


B) 


CO 


s e 


i- 


u 


rt 


crt 


U,te 



F 3 o _. 

2 u u 
r* o o 
oU g 
U c < 



U 

>> 

c 

ca 

c a 

■2S« 
o tuo 



rt 



ba 



fa.2 o 

U rtS 

bo> c 

££ a 

to pi 

cd -rj g 

U a o 

— rt ( -' 

<u __ — 
S « J! 

c j="3 

(U U [J (U JJ n 

UUUOJco 



O'-h 3 



"O 3 "> 

tDCx. cd 
4J^O 



+J O 



s 

o 
U 



u 



5 ss 



a. ed 

6 £ 



2 «J "3 ^ 

•2-Stt! £ 
2 ™ » a c 

.■. w ^ u oj o o w- ~ <" 
: wx2 c - n pi's '+3 
cd iW Jj « 
Q. o_ cu-m-m u^; cd 
g <D "D M U, u OM) u 

-a S S^U rt w O »Wu g-5 

c o o 1 ^ u"3 ^-n cd"S cj^-H 



c c L 
td fi a : 



■2 s a- 



,<5 U (J > 



o£"2 






ro tn (fi cd « ctj .R "a3 "33 £ — 2 l. 

a S'oU-dT) rt-2-S w 
cd u cd ^ nj cd t; 3 rr« 



— m <o _ 

53.2.2-2 



B.-tt.- 



GJ Cl) r^ g Q QJ t1 ] . 



*-■ •-> -- 1 r- c jr Jr - 1 - - 1 - u "5 "" "i. 



o o ooo o 
o o oooo 
o o ooo o 



ooo oo o o ooo o o o o 

oo o oo o o o oo o oo o 

oo o o o o oo ooo o o o 

10*0*0*0*0*0*0* 10*0*0*0*10*0* lO~ 



25 



c 
o 

o 



CNHO 

rHCN 
rH(M 



OCOOOOOOO 

o -*o oioooo 

OCN OOt^OOO 

ocooooooo 
»c cs^o^uq -* co >o >o 
co~ cT oo oo" od tjT i-T oT 



OOOOcMi> 
U3«3»COHIO 



OCOO'^Mffi'OWN 
»OI>OCOCOOSCOI>CO 
OS MN'tHMiHHTt 

tjT od" os" rH aT od tjh" as" ■«*" 



©04. 

00O T 


CO 


OS 


00 


co 


a>o 


OS 


CO 


000 


CO 


<N 


-# (N 


co 


os 


m 


e@ 


0" 



OOCM 
OON 
ICO 00 



co 


OS 


■* 


OS 


<N 


CO 


CNJ 


CO 


CO 


10 






O 


■># 


10 





m 


-* 




m 



r¥ t-~ O OS b- O »C CO CO CO 00 00 CO 00 b- rH CO 

-# lO CO ■* b- 00 rH CO CO O l> OS rH t>- tJH 00 IO 

os os os os os os o os os o os os o os o os os 

1— li— I rH rH r- I rH CNJ r- I HNHHPJHNrtH 



OSO-* 
CM IO CO 

os os os 



oU 
«= J! 

C3~ 

a cs 

Oh C 

U 1*-H 

-o 3 a 



ra ■*-> cur 1* 



— O. . 
;t/3 go 

!*o.o . 

cU > 

03 ^ S 
_ >. o 

8"! c3 



ra .ti ^ 3 U ( 



w 



*o 



„? 8 . C 4) « 

,_ g-s.-r c bd o 

o-— O S-O V 

e.2 «J tuoiS So.S" 

rt 3 «jj:Ji o uS 



§ . 2 1 s 

Q. ^ c 8 

5 5 a-3 

o a c ^ 

u g o^ 
•00U J§ 

-5*2 oH 

3o-5oa 



>> >«"3 

tt-l 

-o*a 



03 

a 

S 

o . 
QU >> 



Ji> m C 
'o°.£PS 

C j; 10 



03 03 r /^ G 

o^ >,-a g 
JsJs-o aj 5 a 

^^ o «5 ojU 

b is 3 o o "5 
c (=£££ £ 

UU U jd cd =5 

1-.1-.ucee 
o o o £ £ £ 

4> 4) 0) O g X 



000000000 00000000 

000000000 00000000 

© o_ o_ o o o_^ »o_ o_ o_ co o_ o_ o_ o_ o__ q o_ 

o"'Oio"'io'o"'iO~CNO"'»0~ O"o"io"'o"o"'w5'o''io"' 

1— I CNJ i-H T— I ^H 1— I rH rH i— I rHrH 



a 
o 

w 2 

OS* 5 
H 



cfl 



Sc -o 

O -CU 

^.5 § 

3*2x 

i_ •— "is 

L_ 3 4; 

DQ 1- 

4) CO 

O-- i> 
CTI.ti 

£^ c 



000 
000 
IO o o 






O 





O 





ID 






I-H 


CO 


CD 


rH 


M» 


■* 




w 



26 



3 
_g 

c 
o 

o 



J) 

"3 



co 



O 0_l_0> iO 



o o i oo 
o o+o>o 



no cooo o o >o <n 

<N-# O ^ CO <N ^H 
i — I -i— ( t— CO CN "-I 



O iCOOO 

■OOCOitO 

oo 05 co irso 



O OOtOO 

o oooo o 

O CM COCOO 



COCOi-HOiO<NOt>© 

coco i-ioo -* 



ooooooooo 
oooocooooo 

OOOONOOOO 
lOOOO^NOUJO 

■*" e*f of of oo" N oo" CO* tJ<" 



O) 


00 


co 


00 


1—1 


Tjl 


00 


o 


1— 1 


CM 


<n 


lO 


e% 


e& 



o 


Oi 


CO 


co 


l> 


00 


1— ( 


CO 


Tf 


00 






OS 


00 


co 


1— 1 


&& 


1— 1 




e© 



t^t^cDt^.coioioior^co'* 



<NiOCOb-COCOCOiOt> 



o 

H 

CO 

Q 

w 

fa 

W 
a* 



>> 

c 
ca 
a 

e 

o 

ir o c c a> 

sJ li-s 

8 gou § 

J! *C fc.S 

.y.y 3 £ 

U U O u <U 

ij| s .ti 



>» 

C 
Bj 

a 

>.a 

c o 



U 



03 



c c^ 

CS<— "O 



3£ f-g u 

<u a>,XC0^ C 

CO co . 2 ®j| § 
< <" O Cu ^ H^ 



1-1 o g 

TJU O 

se-J.SP 



•3* 

.=! o 



<0U H"53i13 



a 

e § ^ 

5 O c 

•CO «_. rt 

c c -3^ u. 
rt_caco c ju 

m*3i col 



c c 

PJ 03 W , ,-i -: — ( ;, J , 

jj jj h " *^ -C +j 

D D y fS > S- ■*-> <U _G 

SSJSg 



VtlOgj! 

£ £ £ a, ;d 



co 



o 

h 



_ ooooo»cooo 
>< o«o ooooooooo 

E-4 1-H 1— ( 1 — I l— I T— I 1— I 

3 

H 



iO 


o 


•o 


00 


t> 


<N 








i—i 



27 



o 


o 


o 


o 


o 


o 


»o 


lO 


■<£ 


1—1 


m 


m 



coo o o 
»ot^ 10 o o 

— i(N (M iM CO 



OOIOOIOOO 
OONNMNiOO 
*# lOCM CM CM ■* 



o 

o 


oo 
oo 


o 
o 
co 


oo 
oo 
coco 




CM ■* 



p-i 



o 


o 


o 


o 


o 


o 


o 


o 


OS 


o 






CD 


CO 


m 


•i 



m 



c-n 

.9 cd 



a o 



■Sffi 
> I 



0) 

c 

C3 
0) 


SSORIES 

Bendix 
Houdia 


P 


w 


l§ 


o oo 


< w y 


u 


o 


s 


H 


o 


P 


< 


< 



O H OOtM O 
ffl^N'* O CM_CO 

co r-T co"o"csfi-T 



O C C 

&S.-B 

O g OJ 

U o'S 

•*" _ 
d C c 

<£ g 

-o . 5 



« & 



u 



5 giJ 



o 


go 


lO 


2° 


1—1 


g'H 




o 




H 




& 




< 



£000000 

O lO IQ O O lO IC 



OOOO^H "tf CO 


iH 


OOO OOI> 00 


CO 


OO OO001O00 


(M 


OONO^OO 


T-H 


lO CD -# O lO *C CO 


-* 


(M tO 00 O CM 00 •>* 


(M 


i— 1 rtHH CM 


OS 


S© 


ey 



-a 
c 

O 
~ CS cu 

•as* 

c £ — 
o o o 

Z oj nJ 

a) c c 
P ca.o 

« 13 

C C Bj 

rt cs-c 



>, a 

c S 

jj.^oZ 

oami cs 



CQ 



TO 3U 



.aw 

E c 



C '-D 






o oooo o o 
o oo o o oo 

CO CO -* CM CM i-H CD 



CQ 



28 



3 

5 

c 
o 
O 



ooo 
ooo 


o 
o 


ooo 

OOlO 

HCOH 


o 
o 




T-H 

m 



iOhho 
NOIMO 
<^<M<M CM 



o 


o 


1> 


o 


]> 


o 


O 


o 


CO 




^ 


Si 



cot> 

<M T-H 



ooo 

OUJO 
lONO 



CO o o o o 

MOONO 

i-h_(N o_i-h_oo_ 
i>Tco co'co't-T 



»o 


o 


t^ 


o 


CO 


o 


o 


o 


CO 


o 






]> 


CO 


CM 


¥$ 


s© 





oo 
oo 



ooo 
ooo 

vScouS 



I* 



w 
w 

H 

bo 



o a ■ 

w th 



V 

u 

CO 



C 



£ « s 



v : w w w 



>;a 



CO o o 
co 3 O • rj >K 

OS C S c 



oo oo o 
o o o o o 

CO 1-H H T-H iH ]>- 



U 



ftj 



u 



° 5 

Mh 

H CQcO 
M cO co 

s.y.y 

cm i_, u 

t- 0) 0) 

&S E 



°22 



■8 :w5 

3 .XI 

Pi .s 
Pi 

.3. 3;- 

c-g « 

3 c >» 

en "U "O 
WOO 
.3 O O 

fcOO 



^ ooo 
g o o o 

W tH i-t tH 

CQ 

a 
& 
Pi 



CO lO 
CO(M 

ma 



l> 


<N 


00 


CO 


I— I 


Oi 


OS 


■* 


<M 


1— ( 


e© 


m 



l><N 
<M(N 



ooomoioo 

CM HNIO 00 



ooo ooo 
ooooo o 
<N cq_ o o «o >Q 
CO >o ■<* co" CO ■* 



oo 
oo 

COO 



o 


o 


o 


o 


o 


o 


o 


o 


CO 


t^- 






00 


<M 


m 


m 



boo^noo 
CO oo co ^ oo 

co" io cT «b" co" io oi" 



U 



•3 



Bin 

o C 

U2 



a 
a 
a 

6 

o 

;y r: ;,. co ! ~ ) 

_5^ aoi c 

c i 1^3 

-I? a) c 2o 

X G rj H C <U 

<UUfeOH 



[Joooooo 
gooiomoio 



pa 

T) _ 

C JT 
cd 3 
>>C0 

so 

dJ CO 

c * 

G o 

<H 

5oo 
uoo 

1-1 1—1 T— I 

w 
a 
u 



>, 


>* ■ 


c 


G • 


cd 


cd • 


a 


a ■ 


fi 


s : 


o 


o • 


U 


u • 


OJO 


bfl • 


c 


c • 






u 


c . 


3 


cG . 






cd 


c* : 






3 


<=8 • 


C 




cd 


bD ■ 


s 


.3 a) 




oj a. 


01 


C/5U 


cd 


3 JS 


><(J 


■CO 


w.a 




£< 


tn<< 



< 

H OO 
MOO 



U 



■SdB 

4->°°| 



as 3 a 12 o 

US fc S 3 

2 o 3 -a 

037*0,° o 

C.S'OJ — Oh 
'cd ' — ' ^ ^ «-h 

a an v . «« 



c/3 



cd cd 



.G O 



.a.a ojxi 



c-a 



■3 <oJS o <u 



0) a> J3 -ri 35 i- -y 

6e« t; .a cd '3 
G <U.3^ j3 C 

<<mcQ2c/)P 



OOOO O o o 

oo o o ooo 



29 



•o 

3 

.5 

c 
o 

o 



3 



o 


Oi 


tN 


o 


T-i 


iO 


o 


Oi 


CO 


o 


co 


Tt< 


<N 


00 


o 


m 


o 


CD 




1—1 






6© 


m 



OOUJfflO 
O O O.i-H iH O 

o ooi>oo 

«D 0_i-Ht^C<l_© 
■* CO i-H»OCO 



CO 


o 


Oi 


CO 


«o 


o 


CD 


i-H 


00 


»o 


IO 


CD 


IO 


o 


IO 


CO 


IO 


CO 


e& 


00 


6© 


©1 




e© 



CO 


OS 


00 


*# 


IO 


CM 


CO 


00 


t^ 


I> 


CD 


CO 


CD 


-* 


co 


I> 


N-" 


i— i 




CM 


■>* 


e© 


CO 


■<* 




m 


m 



oot>o 

OOHffl 

OOCDCO 



Oi 


1— 1 


00 


t^ 


I> 


CO 


t^ 


t> 


OS 


CD 


OS 


t^- 


s© 


i-H 




9S 



4- 53 



<v v 



u 



~i; g 

-M o ctf 
u v J- 



•W l 



.JBS 



cs,<S-o 
>0 c 



TJ.O 



.aw ss 
*-o|| 

5 o o 

01 IM 3 



P-,,q 






O 



'CO ii 

Si 9 u u 4j w • - 
6 £-2 3 « o s 



t-H CO H i— I i-H 



e 

6 
o 
U 



H H 



o 


o 


o 


o 


IO 


00 


00 


co 


>o 










1> 


00 



en rt 

•go. 

00.2 



Cffi 









i.*S 

, c 

a 



3 S « 



p-c o y 

§UOs 

no <U tn> 
S 3> 

8 £- 2 < 



oooo 

OOOCO 
O O IO CO 



w 

H 

o 



Q 

g 

H 3 

H e 
to 
a 

S 
o 
U 



3 
u 



a) 

w 



30 



LEBANON VALLEY COLLEGE 

STATEMENT OF PLANT FUNDS 

YEAR ENDED JUNE 30, 1941 



Exhibit E 



(1) Unexpended Plant Funds: 

Balance July 1, 1940 None 

Additions during year: 

1. Amount transferred from Current Funds $13,253 44 

$13,253 44 
Deductions during year: 

a. Annie Brunner Property $6,009 85 

b. Alice Kindt Property 2,792 62 

c. Saccarameter Polariscope for Chemistry Lab 350 00 

d. Bookcase and scale for Chemistry Laboratory. . . 34 25 

e. Filmosound for Chemistry Laboratory 300 00 

f. Tables for Campus 41 00 

g. Spectometer for Physics Laboratory 153 00 

h. Spectograph with Camera Attachment for Physics 

Laboratory 275 00 

i. Oil Drop Apparatus Electroscope for Physics 

Laboratory 151 92 

j. Optical Bench and accessories for Physics Lab 110 80 

k. Pianos for Music Department 485 00 

1. French Horn for Music Department 50 00 

m. Books for Library 2,500 00 

$13,253 44 

Balance June 30, 1941 None 

(2) Invested in Plant 

Value of Plant July 1, 1940 $688,792 55 

Additions during year, as above 13,253 44 

Value of Plant, June 30, 1941, Exhibit A, Section IV $702,045 99 



31 



LEBANON VALLEY COLLEGE 

PLANT FUNDS ASSETS 

JUNE 30, 1941 



Schedule E-l 



Erected 



Book Value 
July 1, 1940 



Increase 



Book Value 
June 30, 1941 



Lands: 

Athletic Field . 

Campus 

Hockey Field . 



Underground Heating and 
Plumbing System 



Buildings: 

Administration 

Brunner Property 

Conservatory Annex. . . 

Engle Hall 

Heating Plant 

Kindt Property 

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 

+ 

3,756 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 



$6,009 85 
+ 
+ 
+ 

2,792 62 
+ 
+ 
+ 
+ 
+ 
+ 



$157,170 25 

6,009 85 

3,756 34 

68,112 77 

12,300 00 

2,792 62 

39,250 00 

93,430 34 

87,111 91 

9,145 60 

22,611 83 

12,106 81 



$504,995 85 



,802 47 



$513,798 32 



,700 00 
,928 80 
,949 29 

711 23 
,640 39 
,371 00 
,000 48 
,826 35 
,487 65 

,000 00 
,560 56 
213 90 
,722 44 
,300 00 
472 10 
571 40 
101 72 
350 00 



+ 
+ 
+ 

+ 
$41 00 
+ 
+ 
+ 
684 25 

+ 

690 72 

+ 

+ 

2,500 00 

+ 

535 00 

+ 

+ 



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

711 23 
14,681 39 
5,371 00 
3,000 48 
7,826 35 
9,171 90 

1,000 00 

6,251 28 

213 90 

1,722 44 

27,800 00 

4,472 10 

29,106 40 

5,101 72 

350 00 



$126,907 31 



1,450 97 



$131,358 28 



792 55 



$13,253 44 



$702,045 99 



32 



LEBANON VALLEY COLLEGE 
EXTENSION DEPARTMENT 
YEAR ENDED JUNE 30, 1941 



Income: 

Registration $78 00 

First Semester 1,329 00 

Second Semester 1,510 00 



Total Income $2,917 00 

Expenses: 

Salaries paid to Faculty $1,800 00 

Traveling and Miscellaneous expenses 688 65 

Total Expenses $2,488 65 



Net Profit $428 35 



LEBANON VALLEY COLLEGE 

SATURDAY SCHOOL REPORT 

YEAR ENDED JUNE 30, 1941 



Income: 

Registration Fees $56 00 

Tuition: 

First Semester $2,073 00 

Second Semester 2,095 00 4,168 00 

Total Income $4,224 00 



Expenses: 

Salaries paid to Faculty $3,589 37 

Registration Fees retained by College 56 00 

Miscellaneous Expenses 191 09 

Ten per cent retained by College 387 54 

Total Expenses $4,224 00 



33 



LEBANON VALLEY COLLEGE 
SUMMER SCHOOL REPORT 
YEAR ENDED JUNE 30, 1941 



Income: 

Registration Fees $78 00 

Tuition 3,520 00 

Tuition— Special 107 00 

Practice Teaching Fees 340 00 

Profit on sale of books 17 95 

Hershey Demonstration School 50 00 



1,112 95 



Expenses: 

Salaries paid to Faculty $2,456 20 

Registration fees retained by College 78 00 

Miscellaneous expenses 1,305 84 

Ten per cent retained by College 272 91 



1,112 95 



34 



STATEMENT OF MUSIC SCHOOL INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1941 

Income 

First 
Semester 

Instruction: 

Voice $3,284 35 

Piano 3,595 50 

Organ 1,044 50 

Violin 500 00 

Instruments of Band and 

Orchestra 487 50 

Theory 7,656 30 



$16,568 15 
Use of Instruments for Practice: 

Piano $812 00 

Organ 581 25 

Instruments of Band and 

Orchestra 372 00 



Total Income. 



Second 


Both 




Semester 


Semesters 




$3,197 15 


$6,481 50 




3,513 00 


7,108 50 




832 50 


1,877 00 




500 00 


1,000 00 




530 00 


1,017 50 




7,885 53 


15,541 83 




$16,458 18 




$33,026 33 


$764 00 


$1,576 00 




580 00 


1,161 25 




234 00 


606 00 




$1,578 00 




3,343 25 


$18,036 18 


$36,369 58 



Expenses 

Salaries $28,403 64 

Insurance 52 51 

Practice Teaching for Seniors, including transportation. . . 996 50 

Tuning, repairs and use of motor for Organ 1,371 24 

Music 222 19 

Stationery and Printing 69 05 



Total Expenses $31,115 13 



Profit before Administration and Building Mainte- 
nance Expenses $5,254 45 



35 



LEBANON VALLEY COLLEGE 

STATEMENT OF DORMITORY INCOME AND EXPENSES 

YEAR ENDED JUNE 30, 1941 

Income 
Rentals: 

Men's Dormitory $9,319 10 

North Hall 4,268 90 

South Hall 2,153 65 

West Hall 1,340 00 

Edward's 180 00 

Gruber's 90 00 

Dining Hall. . . . . 4,500 00 

Leadership Training School 70 00 

$21,921 65 

Breakage Fees 527 46 

Cleaning Fees 640 50 

Total Income $23,089 61 

EXPENSES 

Care of Buildings and Furniture $3,392 32 

Heat 3,716 45 

Light and Power 1,383 67 

Miscellaneous 58 64 

Operating Supplies 257 69 

Property Insurance 453 72 

Rent. 258 00 

Repairs and Maintenance of Buildings and Equipment 3,085 87 

Telephone 80 92 

Water 490 61 

Total Expenses $13,177 89 

Profit before Administration Expenses $9,911 72 



36 



LEBANON VALLEY COLLEGE 
REPORT OF DINING HALL 
YEAR ENDED JUNE 30, 1941 



Income 

Students' Board $39,450 50 

Sale of meals to others 234 30 

Sale of food and operating supplies 12 31 

Rent for use of Dining Room 35 00 

Total Income . $39,732 11 

Cost of meals, materials and supplies only: 

Inventory July 1, 1940 $866 68 

Purchases 24,926 98 

$25,793 66 
Inventory June 30, 1941 1,490 42 

Cost of meals, materials and supplies only 24,303 24 

Gross Profit before Operating Expenses $15,428 87 

Expenses 
Operating Expenses: 

Salaries and Wages $8,314 08 

Gas 214 24 

Laundry 433 76 

Light and Power 453 47 

Miscellaneous 105 00 

Operating Supplies 182 26 

Renewals and Repairs 746 54 

Rentals 4,500 00 

Telephone 34 48 

Water 83 63 

Total Operating Expenses $15,067 46 

Gain before Administration Expenses $361 41 



37 



STATEMENT OF LABORATORY INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1941 

Biology Chemistry Physics Psychology Total 

Income: 

Fees $2,200 00 $2,097 00 $325 00 $227 60 $4,849 60 

Breakage Income 31 85 236 25 + + 268 10 

$2,231 85 $2,333 25 $325 00 $227 60 $5,117 70 

Expenses: 

Inventory July 1,1940. $500 00 $1,700 00 $300 00 + $2,500 00 

Purchases 990 67 1,330 91 218 78 $187 68 2,728 04 

$1,490 67 $3,030 91 $518 78 $187 68 $5,228 04 
Inventory June 30, 1941 300 00 1,650 00 100 00 + 2,050 00 

$1,190 67 $1,380 91 $418 78 $187 68 $3,178 04 

Gain (+) or Loss ( — ) 
before Administration 
and Maintenance Ex- 
penses $1,041 184- $952 34+ $93 78- $39 92+ $1,939 66 + 



LEBANON VALLEY COLLEGE 

REPORT OF LIBRARY 

YEAR ENDED JUNE 30, 1941 

Income: 

Matriculation Fees $375 10 

Endowment Fund 66 25 

College Departments 1,775 06 

Expenses: 

Books and Magazines $1,583 17 

Salaries 3,561 43 

Supplies and Binding Expense 160 08 

Specials for Departments 1,775 06 

Deduct, Items added to capital investment 

Loss before Administration and Maintenance Expenses 



2,216 41 



7,079 74 
2,500 00 

$4,579 74 

$2,363 33 



38 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1941 

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

Bible $16 84 

Biology 53 35 

Book Department 486 78 

Business Administration 41 87 

Chemistry 53 00 

Economics 6 04 

Education 10 80 

English 39 46 

French 22 75 

History 5 73 

Latin 4 50 

Music 29 00 

Physical Education 1 00 

Philosophy 28 82 

Psychology 34 40 

Miscellaneous 31 72 

$866 06 

Harry Miles Imboden — Educational Survey 

Baltimore Alumni Club — H. H. Shenk Collection for Library 

Oberlin U. B. Church — Education Day gift 



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

Books 

Mrs. Albert Barnhart 

Amos Black 

Mrs. J. C. Boyer 

Esther Brunner 

R. R. Butterwick 

Class of 1942 

Samuel Friedman 

M. E. Gillespie 

C. R. Gingrich & Lester Lingle 

James Hoover 

Merle Hoover 

J. C. Kunkle 

Leadership Training School 

V. E. Light 

C. A. Lynch 

H. L. Meyer 

A. K. Mills 

F. B. Plummer 

W. E. Plummer 

J. H. Ruebush 

David Sarge 

Mrs. C. T. Saylor 

H. H. Shenk 

39 



$600 00 

20 00 

5 00 


$625 00 



Number of 




Volumes 


Value 


26 


$30 00 


1 


1 00 


9 


15 00 


15 


10 00 


128 


150 00 


1 


4 00 


4 


1 50 


3 


1 00 


11 


14 00 


20 


15 00 


4 


4 00 


2 


2 00 


2 


2 00 


4 


3 00 


11 


11 00 


26 


15 00 


1 


2 00 


72 


75 00 


1 


1 50 


4 


8 00 


2 


2 00 


1 


1 00 


7 


7 00 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1941 



Books (continued) 

Milton Stokes 

Mrs. Paul Wagner 

J. H. Zerbey 

Miscellaneous 

Associations 

Publishing Houses 

Government Publications . 



Periodicals 

Andrew Bender 

Biology Laboratory 

Book Department 

Business Administration . 
Carnegie Corporation . . . 

Chemistry , 

College Office 

S. H. Derickson 

English 

French 



German Club 

C. R. Gingrich 

Hershey Junior College. . . 

History 

C. A. Lynch 

H. E. Myers.... 

Physical Education 

U. B. Church 

Associations 

Government Departments . 
Miscellaneous 



Number of 




Volumes 


Value 


1 


$1 50 


59 


50 00 


6 


10 00 


19 


19 00 


34 


27 00 


85 


60 00 


28 


20 00 


$562 50 


1 


$7 50 


5 


92 50 


18 


55 75 


2 


6 50 


7 


26 00 




3 00 




1 50 




12 00 




2 50 




3 00 




50 




5 00 




+ 




3 00 


13 


26 00 


3 


8 50 


1 


1 00 


7 


7 75 


8 


15 50 


7 


13 00 


40 


56 00 


$346 50 



40 



LEBANON VALLEY COLLEGE 

ANALYSIS OF HEATING PLANT EXPENSES 

YEAR ENDED JUNE 30, 1941 

Fuel, including freight and drayage $4,666 48 

Hauling ashes 11 50 

Insurance 161 45 

Light and Power 434 67 

Miscellaneous 10 00 

Repairs 650 89 

Telephone 51 50 

Wages 1,372 78 

Water 93 63 

$7,452 90 

Distribution of Heating Plant Expense 

Heating Physical Plant $3,726 45 

Heating Dormitories 3,726 45 

$7,452 90 



ANALYSIS OF FARM DEFICIT ACCOUNT 
YEAR ENDED JUNE 30, 1941 

East Berlin Farm 

Surplus, July 1, 1940 $722 67 

Add, Net Profit for current year 151 90 

Surplus, June 30, 1941 $874 57 

Shiremanstown Farm 

Deficit July 1, 1940 $783 12 

Add, Net Loss for current year 532 69 

Deficit, June 30, 1941 1,315 81 

Total Farm Deficit June 30, 1941, Exhibit A, Section V $441 24 



41 



FARM REPORT, YEAR ENDED JUNE 30, 1941 
EAST BERLIN FARM 

Income 

Aug. 2, 1940 W. Denton Myers: 

324 bu. 6 lbs. corn @ .70 $226 87 

June 5, 1941 U. S. Government: — Parity Payment 26 31 

Total Income $253 18 

Expenses 

Sept. 20, 1940 John W. Slaybaugh— School tax 1940 $59 14 

May 23, 1941 John W. Slaybaugh — Road, county and poor tax 

for 1941 42 14 

Total Expenses $101 28 

Net Profit before Depreciation $151 90 



42 



FARM REPORT, YEAR ENDED JUNE 30, 1941 
SHIREMANSTOWN FARM 

Income 



July 12, 1940 Frank Eberly— 123-16/48 bu. barley @ .45.. $55 50 

Aug. 7, 1940 Frank Eberly— 420-55/60 bu. wheat @ .72 . . 303 06 

Jan. 13, 1941 U. S. Government: Soil Conservation 29 52 

Jan. 13, 1941 U. S. Government: Soil Conservation 79 28 

April 15, 1941 Hempt Brothers— 23,965 lbs. corn @ .75 per 

100 179 74 

June 26, 1941 U. S. Government: — Parity Payment 55 19 

Total Income 



$702 29 



Expenses 



1940 Annville National Bank — Interest on note. . $25 00 

1940 P. L. Wolfe— Repairs to kitchen sink 10 98 

1940 P. L. Wolfe— Roof at silo, flashing at chimney 39 15 

1940 Annville National Bank — Interest on note ... 25 00 

1940 Annie G. Witter— State & County Tax 1940 . . 26 60 
1940 Countrymen's Mutual Fire Insurance Co. — 

Assessment 4 84 

1940 Annie G. Witter— School tax-1940 73 50 

1940 Mutual Fire Insurance Co. — Fire Insurance. 5 28 

1940 P. O. Sunday— 3 J^ ton fertilizer 66 36 

1940 Annville National Bank — Interest on note ... 25 00 

1940 Parker Fisher — Pig pen and other repairs .... 601 52 

1940 Patron's Mutual Fire Insurance — Assessment 10 02 

1940 P. O. Sunday— Fertilizer 21.60 less 10% 19 44 

1940 P. L. Wolfe— Repairs to pump 7 12 

1940 Annville National Bank — Interest on note ... 25 00 

1940 Frank Eberly — Grass seed 44 94 

1941 Annville National Bank — Interest on note ... 25 00 
1941 Annville National Bank — Interest on note ... 25 00 
1941 P.L.Wolfe — Repairs to pump and water line . 3 40 
1941 Annville National Bank — Interest on note. . . 25 00 
1941 P. O. Sunday— 2/3 ton fertilizer @ 2.60 less 

10%, \\i bu. seed corn @ 7.50 Q4 paid by 

Taylor) 17 75 

1941 Annville National Bank — Interest on note ... 25 00 

1941 Annie G. Witter— Road tax 1941 13 30 

1941 P. L. Wolfe— Pump repairs 7 25 

1941 P. O. Sunday— 2^ ton 3-12-6 fertilizer 2/3 of 

2Y 2 ton @ 32.10 $53 50 

Less 10% 5 35 48 15 

1941 Frank Eberly: 

15 bu. seed oats @ .60 $9 00 

1% bu. alfalfa seed 25 38 

2 bu. size inoculation 1 00 35 38 

Total Expenses $1,234 98 

Net Loss before depreciation $532 69 



Tuly 


3, 


July 


5, 


luly 


20, 


Aug. 


5, 


Aug. 


5, 


Aug. 


5, 


Sept. 


20 


Sept. 


20, 


Sept. 


20, 


Oct. 


7, 


Oct. 


8, 


Oct. 


8, 


Oct. 


8, 


Oct. 


11, 


Nov. 


4, 


Nov. 


8 


Jan. 


6, 


Feb. 


3, 


Feb. 


28, 


April 


7, 


April 


25, 


May 


5, 


May 


23 


May 


23 


June 


5, 



June 13, 



43 



FUNDS FROM THE N. Y. A. 
(Not taken into College Account) 
YEAR ENDED JUNE 30, 1941 



October $114 80 

November 547 40 

December 737 80 

January 284 20 

February 727 65 

March 588 00 

April 742 00 

May 577 50 

June 659 05 



$4,978 40 
Number of students helped — 87 



44 



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 accounts 
of S. H. Derickson, Treasurer of the College. 

The audit was made by Charles E. Procasco, C. P. A., of Harrisburg. 
We submit as our report his certification, which follows: 

H. E. Schaeffer 
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, 1941 also the balance sheet, profit and loss and relative state- 
ments included in the foregoing report of your Finance Committee. 

In connection therewith, cash receipts and disbursements for all funds were 
audited and cash balances confirmed. Notes and accounts receivable were not con- 
firmed 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 equivalent to the book value of the 
funds which they represent. Plant additions were determined to be proper capital 
charges. 

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

In addition thereto, I made a review of the accounting procedures of the College 
and examined or tested accounting records and other supporting evidence by methods 
and to the extent deemed appropriate, 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, 
1941, and the results of its operations for the year ended that date. 

Respectfully submitted, 

C. E. Procasco, 

Certified Public Accountant 
Harrisburg, Pennsylvania 
August 22, 1941 



45