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

Lebanon Valley College 

OFFERS 

Extension Courses 

HARRISBURG - LEBANON - ANNVILLE 

SATURDAY MORNING CLASSES 
IN ANNVILLE 

1935-1936 

Bulletin — August 1st 
Address: M. L. Stokes, Ssc'y., Annville, Pa. 




Hershey Demonstration School 



Lebanon Valley College 

BULLETIN 

Vol. XXIV OCTOBER. 1935 No. 7 



REPORT OF FINANCE COMMITTEE 

FOR FISCAL YEAR 

ENDING JUNE 30, 1935 



To be Presented to the Board of Trustees at their 
Annual Meeting, Friday, June 5, 1936 



A supplement to this report will give figures for the 
school year 1935-1936, to June 1, 1936 



Entered as Second-Class matter at .Annvillo, Pa., ,.nder the .\ct of August 24, 1912 



Digitized by the Internet Archive 

in 2011 with funding from 

LYRASIS IVIembers and Sloan Foundation 



http://www.archive.org/details/lebanonvaloct193524leba 



TABLE OF COHTENTS 



Student Snrollment 4 

Funds xTOsi tnd F« &• R* A* ••••••••••*••••••••••••••••••••••••*•« A 

Comasnts, Chairman of the Finance Comiittee 5 

Comparative Balance i>heet , 6 

Condensed CoaparatiTe Statement of Current Inoone and Szpenses.. 6 

Statement of Current Funds .....10 

Statement of Current Income. . ...,....« 11 

Statement of Current Expenses IS 

Statement of Endomnent Income IS 

Details of Current Fund Adjustments 22 

Condensed Statement of General Fund Cash Reoeipts and 

Disbursements 23 

Statement of Cash Reoeipts and Disbursements, Sndomoent 

Income Account .25 

Statement of Loan Funds .25 

Statement of Bndo^ffiient end Other Hon'-Sxpendable Funds.... 27 

Schedule of Sndomoent Fund Investments 28 

Statesasnt of Plant Funds 36 

Plant Funds Assets 37 

Extension Department. . .« 38 

Sunaasr School Report. 38 

Statement of Musio Sohool Income and Expenses.. 39 

Statement of Dormitory Income and iixpenses 40 

Report of Dining hall ...41 

Statement of Laboratory Inootse andl Expenses .42 

Report of Library. 42 

Doimtions to Lebanon Valley College for Special Purposes 43 

Analysis of Heating Plant Expense 44 

Analysis of Farm Deficit Account..... 44 

Statement of Bast Berlin Farm Income and Bxpeixses 45 

Statement cf Shiremanatown Farm laoome and Expenses , 46 

Audit Certificate .47 



STUDEHT EMROLIMEHT, 1934-1935 



College Department 
Graduate Students 


Men 
2. 


Women 
2 


Total 
4 




Seniors 


46 


18 


64 




Juniors 


48 


22 


70 




Sophomores 


55 


21 


74 




Freshmen 


74 


36 


110 




Specials 


1 


1 


2 




Saturday Classes 


8 

232 


22 

122' 


30 


354 


Conserratory of Music 
Seniors 


3 


5 


8 




Juniors 


9 


11 


20 




Sophomores 


6 


9 


15 




Pre shmen 


9 


12 


21 




Specials 


23 
50 


41 
78 


64 


128 


Extension Deparianent 


10 


20 




30 


TOTAL ENROLmENT 


292 


220 




512 


Duplicates 


5 


10 




15 


HET EHROLLMEMT 


287 


210 




497 


Summer Session, 1935 


26 


18 




44 



FUNDS FROM THE F.E.R.A. 
(Not taken into College Account) 



September, 1954 
October, 1934 
No-vember, 1934 
December, 1934 
January, 1935 
February, 1935 
March, 1935 
April, 1935 
May, 1935 
June, 1935 



#42.15 
272.25 
465.30 
558.65 
565.65 
627.20 
630.00 
630.00 
630.00 
187.95 



$4,609.05 



Number of students helped - 74 



To the Board of Trustees of Lebanon Valley College: 

The Finance Conmiittee presents -che follo^ring report of the 
finances of the college for the fiscal year beginning July 1, 1934, 
and ending June 50, 1935, a twelve-month period. Last year's report 
was made cd^roring a ten month period due to the change in the date 
of closing the fiscal year from August 31 to June 30, This fact 
should be kept in mind vjhen making comparisons for these two years. 

Income and Expenditxires 

The total income for the year here reported was $180,423.18 as 
compared with $162,610,37 for the ten months of the preceding fiscal 
year. Inasmuch as the income producing part of the fiscal year is 
included Trithin liie ten-month period covered by the last report the 
increase above shown is not due entirely to the greater length of 
time involved. All of the major sources of income have shown an 
increase during this year. 

In accordance with the policy of the Committee no expenditures 
were made during the year that could be avoided or postponed. The 
expenditures for the year amounted to $189,009.96, which included 
additions to plant from current funds amoxmting to §8,079.12, As 
compared with last year the expenditures show an increase in excess 
of $25,000,00. A large part of this increase appears in the depart- 
ment of instruction and research and is due to the lengthened period 
for this year, v/hich includes two more months of faculty saleiries 
than the last accounting period. Most of the remainder of the increase 
is in the expense of operating the dining hall. Two factors enter 
here; first, an increase in food costs and second, a rental charged 
for dining hall and kitchen space, TuAiioh in previous years had not 
been done. 

Securities 

Constant attention to the endowment investment has resulted in 
strengthening the position of the college with respect to its secur- 
ities. The changes made during the year have improved the already 
evident trend toward an aggregate appreciation of values, 'iTae income 
from invested funds has also shown a gratifying increase. 

Student Accounts 

Accotmts receivable at the end of the year show a slight decrease 
from a year ago, which may indicate that students are experiencing 
a little less difficulty in procuring money to finance their college 
education, 

J. R. BNGLE, 
Chairman, Finance Committee 



EJxhibit A 

COMPARATIVE BALANCE SHEET 
JUIJE 30, 1935 AND 1934 



ASSETS 







Jvme 30, 


June 30, 










1935 


1934 


Increase 


Decrease 


I Cxirrent Funds: 






A Generals 












Cash 




#1,560.55 


1 441.35 


11,119.20 




Investments, Notes Reo'vable 12,123.18 


12,273.44 




$ 150.26 


Ao counts Eeo'vable, 


Students 14,397.49 


14,741.58 




344.09 


Advanoes Reo'vable, 


Farm 










Account 




2,232.19 


2,232.19 






Dining Hall Supplies 


987.19 


1,438.63 




451.44 


Laboratory Supplies 




1,525.00 


1,550.00 




25,00 


Summer School Expenses, 










Prepaid 




104.70 




104.70 




Prepaid Insurance 




1,941.19 


3,494.11 




1,552.92 


Deficit 




18,767.32 


2,101.42 


16,665.90 






53,638.81 


38,272.7^ 


15,366.09 




B Restricted: 










Cash 




1,395.38 


1,343.21 


52.17 






55,034.19 


39,615.93 


15,418.26 




II Loan Funds $ 










Cash 




1,902.19 


1,522,25 


379.96 




Notes Receivable 


Ion- Exp 


3,736.63 


2,895.91 


840.72 






5,638.82 


4,418.14 


1,220.68 




III Endoiwaent and Other I 


endable Funds 


374.00 


157.87 




Cash 




531.87 




Bonds 




630,671,16 


630,463.53 


207.63 




Stocks 




172,258.25 


172,829.23 




571.00 


Allotment Certificates 


14,773.51 


14,773.51 






Mortgages 




21,250.00 


20^760,00 


500.00 




Notes Receivable 




24,636.71 


24,931.21 




294.50 


Real Estate (Farms) 




47,476.25 


47,476.25 








911,597.73 


911,597.73 






IV Plant Funds: 










Lands 




39,000,00 


39,000.00 






Underground Heating 


and 










Plumbing System 




17,089.39 


17,089.39 






Buildings 




495,149.44 


494,469.03 


680.41 




Equipment 




101,785.92 


94,387.21 


7,398.71 






653,024.75 


644,945.63 


8,079,12 




V Agency Funds: 










Cash 




914.86 


82.54 


832.32 




Advances Receivable 


from 










General Fund 




183.19 


115.17 


68.02 




Farm Improvements 




2,500.00 


2,500.00 






Fann Deficit 




2,810.51 


4,108.79 




1,298.48 




6,408.36 


6,806.50 




398.14 


To-I-bI Arro+;r 


1,631, 7ns. PS 


1 fin7 RR?; Qs 54. .710 o5> 



Exhibit A 

COMPAEATTVE BMAHCE SHEET 
JUME 30, 1935 AHD 1934 



LIABIUTIES AM) FUOT)S 



Jvizie 30, Juzie SO, 

1936 1934 Inorease Decrease 



I Current Funds; 
A General: 

Notes Payable |38,500,CO ♦28,500,00 U0,.000,00 

Accounts Payable 9,955.62 5,657.65 4,298.07 

Advances Payable, Agency 

Funds 183.19 115,17 68,02 

Reserve for Doubtful Acc'ts 5,000,00 3,500.00 1,600,00 
Deferred Credits 

B Restricted; 
Funds 

II Loan Funds ; 

Funds 





500.00 




1500.00 


53j638.81 


38,272.72 


15,366.09 




1,395.38 


1,343.21 


52.17 




55,034.19 


39,615.93 


15,418.26 




5,638.82 


4,418.14 


1,220.68 





III Endowment and Other Non- Expendable Funds : 
Endcnmnent Funds; 

General 683,426,03 683,426.03 

Restricted 225,771.70 225,771.70 

909,197.73 909,197.73 

Annuity Funds 2,400.00 2,400.00 

911,597.75 911,597.'7r 



lY Plant Ftinds ; 

Net Investment in Plant 653,024.75 644,945.63 8,079.12 

V Agency Funds ; 

Notes Payable, Farm Aco»t 4,000,00 4,200,00 200*00 

Accounts Payable, Farm 

Account 259.14 259.14 

Advances Payable, Farm 

Account 2,232.19 2,232.19 

Funds 176.17 115.17 61.00 



6.408.36 6,806.50 598,14 



Total Liabilities 

and Funds 1,631,705.85 1,607,583.95 24,519.92 



Exhibit B-1 

COITOENSED COItlPARATrVE STATEt.ffilW OF CURRENT INCOME AND EXPENSES 
(Exolviding Receipts and Disbursements of Restricted Funds 
for Non-Bduoation&l Purposes) 

July 1 »34 Sept. 1 «33 
to to 

INCOME June 50 '55 June 50 '34 Inorefise Decr ease 

I Educational a nd General; 
(1) Student Incomes 

School of Liberal Arts 

and Sciences $64,656.20 $fil,y44.75 $8,711,44 

Auxiliary Educational 

Schools 23,068.46 18,589.50 4,473.96 



(2) Endowment Incosie 22,874.97 "21,259.T3 17^15.74"" 

(3) Gifts and Grants 5,644,87 3,189,85 2,455,0? 

(4) Other Sources 2, 780.8 7 _ 2 ,297 .25 4 85 .64 _ ___ _ 

Total Educational and 

General Income 119..025.27 107,280 .47 11 744.80 

II Au xiliary Enterprises a nd^ActiT Jties; 

TT) Dormitories ' 20,801.50 16.291.26 4.510.24 

(2) Dining Hall 38,605.90 38,683.75 77.85 

(3) Placement Bureau Income 45.00 49.00 4.00 

(4) Leadership Training Schoo l 854.9 854.90 

Total Income, Auxiliary 
Enterpri ses and 
Activities ^60,507.3 55^24,01 5,283.29 _ 

III Income for Non-E_ducational 

Purposes " '• - 1,090.61 505.89 _ 784.72 

Total Income 180,423.18 162,610.37 17,812.81 

Total Expenses, 

Forwarded 189 ,009.9 6 163,073.52 25,958.44 __ 

Wet LOSS before deduct- 
ing additions to Plant 
from Current Funds 8,586.73 461.15 8,125.63 

Additions to Plant from 

Current Funds 8,079.12 J-V^15.63_ _ 2 ,536.5 1 

Net Loss after deducting 
"Additions to Plant 
from Current Funds ^18,665.90 $10,876.78 $5, 739.1 2 _^ 

8 



Exhibit B-1 

CONDENSED COMPABATIVE STAiaiENT OF CTJERENT INCOME AND EXPENSES 
(Exoluding Keoeipts and Disbiirseiiidnts of Eestriotsd Funds 

for Hon-Eduoational Porposas) 

July 1 •34 Sept. 1 «S3 
to to 
EXPENSES June 50 «55 June 50 '54 Inoreaae Decrease 

I Eduoational and General ; 

(1) General Administration 

and Expense |26,253.18 125,554.11 ♦2,719.07 

(2) Instruction and Research: 

School of Liberal Arts 

and Sciences 68,309,81 59,588.71 8,921.10 

Auxiliary Educational 

Sohools 25,552.35 19,558.97 5,795.36 

95,662.14 78,947.68 14.714.46 



(5) Library 4,126.60 3,777.44 i49.16 

(4) Operation and Maintenance 

of Physical Plant 10,551.11 12,577.09 1,826.98 

Total Educational and 

General Expenses 134,595.a5 118,636.52 15,956.71 

II Auxiliary Enterprises and Activities; 

(1) Dormitories 11,468.71 10,828.96 639.75 

(2) Dining Hall 38,685.75 27,707.23 10,978.52 

(5) Placement Bureau S2.26 48,35 16.09 

(4) Leadership Training 

School 866.40 866.40 



Total Expanses Aux- 
iliary Enterprises 
and Activities 51,055,12 38,584;54 12,468.58 



III Other Non-Educational 

Expenses 1,865.81 2,350.66 486.85 

Total Expenses before 

Reserve Provisions 187,509.96 159,571.52 27,958,44 

Reserve Provisions; 

Provision for Doubtful 

AccoTmts Receivable 1,500.00 5,500.00 2,000.00 

Total Expenses |189,Q09.96 163,071.52 25,958.44 



Exhibit B 

SXATEMEMT OF CURREIW FUITOS 
YEAR ENDED JTJUE 30, 1935 



Balance at beginning of year None 

Add: 

(1) Current educational and general 

income, per Schedule B-1, Sec. I |119,025.27 

(2) Inoome auxiliary enterprises and 

activities, per Schedule B-l, 

Sec. II 60,307,30 

(3) Income non-educational purpcses, 

per Schedule B-1, Sec. Ill 7 ,4 28 .89 $186,761.46 

(4) Adjustments, per Schedule B-4 227.00 

186,988,46 

Deduct: 

(1) Current educational and general 

expenses, per Schedule B-2, Sec. I 136,093.03 

(2) Expenditures of auxiliary enterprises 

and activities, per Schedule B-2, 

Sec. II 51,053.12 

(3) Other iion- educational expenses, 

per Schedule B-2, Sec. Ill 7,873.61 

(4) General funds transferred to plant 

funds., per Exhibit E, Sec. I 8,079.12' 

203,098.88 

(5) Ad;iustments, per Schedule 5-4 5 55.48 203,o54.36 

Deficit for year ended June 30, 1935 16,665.90 

Add, Deficit July 1, 1934 2.101.42 

Deficit June 30, 1935, to Exhibit A, Section I $18,767.32 



10 



Schedule B-1 

STATEMENT OF CUEEENT INCOME 
YEhS ENDED JUNE 30, 1935 



I Educational and General ; 

(1) Student Incom e; 

A School of Liberal Arts and Sciences: 

Tuition |70,143.00 

Less, Scholarships 12,426.11 $57,716.89 

Matriculation Fees 1,562.81 

Biology Foes 1,998,00 

Chemistry Fees 1,824,00 

Physics Fees 362.50 

Psychology Fees 67,00 

Graduation Fees 1,125«0Q $64,656.20 

B Auxiliary Educational Schools: 

Extension School 793.00 

Music School 18,283.25 

Saturday School 993,00 

Summer School 2,999.21 23,068.46 

(2) Endovment Income (Schedule B-3) 

Unrestricted 20,091.62 

Restricted 2,783.25 22,874.87 

(3) Gifts and Grants 

Benevolence, Conference 3,030,28 

Other 2,614.59 5,644,87 

(4) Other Sources 

Interest on Current Funds 749.47 

Library Income 1,461.62 

Rent for Chapel 32.50 

Group Life Insurance Receipts 537.28 2,780.87 

Total Educational and General 

Income, to Exhibit B 119,025,27 

II Auxiliary Enterprises and Activities : 

(1) Dormitories ; 

Rentals 19,773.06 

Breakage Fees 364.19 

Cleaning Fees 664.25 20,801*50 

(2) Dining Hall ; 

Students' Board 38,103.50 

Sale of meals to others 480,93 

Sale of food and operating supplies 21.47 38,605.90 



11 



Sohedul© B-1, Continued 

STATEMENT OF CUEEENT INCOME 
YEAR EMDED JfUm 30, 19S5 



II Avixiliary Enterprises and Activities , Continued: 

(3) Placement Bureau Income " |45»00 

(4) Leadership Training School Income 854,90 

Total Income Auxiliary Enterprises 

and Aotivitiea, to Exhibit B 60,507^50 

III Income for Hon-Eduoational Porposes t 

Day Students' Fees for Janitor Service 

and Breakage |244,32 

Unexpended Student Activity Fees 625.89 

Class of 1934 Planting Fund 100.95 

Scholarship Funds (Schedule B-3) 5,655.80 

Student Loan Funds " " 500.73 

Prize Funds " " 61.75 

Annuity Funds " " 120.00 

Miscellaneous 119.45 

Total Income for Hon-Eduoational 

Purposes, to Exhibit B |7,428.89 

Total Income to Exhibit B |186,761.46 



12 



Schedule B-2 

STATEMENT OF CUERENT EXPENSES 
YEAR ENDED JUl'IE 30, 1935 



I Educatioiml and General ; 

(1) Gen'eral Administra tior and Expense; 
A General" AcSnlni strati ve Offices; 

Miscellaneous 1285,25 

Office Supplies 277,31 

Postage 380.42 

Salaries 14,744.85 

Stationery and Printing 185.70 

Telephone and Telegraph 205.96 $16,079.49 

B General Expense; 

Advertising, General 319.59 

Bulletins and Catalogues 694.54 
Aluianj Secretary, Salary and 

Expense 887.43 

Alumni Expense 170.15 

Accounting Services and Expenses 284.35 

Commencement Expenses 226.45 

Diplomas 152.10 

Compensation Insurance 286.20 

Group Life Insurance 1,366.35 

Lecture Expense 223.05 

Membership Dues 198.50 

Miscellaneous 802.01 

Press Service 870.80 

Students Solicitation Expense 2.477.92 
Travel and Entertainment: 

Faculty 119.55 

Officers 1,065.47 

Trustees 51. 25 1,234.25 
Provision fo'^ Doubtful 



(2) 



Accounts Receivable 1,500.00 


11,673.69 


$27,753.18 


Instruction and Research: 




, 


A School of Liberal Arts and Sciences: 






Salaries, Faculty 64,874.95 






Student Assistants 1,299,40 


66,174.35 




Practice Teaching 


fifi5.00 




Departm.ental Expenses; 






Biology Laboratory 930,81 






Chemistry Laboi'etory 465.76 






English Department 13.3 6 






Physios Laboratory 58.02 






Psychology Laboratory 2.71 


1,470.46 


68,309.81 



15 



Schedule B-2, Continued 

STAT^iENT OF CUSEENT EXPENSES 
YEAR ENDED JUNE 30, 1935 



(2) Instruction and Research: 






B Auxiliary Schools: 






Extension School: 






Faculty Salaries 


#600,00 




Tra-seling and Miscellaneous 


237.79 


$837.79 


Music School: 






Faculty Salaries 


19,625.14 




Practice Teaching, Salaries 






and Expenses 


490.80 




Tuning, repairs, music, etc. 


852.76 


20,968,70 



Saturday School: 

Faculty Salaries 994.00 

Summer School: 

Faculty Salaries 1,820.80 

Miscellaneous Expense 276.04 

Boarding Expense 455.00 2,561,84 #25,352.33 

(3) Library ; 

Books and Magazines 629.40 

Salaries 3,332.25 

Supplies 164.95 4,126.60 

(4) Operation and Maintenance of 

Physical Plant; 

Care of Buildings and 

Furniture 1,969.55 

Care and Maintenance of Grounds 802.60 

Gas .26 

Heat 4,209,86 

Light and Power 982,16 

Miscellaneous 100.20 

Operating Supplies 82.66 

Planting Expenses 35.80 

Property Insurance 1,064.04 
Repairs and Maintenance of Buildings 

and Equipment 922.34 

Taxes 154.35 

Water 227.29 10,551.11 

Total for Educational and General 

Expenses, to Exhibit B 156,093.03 



14 



Schedule B^Z, Continued 

STATEMENT OF CURRENT EXPENSES 
YEAR ENDED JUNE 30, 1935 



II Auxiliary Enterprises and Acti-wities: 






ITT 


Dormitories J 








Care of Buildings and Furniture 


13,029.46 






Gas 


3.00 






Heat 


4,264.37 






Light and Power 


1,804.77 






Miscellaneous 


92.32 






Operating Supplies 


84.40 






Property Insurance 


582.72 






Rent 


104.00 






Repairs and Maintenance of 








Buildings and Equipment 


819.04 






Telephone 


142,25 






Water 


542.38 


111,468.71 


(2) 


Dining^ Hall: 








Salaries and Wages 


9,531.36 






Food 


22,393.95 






Gas 


249.07 






Laundry 


399,42 






Light 


611.00 






Miscellaneous 


107.20 






Operatii]g Supplies 


335.72 






Renewals and Repairs 


454.05 






Rental 


4,475.00 






Telephone 


35.00 






Water 


94.00 


38,685.75 


(3) 


Placement Bureau; 








Expenses 




32,26 


(4) Leadership Training School: 







Expenses 

Total Expenses, Auxiliary Enterprises 
and Aotimties, to Exhibit B 

III Other Non- Educational Expenses ; 
Interest on Loans 
Debating Expenses 
Designation from BeneTolence Budget to 

Alumni Giving Fund for Faculty 
Scholarships (Schedule B-3) 
Student Loan Funds (Schedule B-3) 
Prizes (Schedule B-3) 
Annuities (Schedule B-3) 

Total Non-Educational Expenses, 
to Exhibit B 

Total Expenses to Exhibit B 
15 



866.40 





,55 


♦51, 


,053, 


.12 


1,686. 








72, 


,66 








104. 


,60 








5,328. 


.07 








500, 


.73 








61. 


.00 








120, 


.00 












7. 


,873, 


.61 




$195, 


,019, 


.76 



Sohedule B-3 

STATEMENT OF ENDOVMEKT INCOME 
FOR THE YEAE ENDED JUNE 30, 1935 



I Unrestricted: 

For Eduoational Purposes 

II Restricted: 

A For Eduoational and General Purposes: 

1. Printing Funds: 

Rev. John P. Cowling Memorial Fund 

E. Professorship Funds: 

Chair of English Bible and Greek Testament 

Josephine Bittinger Eberly Professorship of Latin Language 

and Litera-bure 
John E. Lehman Chair of Mathematics 
Rev. J, B. Weidler Endowment Fund 

3, Library Funds: 

library Pxmd of Class of 1916 

4, Maintenance Funds: 

Hiram E. Steinmetz Memorial Room Fund 

Total Restricted for Educatioiml and General Purposes 

B For No n- Educational Purposes: 

1. Scholarship Funds: 

Allegheny Conference C. E. Society Scholarship Fund 

Dorothy Jean Baohman Scholarship Fund 

Lillian Merle Bachman Scholarship Fu.nd 

Baltimore Fifth Church, Otterbein Memorial Sunday School 

Scholarship Fund 
E. M. Baum Scholarship Fund 
Biological Scholarship Fund 
Eliza Bittinger Scholarship Fund 
Mary A. Bixler Scholarship Fund 
I. T. Buffington Scholarship Fund 
Senator James J. Davis Scholarship Fund 
Derickson Scholarship Fund 
William E. Duff Scholarship Fund 
East Pennsylvania Branch W. M. A. Scholarship 
East Pennsylvania Conference C. E. Scholarship 
16 



Schedule B-3 

STATaiENT OF EiroaTlSNT INCOME 
FOR THE YEAR ENDED JUITE 30, 1935 







I 


H C M 


E 






Fund 




Income for 








Balance 


Principal 


Balance 


the yenr 






Expenditures 


Income 


June 30, 


Incorae 


(included 


Total 




(included 


June 30, 


1935 


July 1, 


in Schedule 






in Schedule 


1935 




1934 


B-1) 






B-2) 


Exhibit A 


1683,426.03 


#5.50 


$20,091.62 


120,086, 


.12 


$20,367.93 


-$281.81 



380.00 



19.00 



19.00 



19.00 



380.00 



19.00 



19.00 



19.00 



15,230.00 



761.50 



761.50 



761.50 



40,000.00 

36,430.04 

200.00 



- .22 



100.00 


100.00 


100.00 


1,821.50 


1,821.50 


1,821.50 


10.00 


9.78 


10.00 



- .22 



91,860.04 


- .22 


2. 


,693.00 


2 


,692.78 


2, 


,693.00 


- .22 


1,225.00 






61.25 




61.25 




61.25 




1,225.00 






61.25 




61.25 




61.25 




200.00 






10.00 




10.00 




10.00 




200.00 






10.00 




10.00 




10.00 




93^665.04 


- .22 


2. 


,783.25 


2; 


,783.03 


2, 


,783.25 


- .22 



1,000.00 
1,000.00 
1,000.00 

3,000.00 

500.00 

2,517.00 

12,000.00 

500.00 
2,000,00 

100.00 
2,750.00 

600.00 
3,000.00 
5,000.00 



.09 



50.00 


50.00 




50.00 


50.00 


50.00 


50.00 


50.00 


50.00 


150.00 


150.00 


150.00 


25.00 


25.00 


25.00 


125.85 


125.85 
.09 


125.85 


25.00 


25.00 


25.00 


50.00 


50.00 


50.00 


5.00 


5.00 


5.00 


137.60 


137.50 


137.50 


30.00 


30.00 


30.00 


150.00 


150.00 


150.00 


250.00 


250.00 


220.00 



50.00 



.09 



30.00 



17 



Schedule B-3, Continued 

STATEMEHT OF ENDOWMEUT IHCCME 
FOE THE YE/LR ENDED JUNE 30, 1935 



II Restricted: 

B For Non-Educational Purposes: 



1. Scholarship Funds: 

Samuel F. Engle Scholarship Fund 

M. C. Favinger and Wife Scholarship Fund 

Fred E. Foos Scholarship Fund 

C. C. Gingrich Scholarship Fund 

G, D. Gossard and Wife Scholarship Fvmd 

Peter Graybill Scholarship Fund 

Jacoh F. Greasley Scholarship Fund 

Hamish-Houser Publicity Fund 

Harrisburg Otterbein Church Scholarship Fund 

Harrisburg Otterbein Sunday School Scholarship Fund 

J. M. Heagy and Wife Scholarship Fund 

Bertha Foos Heinz Scholarship Fund 

Harvey E. Herr Memorial Scholarship Fund 

Edwin M. Hershey Scholarship Fund 

H. S,. Immel Scholarship Fund 

Henry G. and Anna S. Kaufman and Family Scholarship Fund 

John A. H. Keith Fund 

Barbara June Kettering Scholarship Fund 

Rev. and Mrs. J. E. and Rev. A. H, Kleffman Scholarship Fund 

A. S. Kreider Ministerial Fund 

W. E. Kreider Scholarship Fund 

Mrs. Savilla Loux Scholarship Fund 

Lykens Otterbein Church Scholarship Fund 

Mechanic sburg TJ. B, Sunday School Scholarship 

Medical Scholarship Fund 

Elizabeth Meyer Endowment Fiind 

Elizabeth May Meyer Musical Scholarship Fund 

Mrs. Elizabeth H. Millard Memorial Scholarship 

Bishop J. S. Mills Scholarship Fund 

Elizabeth A. Mower Beneficiarj' Fund 

Grace U. B, Church of Penbrook Scholarship 

Pennsylvania Conference C. E. Scholarship 

Pennsylvania Branch W. M. A. Scholarship Fund 

Rev. H. C. Phillips Scholarship Fund 

Sophia Plitt Scholarship Fiind ^ 

Ezra G. Ranck and Wife Scholarship 

Levi S. Reist Scholarship Fund 

Harvey L. Seltzer Scholarship Fund 



Schedule B-3 

STATEMENT OF ENDOWMENT INCOME 
FOR THE YE/>.R EI>IDED JUNE 30, 1955 



INCOME 


Fund 




Income for 




Balance 


Principal 


Balance 


the year 


Expenditures 


Income 


June 30, 


Income 


(included Total 


(included 


June 30, 


1935 


July 1, 


in Schedule 


in Schedule 


1935 




1934 


B-1) 


B-2) 


Exhibit A 



$6,000,00 


$8.00 


$300.00 


$308.00 


$308.00 




1,000.00 




50.00 


50.00 


50.00 




1,000.00 




50.00 


50.00 


50.00 




3,000.00 




150.00 


150.00 


150.00 




3,300.00 


661,69 


165.00 


826.69 




$826.69 


1,000.00 




50.00 


50.00 


50.00 




500.00 




25.00 


25.00 


25.00 




2,000.00 


137.33 


100.00 


237.33 




237.33 


2,120.00 




106.00 


106.00 


106.00 




1,100.00 


5.50 


55.00 


60.50 


60.50 




500.00 




25.00 


25.00 


25.00 




1,000.00 




50.00 


50.00 


50.00 


, 


1,000.00 




50.00 


50.00 


50.00 




400.00 




20.00 


20.00 


20.00 




5,000.00 




250.00 


250.00 


250.00 




1,000.00 




50.00 


50.00 


50.00 




100.00 




5.00 


5.00 


5.00 




1,020.00 




51.00 


51.00 


34.50 


16.50 


1,000.00 




50.00 


50.00 


50.00 




15,000.00 


7.50 


(750.00 












*(257.95 


1,015.45 


814.72 


200.73 


2,000.00 




100.00 


100.00 


100.00 




1,000.00 




50.00 


50.00 


50.00 




1,000.00 




50.00 


50.00 


50.00 




2,000.00 




100.00 


100.00 


100.00 




245.00 




12.25 


12.25 


12.25 




500.00 




25.00 


25^00 


25.00 




1,550.00 




77.50 


77.50 


77.50 




5,000.00 


.49 


250.00 


250.49 


250.00 


.49 


3,500.00 




175.00 


175.00 


175.00 




225.00 




11.25 


11.25 


11.25 




3,000.00 




150.00 


150.00 


150.00 




4,350.00 


77.88 


222.50 


300.38 


300.00 


.38 


2,500.00 


136.73 


125.00 


261.73 


261.00 


.73 


1,300.00 




65.00 


65.00 


65.00 




6,380.00 


313.70 


319.00 


632.70 


319.00 


313.70 


1,000.00 




50.00 


50.00 


50.00 




300.00 




15.00 


15.00 


15.00 




3,000.00 




150.00 


_I50.^ 


150.00 




120,857.00 


1,348.91 


5,655.80 


7,004.71 


5,328.07 


1,676.64 



19 



Schedule B-3, Continued 

STATEMEMT OF EHDOmffiNT INCCftiE 
FOE THE YKhR ENDED JUKE 30, 1935 



II Restricted: 

B For Norv-Educ&tional Parposes: 

2. Studsnt Loan Funds; 
Mary A. Dodge Fund 
Daniel Eberly Scholarship Fund 

' 3. Prize Funds: 

Class of 1928 Scholarship Fujid 
Max F. Lehman Fund 

4. Annuity Funds: 

S. H. Derif-kson and \'i±fe 

Ida Eberly 

Elmer S. Eyler and Wife 

Fanry Z. Hostetter 

E. Roy Line and Wife 



Total Restricted for Non-Educational Purposes 
Total Restricted 
Total Unrestricted and Restricted 



20 



Schedule B-3 

STATEI.IENT OF ENDO^NiffiKT INCOME 
FOR THE YEAR ENDED JUNE 30, 1935 









INCOME 






Fund 




Income for 






Balance 


Principal 


Balance 


the year 




Expenditures 


Income 


June 30, 


Income 


(included 


Total 


(included 


June 30, 


1935 


July 1, 


in Schedule 




in Schedule 


1935 




1934 


B-1) 




B-2) 


Exhibit A 



|9,500, 
514, 



00 

66 



#475.00 
25.73 



$475.00 
25.73 



175.00 
25.73 



10,014.66 




500.75 


500.75 


500.73 




835.00 
400.00 


.02 ■ 


41.75 
20.00 


41.77 
20.00 


41.00 
20.00 


.77 


1,235.00 


.02 


61.75 


61.77 


61.00 


.77 



500.00 


25.00 


25.00 


25.00 


1,000.00 


50.00 


50.00 


50.00 


200.00 


10.00 


10.00 


10.00 


500.00 


25.00 


25.00 


25.00 


200.00 


10.00 


10.00 


10.00 



?,400.00 




120.00 


120.00 


120.00 




134,506.66 


1,348.93 


6,338.28 


7,687.21 


6,009.80 


1,677.41 


228,171.70 


1,348.71 


9,121.53 


10,470.24 


8,793.05 


1,677.19 


1911,597.75 


$1,343.21 


$29,215.15 


$30,556.36 


$29,160.98 


$1,395.38 



*Return 
Fund. 



of $257.95 from Yifilliam 0. Rhoad to A. S. Kreider Ministerial 



21 



Schedule B-4 

DETAILS OF CUERMT FUMD ADJUSTBiEMTS 
YEAR ENDED JUNE 30, 1955 



1. Adjustments adding to Current Funds: 

Decreatje in income balances: 

Samuel F. Engle Scholarship Fund $8.00 
Harrisburg Otterbein Sunday School Scholarship 

Fund 5.50 

Pennsylvania Conference C. E. Scholarship Fund 77.50 

Pennsylvania Branch W.M.A. Scholarship Fund 156.00 

Total to Exhibit B, Section 4 |227.00 

2« Adjustments deducting from Current Funds: 

Increase in income balances: 

Allegheny Conference C. E. Society Scholarship 

Fund 50.00 
East Pennsylvania conference C. E. Society 

Scholarship Fund 30,00 

G. D. Gossard and Wife Scholarship Fund 165.00 

Harnish-Houser Publicity Fxmd 100.00 

Barbara June Kettering Scholarship Fund 16.50 

A. S. Kreider Ministerial Fund 193.23 

Class of 1928 Scholarship Fund .75 

Total to Exhibit B, Section 5 |555.48 



22 



Schedule B-5 

CONDEISED STATMENT OF GENERAL FUND CASH RECEIPTS AND DISBURSEMENTS 

FOR THE YEAR ENDED JUNE 30, 1935 



Balance July 1, 1934 



RECEIPTS 



♦441.35 



Income : 
Students 

Endowment Income 
Gifts and Grants; 

Conference Benevolence 

Other 
Other Sources: 

Interest on Cvirrent Funds 

Rent for Chapel 

Library Income 

Group Life Insurance 

Placement Bureau 

Leadership Training School 

Unexpended Student Activity Fees 

Miscellaneous 
Balance Sheet Items: 

Increase in Notes Payable 
Increase in Accovmts Payable 
Increase in Advances Payable to 

Agency Funds 
Decrease in Inventories; 

Dining Hall $451.44 



1147,220.47 
22,874.87 



$3,030.28 
2,614.59 

749.47 
32.50 
379.16 
537.28 
45.00 
854.90 
625.89 
220.40 

10,000.00 
4,298.07 

68.02 



5,644.87 



3,444.60 



Laboratory Supplies 25.00 


476.44 








Decrease in Prepaid Insurance 


1,552.92 








Received from Churches on acootmt 










of notes 


150.26 


16,545, 


.71 


195,730,52 
$196,171.87 


DISBURSEMENTS 








Expenses: 










Educational and General: 










General Administration & Expense 


126,253.18 








Instruction and Research 


93,662.14 








Library 


3,044.14 








Operation and Maintenance of 










Physical Plant 


10,551.11 


133,510. 


.57 




Aiixiliary Enterprises & Activities: 










Dormitories 


11,468.71 








Dining Hall 


38,685.75 








Placement Bureau 


32.26 








Leadership 


866.40 


51,053, 


.12 




Other Non-Educational Expenses: 










Interest on Loans 


1,686.55 








Debating Expenses 


72.66 


1,759, 
186,322. 


.21 
.90 





23 



Schedule B-5i Continued 

CONDENSED STATEi/IENT OF GENERAL FUl'JD CASH RECEIPTS AND DISBURSEf.ISirTS 
FCE YEAR ENDED JUNE 30, 1935 

DISBURSaiaJTS_ 

Balance Sheet Items: 

Prepaid Summer School Expenses $104.70 

Designation from Benevolence Budget 

to Alumni Giving Fund 104.60 

Additions to Plant 8,079.12 $8,286.42 |194,611.32 

Balance June 50, 1955, per Exhibit A, 

Section I-A 1,560.55 

i, 171. 87 



24 



Schedule B-6 

STATEMENT OF CASH RECEIPTS AUD DISBURSEiEENTS 

ENDOI/^MEOT INCOl/IE ACCOUNT 

FOR THE YEAR ENDED JXJlffi 30, 1935 

Balance July 1, 1934 $1,343.21 

RECEIPTS 

Income from Endo^«ment Investments |29,614.59 

Less, accrued interest on bonds 

purchased 904.88 $28,709.71 

Refund received from William 0. Rhoad 
on account of A. S. Kr eider 

Ministerial Fund 257.95 28,967.66 

$50,510.87 

DISBURSEMENTS 

Unrestricted: 

Transferred to General Fund for 

Educational Purposes $20,091.62 

Restricted: 

Transferred to General Fund for 
Educational and General Purposes: 
Printing Funds 
Professorship Funds 
Library Funds 
Maintenance Funds 

Used for Non-Educational Purposes: 
Scholarship Fvmds 
Student Loan Funds 
Prize Funds 
Annuity Funds 

Expenses: 

Insurance on -tt-dair Bonds 
Tax on Foreipn Coupons 
PostaE;6 on Coupons 
Internal Revenue Tax on checks 



Balance June 50, 1935, per Exhibit A, Section tB 



$19.00 

2,693.00 

61.25 

10.00 


2, 


,783.25 




5,328.07 

500.75 

61.00 

120.00 


6_, 


,009.80 


8,795.05 






25.00 

4.13 

1.45 

.24 


30.82 
$28,915.49 


ition tB 






1,595.38 

$30,310.87 



25 



Exhibit C 

STATEMENT OF LOM FUNDS 
YEAE ENDED JUNE 30, 1935 



FUND PRINCIPAL 



Funds 

Altunni Annual Giving 

Fxind 
Mary A. Dodge Fund 
Daniel Eberly Fund 
Henry B. Stehman Fund 
Dr. Wagner Special 

Fund 











Balance 










June 30, 


Balance 








1935 


July 1, 


Receipts 


Other 


Deduc- 


Exhibit A 


1934 


for year 


Additions 


tions 


Sec. II 




■ $721.70 


• + 


+ 


$721.70 


$2,291.29 


510.00 


+ 


+ 


2,801.29 


25.73 


25.73 


+ 


+ 


51.46 


2,101.12 


+ 


+ 


150.00 


1,951.12 



^, 418. 14 



115.25 
$1,370.68 



113.25 



$150.00 $5,658.82 



FUND ASSETS 



Cash 

Notes Receivable from Students: 
Alumni Annual Giving Fund 
Dodge Fund 

Henry B, Stehman Fund 
Dr. Wagner Special Fund 



$1,902.19 



$503.28 
2,234.41 
900.00 
98.94 5,736.65 



Total Loan Fund Assets June 30, 1935, 
to Exhibit A, Section II 



$5,638.82 



26 



Exhibit D 

STATadENT OF ENDCWMENT AND OTHER HO»-EXPE»rDABLE FUUDS 

YEAR ENDED JUlfE 30, 1955 

FUND PRINCIPAL 



Balance July 1, 1934 

Additions during year 

Deductions during year 

Balance Jtme 30, 1935, to 
Exhibit A, Section III 



Endo7/iiient 
Funds 


Annuity 
Funds 

12,400.00 


Total 


1909,197.73 


1911,597.73 


None 


None 


None 


None 


None 


None 



$909,197.73 



12,400.00 ♦911,597.73 



Schedule D-1 

SUMMARY OF ENDOVmENT FUND INVESTMENTS 
JTJNE 30, 1935 

Amount Percentage 
Invested of Total 



Farms 
Bonds: 

Industrial 

Municipal 

Public Utility 

Railroad 

Real Estate 

Stocks 

Mortgages 

Notes Receivable 

Allotment Certificates 

Cash awaiting investment 



Total Endowment Fund Investments, 

June 30, 1935, to Exhibit A, Section III 





♦47,476.25 


5.21 


♦41,350.13 




4.54 


9,691.23 




1.07 


276,613.70 




30.36 


206,151.10 




22.63 


96,865.00 


630,671.16 


10. 6S 




172,258.23 


18.91 




21,250.00 


2.33 




24,636.71 


2.70 




14,773,51 


1.62 



911,065.86 
531.87 



♦911,597.73 



100.00 



27 



Schedule D-2 

SCHEDULE OF ENDOVMSNT FUITO INVESTM£I\ITS 
JUIJE 30, 1935 

Amount FAMiS 

Farm at East Berlin 
Farm at Shiremanstown 

INDUSTRIAL BOHDS 

$10,000 Butler Brothers 

10,000 Certain-teed Products Corporation 

5, OCX} Lane Bryant Incorporated 

5,000 The Mead Corporation 

5,000 McCord Radiator and iianufaoturine; Company 

15,000 Philadelphia and Reading Coal and Iron Company 
50,000 



MUNICIPAL BONDS 



10,000 City and County of Dallas Levee Improvement District 
PUBLIC UT IL ITY BONDS 

10,000 American & Foreign Povrer Company Inc. 

5,000 Arkansas-Missouri Power Compemy 

5,000 Associated Gas and Electric Company 

15,500 Associated Gas and Electric Corporation 

5,000 Associated Gas and Electric Corporation 

5,500 Associated Gas and Electric Corporation 

10,000 Birmingham Gas Company 

10,000 Central Gas &, Electric Corporation 

10,000 Central Power and Light Company 

7,000 Central States Electric Corporation 

10,000 Central "iVest Public Service Company 

5,000 Cities Service Company x.w, 

10,000 Cities Service Company w,w, 

10,000 Cities Service Company 

10,000 Cities Service Power & Light Company 

15,000 Consolidated Gas Utilities Company 

5,000 Federated Utilities Incorporated 

10,000 Florida Power Corporation 

5,000 Florida Pov/er & Light Company 

10,000 General Public Utility 1st Lien 

5,000 Genesee Valley Gas Company, Incorporated 

10,000 International Telephone and Telegraph Corporation 

10,000 Interstate Power Company 

10,000 Jacksonville Gas Company 

5,000 Manitoba Power Company, Limited 

6,000 Midland Utilities Company 

10,000 Municipal Service Company 

5,000 Neva da- California Electric Corporation 

28 



Schedule D-2 

SCHEDULE OF SNDOViTLffiNT FUITD lOTESTMEOTS 

JUIIE 30, 1935 

Rata P e r Ce nt Matu rity Book Valu e Income 

$9,776.25 
37,700.00 



5 

5-1/2 

6 

6 

6 

6 



5-1/2 



5 

6 

6 

5 

4-1/2 

5-1/2 

5 

5-1/2 

5 

5 

5-1/2 

5 

5 

5 

5-1/2 

6 

5-1/2 

5-1/2 

5 

6-1/2 

6 

5 

5 

5 

5-1/2 

6 

6 

5 





$47,476.25 






^ 




1943 


$8,374.40 


$500.00 


1948 


7,774.55 


275.00 


1940 


4,750.00 


300.00 


1945 


4,837.50 


300.00 


1943 


4,500.00 


+ 


1949 


11,113.58 


450.00 




41,350.13 


1,825.00 


1945 


9,691.23 





2030 


8,975.00 


500.00 


1953 


4,937.50 


300.00 


1948 


5,000.00 


+ 


1975 


15,035.00 


775.00 


1973 


5,000.00 


225.00 


1973 


5.500.00 


302.50 


1959 


9,856.00 


500.00 


1946 


9,175.00 


550.00 


1956 


9,925.00 


500.00 


1948 


4,800.00 


175.00 


1956 


8,975.00 


+ 


1963 


4,162.50 


250.00 


1969 


12,262.50 


500.00 


1950 


9,975.00 


500.00 


1949 


9,250.00 


550.00 


1943 


7,027.00 


900.00 


1957 


4,250.00 


275.00 


1979 


9,075.00 


550.00 


1954 


3,949.94 


+ 


1955 


9,900.00 


650.00 


1956 


4,787.50 


300.00 


1955 


9,687.50 


500.00 


1957 


9,375.00 


500.00 


1942 


7,166.24 


300.00 


1951 


4,487.50 


275.00 


1938 


+ 


+ 


1956 


5,031.67 


600.00 


1956 


4,962.50 


250.00 



29 



Schedule D-2 

SCHEDULE OF ENDCP/iMENT FUND IKVSSTMEUTS 

JUNE 30, 1935 

Amount PUBLIC UTILITY BONDS, Continued 

110,000 New England Gas and Electric Association 

10,000 Portland General Electric Company 

10,000 Postal Telegraph and Cable Corporation 

5,000 Southwest Gas Company of Oklahoma 

10,000 Standard Power and Light Corporation 

10,000 Tide Water Povrer Corporation 

10,000 United Light & PoaTer Corporation '_ 

10,000 West Texas Utilities Company 
509,000 

RAILROAD BONDS 

5,000 Allegheny Corporation 

10,000 Allegheny Corporation Convertible 

10,000 Baltimore and Ohio Railroad Company 

10,000 Baltimore and Ohio Railroad Company 

5,000 Boston & Maine Railroad Company 

10,000 Chicago and North Western Railway Company 

10,000 Chicago Great Western Railroad Company 

5,000 Chicago, Rock Island and Pacific RaiTivay Company 

10,000 Chicago South Shore and South Bend Railroad Equipment 

5,000 Cleveland, Cincinnati, Chicago & St. Louis Railway Company 

10,000 Erie Railroad Company 

10,000 Illinois Central Railroad 

5,000 International-Great Northern Railroad Company 

10,000 Midland Valley Railroad Company 

10,000 Missouri Pacific Railroad 

10,000 New Orleans, Texas & Mexico fiailT.vay Company 

5,000 Hew York Central and Hudson River Railroad Company 

10,000 Nev; York Central Railroad Company 

10,000 New York, Chicago and St. Louis Railroad Company 

5,000 Philadelphia Rapid Transit Compary 

5,000 Southern Pacific Company 

5,000 St. Louis, Peoria and Korthirastern Railway 

10,000 St. Louis-San Francisco Railway Company 

5,000 Virginia and South 'Western Railway Company 

2,000 Wabash Railway Company 

10,000 Western Maryland Railroad Company 

10,000 Western Pacific Railroad Company 

5,000 Y/e stern Pacific Railroad Company 
217,000 

REAL ESTATE BONDS 

500 Agar Packing and Provision Corporation 

5,000 Atlanta Medical Arts Building 

2,000 Broadway- Barclay Office Building 

5,000 Broadway & 41st Street Building 



30 



Schedule D-2 

SCHEDULE OF ENDOVMEHT FUUD INVESTMENTS 

JUNE 30, 1935 



Rate Per Cent 


Maturity 


Book Value 


Income 


5 


1950 


$9,080.00 


$500.00 


4-1/2 


1960 


11,724.10 


450.00 


5 


1953 


9,900.00 


500.00 


6 


1954 


4,900.00 


150.00 


6 


1957 


10,156.25 


600.00 


5 


1979 


9,275.00 


500.00 


6 


1975 


9,950.00 


600,00 


5 


1957 


9,100.00 


500,00 






276,613.70 


14,527.50 


5 


1949 


5,104.50 


250.00 


5 


1944 


10,183.00 


500.00 


4-1/2 


1960 


10,000,00 


450.00 


5 


1995 


8,883.88 


500.00 


5 


1955 


4,400.00 


125.00 


4-3/4- 


1949 


9,793.75 


237.50 


4 


1959 


9,400.00 


100.00 


4-1/2 


1960 


4,765.7£ 


+ 


5-1/2 


1935 


9,779.00 


+ 


5 


1963 


4,400.00 


+ 


5 


1975 


9,525.00 


500.00 


4-3/4 


1965 


9,475.00 


475.00 


5 


1956 


4,862.50 


+ 


5 


1943 


9,550.00 


500.00 


5 


1977 


10,010.00 


+ 


5-1/2 


1954 


9,555.00 


+ 


4-1/2 


2013 


4,968.75 


225.00 


5 


2013 


7,636.81 


250.00 


5-1/2 


1974 


10,260.00 


550.00 


5 


1962 


4,353.66 


150.00 


4-1/2 


1969 


4,993.75 


225.00 


5 


1948 


4,959.16 


250.00 


4-1/2 


1978 


9,400.00 


+ 


5 


1958 


5,045.00 


250,00 


5-1/2 


1980 


1,851.55 


+ 


4 


1952 


8,225.00 


400,00 


5 


1946 


9,817.50 


+ 


5 


1946 


4,962.50 
206,151.10 


+ 




5,937.50 


5 


1946 


500.00 


+ 


6-1/2 


1938 


5,000.00 


325.00 


6 


1941 


2,000.00 


+ 


3-4 1/2 


3 944 


4,937.50 


150,00 



31 



Schedule D-2 

SCHEDULE OF ElTOOYkloSM FUND IWESTLSNTS 
JUNE 30, 1935 



Amount 

$5,000 
1,000 

14,000 
8 ,500 
5,000 
5,000 
4,000 

38,000 
4,000 

97,000 
$683,000 



REAL_ESTaTE BONDS^_Goiitinued 

Carman Theatre 

The Dorset 

Fuller Building 

Lemoyne Trust Conpany Guaranteed Certificate 

Loutellus Apartments, Pittsburgh 

North Avenue Market , Baltimore 

Hotel Syracuse, New York 

United Brethren Publishing House 

University Apartments, Pittsburgh 

Total Bonds 



MORTGAGES 



4,750 
5,000 
5,000 
500 
6,000 
21,250 



Jacob M. gaum 

Amos K. Curry 

Derry Street United Brethren Chvirch, Harrisburj 

Union Trxist Company of Pennsylvania, Harrisburg 

P. A. W. Wallace 

ALLOTLiENT CERTIFICATES 



100 units 
235 shares 



6. 


80 sh. 


50 


shares 


100 


It 


100 


n 


50 


II 


100 


n 


200 


II 


60 


II 


5 


11 


50 


11 


100 


II 


50 


II 


50 


It 


60 


It 


100 


11 


50 


II 


70 


11 


60 


II 


100 


n 



Corporation Securities Company of Chicago 
Kreuger & Toll Conpany 

STOCKS 

Agar Pecking and Provisions Corporation 

Anaconda Copper 

Atlantic Refining Company 

Bethlehem Steel Corporet.lon, Preferred 

The Borden Company 

Burroughs Adding Machine Company 

Chase National Bank of New York 

Chemical Bank & Trust Company 

Durant Motors, Incorporated 

Electric Power & Light Company, Preferred 

General Electric Company, Incorpor«ted 

General Foods Corporation 

International Harvester Company 

Irving Trust Company 

Kennecott Copper 

A, S. Kreider Company, Preferred 

A, S. Kreider Shoe Company, Preferred 

Bank of Manhattan Compaiiy 

National Biscuit Company 



32 



Sohsdula I>-2 

SCHEDULE OF ENDOTOIENT FUND INVESTMENTS 

JUl-JE 30, 1935 



Rate Per Cent 

6 

6 

5-1/2 

5 

6-1/2 

6 

6-1/2 

6 

7 



6 
6 

6 
5-1/2 



5-1/2 
5-1/2 



Maturity 


Book Value 
$5,000.00 


Inoome 


1940 


+ 


1941 


1,000.00 


+ 


1949 


14,000.00 


|385,00 


1929* 


8,500.00 


425.00 


1936 


5,000.00 


+ 


1940 


5,037.50 


300.00 


1936-38 


4,000.00 


+ 


1934-53 


37,890.00 


+ 


1933 


4,000.00 


+ 




96,865.00 


1,585.00 




630,671.16 


23,875.00 




4,750.00 


285.00 


1929 


5,000.00 


+ 


1929 


5,000.00 


300.00 




500.00 


+ 




6,000.00 


330.00 




21,250.00 


915.00 




7,500.00 






7,273.51 






14,773.51 






500.00 


+ 




1,990.43 


+ 




7,000.50 


100.00 




10,500.27 


175.00 




4,500.00 


80.00 




4,000.00 


75.90 




10,525.00 


234,00 




4,875.00 


108.00 




22.50 


+ 




4,500.00 


+ 




5,000.00 


60.00 




4,500.00 


90.00 




4,500.00 


30.00 




4,975.00 


60.00 




4,000.00 


60.00 




12,000.00 


330.00 




4,975.00 


105.00 




10,000.00 


200.00 



33 



Schedule D-2 

SCHEDULE OF ENDOVi/MENT FUUD lOTESTMEITS 
JUKE 30, 1935 

Amount STOCKS, Continued 

200 shares National City Bank of New York 

100 " North American Company, Incorporated 

84 " Northeastern Water and Electric Corporation, Preferred 

21 •• Northeastern V/ater and Electric Corporation, Common 

4 " Pennsylvania Power & Light Company, Preferred 

5 " Potomac Edison Company, Preferred 
50 " Procter & Gamble Company 

50 " Radio Corporation 

1 " Sheridan-Belmont Hotel Company Participating Certificate 

50 " Southwest Gas Company of Oklahoma, Preferred 

100 * Standard Brands, Incorporated 

100 " Standard Oil Company, Incorporated, of New Jersey 

100 " United Gas Improvement Company 

100 " United States Steel Corporation 
2326.80 Total Stocks 

NOTES 

Notes from churches and individuals 

Total Investments 



34 



Schedule D-2 

SCHEDULE OF ENDOYMENT FTOD INVESTMENTS 

jmm 30, 1935 



Rate Per Cent Maturity 



Book Value 


Income 


$11,200.00 


$166.66 


10,000.00 


84.88 


10,341.00 


168.00 


388.00 


+ 


500.00 


35.00 


4,750.00 


85.00 


715.32 


+ 


500.00 


+ 


4,900.00 




3,500.00 


100.00 


9,600.00 


125.00 


7,000.21 


115.00 


10,500.00 


+ 


172,258.23 


2,587.44 



24, 636. 7 1 314.24 
$911,065.86 $27,691.68 



35 



Exhibit E 

STATEMENT OF FIMT FUNDS 
YEAR ENDED JUNE 30, 1935 



(l) Unexpended Plant Funds 
Balance July 1, 1934 

Additions during years 

1. Amount transferred from Current Funds 



None 



!,079.42 
i, 079, 12 



Deductions during year: 

a. Motorized valve, valve sets, sewer rods 

and mower for Heating Plant 

b. Musical instmjments 

o. Records, victrola case, motor for 
Conservatory 

d. Office equipment 

e. Oscillograph for Physics Laboratory 
Studio couch, cabinet, mats, toaster, 

kodak and electric sweeper 
Remodeling basement at east end of Men's 

Dormitory for L Club room 
Steel files, tray unit and book cases 

for Library 
Books for Library 
Bleachers for athletic field 
k. Capacity meter and oscillator with 

cases for Physics Laboratory 



f. 



h. 
i . 



1121.91 
1,594.31 

33.99 
23.06 
84.50 

269.63 

680.41 

609.55 
1,700.00 
2,871.00 

90.76 



Balance June 30, 1935 

(2) Invested in Plant 

Value of Plant July 1, 1934 
Additions during year, as above 

Value of Plant, June 50, 1935, 
Exhibit A, Section IV 



!,079.12 



None 



1644,945.63 
8,079.12 



$653,024.75 



36 



Schedule B-1 

PLMIT FUiroS ASSETS 
JimE 50, 1955 







Book Value 






Book Value 






July 1, 






June SO, 




Erected 


1954 


Increase 


1935 


Lands: 










Athletic Field 




15,000.00 






$5,000.00 


Campus 




54,000.00 
59,000.00 






54,000.00 
59.000.00 


Undergro\ind Heating and 




Plumbing System 




17,089.59 
17,089.59 






17,089.59 
17,089.59 


Buildings: 






Administration 


1905 


157,170.25 






157,170.25 


Conservatory Annex 




5,662.49 






5,662.49 


Engle Hall 


1899 


68,000.00 






68,000.00 


Heating Plant 




12,500.00 






12,500,00 


Carnegie Library 


1904 


59,250.00 






59,250.00 


Men' s Dormitory 


1905 


85,110.14 


680, 


.41 


85,790.55 


North Hall for Vifomen 


1904 


87,111.91 






87,111.91 


Pre si dent ' s Home 


1900 


9,145.60 






9,145.60 


South Hall for Women 


1857 


22,611.85 






22,611,83 


West Hall for Women 




12,106.81 
494,469.05 






12,106.81 




680, 


.41 


495,149.44 


Equipment: 






Auditorium 




2,700,00 






2,700.00 


Dining Hall and Kitchen 




6,828.80 






6,828.80 


Class Room Furniture 




4,900.00 






4,900.00 


Conservatory Class Room 












Furniture and Apparatus 




440.00 


55, 


.99 


475,99 


General Furniture and Apparatus 


11,826.29 


269, 


.65 


12,095.92 


Athletic Field and Gymnasium 


2,500.00 


2,871. 


.00 


5,371.00 


Heating Plant 




2,877.50 


121, 


.91 


2,999.41 


Biology Laboratory 




7,255.50 






7,253.50 


Chemistry Laboratory 




8,000.00 






8,000.00 


English Department — Trantern 










slides and equipment 




1,000.00 






1,000,00 


Physics Laboratory 




4,525.50 


175, 


.26 


4,500.76 


Library 




550.00 


609, 


.55 


1,159.55 


Books in Library 




15,400.00 


1,700, 


,00 


15,100.00 


Museum Furniture 




4,250.00 






4,250.00 


Musical Instruments 




18,685.92 


1,594, 


.51 


20,280.23 


Office Equipment 




4,519:70 


25. 


.06 


4,542.76 


y. M. C. A. Room y 




550.00 
94,587.21 






550.00 




7,598, 


jTl 


101,785.92 


Total Plant Funds Assets 




1644,945.65 


♦8,079. 


.12 

33S 


#653,024.75 



37 



EXTENSION DEPAETMENT 
YEAR ENDED JUNE 30, 1935 



Income : 



First Semester |415,00 

Second Semester 378.00 

Total Income i79S.OO 

Expenses; 

Salaries paid to Faculty 600.00 

Traveling and miscellaneous expenses 257.79 

Total Expenses 837.79 

Net Loss 144.79 



SUMMER SCHOOL REPORT 
JUNE 30, 1935 

Income ; 

Registration $64.00 

Tuition 2,268,00 

Boarding 480,00 

Room Rent 168.00 

Profit on sale of books 19.21 

Total Income $ 2,999.21 

Expense s; 

Salaries paid to Faculty 1,820,80 

Paid to C. R. Gingrich for Boarding 480,00 

Registration and Room Rent retained by 

college 232.00 

Miscellaneous expenses 264.04 

Ten per cent retained by college 202.37 

Total Expenses #2,999.21 



38 



STATRMKNT OF MUSIC SCHOOL INCOlffi AND EXPENSES 






YEAB ENDED JUNE 30, 1935 




First 


Second 


Both 


INCOME 


Semester 


Semester 


Semesters 


Instruction: 








Voice 


♦l„681.75 


$1,578.00 


13,259.75 


Piano 


1,867.00 


1,869.00 


3,736.00 


Organ 


400.00 


375.00 


775.00 


Violin 


625.00 


600,00 


1,225.00 


Instruments of Band and 








Orchestra 


496.50 


474.50 


971.00 


Theory- 


3,423.00 


3,220.50 


6,643.50 




8,493.25 


8,117.00 


$16,610.25 


US e of Instrumonts for 








Practice: 








Organ 


233.00 


210.00 


443.00 


Piano 


375.00 


346.00 


721.00 


Instruments of Band and 








Orche atra 


263.00 


246.00 


509.00 




871.00 


802.00 


1,673.00 


Total Income 


$9^364.25 


18,919.00 


18,283.25 


EXPENSES 






Salaries 






$19,625.14 


Practice teaching for Seniors, 






including transportation 






490.80. 


Tuning, repairs, and use of 








motor for organ 






852.76 


Total Expenses 






20,968.70 


Nat Loss 






$2,685.45 



39 



STATiatENT OF DOEMITOEI INCOME AKD EXPENSES 
YEAR ENDED JUNE 30, 1935 

INCOME 



Rental s t 












Mea' s Dormitory 


18. 


,448, 


.12 






North Hall 


3, 


,887, 


.94 






South Hall 


1. 


,698, 


.00 






West Hall 


1. 


,060. 


,00 






Gruber' s 




104, 


,00 






Dining Hall 


4. 


,500. 


,00 






Leadership Training Sohool 


— 


?5. 


,00 


119,773.06 




Breakage Fees 








364.19 




Cleaning Fees 








664.25 




Total Inoom© 










120,801.50 


EXPENSES 


1 








Care of Buildings and Furnitxire 








15,029.46 




Gas 








3e00 




Heat 








4,264.37 




Light end Power 








1,804.77 




Miscellaneous 








92.32 




Operating Supplies 








84.40 




Property Insuranoe 








582.72 




Rent 








104.00 




Repairs and Maintenance of Buildings 












and Bquipment 








819.04 




Telephone 








142.25 




Water 








542.38 




Total Expenses 










$11,468.71 


Net Profit 










19,332.79 



40 



INCOME 



REPORT OF mmm hall 

YEAR ENDED JUNE 30, 1955 



Studsnts' Board 
Sale oi' meals to others 
Sale of food and operating supplies 
Rent for use of Dining Room 
Total Income 

Cost of meals J materials and supolies only: 
Inventory July 1, 1934 
Purchases 

Inventory June 30, 1935 

Cost of meals, materials and supplies 
only 

Gross Profit before Operating Expenses 

EXPENSES 

Operating Expenses: 
Salaries and Wages 
Gas 

Laundry 
Light 

Miscellaneous 
Operating Supplies 
Renewals and Repairs 
Rental 
Telephone 
Water 

Total Operating Expenses 

Deficit 



1,103.50 

480.93 

21.47 

25.00 



1,438.63 

21,942.49 

23,381.12 

987.19 



^9,531.36 
249.07 
399.42 
611.00 
107.20 
335.72 
454.05 

4,500.00 
35,00 
94.00 



$38,630.90 



22,393.95 
$16,236.97 



$ 16,316.82 
$79.35 



41 



STAT2MSHT OF lABOEATORY INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1935 

Psyoh- 
Biology Chemistry Physios ology Total 
Inoome : 

Fees 11,998.00 |1, 824.00 $362.50 #67.00 $4,251.50 

Breakage Inoome 15.65 30>5.O6 ___^__ _____ 518.70 

2,013.65 2,127.05 362.50 67.00 4,570.20 

Expenses ; 

Inventory July 1, 1934 250.00 1,250.00 50.00 1,550.00 

Purohases 971.46 718.81 58.02 2.71 1,751.00 

1,221.46 1,968.81 108.02 2.71 3,301.00 

Inventory June 30, 1935 275.00 1,200«00 50.00 1,525.00 

Cost of supplies used 946.46 768.81 58.02 2.71 1,776.00 

Net Gain |l,067.19 #1,358.24 #304.48 $64.29 #2,794.20 

ass ii II I ■! 



EEPOET OF LIBRASy 

YEAR ENDED JUBfE 30, 1935 

InoQiae t 

Matrioulation Fees #379.15 

Endowment Fund 61.25 

College Departments 1,082.46 

#1,522,87 

Expenses ; 

Books and magazines 1,246.94 

Salaries 3,332.25 

Supplies and Binding Expense 164.95 

Special s for Departments 1,082-. 46 

5,826.60 
Deduot for items added to capital investment 1,700«00 

4,126.60 

Deficit #2,603.75 



42 



DONATIONS TO LEBANON VALLEY COLLEGE FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 50, 1935 

CASH CONTRIBUTED TO CURRENT ACCOUNT 



For Books, Supplies, Binding, etc. for Library, 






from Departments: 






Bible 


#85.88 




Biology 


33.42 




Book Department 


709.14 




Business Administration 


16.03 




Chemi stry 


61.00 




Economios 


8.32 




Education 


14.98 




English 


22.11 




French 


1.60 




German 


1.50 




History 


17.98 




Latin 


12.12 




Mathematics 


^ 24.50 




Philosophy 


2.00 




Physics 


21.53 




Miscellaneous 


50.35 


11,082.46 


Alumni — For salary of Secretary 




100.00 


L. V. C. Band — Band Uniforms 




14.59 


Athletic Coxmcil — Bleachers 




2,000.00 


Athletic Council — For salary of Publicity Director 




500.00 
♦3,697.05 



BOOKS PRESENTED TO LIBRARY 

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

Books Number of Volumes Value 

TJ. S. Blecher 284 |150.00 

R, R. Butterwick 38 45.00 

A. Buzcell and W. Smith 1 3,00 

Rabbi Davidson 1 3.50 

I. H. Doutrich 14 14.00 

Ameda Ellenberger 11 8,00 

C. A. Gingrich 1 2.00 

Jewish Conmunity Center 1 3.00 

J. J. B. Light 6 6.00 

0. E. Reynolds 2 4.00 

P. A. W. Wallace 12 10.00 

H. H. Shenk 2 4.00 

Miscellajieous 80 90.00 

Wigton Family 101 120,00 

Music Department 146 146.00 

President' s Office 5 10.00 

Periodicals |618,60 

Wistar Institute 5 50.00 

Miscellaneous 35 45,00 

United Brethren Church 3 3.83 

43 



ANALYSIS OF HEATING PLANT EXPENSE 
YiiAR ENDED JUNE 30, 1935 



Fuel, in6luding freight and drayaga $4,414.24 

Hauling ashes 16,00 

Insurance 105.46 

Light and Power 696.80 

Miscellaneous 8.08 

Repairs 630,10 

Vfeges 2,493,15 

Supplies 17,80 

Telephone 54.10 

Water 105.00* 



Distribution of Heating Plant Expense 



1,538.73 



Heating Physioal Plant #4,269.36 

Heating Dormitories 4,269.37 

#8.538.73 



ANALYSIS OF FARM DEFICIT ACCOUNT 
YEAR ENDED JUNE 30, 1935 

:^3t Berlin Farm 

Deficit July 1, 1934 $636.86 

Deduct, Net Profit for year 613.95 

Deficit June 30, 1936 $22.91 

Shiremanstown Farm 

Deficit July 1, 1934 $3,471.93 

Deduct Net Profit for year 684.53 

Deficit June 30, 1935 2,787.40 

Total Farm Deficit June 30, 1935, 

to Exhibit A, Sec. Y $2,810.31 



44 



FAEM RSPOKTS, YE^ E»DBD JUNE 50, 1935 
EAST BERLIN FAEM 

INCOME 



Aug. 27, 1934 East Berlin Milling Company: 

504-37/56 bus. corn at 75/ $378.49 

Oct. 18, 1934 ViT. Denton layers: 

56-40/60 bus. wheat at 86/ 48.72 

210 bus. oats at 40/ 84,00 

192-25/60 bus. wheat at 92^ 177.02 
185-4/60 bus. wheat at 96/ 177.67 

Oct. 26, 1934 C. A. Crowl: 

41 bus. corn at 70;i 28.70 

8 bus. wheat at 90/ 7.20 

7 bus. wheat at 78/ ^ 5.46 

May 6, 1935 R. E. Rohrbaoh: 

Dead wood Pigeon Hills tract 125,00 

June 13, 1935 W. Denton Myers: 

306-l/l4 bus. corn at 85/ 262.20 
Total Income 

EXPENSES 

Aug. 3, 1934 H. I. Phillips— Insurance $22.54 
Aug. 27, 1934 Gregory F. Gebhardt — School tax 

for 1934 40.02 

Aug. 27, 1934 Samuel D. Kling— Shingles for barn 282.77 
Oct. 18, 1934 W. Denton Myers — Seed, cement, 

fertilizer 160.31 
Oct. 26, 1934 C. A. Crowl — Lumber, boarding and 

labor 19,75 

Nov. 26, 1934 N. B. Sprenkle— Dynamite and fuse 2,64 

Jan. 19, 1935 Samuel D. Kling — Spouting and labor 12.26 

May 21, 1935 D. B, Lease — Painting Summer House 9.30 

May 21, 1935 Burtus Eisenhart — Seed oats 11,90 
Jime 6, 1935 Adams Co\mty Mutual Fire Insurance 

Company- -Insurance 22.50 

June 6, 1935 D. B. Lease — Painting & papering 36.50 
June 13, 1935 W. Denton Myers--Fertili2!er, lime, 

plaster and sash 60.02 
Total Expenses 

Net Profit 



$1,294.46 




45 



FARM REPORTS, YEAR ENDING JUNE 30, 1935 
SHEREMANSTOWN FARM 

INCOME 

July 26, 1934 Frank Ebarlyi 

510-38/60 bus. urtieat at .87 |444.26 

Aug. 17, 1934 Fraiak Eljerlyt 

537-42/56 bus. corn at .70 376.43 
May 28, 1S35 Frank Eberly: 

916-48/56 bus. corn at .83 760.99 



♦1,581.67 



Aug. 


xo. 


XSK>t 


Aug. 


27. 


1934 


Aug. 


27. 


1934 


A\ig. 


27, 


1934 


Aug. 


27, 


1934 


Aug. 


27. 


1934 


Aug. 


27, 


1934 


Aug. 


31, 


1934 


Sep. 


28, 


1934 


Sep. 


28, 


1934 


Sep, 


28, 


1S34 


Sep. 


28, 


1934 


Oot. 


11, 


1934 


Oct. 


11, 


1934 


Nov. 


13, 


1934 


Not. 


19, 


1934 


Deo. 


10, 


1934 


Jan. 


19. 


1935 


Jan. 


19, 


1935 


Feb. 


11, 


1936 


May 


13, 


1935 


May 


21, 


1935 


May 


21, 


1935 


May 


21, 


1935 


June 


6, 


1935 


J\ine 


14. 


1935 



EXPENSES 

Annrille National Bank — Interest on 

note of $2,200 for ninety days $33.02 
Annie G. Witter— 1934 State and 

County Tax 53.22 
Co\mtrymen' s Mutual Fire Insurance 

Company — Insurance 5,30 
W. S, Franklin— Labor: shad roof, get© 20,02 

J. P. Bixler & Sons — Roof materials 45.88 

Hitter's Her dwaro— Fencing wire 28,02 

Coover Miller — Building fence 16,42 
Tax on checks charged Accounts Payable .08 

^nie G. Witter— School Taxes 140.02 

Wm. S. Frar<klin-- Carpenter work 26.02 

Tom E. Matlock— Lumbar 24.15 

Milleisen's Lumber Co.— Lumber 6.32 

M. C, DietE«s Sons— Fertilizer 70.92 
Mutual Fire Insurance Co. of Annville-- 

Insuranoe 6.18 

Tax on cheek ,02 
AiaiTille National Bank — Interest on 

note of $2,000 for ninety <feys 30,02 

C. M. Reitzel— Painting farm house 90,02 

Harry Zimmerman— Interest on loan 50.02 

S» Edith Swart i — ^ire Insurance 13.36 
J. P. Bixler & Sons — Hinges, bolts, 

roofing 8.40 
Annville National Bank — Interest on 

note of $2,000 for xiinety days 30,00 
Annville National Bank — Interest on 

note of $2,000 for ninety days 30.00 

H. C. Diets' 8 Sons— Fertilizer 26.65 
Frank Eberly — Alfalfa, alsike, 

nitrogen 44.30 

Annie 6. Witter— Road tax 1935 39.90 

M. C. Diets' 8 Sons— Fertiliser 8.88 

Harry Zimmerman— Interest on loan SO. 00 

Total Expenses 



Net Profit 



$897.14 
$684.53 



46 



AUDITING COMMITTBE REPORT 



To the Board of Trustees of Lebanon Valley Colleges 

Gentlemen: — Following the praotioe of recent years, yovir auditing 
conEnittee seoured the services of a certified public accountant tc 
audit the accounts of S. H. Deriokson, Treastirer of the College, 

The audit was made by Charles E. Prooasoo, C. P. A. of Harrisburg. 

We submit as our report his certification, which follows: 

H. B. Schaeffer 
R. M. Rife 
0. W. Stover 

Committee 



Charles E. Prooasoo, C. P. A* 

Mechanics Trust Building 

Hairrisburg, Pa. 

Hemiber of Amerioaji Institute of Accountants 
Member of ^tional Association of Cost Aoocaintants 

August 17, 1935 

Board of Trustees, 
Lebanon Valley College, 
Anaville, Pennsylvania, 

Gentlemen:— Pursuant to instructions received from your Fine-nce 
Committee, I have audited the assets, liabilities, and funds of 

LEBANON VALLEY COLLEGE 
Annville, Pennsylvania 

for the year ended June 30, 1935, also the financial statements includ- 
ed in -tiie foregoing report of your Treasurer, Mr, S. H. Deriokson, 

Cash receipts and disbijrsements for all funds were audited in 
detail, cash balances, confirmed, receivables verified, and all invest- 
ments exandned or otherwise properly accounted for. Plant additions 
were determined to be proper capital charges, 

Hotes payable were confirmed and all other ascertainable liabii- 
ities computed and included in the acc<Hiipanying balance sheet. 

Sufficient tests were made of the income and expense accounts to 
assure, with reasonable accuracy, the correctness of the year's operating 
result reflected by the annexed profit and loss statement, 

I hereby certify that the financial statements, as herewith sub- 
mitted, are in agreement with the books of account, -a^ich were found to 
be oorraot. 

Respectfully submitted. 



C. E. Prooasoo 
Certified Public Accountant 

47