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

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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

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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

2Y2 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