Lebanon Valley College Report of the Finance Committee 1943

Lebanon Valley College

BULLETIN

Vol XXXII OCTOBER, 1943 No. 7

Report of Finance Committee

For Fiscal Year

Ended June 30, 1943

ANNVILLE, PENNSYLVANIA

Presented to the Board of Trustees at their
Meeting November 6, 1943

A Supplement to this report giving figures for the

school year 1943-44, to May 1, 1944

will be submitted to the Board at its meeting on May 19, 1944

Entered as Second Class matter at Annville, Pa., under the Act
of August 24, 1912

To the Members of the Board of Trustees of Lebanon Valley College:

The Finance Committee presents the following report of the business
operations of the College for the fiscal year ending June 30, I943. This
report shows the total income to be ^23,355*02; the expenses to be
^08,766.43 with a net profit before deducting additions to plant from
current funds of $15,222.96. Plant additions paid out of current funds
amour^ad to |9»834.45« The net profit after deducting additions to plant
from current funds is therefore found to be ?5»388.51, which is the amount
by which the deficit is decreased in the year covered by this report.

Included in the additions to plant are supplies and equipment for
chemistry laboratory, shelves, bookcases and books for library, equipment
for physics laboratory and repairs to Kindt Property for Infirmary.

The activities of the Finance Committee were reported upon in detail
at the May 21, 1943 meeting of the Board, when the minutes of the meetings
held were read.

Under the supervision of Lionel D. Edie and Company a comprehensive
program of re-investment of securities in the Endowment Fund was followed
with the avowed purpose of accomplishing stability of principal and con-
tinuity of income which resulted in a decrease of percentage of bonds held
and an increase in percentage of preferred and common stocks held. The
elimination of doubtful quality issues of both classes has been very con-
siderable as is indicated by the following comparison:

May 1. 1943 May 2. 1942
Percentage of doubtful quality

bonds 4 preferred stocks 49,3 65.4

Percentage of doubtful quality

common stocks 10.1 12.2

The accomplishment of a very material improvement in quality necessarily
involved some reduction of income on a twelve months basis.

Whereas a year ago the Lionel D* Edie and Company appraisal of the
Endowment Fund indicated that no securities could properly be classified
as backlog, their current appraisal of the Fund reveals that |177,282.00
of present market values may be included in the backlog category.

Including the adjust.aents made during the year, the market value of
the securities increased by $96,547»00.

At the time of this report the percentage of preferred stocks in the
Endowment Fund increased from 3-5^ a year ago to 23.6^; bonds decreased
from 61.7^ to 41.3^; common stocks increased from 34.8^ to 35«1^'

The rate of income for the past year was 3*96^.

Lloyd A. Sattazahn, Chairman

Exhibit A COlJiPARATI VE BALANCE SHEET
JUNE 30, 1943 AND 1942

ASSETS

June 30,
1943

June 30,
1942

Increase

Decrease

I Current Funds:
A General:
Cash

Investments, Notes 1
Accounts Rec'vable,
Dining Hall Supplief
Laboratory Supplies
Power Plant Supplier
Summer School Expenf

Prepaid
Prepaid Insurance
Deficit

Rec'vable
Students

}

3

363—

■Expendab

*8,349.14
11,150.28
22,197.82

2,953.93
2,010.00

+

590.75

3,494.16

14.308. 46

^,679.13 15,670.01

11,245.53

27,715.03
2,375.93 578.00
1,910.00 100.00
1,543.15

407.29 183.46
2,914.17 579.99

19.696.97

195.25
5,517.21

1,543.15
5.388.51

1.035.27

70.487.20

5.432.66

B Restricted:
Cash

1.659.84

624.57

66.089.81

,,72^114,7.04 ,

6.057.23

II Loan Funds:
Cash
Notes Receivable

5,285.34
7.593.49

3,141.04

8.089.65

2,144.30

496.16

^ 11.2^0.6^, ^

1.648.14

III Endowment and Other Non-

le Funds:

10,585.79

401,739.58

434,776.72

7,640.00

17,451.71

47.,476.25_.

Cash

Bonds

Stocks

Mortgages

Notes Receivable

Real Estate (Farms)

and

from

^1

^84. 14

338,952.76

396,964.61

6,940.00

16,285.71

46.476.25

9,701.65

62,786.82

37,812.11

700.00

1,166.00

1.000.00

806.503.47 919.670.05

113.166.58

IV Plant Funds:
Lands
Underground Heating

Plumbing System
Buildings
Equipment

39,800.00 39,800.00

17,851.69 17,851.69
515,526.82 514,912.18
145.280.17 136.060.36

614.64
9.219.81

718.458.68

708.624.23

9.834.45

V Agency Funds:
Cash
Advances Receivable

Current Fund
Farm Improvements

2,121.10

183.19
2.500.00

1,690.13

183.19

2.500,00

430.97

4.804.29

4.373.32

430.97

Total Assets

l^LiiUO^r,

i2£Ji^'^^

Exhibit A

COMPARATIVE BALANCE SHEET
JUNE 30, 1943 AND 1942

LIABILITIES AND FUNDS

I Current Funds :
A General :

Notes Payable
Accounts Payable
Accounts Payable, Agency

Funds
Students' Deposits
Students' Accounts Paid in

Advance
Victory Tax Withheld
Reserve for Doubtful Acc'ts

B Restricted:
Funds

II Loan Funds;
Funds

III EndOTament and Other Non-Expendable Funds;
Endowment Funds:
General
Restricted

June 30 » June 30 »
1943 1942

^42,000.00 ^51,000.00
♦ 2,376.58

183.19 183.1$
1,214.54 1,348.64

12,230.24 6,722.49
1,076.39

Increase Decrease

19,000.00
2,376.58

134.10

15,507.75
1,076.39

8.350.18

8.856.30

506.12

65.0^4.^4

, 70,487.20

5.432.66

1.035.27

1.659.84

624.57

66.089.81

72.147.04

6,057.23

12.878.83

11.230.69

1,

648.

.14

5.401.50

Annuity Funds

IV Plant Funds:

Net Investment in Plant

V Agency Funds:

Farm Surplus

Notes Payable, Farm Account

Funds

567,110.27 686,678.35
236.493.20 231.091.70
803,603.47 917,770.05

2.900.00 1.900.00 1. 000.00
806.503.47 919.670.05

718.458.68 708. 624.23 9.834.45

453.06 123.47 329.59

4,000.00 4,000.00

351.23 249.85 101.38

4.^4^9 4.373.32 430.~

119,568.08

114,166.58
113.166.58^

Total Liabilities
and Funds

n. 608, 73^.08 fl. 716.045.33

$107.310.25

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

INCOl^

Year Year

Ended Ended

6/30/43 6/30/42 Increase Decrease
I Educational and General;

(1) Student Income:

School of Liberal Arts and

Sciences $58,945.08 $59,510.°1 $565.83
Auxiliary Educational

Schools 58.810.69 51.677.40 J7. 133.29

117.755.77 111.18^.31 6.567.46

(2) Endowment Income 25,602.50 31,296.71 5,694.21

(3) Gifts and Grants 15,221.53 11,997.96 3,223.57

(4) Other Sources 3.656.59 3.592.35 64.24

Total Educational

and General Income 162^2^36.^^^^ }-^^f?]P:?l , ^f}-^h9^

II Auxiliary Enterprises and Activities:

(1) Dormitories 20,416.65 22,659.50 2,242.85

(2) Dining Hall 38,129.99 38,377.11 247.12

(3) Placement Bureau Income 34.00 29.00 5.00

(4) Canteen 6O.6O 278.04 217.44

(5) Kindt Property 65.00 240.00 175.00

Total Income, Auxiliary
Enterprises and
Activities ^8.706.24^ 61^^83.6^ 2.877.41

III Income for Non-Educational

Purposes 2.412.39 2.445.82 33.43

Total Income 223,355.02 222,104.80 1,250.22
Collections on Doubt-
ful AccHs Rec'vable 634.37 634.37

223,989.39 222,104.80 1,884.59

Total Expenses,

Forwarded 208.766. 43 213.021.76 4.255.33

Net Profit before deducting
additions to Plant from
Current Funds 15,222.96 9,083.04 6,139.92

Additions to Plant from

Current Funds 9.834.45 6.578.24 3.256.21

Net Profit after deducting

additions to Plant from

Current Funds 45.388.51 ^2. 504.80 ^.883.71 ,, ,

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

EXPENSES

Year Year
Ended Ended

6/30/43 6/30/42 Increase Decrease
I Educational and General:

(1) General Administration and

Expense |31.998«00 133.963.36 $1.965.36

(2) Instruction and Research:

School of Liberal Arts

and Sciences 64,138.25 66,049.80 1,911.55

Auxiliary Educational

Schools 45.906.03 41.717.32 $4.188,71

110.044.28 107.767.12 2.277.16

(3) Ubrary 5,301.2? 5,088.l8 213.09

(4) Operation and afeintenance

of Physical Plant 11.728.32 11. 456.61 271.71

Total Educational and

General Expenses 159.071.87 158.275.27 796.60

II Auxiliary Enterprises and Activities;

(1) Doroitoriee 10,725.83 11,121.10 395»27

(2) Dining HBll 36,115.63 39,698.1? 3,582.54

(3) Placement Bureau 21. 50 51.25 29.75

(4) Canteen 32.50 229.10 I96.6C

(5) Kindt Property 307.42 49.5? 257.85

(6) Brunner Property 8.47 435.99 427.52

Total Expenses, Auxil-
iary Enterprises
and Activities 47.211,35 51.585. I8 4.373.83

III Other Non-Educational Expenses 2. 183.21^ 2 . 661.pl ^ ^ ^ ."^jPrifP

Total Expenses before

Reserve Provisions 208,466,43 212,521.76 4,055.33

Reserve Provisions:
Provision for Doubtful
Accounts Receivable 300.00 500.00 200.00

Total Expenses,

Forwarded 1208.766.^3^213.021.76 ^.255.33

Exhibit B STATEMENT OF CURRENT FUNDS

YEAR ENDED JUNE 30, 1943

Balance at beginning of year None

Add:

(1) Current educational and general

income, per Schedule B-1, Sec. I $162,236.39

(2) Income auxiliary enterprises and

activities, per Schedule B-1,

Sec. II 58,706.24

(3) Income non-educational purposes,

per Schedule B-1, Sec. Ill 9.290»09 1230,232.72

(4) Adjustments, per Schedule B-4 654.10

I 230,886.82

Deduct:

(1) Current educational and general

expenses, per Schedule B-2, Sec. I 159,371»87

(2) Expenditures of auxiliary enterprises

and activities, per Schedule B-2,

Sec. II 47,211.35

(3) other non-educational expenses,

per Schedule B-2, Sec. Ill 8,698.89

(4) General funds transferred to plant

funds, per Exhibit E, Sec. I 9.834.45

225,116.56

(5) Adjustments, per Schedule B-4 36l»75

225,498.31

Gain for year ended June 30, 1943 5,388.51

Deficit July 1, 1942 19.696.97

Deficit June 30, I943, to Exhibit A, Section I $14.308.46

STATEMENT OF CURRENT IHCOM
Schedule B-1 YEAR ENDED JUNE 30, 19*3

I Educational and General;

(1) Student Income;

A School of Liberal Arte and Sciences:

Tuition |62,892.?5

Less, Scholarships 12. 506.58 ^50,386.37

Matriculation Fees 1,735.00

Biology Fees 1,361.21

Chemistry Fees 3,012.00

Physics Fees 448.50

Physical Science Fees— Music 58*00

Psychology Fees 124,00

Practice Teaching Fees 875. 00

Graduation Fees 945.00 $58, 945.06

B Auxiliary Educational Schools:

Extension School 1,594.00

Music School 38,678.13

Saturday School 2,833.00

Summer School 15.705.56 58,810.69

(2) Endowment Income (Schedule B-3)

Unrestricted 22,803.25

Restricted 2.799.25 25,602.5C

(3) Gifts and Grants;

Benevolence, Conference 10,721.06

Other 4.500.47 15,221.53

(4) Other Sources;

Group Life Insurance ^ 738.17

Interest on Current Funds 593.8?

Library Income 2,269.55

Rent for Chapel 55.00 3.656^59
Total Educational and General

Income, to Exhibit B ;^ 162,2^6. 3^

II Auxiliary Enterprises and Activities:

(1) Dormitories:

Cleaning Fees 473'53

Rentals 19,489.71

Breakage Fees 453-41 20,416.65

(2) Dinini; Hall:

Stud'ents' Board 37,849.54

Sale of meals to others 228.19

Sale of food and operating supplies 52.26 38,129.99

STATEMENT OF CURRENT INCOME
Schedule B-1 YEAR ENDED JUNE 30, 1943

II Auxiliary Enterprises and Activities;

(3) Placei.ient Bureau Income 134.00

(4) Kindt Property 65.00

(5) Canteen 60.6O

Total Income Auxiliary Enterprises
and Activities, to Exhibit B

III Income for Non-Educational Purposes;

Day Students* Rental $1,065.75

Unexpended Student Activity Fees 546.83

Scholarship Funds (Schedule 3-3) 5,5^5*^5

Student Loan Funds (Schedule 3-3) 500.73

Prize Funds (Schedule B-3) 61.75

Annuity Funds (Schedule B-3) 95»00

Miscellaneous 799.81
Collections on Provision for Doubtful

Accounts Receivable from students 634.37

Total Income for Non-Educational

Purposes, to Exhibit B $9.290.09

Total Income to Exhibit B j2 30. 232. 72

10

Schedule B-2

STATEMIBNT OF CURRENT EXPENSES
YEAR ENDED JUNE 30, 1943

I Educational and General;

(l) fleneral Administration and Expenses;
A General Administrative Offices:
i'iiscellaneous
Office Supplies
Postage
Salaries

Stationery and Printing
Telephone and Telegraph

B General Expenses:

Advertising, General
Advertising, Bulletins and

Catalogues
Alu-iini Expense
AlaTini Secretary, Salary and

Expenses
Auditing and Accounting Services

and Expenses
Campaign Expenses
College Car
Cosmence-ient Expenses
Compensation Insurance
Credit Adjustment
Investment Counsellor Service
Group Life Insurance
Lecture Expense

Membership Fees to Associations
Miscellaneous
Press Service

Public Liability Insurance
R©tire:nent Allowance
Retire.aent

Student Solicitation Expenses
Travel and Entertainment:

Faculty

Officers

Trustees
War Damage Insurance
Provision for Doubtful Accounts

Receivable

^91.90
365.32
310.02
15,505.34
313.33
261.5^

258.22

628.40
50.50

553.00

293.50

39.21

32.22

456.14

302.00

634.37

2,000.00

2,550.90

40.00

233.00

1,310.03

912.66

80.13

120.00

2,177.57

1,357.66

100.67

453.01

28.36

539.00

(2) Instruction and Research;

A School of Liberal Arts and Sciences

Salaries, Faculty

Salaries, Student Assistants

Salaries, Practice Teaching

Departmental Expenses:
Biology Laboratory
Chemistry laboratory
Physics Laboratory
Psychology Laboratory

477.46

775.89

173.21

69.18

|16,847.*5

300.00 15.450.55 032,298.00

61,283.11

1,236.90

122.50

1.495.74 64,138.25

11

STATEMENT OF CURRENT EXPENSES
Schedule B-2 YEAR ENDED JUNE 30, 1943

I Educational and General: (Continued)

(2)

InBtruction and Research:
B Auxiliary Schools:

Muaic School:

-

-^^

Faculty Salaries

$28,240.02

Insurance

52.51

Miscellaneous

9.86

ISusic

59.45

Practice Teaching, Salary

and Expenses

1,228.50

Stationery and Printing

145.77

Tuning, repairs, etc.

1.026.6S

$30,762.79

Extension School:

Faculty Salaries

900.00

Miscellaneous

494.76

1,394.76

Saturday and Evening School;

Faculty Salaries

2,388.68

lAlscellaneous

161.02

2,549.70

Sumner School:

Care and JJaintenance of

Doraitories

188.49

Faculty Salaries

7,272.28

fvliscellaneous

1,409.71

Boarding Expenses

2,328.30

11.198.78

^45,906.03

(3)

Library:

Books and liagazines
Salaries

1,066.76
4,166.34

Supplies

68.17

5,301.27

(4)

Operation and Jiaintenance of Physi
Plant:

Care and liaintenance of Grounds
Care of Buildings and Furniture
Heat

Infirmary
Light

jiiscellaneous
Operating Supplies
Property Insurance

jal

1,001.89

2,204.78

4,138.38

53.82

955.35

25.05

293.28

1,102.52

Repairs to Buildings and Equipment

1,610.01

Taxes

177.13

Water

166.11

11.728.32

Total Educational and General

Expenses, to Exhibit B

n59.37i.87

12

Schedule 5-2

STATEMENT OF CURRENT EXPENSES
YEAR ENDED JUNE 30, 1943

II Auxiliary Enterprises and Acti

vitias:

(1)

Dormitories:

Care of Buildings and

Furniture

12,944.20

Heat

4,138.39

Light

1,023.22

ULscellaneous

25.05

Operating Supplies

273.65

Property Insurance

641.20

Rent

218.64

Repairs to Buildings

and

Equipment

1,028.16

Telephone

75.54

later

3?7.78

110,725.83

(2) Dininp Hall:

Food

22,240.85

Gas

131.67

Laundry

350.67

Light

443.57

Lliscellaneous

134.65

Operating Supplies

502.52

Renewals and Repairs

239.82

Rental

4,500.00

Salaries and Vages

7,438.75

Telephone

56.78

Water

76.3?

36,115.63

(3)

Canteen Expenses

32.50

(4)

Kindt Property:
Repairs

307.42

(5)

Brunner Property:
Repairs

8.47

(6)

Placeoient Bureau:

Expenses

Total Expenses, Auxiliary Enterprises
and Activities, to Exhibit B

III Other Non-Educational Expenses:
Debating Expenses
Interest on Loans
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

21.50

^h^^^'^P

3.50
2,179.71
5,846.45

500.73

61.00
107.50

^♦698.89
1215. 282. 11

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18

DETAILS OF CURRENT FUND ADJUSTMENTS
Schedule B-4 YEAR ENDED JUNE 30, 1943

1. Adjustments Adding to Current Funds:

Decrease in Income balances:

East Pennsylvania Branch W.M.A. Scholarship |50*00

Samuel F. Engle Scholarship Fund 50.00

A. S. Kreider Ministerial Fund 280.00

Bishop J. S. Mills Scholarship Fund 37.50

Grace U»B* Church of Penbrook Scholarship 50*00

Peimaylvania Conference C. E. Scholarship 3^.50

Sophia Plitt Scholarship Fund 141.60

S. H. Derickson & Wife Annuity 12.50

Total to Exhibit B, Section 4 ^6^4.10

2. Adjustments Deducting from Current Funds:

Increase in income balances:

Derickson Scholarship Fund 102.50

East Pennsylvania Conference C. S.

Scholarship Fund 23.00

Harrisburg Otterbein Church Scholarship 53»00

Harrisburg Otterbein Sunday School

Scholarship Fund 27.50

Mrs. Elizabeth H. Millard Memorial

Scholarship Fund 50.00

Pennsylvania Branch W.M.A. Scholarship Fund 125.00
Class of 1928 Scholarship Fund .75

Total to Exhibit B, Section 5 1381.75

19

CONDENSED STATEMENT OF GENERAL FUND CASH
RECEIPTS AND DISBURSEMENTS FOR THE YEAR
Schedule B-5 ENDED JUNE 30, 1943

Balance July 1, I943 ^,679.13

Receipts

Income :

Students

1187,940.92

Endowment Income

25,602.50

Gifts and Grants:

Conference Benevolence

$10,721.06

Other

4.500.47

15,221.53

Other Sources:

Interest on Current Funds

593.87

Library Income

361.00

Group Life Insurance

738.17

Rent for Chapel

55.00

Placement Bureau

34.00

Canteen

60.60

RLndt Property

65.00

Unexpended Student Activity Fees

546.83

Sale of meals to others

228.19

Sale of food and supplies

52.26

Miscellaneous

799.81

3,?34.7j

232,299.6!

Balance Sheet Items:

Received from Churches on account

of notes 95.25

Decrease in Inventory of

Power Plant Supplies 1,543.15

Increase in Victory Tax Withheld 1.076.39

2.714.79

235.014.47
$237.693.60

20

CONDENSED STATEMENT OF GENERAL FUND CASH
RECEIPTS AND DISBURSEMENTS FOR THE YEAR
SchedulB B-5 ENDED JUNE 30, 19^3

Disbursements

Expenses:

Educational and General:
General Administration and

Expense $31,593.00

Instruction and Research 110,044.28

Library 3,585.27

Operation and Maintenance of

Physical Plant 11.728«32

"$157,355.87

Auxiliary Enterprises and Activities:

Dorniitories 10,725.83

Dining Hall 36,115.63

Placement Bureau 21.50

Canteen 32.50

Brunner Property 8.4?

Kindt Property 307.42

47,211.35

Other Non-Educational Expenses:

Interest on Loans 2,179.71

Debating Expenses 3.50

2.183.21
206,750.43

Balance Sheet Items:

Increase in Inventory of Dining

Hall Supplies 578.00

Increase in Inventory of

Laboratory Supplies 100.00

Increase in Prepaid Summer School

Expenses I83.46

Increase in Prepaid Insurance 579.99

Decrease in Notes Payable 9,000.00

Decrease in Accounts Payable 2,376.58

Decrease in Students Deposits 134.10

Additions to Plant $9,834.45

Less, Equipment gift 192.55

22.594.03

1^229,344.46

Balance June 30, 1943, per Exhibit A, Section I-A 8.349.14

^237.693.60

21

STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
ENDOVmENT INCOME ACCOUNT FOR THE YEAR ENDED
Schedule B-6 JUNE 30, 1943

Balance July 1, 1942 $1,659.84

Receipts

Income from Endowment investments 131,932.14

Less, accrued interest on bonds purchased 438.53

31.493.61

^^Il^MI

Disburse.aents

Unrestricted:

Transferred to General Fund for

Educational Purposes |22,803.25

Restricted:

Transferred to General Fund for

Educational and General Purposes

1 :

Printing Funds

130.00

Professorship Funds

2,693.00

Library Funds

66.25

Msiintenance Funds

10.00

2,799.25

Used

for Non-Educational Purposes:
Scholarship Funds
Student Logui Funds
Prize Funds
Annuity Funds

5,846.45

500.73

61.00

107.50

6.515.68

9.214.93
32,118.18

Balance

June 30, 1943, per Exhibit A,

Section I-B

1.035.27

?iWaa^

22

STATEMQJT OF LOAN FUNDS
Exhibit C YEAR ENDED JUNE 30, 1943

FUND PRINCIPAL

Balance
Balance June 30, I943

July 1, Receipte Other Deduc- Exhibit A
1942 for year Additions tions Sec. II

Funds

Alumni Annual Giving |2, 499.9c $609.55 - - t3, 109*45

iJary A. Dodge Fund 6,371.10 512.86 - - 6,883.96

Daniel Eberly Fund 231.57 25.73 - - 257.30

Charles E. Merrill Fund + 500.00 - - 500.00

Henry B. Stehiuan Fund 1,951.12 + . - 1,951,12

Dr. Wagner Special Fund 177.00 * - 177.00

$11.2^,0.6911. 648.14 - - n2.878.'5r

FUND ASSETS

Cash

$5,285.34

Notes Receivable from Students:

Alumni Annual Giving Fund

$1,928.73

Mary A. Dodge Fund

4,273.52

Charles E. Merrill Fund

350.00

Henry B. Stehman Fund

900,00

Dr. Ifegner Special Fund

141.24

7.5?3.4?

Total Loan Fund Assets June 30, 1943,

to Exhibit A, Section II

112.878.83

23

STATEMENT OF ENDOmffit^rr AND OTHER NON-EXPENDABLE FUNDS
Exhibit D YEAR ENDED JUNE 30, 1943

FUND

PRINCIPAL

'~-^r- Tr rr^sa

Endowment

Annuity

Funds

Funds

Total

Balance July 1, 1942

5917,770.0^

?1. 900.005:919. 670.05

Additions during year:

Philadelphia L.V.C. Alumni Club

264.00

■f

264.00

Lillian G. Bachman

1,000.00

+

1,000.00

S. H. Derickeon & Wife

37.50

♦

37.50

Dr. & Mrs. Afldrew Bender

1,000.00

+

1,000.00

Donald J. Cowling

100.00

+

lOO.OC

C. Kenneth Roper

25.00

+

25.00

John J. Todd, Jr.

5.00

+

5.00

William M. Deatrick

+

1,000.00

1,000.00

Karl Lorenz

3,000.00

+

3,000.00

Clyde A. Lynch

5.00

+

5.00

5,436.50

$923,206.55

1.000.00

6.436.50

$2,900.CO$926,106.55

Deductions during year:

Difference between amount realized
from sale of securities during
year ended June 30, 1943 and
amount at which said securities
were carried upon books of
account 119.603.O8 ♦ 119. 603. 08

Balance June 30, 1943, to

Exhibit A, Section III |803. 603.47 |2.90Q.OOv8o6.503.47

24

SUMMARY OF ENDOWMENT FUND ASSETS

Schedule D-1

JUNE 30, 1943

i

Per
Amount of

centage
Total

Investments:

Farms

^46,476.25

5-77

Bonds:

Government

¥19,

,000,

.00

2.36

Industrial

28,

,114.

.34

3.49

Public Utility

143,

,8tl,

.82

17.86

Railroad

116,

,116,

,62

14.41

Real Estate

31,

.359-?^

3.?t

Total Bonds

338,952.76

42.08

Stocks:

Preferred:

Industrial

$48, 091.5c

5.97

Utility

^^^^M22l±

14.88

Total Preferred

Stocks

168,

,035.

,04

20.85

Common :

Aviation

10,729.53

1.33

Bank

79,787.68

9.90

Building

5,200.00

.65

Chemical

s. 583.35

1.07

Industrial

13,220.94

1.64

Insurance

7,550.00

.93

Uetals

5,300.00

.66

Oils

13,748.11

1.71

Railroad

3,000.00

.37

Railroad Equipment

2,700.00

.34

Rubber

10,100.00

1.25

Steel

16,915.19

2.10

Utility

52,094.7,7

6.47

Total Caamon Stocks

228,

,2^9.5.7

28.42

Total Preferred

&. Co:amon Stocks

396,964.61

4^27

Mortgages

6,940.00

.86

Notes Receivable

stment

s

16.285.71
805,619.33

2.02

Total Inve

100.00

Cash awaiting investment

884.14

Total Endowment

Fund

As 8 et 8 ,

June 30,

1943,

to ]

Exhibit A,

Section

III

^

t806.503.47

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31

STATEMENT OF PLANT FUNDS
Exhibit E lEAR ENDED JUNE 30, 19*3

(1) Unexpended Plant Funds:

Balance July 1, 1943 None

Additions during year:

1. Amount transferred from Current Funds 19 i 834. 45

9,834.45

Deductions during year:

a. Sunlamp for Chemistry Laboratory $18.90

b. Cases for Chemistry Laboratory 96O.I7

c. Supplies and •quipment for Chemistry

laboratory 900.00

d. Plumbing supplies for Chemistry

laboratory 103«6l

e. Door pulls and screens for Chemistry

laboratory 34»30

f. Shelves and book cases for Library 896.04

g. Extension ladder for Power Plant 13*20
h. Electrical work in Chemistry

laboratory 314.65

i. Equipment for Physios Laboratory 416.44

j. Repairs for Infirmary (Kindt Property) 614.64

k. Arc lamp for Chemistry Laboratory 62. 50

1. Books in Library 5.500.00

Balance June 30, I943 None

(2) Invested in Plant

Value of Plant July 1, 1942 |708, 624.23

Additions during year, as above 9.834.45

Value of Plant, June 30, 1943, Exhibit A, Section IV $718.458.68

32

PLANT FUNDS ASSETS

Schedule E-1 JUNE 3

0, 194

3

Book Value
July 1,

Book Value
June 30,

Erected

1942

Increase

1943

Lands:

Athletic Field

$5,000.00

$5,000.00

Campus

34,000.00

34,000.00

Hockey Field

800.00
39.800.00

800.00
39.800.00

Underground Heating and

Plumbing System

17,851.6?

17.851.69

Buildings:

Administration

1905

157,170.25

•f

157,170.25

Brunner Property

7,047.15

+

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.

614,

.64

3,407.26

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

+

22,611.33

West Hall for Women

12.183.37
514.912.18

+

12.133.37

614.

^

515.526.82

Equipment :

Auditorium

2,700.00

+

2,700.00

Dining Hall and Kitchen

6,954.80

+

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 Apparat

us

14,942.23

+

14,94ii.23

Athletic Field and Gymnasiua

5,371.00

•••

5,371.00

Heating Plant

3,000.48

13.

.20

3,013.68

Biology Laboratory

7,896.35

+

7,896.35

Chemistry Laboratory

9,634.31

2,394.13

12,028.44

English Departuient--lAntern

slides and Equipment

1,000.00

+

1,000.00

Physics Laboratory

6,421.86

416.

,44

6,838.30

Psychology Laboratory

213.90

+

213.90

Library

1,792.94

896.

.04

2,688.93

Books in Library

30,300.00

5,500.

,00

35,800.00

Jiiseum Furniture

4,472.10

+

4,472.10

Musical Instrunents

30,248.15

+

30,248.15

Office Equipment

5,101.72

+

5,101.72

Y.M.C.A. Room

350.00
136.060.36

+

350.00

9,219,
$2^8^

145. 280. 17

Total Plant Funds Assets

$^'^08^624.2^

$713.4^8.68

33

EXTENSION DEPARTMEMT
YEAR ENDED JUNE 30, 1943

IncQiae :
Tuition:

First Semester $903.00

Second Seaester 69 1 » 00

Total Income |1,594.00

Expenses;

Salaries paid to Faculty 900.00

Traveling and Miscellaneoua Expenses 49 4 . 7 6

Total Expenses 1.394.76

Profit ^ 199.24

SATURDAY SCHOOL REPORT
YEAR ENDED JUNE 30, 1943

Income;

Tuition:

First Semester |1, 560.00

Second Semester 1.273.00

Total Income J2. 833.00

Expenses:

Salaries paid to Faculty 2,388.68

Miscellaneous expenses 161.02

Ten per cent retained by college 283.30

Total Expenses 12.833.00

34

SUMMER SCHOOL REPORT
YEAR ENDED JUNE 30, 1943

Income;

Registration Fees I 175.00

Tuition 9,454.00

Tuition"Mu8ic School 1,063.50

Tuition— Specials 1,554.75

Boarding 2,352.65

Room Rent 744.00

Practice Teaching Fees 311»66

Hersbey Demonstration School 50.00

Total Income tfl5.705.56_

Expenses;

^scellaneous expenses 1,409*71

Salaries paid to Faculty $5,675.00

Special I98.OO

Special Sfiisic 1.399.28 7,272.28

Boarding Expense 2,328.30

Care and Ifeintenance of Dormitories 188.49

Total Expenses 11.198.73

Profit before Administration and

Building Maintenance Expenses t 4.506,78

35

STATEMENT OF MJSIG SCHOOL INCOME AND EXPENSES
YEAR ENDED JUNE 30, 1943

INCOivIE

First

Second

Both

Semester

Semester

Semesters^

Instruction:

Voice

13,158.50

12,989.50

$6,148.00

Piano

3,501.00

2,847.28

6,348.28

Organ

969.50

888.50

1,858.00

Violin

525.00

457.50

982.50

InstruTnents of Band and

Orchestra

1,322.50

1,186.50

2,509.00

Theory

?.75?-30

7.976.05

17,735.35

19,235.80

16,345.33

135,581.13

Uee of Instruments for Practice

;

Piano

752.00

528.00

1,280.00

Organ

6OO0OO

557.00

1,157.00

Instrument a of Band and

Orchestra

414.00

246.00

660.00

1,766.00

1,331.00

3,097.00

Total Incoae

^1.001.80
EXPENSES

$17,676.33

♦38,678.13

Salaries

128,240.02

Insurance

52.51

Practice Teaching for Seniors,

including transportation

1,228.50

Tuning, repairs and use of motor

for organ

1,026.68

Miscellaneous

9.86

Music

59.45

Stationery and Printing

, 145.77

Total Expenses

30.762.79

Profit before Administration

and Building

ijaintenance Expenses

*7.?15.34

36

STATEMENT OF DORMITORY INCOME AND EXPENSES
YEAR ENDED JUNE 30, 1943

INCOME

Rentals:

Men's Dormitory |7»223.31

North Ifell 4,069.00

South Hall 2,135.00

West Hall 1,340.00

Dining Hall 4,500.00

Gruber's 132.40

Lvnch's 90.00

119,489.71

Breakage Fees

453.41

Cleaning Fees

473-?3

Total Income

120,416.65

EXPENSES

Care of Buildings and Furniture

2,944.20

Heat

4.133.39

Light and Power

1,023.22

Miscellaneous

25.05

Operating Supplies

273.65

Property Insurance

641.20

Rent

218.64

Repairs and Maintenance of Buildings

and Equipment

1,028.16

Telephone

75.54

Water

357.73

Total Expenses 10.72^.63

Profit before Administration Expenses

37

REPORT OF DINING HALL
YEAR ENDED JUNE 30, 1943

INCOME

Students' Board

Sale of meals to others

Sale of food and operating supplies

Total Income

Cost of ajeals, materials and supplies only:
Inventory July 1, 1942
Purchases

Inventory June 30| 194-3

Cost of meals, materials and supplies only

Gross Profit before Operating Expenses

EXPENSES

Operating Expenses:
Salaries and Wages
Gas

Laundry

Light and Power
iJisoellaneous
Operating Supplies
Rene-sjals and Repairs
Rentals
Telephone
Water

Total Operating Expenses

Gain before Administration Expenses

137,849.54

228.19

52.26

2,375.93
22.818.85
25,194.78

2,953-?3

7,438.75
131.67
350.67
443.57
134.65
502.52
239.82

4,500.00
56.78

i, 129.99

22.240.85
$15,889.14

13.874.78
i 2.014.36

38

STATEMEOT' OF LABORATORY INCOME AND EXPENSES
YEAR ENDED JUNE 30, 1943

Income;
Fees
Breakage Income

Paych-
BioIoKy Chemistry Physics oloRy Total

11,361.21 13,012,00 $448.50 $124.00 $4,945.71

28o40 362,30 + ♦ 391.20

$1.389.61 13. 374.80 W8.50 s?124.00 15.336.91

Expenses;

Inventory July 1,

1942
Purchases

Inventory June 30,
1943

Gain before Adminis-
tration and
L&intenance Expenses

200,00 1,660.00 50,00 ♦

455.86 1.288.69 173.21 69.18

655.86 2,948.69 223.21 69.18

150.00 1.810. 00 50.00

1,910.00
1.986.94
3,896.94

2.010.00
1.886.94

505.86 1.138.69 173.21 69.18

24 ^.236.11 1275.29 154.82 ^3.449.97

REPORT OF LIBRARY
YEAR ENDED JUNE 30, 1943

Income ;

Ifatriculation Fees
Endowment Fund
College Depart.aents

Expenses;

Books and li&gazines

Salaries

Supplies and Binding Expense

Specials for Departments

$361.00

66.25

l.?08.55

$2,335.80

4,850,76

4,166.34

68.17

1.716.00

Deduct, Items added to capital investment

Loss before Administration and Maintenance Expenses

10,801.27
5.500,00
5.301.27

12,965,47

39

DONATIONS TO LEBANON VALLEY COLLEGE

FOR SPECIAL PURPOSES

YEAR ENDED JUNE 30, 1943

^649 » 46

GASH CONTRIBUTED TO CURRENT ACCOUNT
For books, supplies, binding, etc. for Library,
from Departuents:

Bible

Biology

Book Department

Chemistry

Conservatory

English

French

German

History

Philosophy

Psychology
Book Department— Permanent Furniture

2 tables

1 wall book case

1 desk chair

2 record cases
2 stools
1 book case
1 catalogue case
1 filing case

Miscellaneous including L. C cards, supplies
H. H. Shenk — Shenk collection for Library
E. N. Funkhouser — Gift for Heilman Library
E. N. Funkhouser--Cainpaign Expenses
E. H. Umberger & Wife—Gift
Annville United Brethren Church— Education Day

BOOKS PRESENTED TO LIBRARY
In addition to the above, books and periodicals were contributed
Library by the following:

$ 2.62

14.00

557.01

13-98

2.00

23.28

25.02

1.50

3.00

4.30

37.50

56.50

17.50

5.30

6.00

4.00

59.75

6.00

80.00
3,213.97
1,000.00

10.00

196.50

1192.55
" 47.54

^4.500.47

to the

Books :

Baltimore Library C
Becklcy, Mrs. H. G.
Balsbaugh, E. M.
Barnhart, Mrs. Albert
Bender, Ruth
Blose, Johann
Butterwick. R. R.
Class of 1943
Derickson, S. H.
Duncan, Urs.
Esbenshade, J. W.
Hoover, Merle
Ingraham, Mrs.
^nkel, J. C.
Laucks, Fredericka
Ught, Dr. J. B.
Light, V. Earl
Lynch, C. A.
Ueyer, Mrs. D. H.

Number of Volumes

Value

2

*9.oo

15

25.00

3

3.00

70

25.00

1

1.50

15

15.00

331

200.00

1

4.00

11

11.00

5

5.00

1

3.00

4

2.00

5

2.50

20

10.00

1

4.00

22

33.00

8

8.00

5

25.00

1

4.00

DONATIONS TO LEBANON VALLEY COLLEGE

FOR SPECIAL PURPOSES

YEAR ENDED JUNE 30, 1943

Books, (Continued)

Number of Volumes

Value

Metzger, Bruce

$ 3.00

Mobley, Iferk

1.50

Ifiitch, Verna

4.00

Mutch, Rev. C. A.

27

40.00

Miller, F. K,

2.00

Myers, Helen E.

1.00

Nye, Rev. Allen G.

27

40.00

Rnpp, Rev. U. S. G.

40.00

Shenk, Esther

5.00

Sherriff , William E.

2.00

Shenk, H. H.

34

68,00

Shettel, Paul

1.5c

Stine, C. L.

10

3.00

Stokes, M. L.

8.00

Struble, G. G.

1.50

Wallace, David

1.00

Wallace, P. A. W.

8.50

Willard, Lester

2.00

Wolf, Harvey N.

5.00

United Brethren Church

3.00

Associations

44

20.00

Government Publications

25

12.5c

'Miscellaneous

-ii

18.00

754

t 680.50

Periodicals:

Balsbaugh, E. M.

4.00

Biology Department

80.00

Book Department

21

49.40

Carnegie Foundation

17.00

Chemistry Department

3.00

Derickson, S. H.

11.25

French Department

13.50

German Department

2.25

Gingrich, C R.

5.00

History Department

3.00

Kuukel, J. C.

5.00

Lebanon Chamber of Commerce

1.00

Loser's Music Store

1.00

Lynch, Dr. D. L.

13

32.10

Myers, H. E.

10.00

Philosophy Department

2.00

Porter, Jernain

5.00

Psychology Department

7.00

United Brethren Church

4.85

United Brethren Church W.M.*.

2

3.00

Vanaman , Ri c ha r d

1

1.00

Virginia Conference

2

2.00

Miscellaneous

?1

76.15

130

$338..^o

41

ANALYSIS OF HEATING PLANT EXPENSES
YEAR ENDED JUNE 30, 1943

Fuel, including freight and drayage

Hauling ashes

Insurance

Light and Power

Repairs

Supplies

Telephone

Wages

Water

Distribution of Heating Plant Expense

Heating Physical Plant
Heating Dormitories

ANALYSIS OF FAKJ SURPLUS ACCOUNT
YEAR ENDED JUNE 30, 1943

EAST BERLIN FARM

Surplus, July 1, 1942 |6l8.19

Add, Net Profit for Current Year 366.08

Surplus, June 30, 1943

SHIREMANSTOIflN FARM

Deficit July 1, 1942 $494.72

Add, Net Loss for Current Year 3^* ^9

Deficit, June 30, 1943

Total Farm Surplus June 30, 1943, Exhibit A, Section V

42

FARM REPORT, YEAR ENDED JUNE 30, 19*3
EAST BERLIN FARM

INCOME

1242

July l8 W. Denton Ifyers:

43 bu, 20 Lbs. wheat @.75
76 bu. 75 lbs. barley @.52
103 bu. 35 Ibe. wheat @.74

44 bu. 20 lbs. wheat @.73
203 bu» 12 lbs. corn @.83
146 bu. 48 lbs. corn ©.95
106 bu. 39 lbs. com @.95
132 bu. 40 lb. wheat fel.05

1943 65 bu. oate @.60

Mar. 31 U. S. Government— Parity Payment
Total Income

132.50
39.80
76.65
32.36

169.48

139.51
101.36
139.30
39.00
131.91

1901.87

EXPENSES

1942

July 18 W. Denton Myers:

2 Tons fertilizer 2-9-5 ©26.90 less l/lO 48.42

1 1/2 bu. timothy seed @2.60 3.90

2 Tons fertilizer ©26.90 less l/lO 48.42
1 1/2 bu. clover seed ©10.00 15.00
1 bag lime .35

1 1/2 ton fertilizer ©27.40 41.10
15 bu. seed oats @.80 12.00
5 bbls. cement ©2.50 12,50

2 Tons fertilizer 2-9-5 ©29.65 59*30
2 Tons fertilizer 2-9-5 ©29.65 59.30

1 1/2 bu. timothy seed ©3. 50 5.25

2 Tons fertilizer 2-9-5 ©30.75 6I.50
1 bu. clover seed ©16.00 I6.OO
1/2 bu. clover seed ©16.00 8.00

Aug. 2 Mummasburg Mutual Fire Protective Society--

Fire insurance 27.98

Sep. 4 Roy C. Garber—School Tax 1942 59.14
Oct. 16 East Berlin Milling Company:

30 bu. seed wheat 61.39 |41.70

1^43 28 bu. seed wheat ©1.26 Credit 35. 60 5.90

itor.t6 Harry A. Lauchman — Concreting cow stable 5.10

May 13 Roy C. Garber — Road, County and Poor Tax 38.13

May 28 Harry Sinner--Wir© and staples 8.50
Total Expenses

Net Gain before depreciation

$366.08

43

FARM REPORT, YEAR ENDED JUNE 30, 1943
SHIREMANSTOra FARM

INCOME

1942

July 27 Frank Eberly:-198 bu.22 lbs. barley @.60 $119.08

Aug. 31 ¥. ¥. Taylor— 177 bu. 50 Ibe. corn @.70 124.40

133 bu. oats @.35 46.55

59 bu. 16 lbs. corn @.75 44.45

111 bu. 12 lbs. oats ®.35 38.97

Nov. 27 Frank Eberly~8,460 lbs. ear corn ©l.CO cwt. 84.60

1943

May 20 Frank Eberly— 53,600 lbs. ear corn ©1.50 cwt. 804.00

June 30 U. S. (Jovernnient-- Parity Payment 94.19
Total Income

11,356.24

EXPENSES

1942

July 10 J. Henderson Stock— Electrical Repairs 8.60

July 6 Annville National Bank- -Interest on note 25.00

Aug. 2 Annville National Bank — Interest on note 25.00

Aug. 2 Countryman's Mutual Fire Insurance— Premium 4.84

Aug. 2 Annie G. Witter — State and County Tax 26. 6C

Aug. 31 ¥. W. Taylor— Hay 21.30

Seed corn 23*65

l/2 ton straw 5.00

hog trough 3*00

50 bu. seed wheat @.72 36.00

30 bu. barley seed @.65 19.50

6 I'oads hay @10.00 60.00

red clover 5.00

dynamite and labor 5* 15

seed oats 12.00

Sep. 19 Annie G. Witter— l/2 school tax 1942 105.00

Sep. 25 Mutual Fire Insurance Company--Insurance 4,84

Sep. 28 W. W. Taylor— 1/2 seed wheat 56.03

Oct. 3 Annville National Bank— Interest on note 25.00

Oct. 9 P. 0. Sunday— 14.7 fertilizer 4 tons 2/3

©31.30 less discount $8.34 75* 14

Oct. 31 Annville National Bank--Interest on note 25.00

Nov. 6 Frank Eberly— 6 bu. seed barley @.82 4.92

1/2 bu. timothy seed ©3.50 1.75

cleaning and treating 32 32/60 bu. wheat 3.28

2 bu. timothy seed ®3»50 7.00

Jan. 4 Annville National Bank- -Interest on note 25.00

Jan. 29 Annville National Bank — Interest on note 25.00
Feb. 5 W. E. Fisher * Son— Paint, shingles barn roof 506.52

Feb. 5 Parker Fisher— Painting and repairs 164.50

Feb. 11 W. £. Fisher & Son— Paint shingles 15.11

Apr. 9 Annville National Bank--IntereBt on note 25.00

Apr. 29 Annville National Bank- -Interest on note 25.00

May 20 Frank Eberly— 20 bu. seed oats fe.90 18.00
Total Expenses

Net Loss before depreciation

44

FUNDS FROM THE N. Y. A.

(Not taken into College Account)

YEAR ENDED JUNE 30, 1943

October $164.36

November 240.48

December 134.15

January 316.20

February 213.57

March I80.5I

April 157.39

May 168.71

June 86.65

Number of students helped - 31

;1^662.02

45

AUDITING COlfiCTTEE REPORT

To the Board of Trustees of Lebanon Valley College:

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

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

P. B. Gibble
M. R. Fleming
J. E. Oliver

Committee

REPORT OF THE AUDITOR

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

Gent 1 2 men:

I have made an examination of the accounts of Lebanon Valley Collage
for the year ended June 30» 1943. 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 uncollectibility of the latter. Plant
additions were determined to be proper capital charges-
Investments were examined or otherwise accounted for. Acquisitions
to June 30 » 1942 are stated in the aggregate at an amount equivalent to
the book value of the funds which they represent. Pursuant to Finance
Goraraittae action, securities purchased subsequent to June 30» 1942 are
shown at coat. By similar action, securities sold within the current year
were credited to the investment account at book values. A decline ih the
endowment fund of $119,603«08 resulted from these transactions.

Notes payable were confirmed and all other ascertainaole 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» 1943» 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 subraitted,

C. £. Procasco,

Certified Public Accountant
Harrisburg, PennsylvEmia

September 30, I943

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