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 6,578.24

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 30.00 _ 3,592.35

Total Eduoational and General

Income, to Exhibit B 158,075.33

II Auxiliary Enterprises and Activities;

(1) Dormitories ;

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^— ^ jsaggsj"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 for Non-EduoRtional 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 Maintenance of Physical

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 Enterprises 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 9,197.72

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 2,679.13

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

i

^919,670.05

24

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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 175,50

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. 7j^

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 26^197.7j.

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

Expenses;

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 stribution 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