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Full text of "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 Genera l; 

(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 64.2 4 

Total Educational 

and General Income 162^2^3 6. ^ ^^^ }-^^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 ^ ^ ^ . "^ jP r i fP 

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 453-4 1 20,416.65 

(2) Dinini; H all: 

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 P urposes ; 

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 Ad mi nistration 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 



13 



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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 Fun d 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 119.60 3.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 1 9 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 J 2. 833.00 

Expens es: 

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 1 3. 374.80 W8.50 s ?124.00 1 5.336.91 



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 



46