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Full text of "Lebanon Valley College Report of the Finance Committee 1942"

Lebanon Valley College 

BULLEllN 


Vol. XXXI OCTOBER, 1942 No. 7 


Report of Finance Committee 

For Fiscal Year 

Ended June 30, 1942 

f 

ANNVILLE, PENNSYLVANIA 



Presented to the Board of Trustees at their 
Meeting November 7, 1942 



A Supplement to this report giving figures for the 

school year 1942-43, to May 1, 1943 

will be submitted to the Board at its meeting on May 21, 1943 



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: 

Since the Finance Committee presented its last complete report of 
the College finances a year ago, we note the death of the foiiiier 
chairman of the committee, J. Raymond Engle, whose passing was fittingly 
obseinred at the summer meeting of the Board. The chairmanship is now 
held bj' Lloyd A. Sattazahn of the Lebanon National Bank. 

In as much as the committee was deprived of the continous surveil- 
lance of the portfolio by Mr. Engle, and no other member of the com- 
mittee was in a position to give it the constant attention it required, 
the members deemed it wise to procure the services of Lionel D, Edie & 
Company to do that work. The operations of this firm have thus far 
been very satisfactory. 

In the last year, too, the country has been thrown into a state 
of war. No institutions have been affected more materially than the 
colleges and even now the extent to which they will be changed is not 
evident. Up to this time the loss of students because of their induction 
into the anned forces has not been so great but if the draft age is 
reduced, which is likely to be the case, many students now in college 
will be included in the number inducted. Naturally, this will affect 
the income of the college during the current year. 

As has been the experience for several years the income for the 
year has been somewhat above the cost of operation. The income during 
the twelve months ending June 30 last was 1222,104.30, 1981.63 less 
than the previous year, and the expenses $213,021.76, $1,129.32 less 
than the last year. The net profit, before deducting additions to plant, 
was #9,083.04. Plant additions paid out of current funds amo'jnted to 
$6,578.24 leaving the gain for the year $2,504.80, the amount by which 
the deficit was reduced in the year covered by that report. 

Income from endowment investments, in the general fund, show an 
increase over last year of $1,900.42, making the total current income 
131,296.71, and an increase of $3,843.33 is shovm in the income from 
gifts and grants. Of this increase conference benevolences account for 
§2,392.13. 

The proportion of investments in the various types of securities 
is represented by the following percentages: investment in bonds has 
increased during the year from 43.92/? to 44.19^; preferred stocks, from 
12.36?? to 13.75^; common stocks decreased from 35^.56?? to 34.08^ of the 
total, 

Lloyd A. Sattazahn, Chairman 



Exhibit A C 


0MPARA1 


'IVE BALANCE 


SHEET 








JUNE 30, 1942 AND 


1941 






ASSETS 






June 30, 


June 30, 










1942 


1941 


Increase 


Decrease 


I Current Funds ; 








A General: 












Cash 




12,679.13 


f 498. 85 


12,180.28 




Investments, Notes Rec'vable 11,245.53 


11,268.53 




$23.00 


Accounts Reo'vable, 


Students 27,715.03 


24,812.06 


2,902.97 




Advances Receivable, 


Endow- 










ment Fund 




+ 


1,673.66 




1,673.66 


Dining Hall Supplies 




2,375.93 


1,490.42 


885.51 




Laboratory Supplies 




1,910.00 


2,050.00 




140.00 


Power Plant Supplies 




1,543.15 


+ 


1,543.15 




Summer School Expenses — 










Prepaid 




407.29 


179.65 


227.64 




Prepaid Insurance 




2,914.17 


2,914.21 




.04 


Athletics, Field and 


Gymnas 


- 








ium. Prepaid 




+ 


69.74 




69.74 


Deficit 




19,696.97 


22,201.77 




2,504.80 




70,487.20 


67,158.89 


3,328.31 




B Restricted s 










Cash 




1,659.84 


1,618.70 


41.14 






72,147.04 


68,777.59 


3,369.45 




II Loan Fxmds ; 










Cash 




3,141.04 


3,190.08 




49.04 


Notes Receivable 


Q-Expen 


8,089.65 


7,270.44 


819.21 






11,230.69 


10,460.52 


770.17 




III Endowment and Other No; 


dable Funds: 


341.59 


10,244.20 




Cash 




10,585.79 




Bonds 




401,739.58 


404,533.99 




2,794.41 


Stocks 




434,776.72 


441,337.28 




6,560.56 


Mortgages 




7,640.00 


9,977.89 




2,337.89 


Notes Receivable 




17,451.71 


17,676.71 




225.00 


Real Estate (Farms) 




47,476.25 


47,476.25 








919,670.05 


921,343.71 




1,673.66 


17 Plant Fund 3 1 










Lands 




39,800.00 


39,800.00 






Underground Heating i 


and 










Plumbing System 




17,851.69 


17,089.39 


762.30 




Buildings 




514,912.18 


513,798.32 


1,113,86 




Equipment 




136,060.36 


131,358.28 


4,702.08 






708,624.23 


702,045.99 


6,578.24 




V Agency Funds: 










Cash 




1,690.13 


1,082.38 


607.75 




Advances Receivable J 


From 










Current Fund 




183.19 


183.19 






Farm Improvements 




2,500.00 


2,500.00 






Farm Deficit 


1 


+ 


441.24 




441.24 




4,373.32 


4,206.81 


166.51 




Total Assets 


,716,045.33 


1,706,834.62 9,210.71 





Exhibit A 



COMPARATIVE BALANCE SHEET 
JUNE 30, 1942 AND 1941 



LIABILITIES AND FUNDS 







June 30, 


June 30, 










1942 


1941 


Increase 


Decrease 


I Current Pxmdsj 








A General: 












Notes Payable 




$51,000.00 


♦54,000.00 




#3,000.00 


Acoounts Payable 




2,376.58 


2,882.49 




505.91 


Accounts Payable, Agency 












Funds 




183.19 


183.19 






Students' Deposits 




1,348.64 


1,736.91 




388.27 


Student Accounts Paid in 












Advance 




6,722.49 


+ 


6,722.49 




Reseirve for Doubtful Aoo' 


ts 


8,856.30 


8,356.30 


500.00 






70,487.20 


67,158.89 


3,328.31 




6 Restricted] 










Funds 




1,669.84 


1,618.70 


41,14 






72,147.04 


68,777.59 


3,369.45 




II Loan Funds t 










Funds 


:pen 


11,230.69 


10,460.52 


770.17 




III Endowment and Other Non-Ea 


dable Funds: 









Endowment Funds: 
General 
Restricted 

Annuity Funds 

Advances Payable, Current 
Fvmds 

IV Plant Ftmds : 

Net Investment in Plant 

V Agency Funds : 

Farm Surplus 

Notes ftiyable. Farm Account 

Funds 

Total Liabilities 
and Funds 



686,678.35 666,178.35 500.00 
251,091.70 231,091.70 * 
917,770.05 917,270.05 500.00 
1,900.00 2,400.00 



500.00 



919,670.05 919,670.05 
♦ 1,673.66 



1,673.66 



919,670.05 921,343.71 



1,673.66 



708,624.23 702,045.99 6,578.24 



123.47 + 123.47 

4,000.00 4,000.00 

249.85 206.81 43.04 

4,373.32 4,206.81 166.51" 



1,716,045.35 1,706,834.62 9,210.71 



CONDENSED COMPARATIVE STATEMENT OF CURRENT INCOME AND EXPENSES 
(Exoluding Receipts and Disbursements of Restricted Funds ^ 
Exhibit B-1 for Non-Educational Purposes) 

INCOIiE 

Year Year 

Ended Ended 

6/gO/42 6/30/41 Increase Decrease 

I Educational and General t 

(1) Student Income j 

School of Liberal Airts and 

Sciences |59,510.91 |67,645.20 $8,134.29 
Auxiliary Educational 

Schools 61,677.40 48,515.53 3,161.87 

111,188.31 116,160.73 4,972.42 

(2) Endowment Income 31,296.71 29,396.29 1,900.42 

(3) Gifts and Grants 11,997.96 8,154.58 3,843.38 

(4) Other Sources 3,592.35 3,828.51 236.16 

Total Educational 

and General Income 168,075.33 157,540»11 535.22 

II Auxiliary Enterprises and Activities t 

(1) Dormitories 22,659.50 23,089.61 430.11 

(2) Dining Hall 38,377.11 39,697.11 1,320.00 

(3) Placement Bureau Income 29.00 42.00 13.00 

(4) Leadership Training School 

Income + 834.37 834.37 

(5) Canteen 278.04 599.90 321.86 

(6) Kindt Property 240.00 160.00 80.00 

Total Income, Auxiliary 
Enterprises and 
Activities 61,583.66 64,422.99 2,859.34 

III Income for Non-Educational 

Purposes 2,445.82 1,123.33 1,322.49 

Total Income 222,104.80 223,086.43 981.63 

Total Expenses, 

Forwarded 215,021.76 214,151.08 1,129.32 

Net Profit before deducting 
additions to Plant from 
Current Funds 9,083.04 8,935.35 147.69 

Additions to Plant from 

Current Funds 6,578.24 13,253.44 6,675.20 

Net Profit (♦) or Loss (-) 
after deducting additions 
to Plant from Current 
Funds 2, 504. 80 (4)4, 318. 09(-) 6,822.89 (♦) 



Exhibit B-1 



CONDENSED COlff'ARATIVE STATEMENT OF CURRENT INCOME AND EXPENSES 
(Excluding Receipts and DiGbiirseiaents of Restricted Fiinds 
for Non-Eduoational Purpooes) 





EXPENSES 










Year 
Ended 


Year 
Ended 








6/30/42 


6/30/41 


Increase 


Decrease 


I Eduoetional and General: 










(1^ General Administra'tion and 










Expense 


133,963.36 


#31,954.46 


#2,008.90 




(2) Instruction and Research j 










School of Liberal Arts 










and Sciences 


66,049.80 


67,462.13 




11,402.33 


Aiaxiliary Educational 










Schools 


41,717.32 


41,506.47 


210.85 






107,767.12 


108,958.60 




1,191.48 


(3) Library 


5,088.16 


4,579.74 


508.44 




(4) Operation and Maintenance 










of Physical Plant 


11,466.61 


10,944.55 


512.06 




Total Educational and 










General Expenses 


158,275.27 


156,437.35 


1,837.92 




II Auxiliary Enterprises and Aotirities: 








(1) Dormitories 


11,121.10 


13,177.89 




2,056.79 


(2) Dining Hall 


39,698.17 


39,335.70 


362.47 




(3) Placement Bureau 


51.26 


30.00 


21.26 




(4) Leadership Training School 


+ 


873.90 




873.90 


(5) Canteen 


229.10 


499.95 




270.85 


(6) Kindt Property 


49.57 


46.08 


4.49 




(7) Brunner Property 


436.99 


+ 


435.99 




Total Expenses, Auxil- 










iary Enterprises 










and Activities 


51.585.18 


53,962.62 




2,377.34 


III Other Non-Educational 










Expenses 


2,661.31 


3,251.21 




689.90 



Total Expenses before 

Reserve Provisions 212,521.76 213,651.08 1,129.32 

Reserve Provisions: 
Provision for Doubtful 

Accounts Receivable 500.00 500.00 



Total Expenses, 

Forwarded 213,021.76 214,151.08 1,129.52 



mmaa 



Exhibit B STATEMENT OF CURRENT FUNDS 

YEAR ENDED JUNE 30, 1942 



Balance at beginning of year None 

Add: _^ 

(1) Current educational and general 

income, per Schedule B-1, Sec. I $158,075.33 

(2) Inoone auxiliary enterprises and 

activities, per Schedule B-1, 

Sec. II 61,583.65 

(3) Income non-educational purposes, 

per Schedule B-1, Sec. Ill 8,671.15 1228,330.13 

(4) Adjustments, per Schedule B-4 603.58 

228,933.71 

Deduct; 

(1) Current educational and general 

expenses, per Schedule B-2, Sec. I 158,775.27 

(2) Expenditures of auxiliary enterprises 

and activities, per Schedule B-2, 

Sec. II 51,585.18 

(3) Other non-eduoational expenses, 

per Schedule B-2, Sec. Ill 9,197.72 

(4) General funds transferred to plant 

fvmds, per ExJiibit E, Seo» I 6,578.2 4 

226,136.41 

(5) Adjustments, per Schedule B-4 292,50 



Gain for year ended June 30, 1942 

Deficit July 1, 1941 
Deficit June 30, 1942, to Exhibit A, Section I 




STATEMENT OF CURRENT INCOME 
Schedule B-1 YEAR ENDED JUNE 30, 1S42 



I Eduoational and General ; 

(1) Student Income i 

A School of Liberal Arts and Sciences: 

Tuition $64,454.54 

Less, Scholarships 13.408.45 C:51,046.09 

Matriculation Pees 1,693.00 

Biology Fees 1,748.00 

Chemistry Fees 2,469.82 

Physics Fees 394.00 

Physics 1 Science Fees--Music 34.00 

Psychology Fees 156.00 

Practice Teaching Fees 875.00 

Graduation Fees 1,095.00 159,510.91 

B Auxiliary Eduoational Schools: 

Aviation School 200.00 

Extension School 2,791.00 

Saturday School 3,906.00 

Music School 39,625.50 

Suramer School 5,154.90 51,677.40 

(2) Endovment Income (Schedule B-3) 

Unrestricted 28,502.46 

Restricted 2,794.25 31,296.71 

(3) Gifts end Grants ; 

Benevolence, Conference 9,921.71 

Other 2,076 .25 11,997.96 

(4) Other Sources ; 

Interest on Current Funds 448.22 

Library Income 2,233.13 

Group Insurance 881.00 

Rent for Chapel 3 0.00 _ 3, 592.35 

Total Eduoational and General 

Income, to Exhibit B 158,07 5.33 

II Auxil iary Enterprises a nd Activities ; 

(1) D ormit ories ; 

Cleaning Fees 612.88 

Rentals 21,564,66 

Breakage Fees 481.96 22,659.50 

(2) Dining Hall ; 

§ludants' Board 38,108.75 

Sale of meals to others 200.35 

Sale of food and operating supplies 68.01 38,377.11 



9. 



STATEMENT OF CURRENT DfCOME 
Schedule B-1 YEAR ENDED JUNE 30, 1942 



. ■! J. A^— ^ jsaggs j" r^!rr- . . i L i ' ] l i "r~-t-T— tti ij 



II Auxiliary Enterprises and Aotivitlea : 

(3) Placement Bureau Income $29.00 

(4) itindt Property ^ 240.00 

(5) Canteen 278.04 

Total Income Auxiliary Enterprises 

and Activities, to Exhibit B 61,583.66 

III Income f or Non-EduoRt ional Purposes } 

Day Students ' Fees for Janitor Service 

and Breakage $1,186.53 

Unexpended Student Activity Fees 334.05 

Scholarship Fixnds (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) 95.00 

Miscellaneous 925.24 

Total Income for Non-Educational 

Purposes, to Exhibit B 8,671.15 

Total Income to Exhibit B #228,330.13 



10 



Schedule B-2 



STATEMENT OF CURRENT EXPENSES 
YEAR ENDED JUNE 30, 1942 



I Educational and Generals 



(l) General Administration and Expenses: 




A General Administrative Offices: 




Miscellaneous 


1152.43 


Office Supplies 


536.72 


Postage 


350.34 


Salaries 


16,939.98 


Stationery and Printing 


448.55 


Telephone and Telegraph 


272.62 


B General Expenses: 




Advertising, General 


505.50 


Advertising, Bulletins and 




Catalogues 


544.00 


Alumni Expense 


70.66 


Alumni Secretary, Salary and 




Expenses 


525.04 


Auditing and Accounting Services 




and Expense 


297.50 


College Car 


299.50 


Commencement Expenses 


341,66 


Educational Survey 


64.28 


Compensation Insurance 


87.02 


Group Life Insurance 


2,612,16 


Investment Counsellor Service 


500.00 


Lecture Expense 


141.28 


Liability Insurance 


43.08 


Membership Fees to Associations 


258.50 


Miscellaneous 


793.33 


Press Service 


1,382.74 


Retirement 


2,327.56 


Retirement Allowance 


1,040,25 


Student Solicitation Expenses 


2,357.61 


Travel and Entertainment; 




Faculty 


241.74 


Officers 


785.47 


Trustees 


43.85 


Provision for Doubtful Accounts 




Receivable 


500.00 


(2) Instruction and Research: 





$18,700.64 



A School of Liberal Arts and Sciences : 
Salaries, Fsculty 
Salaries, Student Assistants 
Salaries, Practice Teaching 
Departmental Expenses: 

Biology Laboratory 

Chemistry Laboratory 1, 

English Department 

Physics Laboratory 

Psychology Laboratory 

11 



915.61 
317.41 

13.53 
261.34 

26.68 



15,762.72 134,463.36 



61,908.48 

1.379,25 

227.50 



2,534.57 66,049.80 



Schedule B-2 



STATETffiNT OF CURRENT EXPENSES 
YEAR ENDED JUT'IE 30, 1942 



I Educational and General; (Continued) 






(2) Instruction and Research: 






B Auxiliary Schools: 






Music School: 






Faculty Salaries 


S28 


,566.27 


Insurance 




52.51 


Miscellaneous 




110.50 


Music 




142.37 


Practice Teaching, Salary 






and Expenses 




820.00 


Stationery and Printing 




175.50 


Tuning, repairs, etc. 


_ 


968.10 



Aviation Schools 
Miscellaneous 

Extension School: 

Faculty Salaries 1,800.00 

Miscellaneous 715.95 



Saturday and Evening School: 

Faculty Sr^laries 3,353.63 

Miscellaneous 161.77 



Summer School: 

Feculty Salaries 3,039.90 

Miscellaneous 1,671.24 



(3) Library: 

Books and Magazines 

Salaries 

Supplies and Binding Expense 

(4) Operation and Ma intenance of Phy sical 

Plant; " 

Care and Maintenance of Grounds 

Care of Buildings and Furniture 

Heat 

Infirmary 

Light 

Miscellaneous 

Operating Supplies 

Property Insurance 

Repairs to Buildings and Equipment 

Taxes 

Water 

Total Educational and General 
Expenses, to Exhibit B 



),835.25 



139.58 



2,515.95 



3,515.40 



4,711.14 41,717.32 



1,176.02 
3,776.00 

136.16 5,088.18 



677,10 

2,252.92 

3,876.11 

8.40 

1,047.91 

33.61 

222.41 

791.76 

2,134.90 

219.92 

191.57 11,456.61 



158,775.27 



12 



STATEJffiNT OF CURRENT EXPENSES 
Schedule 3-2 YEAR ENDED JUNE 30, 1942 



II Auxiliary Ente rprises and Activities ; 

(1) Dorniitories ; 

Care of Buildings and Furniture $3,688.46 

Heat 3,876.11 

Light 1,195.93 

Miscellaneous 24.25 

Operating Supplies , 337.27 

Property Insurance 453.36 

Repairs to Buildings and Equipment 1,080.18 

Telephone 69.83 

Water 395.71 $11,121.10 

(2) Dining Hall » 

Food 25,312.20 

Gas 244.76 

Laundry 467.82 

Light 438.06 

Miscellaneous 102,61 

Operating Supplies 216.51 

Renewals and Repairs 547.87 

Rental 4,500.00 

Salaries and Wages 7,724.03 

Telephone - 71.83 

Water 72.48 39,698.17 

(3) Placement Bureau ; 

Expenses 51.25 

(4) Canteen Expenses 229.10 

(5) Brunner Property; 

Repairs 435.99 

(6) Kindt Property ; 

Repairs 49.57 

Total Expenses, Auxiliary Enterprises 

and Activities, to Exhibit B |51,5B5.18 

III Other Non-Educational Exoenses : 



Debating Expenses 42.76 

Interest on Loans 2,618.55 

Scholarships (Schedule 3-3) 5,889.13 

Student Loan Funds (Schedule B-3) 500.73 

Prizes (Schedule B-3) 64.00 

Annuities (Schedule 3-3) 82.50 

Total Non-Educational Expenses, to 

Exhibit B 9,197.7 2 

Total Expenses to Exhibit B 219,558.17 



13 



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18 



DETAILS OF CURRENT FUND ADJUSTI!Q;TS 
Schedule B-4 YEAR ENDED JUNE 30, 1942 



1. Adjustments Adding to Current Funds: 

Decrease in income balances : 

G. D. Gossard & Wife Scholarship $330.00 

Harnish-Houser Publicity Fund 215.33 

Bishop J. S. Mills Scholarship Fund 37.50 

Sophia Plitt Scholarship Fund 18.50 

Class of 1928 Scholarship Fvmd 2.25 

Total to Exhibit B, Section 4 $603.58 

2* Adjustments Deducting from Current Funds: 

Increase in income balances: 

Derickson Scholarship Fund 137.50 
East Pennsylvania Branch W.M.A, Scholarship 

Fund 50.00 

Samuel F. Engle Scholarship Fund 25.00 

Grace D. B. Church of Penbrook Scholarship 50.00 

Pennsylvania Conference C. B. Scholarship 17.50 

S. E. Derickson and V/ife Annuity 12.50 

Total to Exhibit B, Section 5 $292.50 



19 



Schedule B-5 



CONDENSED STATEMENT OF GENERAL FUND CASH 
RECEIPTS AND DISBURSEMENTS FOR THE YEAR 
ENDED JUKE 30, 1942 



Balance July 1, 1942 



^498.85 



Receipts 



Income: 






Students 




1176,962.61 


Endowment Income 




31,296.71 


Gifts and Grants; 






Conference Benevolence 


19,921.71 




Other 


2,076.25 


11,997.96 


Other Sources J 






Interest on Current Funds 


448.22 




Library Income 


359.50 




Group Life Insurance 


881.00 




Rent for Chapel 


30.00 




Placement Bureau 


29.00 




Canteen 


278.04 




Kindt Property 


240.00 




Unexpended Student Activity Fees 


334.05 




Sale of meals to others 


200.35 




Sale of food and supplies 


68,01 




Miscellaneous 


925.24 


3,793.41 




224,050.69 



Balance Sheet Items: 

Received from Churches on account 

of notes 23.00 

Decrease in Advances Receivable, 

EndoTvment Fund 1,673.66 

Decrease in Inventory of Laboratory 

Supplies 140.00 

Decrease in Prepaid Insurance .04 

Decrease in Athletic Field and 

Gymnasium Expenses Prepaid 69.74 



1,906.44 



225,957.15 
226,455.98 



20 



CONDENSED STATEMENT OF GENERAL FUND CASH 
RECEIPTS AND DISBURSEMENTS FOR THE YEAR 
Schedule B-5 ENDED JUNE 30, 1942 



Disbursements 



Expenses : 

Educational and Generals 
General Administration and 



Expense 


$33,963.36 




Instruction and Research 


107,767.12 




Libre ry 


3,214.55 




Operation and Maintenance of 






Physical Plant 


11,456.61 








1156,401.64 


Auxiliary Enterprises and Activities 






Dormitories 


11,121.10 




Dining Hall 


39,698.17 




Placement Bureau 


51.25 




Canteen 


229.10 




Brunner Property 


435.99 




Kindt Property 


49.57 


51,585.18 


Other Non-Educational Expenses: 






Interest on Loans 


2,618.55 




Debating Expenses 


42.76 








2,661.31 
210,648.13 



Balance Sheet Items: 

Increase in Inventory of Dining Hall 

Supplies 885.51 

Increase in Inventory of Power Plant 

Supplies 1,543.15 

Increase in Prepaid Expenses, 

Summer School 227.64 

Decrease in Notes Payable 3,000.00 

Decrease in Accounts Payable 505.91 

Decrease in Students Deposits 388.27 

Additions to Plant 6,578.24 



13,128.72 

$223,776.85 



Balance June 30, 1942, per Exhibit A, Section I-A 2, 67 9.13 

226,455.98 



21 



STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS 
ENDOWMENT INCOME ACCOUNT FOR THE YEAR ENDED 
Schedule B-6 JUNE 30, 1942 

Balance July 1, 1941 $1,618.70 

Reoelpts 

Income from Endowment Investments $40,708.03 

Less, accrued interest on bonds purchased 2,833.77 

37,874.26 
39,492.96 

Disbursements 

Unrestricted J 

Transferred to General Fund for 

Educational Purposes 28,602.46 

Restricted: 

Transferred to Genere.l Fund for 
Educational smd General Purposes: 

Printing Funds $25.00 

Professorship Funds 2,693.00 

Library Funds 66.25 

Maintenance Funds 10.00 

2,794.26 

Used for Non-Educational Purposes: 

Scholarship Funds 5,889.18 

Student Loan Funds 500.73 

Prize Funds 64.00 

Annuity Fvmds 82.50 

6,536.41 

9,350.66 

37,833.12 

Balance June 30, 1942, per Eadiibit A, Section I-B 1,659.84 

39,492.96 



22 



Exhibit C 



STATEMENT OF LOAN FUNuo 
YEAE ENDED JITfrE 30, 1942 



FUND PRINCIPAL 

Balance 
Balance June 30, 1942 

July 1, Receipts Other Deduc- Exhibit A 
1941 for year Additions tions Sec. II 



FTjnds 








Alumni Annual Giving |2,247.15 


1302.75 


- 150,00 


12,499.90 


Mery A. Dodge Fund 5,879.41 


491.69 


- 


6,371.10 


Daniel Eberly Fund 205.84 


25.73 


- 


231.57 


Henry B. Stehman Fund 1,951.12 


+ 


- 


1,951.12 


Dr. Wagner Special 








Fund 177.00 


+ 


- 


177.00 


$10,460.52 


1820.17 


- $50.00 


j^ll,230.69 


FUND ASSETS 






Cash 






$3,141.04 


Notes Receivable from Students: 








Alumni Annual Giving Fund 




12,188.39 




Mary A. Dodge Fund 




4,860.02 




Henry 3. Stehman Fimd 




900.00 




Dr. Wagner Special Fiuid 




141.24 


8,089.65 


Total Loan Fund Assets June 30, 


, 1942, 






to Exhibit A, Section II 






$11,230.69 



STATEMENT OF ENDOWMENT AND OTHER NON -EXPENDABLE FUNDS 
Exhibit D YEAR ENDED JUNE 30, 1942 



FUND PRINCIPAL 



Balance July 1, 1941 

Additions during year: 

Fanny Z. Hostetter Annuity 

Deductions during year: 

Fanny Z. Hostetter Annuity 

Balance Jvme 30, 1942, to 
Exhibit A, Section III 



Endowment 
Funds 


Annuity 

Funds 

$2,400.00 
None 


Total 


1917,270.05 
500.00 


1919,670.05 
500.00 


917,770.05 
None 


2,400.00 
500.00 


920,170.05 
500.00 


$917,770.05 


$1,900.00 


♦919,670.05 





23 



Schedule D-1 



SIMMARY OF ENDOif/MENT FUND ASSETS 
JUNE 30, 1942 













Percentage 












Amount 


of Total 


Investments: 














Farms 










147,476.25 


5.22 


Bonds } 














Government 








15,000.00 




.55 


Industrial 








11,392.67 




1.25 


Public Utility 








181,866.69 




20.01 


Railroad 








149,120.24 




16.40 


Real Estate 








54,359.98 


401,739.58 


5.98 
44.19 


Stocks : 














Preferred: 














Industrial 


|43, 


,860, 


.00 






4.82 


Utility 


81, 


,142, 


.30 






8.93 


Total Preferred Stoo 


ks 






125,002.30 




13.75 


Common: 














Agriculture 


5, 


,300, 


.00 






.59 


Auto Accessories 


6, 


,900, 


.00 






.76 


Automobiles 


3, 


,000, 


.00 






.33 


Aviation 


15, 


,847, 


.30 






1.74 


Bank 


99, 


,021, 


.96 






10.89 


Building 


23, 


,900, 


.00 






2.63 


Chemical 


8, 


,583, 


.35 






.95 


Farm Machinery 


2, 


,700, 


.00 






.30 


Industrial 


1, 


,200, 


,00 






.13 


Insurance 


7, 


,550, 


.00 






.83 


Metals 


36, 


,816, 


.31 






4.05 


Oils 


13, 


,748, 


.11 






1.51 


Railroad 


3, 


,000, 


.00 






.33 


Railroad Equipment 


7, 


,400, 


.00 






.81 


Rubber 


13, 


,300, 


.00 






1.46 


Steel 


52, 


,048, 


.16 






5.73 


Utility 


9, 


,459, 


.23 






1.04 


Total Common Stocks 








309,774.42 




34.08 


Total Preferred and 














Common Stocks 










434,776.72 


47.83 


Mortgages 










7,640.00 


.84 


Notes Receivable 










17,451.71 


1.92 


Total Investments 










909,084.26 
10,585.79 


100.00 


Cash awaiting Investment 




Total Endowment Fund 


Assets, 










June 30, 1942, to 


Exhibit A, 










Section III 








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31 



STATEMENT OF PLANT FUNDS 
Exhibit E YEAR ENDED JUNE 30, 1942 



(1) Unexpended Plant Funds j 

Balance July 1, 1942 None 

Additions during yean 

1. Amoimt transferred from Current Funds |6,576.24 



Deductions during year: 

a. Annie Brunner Property $1,037.30 

b. Underground Steam Line 762.30 

c. Plumbing Supplies for West Hall 76.56 

d. Pianos for Music Department 1,141»75 

e. Furniture for Day Student Room 260.84 

f . Reconditioned microscope for Biology 

Laboratory 70.00 

g. Apparatus for Physios Laboratory 146.58 
h. Stage micrometer for Riysios 

Laboratory 24.00 
i. Library card unit, top and base for 

Library 70.50 

j. Books for library 2,500,00 

k. Cases for Chemistry Laboratory 204.41 

1. Apparatus for Chemistry Laboratory 258.00 

m. Mat for Dining Hall 26.00 



6,578.24 



6,578.24 



Balance June 30, 1942 None 

(2) Invested in Plant 

Value of Plant July 1, 1941 $702,045.99 

Additions during year, as above 6,578.24 

Value of Plant, June 30, 1942, Exhibit A, Section IV |708,624.2S 



32 



Schedule E-1 



PLAUT FUND ASSETS 
JUNE 30, 1942 







Book Value 




Book Value 






July 1, 




June 30, 




Erected 


1941 


Increase 


1942 


Lands 1 










Athletic Field 




15,000.00 




$5,000.00 


Campus 




34,000.00 




34,000.00 


Hookey Field 




800,00 
39,800.00 




800.00 
39,800.00 


Underground Heating and 






Plumbing System 




17,089.39 


$762.30 


17,851.69 


Buildings: 




Administrfition 


1905 


157,170.25 


+ 


157,170.25 


Brunner Property 




6,009.85 


1,037.30 


7,047.15 


Conservatory Annex 




3,756.34 


+ 


3,756.34 


Engle Hall 


1899 


68,112.77 


+ 


68,112.77 


Heating Plant 


1904 


12,300.00 


+ 


12,300.00 


Kindt Property 




2,792.62 


+ 


2,792.62 


Carnegie Library 


1904 


39,250.00 


+ 


39,250.00 


Men's Dormitory 


1905 


93,430.34 


+ 


93,430.34 


North Hall for Women 


1904 


87,111.91 


♦ 


87,111.91 


President's Home 


1900 


9,145.60 


+ 


9,145.60 


South Hall for Women 


1857 


22,611.83 


+ 


22,611.83 


West Hall for Women 




12,106.01 


76.56 


12,183.37 






513,798.32 


1,113.86 


514,912.18 


Equipment} 








Auditorium 




2,700.00 


♦ 


2,700.00 


Dining Hall and Kitehen 




6,928.80 


26.00 


6,954.80 


Class Room Furniture 




4,949.29 


+ 


4,949.29 


Conservatory Class Room 










Furniture and Apparatus 




711.23 


+ 


711.23 


General Furniture and Apparatus 


14,681.39 


260.84 


14,942.23 


Athletic Field and Gymnasiun 


1 


5,371.00 


+ 


5,371.00 


Heating Plant 




3,000.48 


+ 


3,000.48 


Biology Laboratory 




7,826.35 


70.00 


7,896.36 


Chemistry Laboratory 




9,171.90 


462.41 


9,634.31 


English Department — Lantern 










slides and Equipment 




1,000.00 


+ 


1,000.00 


Physics Laboratory 




6,261.28 


170.58 


6,421.36 


Psychology Laboratory 




213.90 


+ 


213.90 


Library 




1,722.44 


70.50 


1,792.94 


Books in Library 




27,800.00 


2,500.00 


30,300.00 


Museum Furniture 




4,472.10 


+ 


4,472.10 


Musical Instruments 




29,106.40 


1,141.75 


30,248.15 


Office Equipment 




5,101.72 


♦ 


5,101.72 


Y. M, C. A. Room 




350.00 
131,358.^8 


+ 


350.00 




4,702.08 


136,060.36 


Total Plant Fund Assets 


702,045.99 


6,578.24 


708,624.23 











^E^KKX*3X9= 



33 



EXTENSION DEPARTMENT 
YEAR ENDED JUNE 30, 1942 



Inc omo I 

Registration 
First Semester 
Second Semester 

Total Income 

Expenses ; 

Salaries paid to Faculty 

Traveling and Miscellaneous Expenses 

Total Expenses 

Net Profit 



^64.00 

1,793.00 

998.00 



1,800.00 
715.95 



#2,855.00 



2,515.95 



59.06 



SATURDAY SCHOOL REPORT 
YEAR ENDED JUNE 30, 1942 



Income } 

Registration Fees 
Tuition: 

First Semester |1,953.00 

Second Semester 1,953.00 

Total Income 

Expenses J 

Salaries paid to Faculty 
Registration Fees retained by College 
Miscellaneous Expenses 
Ten per cent retained by college 

Total Expenses 



$86.00 



3,906.00 



3,363.63 

86.00 

161.77 

390.60 



$3,992.00 



#3,992,00 



34 



SDIMER SCHOOL REPORT 
YEAR ENDED JUTJE 30, 1942 



Income ; 

Registration Fees $106,00 

Tuition 4,256.00 

Tuition — Specials 320,00 

Practice Teaching Fees 391.00 

Profit on sale of books 31.90 

Hershey Demonstration School 50.00 



$5.154.90 



Expenses s 

Salaries paid to Faculty 3,039.90 

RegistJ-ation fees retained by oollego 106.00 

Miscellaneous expenses 1,671.24 

Ten per cent retained by college 357.76 



$5,154.90 



35 



STATraffiNT OF MUSIC SCHOOL INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1942 









INCOME 
First 


Second 


Both 










Semester 


Semester 


Semesters 


^- 


Instruction: 














Voice 






$3,471.00 


$3,231.50 


$6,702.50 




Piano 






3,600.50 


3,604.50 


7,205,00 




Orpan 






1,000.00 


1,001.50 


2,001.50 




Violin 






575.00 


550.00 


1,125,00 




Instruments 


of Band 


and 










Orchestra 






781.50 


953.50 


1,735.00 




Theory- 






8,915,50 


8,639.00 


17,554.50 










18,343.50 


17,980.00 




♦36,323.50 


Use of Instruments for 


• Practi 


ce: 








Piano 






694.00 


678.00 


1,372.00 




Organ 






612.00 


592.00 


1,204.00 




Instruments 


of Band 


and 










Orchestra 






390.00 
1,696.00 


336.00 


726.00 






1,606.00 


3,302.00 


Total Income 




♦20,039.50 


$19,586.00 




$39,625.60 



EXPENSES 

Salaries $28,566.27 

Insurance 52.51 
Practice Teaching for Seniors, including 

transportation 820,00 

Tuning, repairs and use of motor for organ 968.10 

Miscellaneous 110.50 

Music 142,37 

Stationery and Printing 175,5 

Total Expenses $30,835.25 

Profit before Administration and Building 

Maintenance Expenses $8,790.25 



36 



STATEl^ENT OF DORMITORY lUCOiJfE AND EXPEMSES 
TEAR ENDED JUNE 30, 1942 



&fci^c^x.fejgii vrr-tT vx^-r r rt:-r~t ~^a 



INCOME 



Rentals: 

Men's Dormitory- 
North Hall 
South Hall 
West Hall 
Dining Hall 
Summer School 
Day Student Building 

Breakage Fees 
Cleaning Fees 

Total Income 



^9,202.16 
4,233.50 
2,198.00 
1,210.00 
4,500.00 
96.00 
125.00 



^21,564.66 
481.96 
612.88 



!2,659.50 



EXPENSES 



Care of Buildings and Furniture 3,688.46 

Heat 3,876.11 

Light and Power 1,195.93 

Mificellaneous 24.25 

Operating Supplies 337.27 

Property Insurance 453.36 
Repairs and Maintenance of Buildings and Equipment 1,080.18 

Telephone 69.83 

Water 395. 7 j^ 

Total Expenses 

Profit before Administration Expanses 



11,121.10 
#11,538.40 



37 



REPORT OF DINI^'G HALL 
YEAR ENDED JUTTE 30, 1942 



INCOlffi 



Students' Board $38,108.75 

Sale of meals to others 200.35 

Sale of food and operating supplies 68.01 

Total Income |3B,S77.11 

Cost of meals, materials and supplies onlys 

Inventory July 1, 1941 1,490.42 

Purchases 26^1 97.7 j. 

27,688.13 

Inventory June 30, 1942 2,375.93 

Cost of meals, materials and supplies only 25,312.20 

Gross Profit before Operating Expenses 13,064.91 

EXPENSES 

Operating Expanses} 

Salaries and Wpges $7,724.03 

Gas 244.76 

Laundry 467,82 

Light and Power 438.06 

Miscellaneous 102.61 

Operating Supplies 216.51 

Renewals and Repairs 547.87 

Rentals 4,500.00 

Telephone 71.83 

Water 72.48 

Total Operating Expenses 14,385.97 

Loss before Administration Expenses Si, 321.06 



38 



STATElffiNT OF LABORATORY IKCOIffi AND EXPEKSES 
YEAR ENDED JUNE 30, 1942 



Biology Chemistry Physics 



Psych- 

pipgy 



Total 



Income! 



Fees 


$1,748.00 


12,469.82 


1394.00 


$156.00 


$4,767.82 


Breakage Income 


45.65 


371.75 


+ 


+ 


417.40 




$1,793.65 


$2,841.57 


$394.00 


$156.00 


$5JL85^ 


Expenses J 












Inventory July 1, 












1941 


300.00 


1,650.00 


100,00 


+ 


2,050,00 


Purchases 


861.26 


1,699.16 


211.34 


26.68 


2.798.44 




1,161.26 


3,349.16 


311.34 


26.68 


4,848.44 


Inventory June 30, 












1942 


200.00 


1,660.00 


50.00 


+ 


1,910,00 




#961.26 


1,689.16 


261.34 


26.68 


■57938.44 


Gain (+) or Loss (-) 












tefore Administration 












and Maintenance 












Expenses 


$832.39+ 


11,152.41+ 


§132, 66+ 


^129. 32+ 


$2,246.78+ 















REPORT OF LIBRARY 
YEAR ENDED JUlffi 30, 1942 



Income ; 

Matriculation Fees 
Endowment Fund 
College Departments 

Expense s; 

Books and Magazines 

Salaries 

Supplies and Binding Expense 

Specials for Departments 

Deduct, Items added to capital investment 

Loss before Administration and Maintenance Expenses 



$359.50 

66.25 

1,873.63 



1,802.39 

3,776.00 

156.16 

1,873.63 



!,299.38 



7,588.18 

2,500.00 
$5,088.18 
$2^,J88.J0 



39 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL FIRPOSES 

YEAR S1>JDED JUNE 30, 1942 



CASH CONTRIBUTED TO CURRENT ACCOUNT 



For books, supplies, binding, etc. for Library, 
from Departments s 

Bible $5.25 

Biology 16.92 

Book Department 834.20 

Business Administration 19.85 

Chemistry 50.13 

Economics 4.25 

Mathematics 2.55 

Music 3,00 

Philosophy 5.00 

Miscellaneous 32.58 

Clyde A. Lynch--Gift for Band 5.00 
E. N. Funldiouser— Improvement Program 2,000.00 

Ruth Engle Bender — Donation toward nem pianos 71.25 

BOOKS PRESENTED TO LIBRARY 



$973.73 



12,076.25 



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

Number of Volumes Value 
Books 

James Bachraan 

E. M. Balsbaugh 

Baltimore Alumni Club 

Bonebrake Theological Seminary 

Rev. Rodney Brace 

Alta Buoher 

R. R. Butterwick 

Dr. George Derickson 

D. D. Durand 
P. B. Emenheiser 
S. C. Enck 
A. B. Fpust 

E. F. Frank 
Samuel Friednsn 
Dr. Gardiner 
S. 0. Grimm 
J. C. Kunkel 
V. E. Light 
C . A. Lynch 
Mrs. John Lyter 
H. E. Miller 
H. E. Myers 
Stanley Oldham 

40 



1 


13.50 


5 


5.00 


2 


4.00 


1 


1.00 


108 


75.00 


4 


3.00 


19 


26.00 


84 


75.00 


7 


36.00 


1 


1.00 


2 


3.00 


I 


4.00 


62 


10.00 


12 


5.00 


4 


5.00 


2 


2.00 


1 


1.50 


5 


15.00 


IS 


20.00 


31 


20.00 


1 


1.00 


4 


5.00 


1 


1.00 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1942 



Books , (C ont inued ) 
H. A. Pruyn 
R. B. Saylor 
E^rl Reber 
Charles Sharman 
Mrs. J. L. Shearer 
H. H. Shank 
Dr. P. 0. Shettel 
M. L. Stokes 
Clyde Stine 
Curtis Traoy 
United Brethren Church 
David Wallace 
Gertrude Vfood 
Mrs. W. E. Wright 
Edith Yingst 
Y. W. C. A. 
Associations 
Government Publications 
Miscellaneous 

Periodicals t 

E. M. Balsbaugh 

Andrew Bender 

Bible Department 

Book Department 

Biology Department 

Carnegie Foundation 

S. H. Derickson 

English Department 

Federal Council of Churches 

French Department 

German Department 

C. R. Gingrich 

Hershey Junior College 

History Department 

J. C. Kxmkel 

C. A. Lynch 

Lebanon Valley College Office 

H. E. Myers 

Philosophy Department 

Physical Education Department 

Psychology Department 

United Brethren Church 

Lieutenant Weiriok 

Miscellaneous 



Number of Volumes 


Value 


2 


11.50 


4 


9.00 


1 


.50 


1 


1.00 


11 


10.00 


31 


95.00 


1 


1.00 


1 


2.50 


2 


2.00 


1 


2.00 


1 


1.00 


4 


1.00 


21 


25.00 


31 


5.00 


1 


3.00 


13 


10.00 


39 


25.00 


29 


15.00 


61 


25.00 


630 


$556.50 


2 


4.00 


1 


7.50 


1 


1.25 


20 


37.50 


4 


80.00 


6 


13.00 


4 


13.25 


1 


3.00 


2 


3.50 


3 


11.25 


1 


2.25 


1 


5.00 


1 


1.00 


2 


6.50 


1 


5.00 


9 


23.50 


1 


1.50 


3 


6.00 


1 


2.50 


1 


1.00 


2 


16.75 


8 


9.15 


1 


12.00 


58 


77.00 
$343.40 



41 



ANALYSIS OF HEATING PLANT EXPENSES 
YEAR ENDED JUNE 30, 1942 



Fuel, including freight and drayage $6,383.31 

Leas Inventory, June 30, 1942 1,543 »15 

14,840.66 

Hauling ashes 36.25 

Insurance 25.92 

Light and Power 491.16 

Miscellaneous 9.59 

Repairs 846.49 

Supplies 24.74 

Telephone 63.18 

Wages 1,331.40 

Water 82.33 

|7,752.22 

Di stri bution of Heating Plant Expense 

Heating Physical Plant $3,876.11 

Heating Dormitories 3,876.11 

$7,752.22 



ANALYSIS OF FARM SURPLUS ACCOUNT 
YEAR ENDED JUNE 30, 1942 



EAST BERLIN FARM 

Surplus, July 1, 1941 §874.57 

Deduct, Net Loss for current year 256.38 

Surplus, June 30, 1942 $618.19 

SHIREIIANSTOTO FARM 

Deficit, July 1, 1941 $1,315,81 

Deduct, Net Profit for current year 821.09 

Deficit, June 30, 1942 

Total Farm Surplus Jvine 30, 1942, Exhibit A, Section V 




42 



FARM REPORT, YEAR ENDED JUNE 30, 1942 
EAST BERLIN FARM 



INCOME 



No Income $0.00 



EXPENSES 



Aug. 1, 1941 Parker Fisher — Concrete, lumber, etc. $135.84 
Aug. 29, 1941 Lewis L. Smith — Plumbing supplies and 

labor 19.27 

Sep. 26, 1941 John Slaybaugh — School tax 59.14 
Apr. 17, 1942 Roy C. Garber— County, poor, and 

road tax, 1942 42.13 

Total Expenses $256.58 

Net Loss before depreciation $256.38 



43 



FARM REPORT, YEAR ENDED JDWE 30, 1942 
SHIREMANSTOM FARM 



INCOME 



1941 
July 
Aug. 


9 
9 


Sept. 
1942 


3 


Feb. 


5 


Feb. 


18 


June 


23 


June 


23 



June 23 



Frank Eberly — 281 bu. barley at 65/ |154.55 

Frank Eberly — 357-58/60 bu. wheat at $1.00 357.97 

Frank Eberly~283-40/70 bu. ear corn at 80/ 226.90 

U. S. Government— Parity Payment 150.59 

U. S. Government — Parity Payment 43.84 

H. C. Kistler— 205 bu. com at 70/ 143.50 
Frank Eberly — 25,525 lb. ear corn at $1.25 

per owt. 344.59 
W. W. Taylor — 185-60/70 bu. com at 89|/ 

per bushel 166.34 
Total Income 



11,588.28 



EXPENSES 



1941 
July 7 
Aug. 1 



Aug. 1 
Aug. 4 
Aug. 14 
Sep. 19 
Sep. 26 
Oct. 6 
Oct. 17 

Nov. 3 
Nov. 7 

1942 
Jan. 5 
Jan. 30 
Feb. 2 
April 6 
Apr. 10 

May 4 
May 15 
May 15 

May 21 
June 12 

June 23 



Annville National Bank — Interest on note $25.00 
Countrymen's Mutual Fire Insurance Company- 
Assessment 4.84 
Parker Fisher — Gates, glass, putty, etc. 102.83 
Annville National Bank--Intere8t on note 25.00 
Annie G. Witter— State and County Tax 26.60 
Mutual Fire Insurance Company— Assessment 4.84 
Annie G. Witter, Collector — School Tax 84.00 
Annville National Bank — Interest on note 25.00 
P. 0. Sunday — 6 tons Fertilizer, 4 tons at 

S34.40 less 10?? 123.84 

Annville National Bank — Interest on note 25.00 

Prank Eberly — 1-1/4 bu. timothy seed 8.00 

Annville National Bank— Interest on note 25.00 

P. L. Wolfe — Pump repairs 1.00 

Annville National Bank— Interest on note 25.00 

Annville National Bank--Interest on note 25.00 
P. 0. Sunday — 4 bu. hybrid seed com - 2 bu. 

at $8.00 16.00 

Annville National Bank — Interest on note 25.00 

Bernard Stansfield — Insurance 9.13 
P. 0. Sunday — 1 ton fertiliser at $35.30 leas 

10^ 31.77 

Annie G. Witter — Road tax 13.30 
P. 0. Sunday — 2 tons 3-12-6 Fertilizer at 

$35.30 less lOJ? 65.64 
H. C. Kistler — Piping in kitchen and brooder 

house 77.50 
Total Expenses 

Net Gain before depreciation 
44 



$767.19 
$821.09 



FUNDS FROM TEE K. Y. A. 

(Not taken into College Aoooimt) 

YEAR ENDED JUNE 30, 1942 



October |95.30 

November 657.94 

December 656.63 

January 259.82 

February 399.68 

March 440.78 

April 399.92 

May 399.56 

June 401.48 

13,711.11 

Number of students helped - 78 



45 



AUDITING COmiTTEE REPORT 

To the Board of Trustees of Lebanon Valley College: 

Gentlemen: — As has been the case for a number of years past, your 
auditing conmiittee secured the services of a certified public accountant 
to audit the accounts of S. H. Deriokson, Treasurer of the College. 

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

H. E. Schaeffer 
I. S. Ernst 
J. E. Oliver 

CoBamittee 

REPORT OF THE AUDITOR 

Board of Trustees, 
Lebanon Valley College, 
Annville, Pennsylvania. 

Gentlemen; 

I have made an examination of the accoiints of Lebanon Valley College 
for the year ended June 30, 1942, also the balance sheet, statement of 
income and expenses and relative statements 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 receiv- 
able were not confirmed but verified, and are shown at book values, with 
adequate reserve provisions for unoollectibility of the latter. Invest- 
ments 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 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. 

In my opinion, the accompanying balance sheet, statement of income 
and expenses and relative statements, present fairly the financial posi- 
tion of Lebanon Valley College at June 30, 1942, and the results of its 
operation for the year ended that date, in accordance with accepted 
principles of accounting applied on a basis consistent with that of the 
preceding year. 

Respectfully submitted, 

C. E. Procasco, 

Certified Public Accountant 
Harrisburg, Pennsylvania 
August 22, 1942 

46