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Full text of "Lebanon Valley College Report of the Finance Committee 1944"

1 .ebanon Valley College 

BULLETIN 


Vol. XXXIII OCTOBER. 1944 No. 7 


Report of Finance Committee 

For Fiscal Year 

Ended June 30, 1944 

ANNVILLE. PENNSYLVANIA 



Presented to the Board of Trustees at their 
Meeting October 28, 1944 



A Supplement to this report giving figures for the 
school year 1944-1945, to May 1, 1945 
will be submitted to the Board at its meeting on litey 18, 1945 



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



To the Membera of the Board of Truateea of Lebanon Valley College t 

The Finance Committee presents the following report of the busineaa 
operations of the College for the fiscal year ended June SO, 1944. Thia 
report shows the total income to be f 178, 908. 51; the expenses to be 
$189,765,32, with a net loss before deducting additions to plant from current 
funds of 110,846.81. Plant additions paid out of current funds amounted to 
}2,663.44. The net loss after deducting additions to plant from current 
funds is therefore found to be #13,510.25. The appropriation of $35,000.00 
from Physical Education Building and Endowment Fund to current operating 
fund during the school year 1943-1944 resulted in reducing the Deficit to 
$4,446.78. 

Included in the additions to plant are: Ice-box for Chemistry Laboratory, 
$73,45; Equipment for Infirmary, $89.99; Books in Library, $2,500.00; making 
a total of $2,663.44. 

The activities of the Finance Committee were reported upon in detail 
at the May 19, 1944 meeting of the Board, when the minutes of the meetinga 
held were read. 

During the year the Shiremanatown Farm was sold. Proceeds of this sale 
were invested in $23,000 U. S. Savings Bonds, Series "G", maturing November 1, 
1955, and the bonds have been earmarked, to establish their identity with 
this transaction, by order of Court. 

Fifty shares of Decca Records common stock were received into the port- 
folio of investments, aa a gift, valued at $1,143.75, as well aa two gifta, 
in cash, aggregating $2,000.00. 

The valuation of the regular invested funds waa $625,651.00 at an 
appraisal made during May, 1944, which did not include a valuation of 

Lemoyne Trust Company - trust agreement 

Farm at East Berlin 

70 shares of A. S. Kreidar Shoe Company 

50 shares of A. S. Kreider Company 

2 mortgages 
end shows an increase of $34,590, as compared with a yesr previous, the 
result of higher market valuea. 

The income, on an annual basis, has increased $2,022. This increase ia 
largely- the effect of added cash for new investments, $48,000 of which was 
placed in new U. S. Government bonds at 2^, providing income of $1,200, 
and $19,404 invested in miscellaneous issues at an average yield of 4.2^, or 
$822.00. The improvement in income is the net result after new investments 
and also after numerous changes in the whole list, most of which changes 
were made in line with the policy of seeking higher quality. 

The quality status of the funds is nowj ^ , . 

Producing Income 
Percent in Percent of total 
Sound "backlog" quality 53,2 47.9 

Equity risk type 46.8 52.1 



i 



A year ago the backlog was 33.8^. At this time all of the fixed income 
securities, that is bonds and preferred stocks, so named, constitute 66.9^ 
of the investments. Common stocks are 33.1^, However, not all of the fixed 
income securities are of sufficient quality to be included under the term 
"backlog". Thus, the statement made above, that is, backlog is 53.2JS, 

During the year the number of sales was seventy- seven, with a dollar 
value of 1283,147. The number of purchases was fifty-nine, amounting to 
1321,718. 

Efforts to improve the quality of the list will be directed toward 
twenty-two renffiining doubtful issues, having an annual income of |6, 763.00. 
Re-investment of proceeds of sales from time to time will present a difficult 
problem of maintaining income. 

The Endowment Fund continues to be under the supervision of Lionel D. 
Bdie 4 Company, Incorporated. 

The rate of income for the past year was 4.6^, 

Lloyd A. Sattatahn, Chairman 



Exhibit A 



COMPARATIVE BALANCE SHEET 
JUKE 30, 1944 AND 1943 



ASSETS 



I Current Funds i 
A General: 
Cash 

Investments, Notes Reo'vable 
Aooounts Reo'vable, Students 18,696.01 
Advsinoes Receivable 
Dining Hall Supplies 
Laboratory Supplies 
Power Plant Supplies 
Smamer School Expenses — 

Prepaid 
Prepaid Instiranoa 
Deficit 



B Restricted: 
Cash 

II Loan Funds : 
Cash 
Notes Receivable 



III Endomnent and Other Non-Expendable Funds : 



June 30, 


June 30, 








1944 


1943 


Increase 
$10,232.09 


D< 


joreasa 


18,581.23 


$8,349.14 




2,288.00 


11,150.28 




#8 


,862.28 


L8,696.01 


22,197.82 




3 


,501.81 


1,277.88 




1,277.88 






2,188.62 


2,953.93 






765.31 


1,810.00 


2,010.00 






200.00 


600.00 




600.00 






823.31 


590.75 


232.56 






2,954.07 


3,494.16 






540.09 


4,446.78 


14,308.46 




9 


,861.68 



53,665.90 65,054.54 




11,388.64 


3,460.46 1,035.27 


2,425.19 




157,126.36 166,089.81 




$8,963.45 


$7,955.00 $5,285.34 
6,452.06 7,593.49 


$2,669.66 


$2,141.43 


$13,407.06 fl2,878.83 


$528.23 





Cash 

Bonds 

Bonds — Special 

Stocks 

Mortgages 

Notes Receivable 

Real Estate — Farms 

TT Plent Funds : 
Lands 
Undergrovmd Heating and 

Plumbing System 
Buildings 
Equipment 

V Agency Funds : 

Cash 

Advances Rec . from Current 

Fund 
Farm Improvements 
Bond 3 --Montgomery Memorial 
Campaign Promotion Fund 

VI Endowment and Building Funds ; 

Assets, per Schedule 



$143.41 

255,733.90 

23,000.00 

430,681.95 

6,680.00 

6,042.00 

9,776.25 



.14 
338,952.76 

396,964.61 

6,940.00 

16,285.71 

46,476.25 



23,000. 
33,717, 



$740.73 
83,218.86 



00 
34 



$ 732,057.51 806,503.47 
59,800.00 *39,800.00 



260.00 
10,243.71 
36,700.00 



$74,445.96 



17,851.69 
515,526.82 
155,681.11 



17,851.69 
515,526.82 
145,280.17 



$10,400.94 



$728,859.62 718,458.68 $10,400794 
$1,360.02 $2,121.10 



300.00 
1,175.32 



183.19 
2,500.00 



:,835.34 $4,804.29 



$300.00 
1,175.32 



$761.08 

183.19 
2,500.00 



.,968.95 



$74,633.04 



1^74,633.04 



Total Assets 



$1,608,918.93 $1,608,735.08 $183.85 



Exhibit 1 



COMPARATIVE BALANCE SHEET 
JWE 30, 1944 AND 1943 



LIABILITIES AND FTOJDS 








June 30, 


June 30, 








1944 


1943 


Increase 


Decrease 


I Current Funds : 








"A" General: 










Notes Payable 


$34,000.00 


$42,000.00 




$8,000.00 


Accounts Payable, Agency 










Funds 


+ 


183.19 




183.19 


Students' Deposits 


820.55 


1,214.54 




393.99 


Students' Accounts Paid in 










Advance 


10,320.57 


12,230.24 




1,909.67 


Victory Tax Withheld 




1,076.39 




1,076.39 


Reserve for Doubtful Aoc'ts 


8,503.68 


8,350.18 


#153.50 




Summer School Income 


21.10 




21.10 






53,665.90 


65,054.54 




11,388.64 



B Restricted t 
Ftmds 
General Endowment Income 



II Loan Funds : 



1,500.32 
1,960.14 



1,035.27 465.05 

1,960.14 



Funds 



5,46 0. 46 1,055.27 2,425.19 

$57,126 .36 $66,089.81 |87963 . 45 

I - ■ . .. . ■ . , ■ ,_j|_ ■ -— — f , . , I r I \ ' \ ' 

$13,407.06 $12,878.83 |528.23 



III EndoTrment and Other Non-Expendable Funds a 
Endowment Funds: 
General 
Restricted 



$492,153.75 $567,110.27 $74,956.52 

237,003.76 236,493.20 .^,510.56 



Annuity Funds 

TV Plant Funds : 

Net Investment in Plant 

V Agency ^unds ; 

Farm Surplus 

Notes Payable, Farm Account 
Fvmds 

Montgomery Memorial Room Fund 
Advances Payable, Campaign 
Promotion Fund 

VI Building and Endoi»ment Funds : 

Funds —————— 



7^9, 
2, 


,157, 
,900, 


.51 
.00 


803, 
2, 


,603, 
,900, 


.47 
,00 






74, 


,445 


.96 


$73^, 


,057. 


.51 


$806, 


,503, 


.47 






$74, 


,445 


.96 


$728, 


,659. 


.62 


$718 , 


,458, 


.68 


10, 


,400, 


.94 







$890.90 $453.06 $437.84 

4,000.00 $4,000.00 

291.81 351.23 59.42 

374.75 374.75 



1,277.88 1 ,277.88 

$2,835.34 $4,804.29 



$1,968.95 



$74,633.04 



$74,633.04 



Total Liabilities 
and Funds 



$1,608,918.93 $1,608,735.08 $183.85 



CONDENSED COMPARATIVE STATEMENT OF CURRENT INCOME AND EXPENSES 
(Excluding Reooipta and Diabursementa of Reatriated Fvmda 
Exhibit B-1 for Non-Eduoational Purposes ) 



INCOME 



Year Year 
Ended Ended 



6/30/44 6/30/43 Increase Deorease 



I Eduoational and General 1 

(1) Student Income: 

School of Liberal Arts and 

Sciences |40,473.74 $58,945.08 $18,471.34 
Auxiliary Educational 

Schools 57,250.95 68,810.69 1,579.76 

"97,704.67 117,755.77 20,051.10* 

(2) Endowment Income 26,538.40 25,602.50 #935.90 

(3) Gifts and Grants 10,042.76 15,221.53 5,178.77 

(4) Other Sources 3,628.42 5,656.59 2 8.17 

Total Educational and 

General Income | il37, 914. 25 162,236.39 |24,322.14 

II Auxiliary Enterprises and Activities ; 

(1) Dormitories |14,212.39 $20,416.65 $6,204.26 

(2) Dining Hall 24,550.07 38,129.99 13,579.92 

(3) Placement Bureau Income 20.00 34.00 14.00 

(4) Health Service 1,068.00 $1,068.00 

(5) Canteen 

(6) Kindt Property 

Total Income, Auxiliary 
Enterprises and 
Activities 

III Income for Non-Eduoational 

Purposes 

Total Income 
Collections on Doubtful 
Accounts Receivable 

Total Expenses, 
Forwarded 
Net Profit (+) or Loss (-) 
before deducting additions 
to Plant from Current Funds 10,846.8l(-)l5,222.96(+) 26,069.77 

Additions to Plant from 

Current Funds 2,663.44 9,834.45 7,171.01 

Net Profit (+) or Loss (-) 

after deducting additions 

to Plant from Current Funds $13,510.25(-) 5,388.51(+) $18,898.76 



+ 
+ 


60.60 

65.00 


60.60 
66.00 


$39,850.46 


$58,706.24 


$18,855.78 


$1,143.80 


$2,412.39 


$1,268.59 


$178,908.51 


223,355.02 
634.37 


$44,446.51 
634.37 


178,908.51 
189,755.32 


223,989.39 
208,766.43 


45,080.88 
19,011.11 



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



EXPENSES 



I Educational and General ) 

(1) General Administration and 



Year Year 

Ended Ended 

6/50/44 6/30/45 Increase Decrease 



Expense |51, 760.26 $31,998.00 $237.74 

(2) Instruction and Research; 

School of Liberal Arts 

and Sciences 52,132.42 64,158.25 12,005.85 

Auxiliary Educational 

Schools ^44 ,596 .95 45 ,906^03 1 ,109.10 

(3) Library 

(4) Operation and Maintenance 

of Physical Plant 



96, 729.. 35 


110,044.28 


15,314.95 


6,102.88 
12,115.09 


5,501.27 
11,728.32 


$801.61 
584.77 


$146,705.58 


159,071.87 


$12,366.29 



Total Educational and 
General Expenses 

II Auxiliary Enterprises and Activities t 

(i; Dormitories $10,969.99 $10,725.85 $244.16 

(2) Dining Hall 28,235.73 36,115.65 $7,879.90 

(5) Placement Bureau 35.54 21.50 12.04 

(4) Health Service 1,548.36 1,548.56 

(5) Canteen 52.50 52.50 

(6) Kindt Property 507.42 507.42 

(7) Brunner Property 8.47 8.47 

Total Expenses, Auxil- 
iary Enterprises 
and Activities $40,787.6 2 t4'^,211 .56 $6,423.73 

III Other Non-Educational 

Expenses $2,012.12 $2,185 .21 $171.09 

Total Expenses before 

Reserve Provisions $189,505.52 208,466.45 $18,961.11 

Reserve Provisions: 

Provision for Doubtful 

Accounts Receivable 250.00 300.00 50.00 

Total Expenses, $189,755.52 208,766 .45 $19,01 1.11 

Forwarded 



STATEMENT OF CURRENT FDNDS 
Exhibit B YEAR ENDED JUNE 30, 1944 



Balance at beginning of year None 

Add J 

(1) Current educational and generfil 

income, per Schedule B-1, Sec. I |139,974.39 

(2) Income auxiliary enterprises and 

activities, per Schedule B-1, Sec. II 39,850.46 

(3) Income non-educational purposes, per 

Schedule B-1, Sec. Ill 6,394.57 $186,219.42 

(4) Adjustments, per Schedule B-4 160.05 

$186,379.47 
Deduct: 

(1) Current educational and general 

expenses, per Schedule B-2, Sec. I #146,955.58 

(2) Expenditures of auxiliary enterprises 

and activities, per Schedule B-2, 

Sec. Ill 40,787.62 

(3) Other non-eduoational expenses, per 

Schedule B-2, Sec. Ill 6,897.84 

(4) General fimds transferred to plant funds, 

per Erfiibit E, Sec. I 2,665.^4 

197,304.48 

(5) Adjustments, per Schedule B-4 2,585.24 199,889.72 

Loss for year ended June 30, 1944 $13,510.26 

Deficit July 1, 1943 $14,308.46 

Add I 

Refund of activities fees, prior year $20.00 

Transfer to Campaign Promotion Fund of contri- 
butions received for campaign expenses 3,000.00 
Loss arising from cancellation of notes of 

certain Churches received in connection 

with the 1924 Campaign, in consideration 

of anticipating their support in the 

Building and Endomnent Fund Campaign of 

1943; per action of Board of Trustees 8,647.28 
Operating Lose for the year ended June 30, 1944 13,510.25 25,177.53 

39,485.99 
Deduct: 

Reimbursement received from Campaign Promotion 

Fund for expenses paid from Current Funds 39.21 
Reimbursement received from Building and 

Endowment Fund as partial compensation 

for capital expenditures made from Current 

Funds, per action of Board of Trustees 35,000.00 35,039.21 

Deficit June 30, 1944, to Exhibit A, Section I $4,446.78 



10 



STATEMENT OF CURRENT INCC»ffi 
Schedule B-1 YEAR ENDED JUT^ 30, 1944 



I E^uoational and Genera l i 
(Ij Student Inoome t 

A School of Liberal Arts and Soienoeoi 

Tuition |S8,688.64 

Leea Soholarshipa 4,686»05 

Matriculation Fees 
Biology Fees 
Chemistry Fees 
Hiysics Pees 

Physical Science Fees — Music 
Visual Education and Measure- 
ments Fees 
Praotiee Teaching Fees 
Graduation Fees 

B Auxiliary Educational Schools a 
Extension School 
Music School 
Saturday School 
Sumner School 

(2) Endownent Income (Schedule B-3)j 
Unrestricted 
Restricted 

(S) Gifts and Grants t 

Benevolence, Conference 
Other 

(4) Other Sources : 

Group Life Insxurance 
Interest on Current Funds 
Library Income 

Total Educational and General 
Income, to Exhibit B 

II Auxiliary Enteprises and Activities 1 

(1) Dormitories t 

Cleaning Fees $152.26 

Rentals 13,946.03 

Breakage Fees 114.10 $14,212.59 

(2) Dining Hall i 

Students' Board 24,234.93 

Sale of meals to others 286.01 

Sale of food and operating supplies 27.13 24,650.07 

(3) Placement Bureau Income 20.00 

11 



134,002.49 




1,165.00 




1,276.01 




2,108.74 




210.00 




42.00 




167.00 




677.50 




825.00 


♦40,473.74 


5,030.95 




29,840.73 




2,910.00 




19,449.25 


57,230.93 


26,335.14 




2,263.40 


28,598.54 


10,037.76 




5.00 


10,042.76 


631.40 




290.86 




2,706.16 


3,628.42 




$139,974.39 



STATEMENT OF CURRENT INCOME 
Schedule B-1 YEAR ENDED JUNE 30, 1944 



II Auxiliary Enterprises and Aotivltles ; 

(4) Health Servioe tl,068.00 

Total Inoome, Auxiliary Enterprises 

end Activities, to Exhibit B |59,850.46 

III Income for Non-Educational Purposes » 

Day Students' Rental |700.00 

Unexpended Student Activities Fees 17.25 

Scholarship Ftinds (Schedule B-3) 4,655.78 

Student Loan Funds (Schedule B-3) 400.59 

Prife Funds (Schedule B-3) 49.40 

Annuity Fvmds (Schedule B-3) 146.00 

Miscellaneous 426.55 

Total Income for Non-Educational 
. Purposes, to Exhibit B |6,394.57 

Total Income to Exhibit B #186,219.42 



12 



Schedule B-2 



STATEMENT OF CITRRENT EXPENSES 
YEAR ENDSD JUNE 30, 1944 



I Eduoational and General > 

(1) General Administration and Expenses ; 
A General Administrative Offioest 
Misoellaneoua 
Office Supplies 
Postage 
Salaries 

Stationery and Printing 
Telephone and Telegraph 



$248.59 
455.08 
357.58 
15,227.26 
342.78 
283.16 $16,914.45 



B General Expenses: 

Advertising, General 229.89 

Advertising, Bulletins and 

Catalogues 755.00 

Alumni Expense 25.22 

Alumni Secretary, Salary and 

Expenses 603.75 

Auditing and Accoxmting Services 

and Expenses 384.75 

College Car 47.50 

Commencement Expenses 290.63 

Compensation Insurance 196.06 

Group Life Insurance 1,959.66 

Investment Counsellor Service 1,500.00 
Lecture Expense 202.50 

Membership Fees to Associations 232,00 
Miscellaneous 530.96 

Montgomery Memorial Room 549.23 

Press Service 934.41 

Public Liability Insurance 64.62 
Retirement Allowance 260.00 

Retirement 2,102.55 

Student Solicitation Expense 2,536.28 
Travel and Entertsinment j 

Faculty 

Officers 
War Damage Insurance 
Provision for Doubtful Accounts 

Receivable 



192.70 
709.05 
539.00 

250.00 15,095.31 $32,010.26 



(2) Instruction and Research: 

A School of Liberal Arts end Sciences: 

Salaries, Faculty 

Salaries, Student Assistants 

Salaries, Practice Teaching 

Departmental Exoenses: 

Biology Laboratory 321.06 

Chemistry Laboratory 1,880.01 

Bus. Adminis. Department 32.00 

English Department 3.50 

Germfin Department 45.49 

13 



48,503.54 
936.03 
260.90 



Schedule B-2 



STATEMENT OF CURRENT EXPENSES 
YEAR ENDED JUNE 30, 1944 



I Eduoational and General } (Continued) 
(2) Inetruotion and Reaearoh t 

A School of Liberal Arts and Sciences 
Departmental Expenses; 



Hiysios Laboratory 


$45.91 










Education Department 


103.98 


^2,431.95 


$52 


,132 


.42 


B Auxiliary Schools i 












Music School t 












Faculty Salaries 


23,499.96 










Insurance 


52.51 










Miscellaneous 


161.36 










Music 


81.67 










Practice Teaching, Salary 












and Expenses 


679.00 










Stationery and Printing 


61.10 










Tuning, Repairs, etc. 


931.38 


25,466.98 








Extension School: 












Faculty Salaries 


2,687.50 










Traveling and Miscellaneous 












Expenses 


899.70 


3,587.20 








Saturday and Evening School: 












Faculty Salaries 




2,619.00 








Surmer Schools 












Faculty Salaries 


7,751.14 










Miscellaneous Expenses 


1,140.89 










Boarding Expenses 


3,899.98 










Care and Maintenance of 












Dormitories 


131.74 


12,923.75 


44^ 


,596 


.93 


Library: 












Books and Magazines 




1,949.41 








Salaries 




3,862.80 








Supplies and Binding Expenses 




290.67 


6, 


,102, 


.88 


Operation and Maintenance of Physics 


a 










Plant : 






Care and Maintenance of Grounds 




540.51 








Care of Buildings and Furniture 




2,434.74 








Heat 




3,832.60 








Infirmary 




180.57 








Light and Power 




844.84 








Miscellaneous 




37.60 








Operating Supplies 




398.84 








Property Insurance 




907.85 








Repairs to Buildings and Equipment 


2,588.61 








Taxes 




171.62 








Water 




175.31 


12, 


,113. 


.09 


Total Eduoational and General 










Expenses, to Exhibit B 






$146, 


,955. 


,58 



14 



Schedule B-2 



STATEMENT OF CURRENT EXPENSES 
YEAR ENDED JWE 30, 1944 



II Auxiliary Enterpriaes and Activities ; 

(1) Dormitories ; 

Care of Buildings and Furniture 

Gas 

Reat 

Light and Power 

Miscellaneous 

Operating Supplies 

Property Insurance 

Repairs to Buildings and Equipment 

Telephone 

Water 

(2) Dining Hall ; 

Food 

Gas 

Laundry 

Light 

MisoellRneo«B 

Operpting Supplies 

Renewals and Repairs 

Rental 

Salaries and Wages 

Telephone 

Water 

(3) Placemen t B ureau ; 

Expenses 

(4) Health Service ; 

Expenses 



$3,105.09 

31.76 

3,832.60 

826.56 

65.35 

235.12 

514.92 

1,908.58 

113.63 

336.38 



16,404.09 

140.28 

205.60 

462.96 

119.15 

182.81 

51.89 

4,000.00 

6,542.94 

61.33 

64.69 



$10,969.99 



28,235.73 



33.54 




Total Expenses, Auxiliary Enterprises 
and Activities, to Exhibit B 

III Other Non~E dj;catio nal Expenses ; 

Interest on Loans 2,012.12 

Scholarships (Schedule B-o) 4,306.13 

Student Loan Funds (Schedule B-3 ) 400.59 

Prizes (Schedule B-3) 34.00 

Annuities (Schedule B-3) 145.00 

Total Non-Educational Expenses, to 

Exhibit B $6,897.84 

I ■r-'-rr = 

Total E:<penses to Exhibit B ^194,641^04 



15 






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DETAILS OF CUREENT FUND ADJUSTIIENTS 
Schedule B-4 YEAR ENDED JUNE 30, 1S44 



1, Adjustments Adding to Current Funds; 

Decrease in income balances j 

East Pennsyl-TO.nia C. E. Scholarship Fund .*23.00 

A. S. Kreider ¥inisterial Fund 35.45 

Pennsylvania Conference C. E. Scholarship Fund 26.00 

Pennsylvania Branch W. M. A. Scholarship Fund 25.00 

Mrs. Elizabeth E. Millard Scholarship Fund 50.00 

Class of 1928 Scholarship Fund .60 

Total to Exhibit B, Section 4 ^ 160.05 

2, Adjustments Deducting from Current Funds; 

Increase in income balances; 

Josephine Bittinger Eberly Professorship of 

Latin Languages and Literature $100.00 

Dr. and Mrs. Andrew Bender Scholarship Fxmd 40.00 

Deriokson Scholarship Fund 86.50 

Samuel F. and Agnes 3. Engle Scholarship Fund 60.00 

C. C. Gingrich Scholarship Fund 45.60 

G. D. Gossard and Wife Scholarship Fund 132.00 

Hamish-Houser Publicity Fund 30.00 

Medical Scholarship Fund 9.80 

Sophia Plitt Scholarship Fund 105.20 

Ifs-x F. Lehman Fund 16.00 

Hnrestricted Income 1,960.14 

Total to Exhibit B, Section 4 $2,585.24 



21 



Schedule B-5 



CONDENSED STATEMENT OF GENERAL FUND 
CASH RECEIPTS AND DISBURSEMENTS 
FOR THE YEAR ENDED JUNE 30, 1944 



Balance July 1, 1943 



i, 349. 14 



Receipts 



Income* 






Stvidents 




^138,347.63 


Endowment Income 




26,538.40 


Gifts and Grants t 






Conference Benevolence 


110,037.76 




Other 


5.00 


10,042.76 


Other Sources! 






Group Life Insurance 


631.40 




Interest on Current Funds 


290.86 




Library Income 


214.00 




Placement Bureau 


20.00 




Health Senrice 


1,068.00 




Unexpended Student Activity Fees 


17.25 




Snle of meals to others 


288.01 




Sale of food and supplies 


27.13 




Miscellaneous 


426.55 


2,983.20 
177,911.99 



Balance Sheet Items: 

Received from Churches and Individ- 
uals on account of notes 
Decrease in Inventory of Dining 

Hall Supplies 
Decrease in Inventory of Laboratory 

Supplies 
Decrease in Prepaid Insurance 
Summer School Income received 
Reimbursement from Campaign Fund 

to apply on capital expenditures 

made from Current Funds 
Reimbursement from Campaign 

Promotion Fiaid for expenses paid 

from Current Funds 



215.00 

765.31 

200.00 

540.09 

21.10 



35,000.00 



39.21 



36,780.71 



$214,692.70 



$223,041.84 



22 



Schedule B-5 



CONDENSED STATEMENT OF GENERAL FUND CASH 

RECEIPTS AND DISBURSEMENTS FOR THE YEAR 

ENDED JIWE 30, 1944 



Disbursements 



Expenses : 

Educational and Generpl: 

General Administration and Expense 
Instruction and Research 
Libra ry 

Operating and Kaintenance of 
Physical Plant 

Auxiliary Enterprises and Activities; 
Dormitories 
Dining Hall 
Placement Bureau 
Health Service 

Other Non-Educational Expenses j 
Interest on Loans 

Balance Sheet Items: 

Increase in Advances Receivable 
Increase in Power Plant Supplies 
Increase in Prepaid Summer School 

Expenses 
Decrease in Notes Payable 
Decrease in Accounts Payable 
Decrease in Students' Deposits 
Decrease in Victory Tax withheld 
Additions to Plant 

Refund of activities fees, prior year 
Transfer to Campaign Promotion Fund 

of contributions received for 

campaign expenses 



$31,760.26 

96,729.35 

3,610.72 

12,113.09 $144,213.42 



10,969.99 

28,235.73 

33.54 

1,548.36 



1,277.88 
600.00 

232.56 

8,000.00 

183.19 

393.99 

1,076.39 

2,663.44 

20.00 



3,000.00 



40,787.62 



2,012^12 
187,013.16 



17,447.45 



Balance June 30, 1944, per Exhibit A, Section I-A 



$204,460.61 

18,581.25 
$223,041.84 



23 



STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS 
ENDOWMENT INCOME ACCOUNT FOR THE YEAR ENDED 
Schedule B-6 JUNE 30, 1944 



Balance July 1, 1943 H,035.27 

Receipts 



Income from Endoimnent Investments 134,330.98 

Leas check deposited in error 172.00 



$34,168.98 



Less accrued interest j 

On bonds purchased 299.11 

Returned to Philadelphia Alumni 

Scholarship Fund 10.56 309.67 



Disbursements 



55,849.31 

$34,884.58 



Unrestricted} 

Transferred to General Fund for 

Educational Purposes #24,375.00 

Restricted! 

Transferred to General Fund for 
Educational and General Purposes} 



Used 



7,049.12 
31,424.12 
Balance June 30, 1944, per Exhibit A, Section I-B 3,460.46 



Printing Funds 




$28.00 




Professorship Funds 




2,074.40 




Library Funds 




55.00 




Maintenance Funds 




8.00 


$2,163.40 


for Non-Educational 


Purposes} 






Scholarship Funds 




4,306.13 




Student Loan Funds 




400.59 




Prize Funds 




34.00 




Annuity Funds 




145.00 


4,885.72 



$34,884.58 



24 



Exhibit C 



STATE^^ENT OF LOAN FUNDS 
YEAR ENDED JUNE 30, 1944 



FUND PRINCIPAL 

Balance 
Balance Jtme 30, 1944 

Jyly 1, Receipts Other Deduo- Exhibit A 
1943 for Year Additions tions Sec. II 



Alumni Annual Giving Fund $3,109.45 $14.27 



Mary A. Dodge Fund 
Daniel Eberly Fund 
Charles E. Merrill Fund 
Henry B. Stehman Fund 
Dr. Wagner Special Fund 



6,883.96 
257.30 
500.00 

1,951.12 
177.00 



484.37 

20.59 

9.00 



112,878.33 *528.23 



FUND ASSETS 



Cash 

Notes Receivable from 
Students ; 

Alumni Annual Giving Fund 

Mary A. Dodge Fund 

Charles E. Merrill Fund 

Henry B. Stehman Fund 

Dr. Wsgner Special Fund 

Loan Fund Assets June 30, 1944, 
to Exhibit A, Section II 



$1,431.22 

2,879.60 

100.00 

900.00 

141.24 



^3,123.72 

7,368.33 

277.89 

509.00 

1,951.12 

177.00 



113,407.06 



$7,955.00 



5,452.06 
$13,407.06 



25 



STATEMENT OP ENDOWMENT AND OTHER NON-EXPENDABLE FUNDS 
Exhibit D YEAR ENDED JUNE 30, 1944 



Balance July 1, 1943 



FUND PRINCIPAL 



Endowment Annuity 

Funds Funds Total 



$803,603.47 


$2_ 


900 


.00 


1806,503.47 


25.00 






+ 


25.00 


10.56 






+ 


10.56 


74.84 






+ 


74.84 


500.00 






-+ 


500.00 


1,143.75 






+ 


1,143.75 


1,754.15 






+ 


1,754.15 


1805,357.62 


$2_ 


900 


.00 


#808,257.62 



Additions during yearj 
C* Kenneth Roper 

Philadelphia L. V. C. Alumni Club 
Henry L. Wisegarrer 
A. K. Mills 
Lionel R. Edie 



Deduct ions during yearj 

Difference between amount realized 
from sale of securities during 
year ended June 30, 1944, and amount 
at which said securities were 
carried upon books of account 66,878.90 • + 66,878.90 

Decrease in principal arising from 
cancellation of notes of certain 
Churches received in connection with 
the 1924 Campaign, in consideration 
of anticipating their support in 
the Building, and Endowment Fund 
Campaign of 1943, per action of the 

Board of Trustees 9,321.21 + 9,321.21 

76,200.11 + 76,200.11 



Balance June 30, 1944, to 

Exhibit A, Section III $729,157.51 $2,900.00 $732,057.51 



26 



SUMMARY OP ENDOWMENT FUND ASSETS 



Schedule D-1 


JUNE 30, 1944 























Percentage 










Amount 


__of 


Total 


Inveatments : 










Farms 








$9 


,776 


.25 


1.34 


Bonds : 
















Gove rnment 


^44,005.27 














Government - Speoial 


23,000.00 


$67,005.27 








9.15 


Industrial 




42,265, 


.97 








5.77 


Public Utility 




68,056, 


.73 








9.30 


Railroad 




92,905, 


.95 








12.69 


Real Estate 




8,500, 


.00 








1.17 


Total Bonds 








278 


,733 


.90 


36.08 


Stocks: 
















Preferred: 
















Industrial 


78,202.79 












10.68 


Utility 


108,991.14 












14.90 


Total Preferred Stocks 


187,193, 


.93 








2S.'58 


Common : 
















Autos, Accessories 


10,100.00 












1.38 


Aviation 


1,600.00 












.22 


Banks, Insurance 


79,276.47 












10.85 


Building Materials 


5,200.00 












.71 


Chemicals 


3,795.88 












.52 


Electrical Equipment 


7,280.79 












.99 


Foods and Drugs 


13,683.94 












1.87 


Iron and Steel 


18,281.99 












2.50 


Retail Trade 


13,834.44 












1.89 


Oils 


20,665.99 












2.82 


Public Utilities 


51,482.87 












7.03 


Railroads 


3,000.00 












.41 


Railroad Equipment 


2,700.00 












.37 


Miscellaneous 


12,485.65 












1.71 


Foreign 


100.00 












.01 


Total Common Stock 




243,488. 


21 








33.26 


Total Preferred and 
















Common Stocks 








430, 

6, 


,681, 
,680, 


.95 
,00 


58.84 


Mortgages 


.91 


Notes Receivable 








6, 


,042. 


.00 


.83 


Total Investments 








731, 


,914. 


.10 


100.00 


Cash awaiting investment 










143. 


Lii 




Total Endowment Fund 


Assets, June 30, 














1944, to Exhibit A, 


, Section III 






♦732,057. 


ill 















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33 1=^ 













Exhibit E 



STATEMENT OF PLANT FUNDS 
YEAR ENDED JTJNE 30, 1944 



(l) Unexpended Plant Funda: 
Balance July 1, 1943 

Additions during yearj 

1. Amount transferred from Current Funds 

2. Contribution received from 

Mrs. H. H. Norton establishing the 
Montgomery Memorial Room in Library 

Deductions during yean 

a. Ice box for Chemistry Laboratory 

b. Equipment for Infirmary 
o. Books in Library 

d. Montgomery Memorial Room - Books, 
manuscripts, and equipment 



Balance, June 30, 1944 

(2) Invested in Plant; 

Value of Plant July 1, 1943 
Additions during year, as above 

Deductions: 

a. Sale of gas heaters 

b. Sale of musical instruments 

Value of Plant, June 30, 1944, Exhibit A, 
Section IV- 



!,663.44 



None 



8,000.00 


110,663.44 


73.45 




89.99 




2,500.00 




8,000.00 






10,663.44 




None 


$718,458.68 




10,663.44 






$729,122.12 


250.00 




12.50 


262.50 




$728,859.62 



34 





PLANT 


FTJND ASSETS 












Schedule E-1 


JUNE 30, 1944 












. 




Book Value 
June 30, 








Book Value 
June 30, 


Erected 


1943 




Increase ] 


Decrease 


1944 




Land at 


















Athletic Field 




#5,000.00 








#5,000 


.00 


Campus 




34,000 


.00 








34,000 


.00 


Hookey Field 




800, 


.00 








800 


.00 






$39,800.00 








#39,800 


.00 


IMderground Heating and 










Plumbing System 




117,851 


.69 








#17,861 


.69 


Buildings: 


















Administration 


1905 


$157,170, 


.26 








$157,170.25 


Bnjnner Property 




7,047, 


.15 








7,047 


.16 


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 (infirmary) 




3,407, 


.26 








3,407, 


.26 


Carnegie Library 


1904 


39,250, 


.00 








39,250, 


.00 


Men's Dormitory 


1905 


93,430, 


.34 








93,430, 


.34 


North %11 for Women 


1904 


87,111. 


.91 








87,111 


.91 


Prea ident • s Home 


1900 


9,145, 


.60 








9,145, 


.60 


South Hall for Women 


1857 


22,611, 


.83 








22,611, 


.83 


West Hall for Women 




12,183, 
#515,526, 


.37 








12,183, 
#515,526, 


.37 

j82 


Equipment t 


















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 Apparatus 


14,942. 


.23 








14,942. 


.23 


Athletic Field and Gymnasium 


5,371. 


.00 








5,371. 


,00 


Heating Plant 




3,013. 


.68 






#250.00 


2,763. 


.68 


Kindt Property (infinnary) 






+ 


#89, 


.99 




89. 


.99 


Biology Laboratory 




7,896. 


,35 








7,896. 


,35 


Chemistry Laboratory 




12,028, 


.44 


73, 


.45 




12,101. 


.89 


English Department— Lantern 
















Slides and Equipment 




1,000, 


,00 








1,000, 


,00 


Physios Laboratory 




6,838. 


,30 








6,838, 


,50 


Psychology Laboratory 




213, 


,90 








213, 


,90 


Library 




2,688, 


,98 








2,688, 


,98 


Books in Library 




35,800. 


,00 


2,500. 


,00 




38,300. 


.00 


Montgomery Memorial Room- Library 




+ 


8,000. 


,00 




8,000, 


,00 


Museum Furniture 




4,472. 


.10 








4,472, 


,10 


Musical Instruments 




30,248. 


,15 






12.50 


30,235. 


,65 


Office Equipment 




5,101. 


,72 








5,101, 


,72 


Y. M. C. A. Room 




350.00 
#145,280.17 








350. 
#155,681. 

#728,859. 


,00 




#10,663, 


2 


#262.50 

#262.50 


.11 


Total Plant Funds Assets 


#718,458. 


;68 


#10,663. 


,44 


J£ 











35 



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36 



EXTENSION DEPARTMENT 
YEAR ENDED JUNE 30, 1944 



Income : 

Tuition 

First Semester 
Second Semeater 

Total Income 



$2,569.95 
2,461.00 



15,030.95 



Expenses : 

Faculty Salaries 

Traveling and miscellaneous expense 

Total Expenses 
Profit 



#2,687.50 
899.70 



3,587.20 
11,443.75 



Income: 

Tuition 

First Semester 
Second Semeater 

Total Income 



SATURDAY SCHOOL REPORT 
YEAR ENDED JUNE 30, 1944 



Expenses ; 

Salaries paid to Faculty 

Ten per cent retained by college 

Total Expenses 



11,521.50 
1,388.50 



$2,619.00 
291.00 



$2,910.00 



|2 ,910.00 



37 



SUMMER SCHOOL REPORT 
YEAR ENDED JUNE 30, 1944 



Income: 

Regiatration Fees 
Tuition, College 

Muslo School 

Specials 
Boarding 
Room Rant 
Praotioe Teaching Fees 

Total Income 



110,326.92 
1,632.98 
1,841.75 



$168.00 



13,801.65 

4,062.60 

1,162.00 

255.00 



119,449.25 



Expenses I 

Miscellaneous expenses 
Salaries paid to Faculty 

Special 

Special Music 
Boarding Expense 
Care and Maintenance of Dormitories 

Total Expenses 



$5,800.00 

533.60 

1,617.54 



$1,140.89 



7,751.14 

3,899.98 

131.74 



$12,923.75 



Profit before Administration 
and Building Maintenance 
Expenses 



),525.50 



38 



STATEMENT OF I-IUSIC SCHOOL INCOIffi AND EXPENSES 
YEAR ENDED JUT'E 30, 1944 



INCOME 

Instruction; 

Voice $4,090.00 

Piano 5,602.00 

Organ 1,800.00 

Violin ^ 972.50 

Instruments ofBand and Orchestra 1,835.00 

Theory 12,802.48 

Use of Instruments for Practice » 

Piano 829.00 

Organ 1,268.75 

Instruments of Band and Orchestra 641.00 



>7,101.98 



2,738.75 



Total Income $29,840.73 



EXPENSES 






Sfilaries 


§23,499.96 




Insurance 


52.51 




Prsctioe Teaching for Seniors, including transporta- 






tion 


679.00 




Fisoellaneous 


161.36 




Music 


81.67 




Stationery and Printing 


61.10 




Tuning, repairs, etc. 


931.38 




Total Expenses 




25,466.98 


Profit before Administration and Building 






Maintenance Expenses 




$4,373.75 



Note I No provision has been made in the foregoing statement for Music School 
Scholarships in the amount of $6S3.00, deduction therefor having been 
made from tuition applicable to School of Liberal Arts and Sciences. 



39 



STATEIIENT OF DORJOTORY INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1944 



INCOME 



Rentals: 



Men's Dormitory 


$2,884.53 










North Hall 


4>055.50 










South Hall 


1,793.00 










West Hall 


1,055.00 










Infirmary 


90.00 










Annex 


68.00 










Dining Hall 


4,000.00 


113,946.03 








Breakage Fees 




114.10 








Cleaning Fees 




152.26 








Total Income 






114, 


,212 


.39 


EXPENSES 










Cftre of Buildings and Furniture 




$3,105.09 








Gas 




31.76 








Hest 




3,832.60 , 








Light and Power 




826.56 








Miscellaneous 




65.35 








Operatirg Supplies 




235.12 








Property Insurance 




514.92 








Repairs and Maintenance of Buildings 












and Equipment 




1,908.58 








Telephone 




113.63 








Water 




336.38 








Total Expenses 






10, 


,969. 


■ 99 


Profit before Administration 


Expenses 




$3j 


,242 ■ 


.40 











40 



REPORT OF DDJING HALL 
YEAR ENDED JUNE 30, 1944 



IKCOlffi 

Students' Board $24,234.93 

Sale of meals to others 288.01 

Sele of food and operatirg supplies 27.13 

Total Income $24,550.07 

Cost of meals, materials and supplies only: 

Inventory July 1, 1943 2,953.93 

Purchases 15,638.78 

18,592.71 
Inventory June 30, 1944 2,188.62 

Cost of meals, materials and supplies only 16,404 .09 

Gross Profit before Operfting Expenses $8,145.98 

EXPENSES 

Operating Expenses: 

Salaries and W°ge8 #6,542.94 

Gas 140.28 

Laundry 205.60 

Light and Power 462.95 

Miscellaneous 119.15 

Operating Supplies 182.81 

Renewals and Repairs 51»89 

Rentals 4,000,00 

Telephone 61.33 

Wster 64.69 

Total Operating Expenses 111, 831. 64 

Deficit before Administration Expenses |3,665.66 



41 



STATEEENT OF LABORATORY INCOME AND EXPENSES 
YEAR ENDED JUNE 30, 1944 











Physical 






Biology 


Chemistry Physios 


Science 


Education Total 


Ino ome t 












Fees 


$1,276.01 


$2,108.74 


$210.00 


$42 .00 


$167.00 $3,803.75 


Breakage Inoome 


35.75 
$1,311.76 


351.35 
$2,460.09 


+ 


+ 


+ 387.10 




$210.00 


$42.00 


$167.00 $4,190.85 


Expenses: 












Inventory July 1, 












1943 


150.00 


1,810.00 


50.00 


+ 


+ 2.010.00 1 


Purohasef 


356.81 
506.81 


2,031.36 
3,841.36 


45.91 
95.91 


+ 


103.98 2,538.06 ! 




+ 


103.98 4,548.06 ! 


Inventory June 30, 












1944 


150,00 


1,610.00 


50.00 


+ 


+ 1,810.00 




$356.81 


2,231.36 


45.91 


None 


103.98 2,738.06 


Gain before Adminis- 












tration and Mainten- 












ance Expenses 


$954.95 


$228.73 


$164.09 


$42.00 


S63.02 $1,452.79 











REPORT OF LIBRARY 
YEAR ENDED JUNE 30, 1944 



Inc ome : 

Matriculation Fees 
Endowment Fund 
College Departments 

Expenses I 

Books and Magazines 

Salaries 

Supplies and Binding Expense 

Specials for Departments 

Deduct, Items added to Capital Investment 

Loss before Administration and Maintennnce Expenses 



$214.00 

53.00 

2,492.16 



§2,759.16 



1,957.25 

3,862.80 

290.67 

2,492.16 



8,602.88 
2,500.00 
6,102.88 

^3,343.72 



42 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1944 



CASH CONTRIBUTED TO CURRENT ACCOUNT 

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

Bible 124.11 

Biology 5^00 

Book Department 679.34 

Chemistry 22 2Q 

Conservetory of Music 5,50 

Economics ■,^ q^ 

Education 3 25 

French Zs'.lS 

German 7^5q 

History o ,£ 

Orientation 6 00 ' 

Philosophy q\qq 

Psychology 21.90 

Wig and Buckle Club 15.00 

Esther Shenk — Shenk Collootion for Library |5.00 

BOOKS PRESENTED TO LIBRARY 

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

Nimber of Volumes Value 



Books : 

Balsbaugh, E. M. 

Baltimore Alumni 

Barba, Preston 

Beokley, Mrs. Henry 

Blose, Johann 

Boltz, A. L. 

Derickeon, George 

Esbenshade, J, W. 

Fink, Mrs. Homer 

Gingrich, Cyrus, Family 

Graeff, A. D. 

Green, Mrs, Mary C. 

Grimm, S. 0. 

Heilman, Elitabeth and Joseph 

Hoffman, George A. 

Imboden, Dr. H. M. 

Ingraham, Mrs. Stuart 

Zeene, Mrs. J. C. 

Keibler, Mrs. Reno 

Kunkle, John C. 



1 


$2.00 


3 


♦ 


8 


24.00 


3 


5.00 


20 


10.00 


38 


19.00 


4 


4.00 


1 


1.50 


10 


5.00 


19 


19.00 


1 


.50 


7 


3.50 


16 


8,00 


4 


5.00 


1 


1.00 


1 


1.50 


15 


30.00 


8 


8.00 


2 


4,00 


26 


26.00 



43 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1944 



Books , (C ontinued ) 

Laudermiloh, Mrs. Edwin 
Lebanon Rotary Club 
Light, John F. 
Light, V. Earl 
L* V. C. Junior Class 
Lynoh, C* A. 
Fetzger, Bruce 
Meyer, Mrs. D. H. 
Mutch, Vema 
Myers, Helen E, 
Norton, Mrs. H. H. 
Okie , John 
Peters, Charles C. 
Porter, John J. 
Reed, J. B., Jr. 
Richie, G. A. 
R\ink, Anna I. 
Shenk, Esther 
Shenk, H. H. 
Shartle, Mrs. H. 
Shoemaker, Col. W. 
Speck, Frank 
Stokes, M. L. 
Swatisky, W. M. 
Uhrich, R. G. 
Wallace, P. A. W. 
Waughtel, C. W, 
Whiteman, Maxwell 
Wig and Buckle Club 
Y. W. C. A. 

United Brethren Church 
Associations 
Government Publications 

Periodicals I 

Annville Rotary Club 

Balsbaugh, E. M. 

Bender, Andrew 

Bible Department 

Biology Department 

Book Department 

Chemistry Department 

Derickson, S. H. 

French Department 

Gennan Department 

History Department 

Kiinkel, J. C. 

Lebtmon Chamber of Commerce 

Loser's Music Store 



Number of Volumes 



8 


18.00 


17 


46.50 


2 


5.00 


4 


4,00 


1 


3.00 


2 


2.00 


1 


2.00 


1 


4.00 


3 


3.00 


1 


1.50 


450 


900.00 


8 


15.00 


6 


12.00 


1 


3.00 


1 


4.00 


1 


4.00 


1 


1.00 


1 


5.00 


2 


2.00 


1 


1.50 


4 


20.00 


7 


4.00 


1 


2.00 


4 


10.00 


4 


10.00 


12 


8.00 


1 


1.50 


11 


20.00 


11 


15.00 


5 


5.02 


6 


5.00 


23 


12.00 


92 


45.00 


881 


11,361,02 


1 


#1.50 


1 


2.00 


4 


26.60 


1 


2.50 


5 


92.50 


14 


32.50 


1 


2.50 


2 


9.25 


3 


11.50 


1 


1.50 


1 


3.00 


1 


5.00 


1 


1.00 


1 


1.00 



44 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1944 



Periodicals (Continued) 

Lynch, Dr. C. A. 

Myers, H. E. 

Porter, Dr. and Mrs. J. D. 

Payohology Department 

United Brethren Churoh 

United Brethren Church W. M. A. 

United Brethren Church, Virginia Conference 

Vanaman, Richard 

Zerby, Alton B. 

Misoellaneoua 



Number of Volumes 



Value 



8 


126.00 


3 


8.00 


2 


6.50 


3 


19.00 


3 


4.85 


2 


3.00 


1 


.80 


1 


1.00 


1 


1.50 


57 


- 


ll8 


$261.90 



GIFTS FOR MONTGOMERY MEMORIAL ROOM IN LIBRARY 



From Mrs. H. H. Norton 
Desks (two) 

Manuscripts and trans oripte 
Prints and Maps 
Miscellaneous 



11,000.00 
3,000.00 
1,000.00 
2,000.00 



From Individuals 

Books, prints and miscellaneous items 



1,000.00 
18,000.00 



45 



ANALYSIS OF FARM SURPLUS ACCOUNT 
YEAR ENDED JUNE 30, 1944 



EAST BERLIN FARM 

Surplus July 1, 1943 |984.27 

Add, Net Profit for Current Year 372.96 

Surplus, June 30, 1944 $1,357.23 



SHIREMANSTOWN FARM 

Deficit, July 1, 1943 §531. 21 

Deduct, Net Profit for Current Year 64.88 

Deficit, June 30, 1944 466.33 

Total Farm Surplus June 30, 1944, Exhibit A, Section V $890.90 



FARM REPORT, YEAR ENDED JUNE 30, 1944 
SHIREMANSTOWN FARM 



INC DIE 

1943 

July 20 Refund of Interest — Shiremanstown Farm Note $23.05 
Oct. 27 Treasurer of the United States — Parity 

Payment 66.83 

Total Income $89.88 



EXPENSES 

1943 

July 6 Annville National Bank — Interest on loan $25.00 

Net Gain before Depreciation |64.88 



46 



PAEM REPORT, YEAR ENDED JTOIE 30, 1944 
EAST BERLIN FARJJ 



INCOME 



22 Treasurer of the U.S. — Parity payment $35.85 

26 Treasxirer of the U.S. — Parity payment 82.92 

12 Henry Heilman — 39-2/8 bu. oorn at |1.22 per 

bushel 48.04 

12 V. Esrl Light— 18-5/24 bu. corn at $1.22 

per bushel 22.22 

1 W. Denton Myers— 132-40/60 bu. wheat at |1.05 139.30 

94-I/2 bushels ■wheat at $1.05 per bu. 99.17 

93-14/32 bushels oats at |.60 per bu. 56.06 

165-5/56 bushels com at II.I6 per bu. 191.50 

135-53/60 bushels wheat at |1.65 224.20 

73-22/32 bushels oats at $.78 57.37 

71 bushels barley at fl.l5 81.65 

1 W. Denton Myers — 74-46/56 bu. com at $1.27 95.02 

66-14/56 bushels oorn at |1.27 per bu. 84.14 

56-14/56 bushels oorn at tl.27 per bu, 71.44 

Total Income #1,288.88 

- i I ' i ■ i ' I I I i . ■ I I I I ' I . I i i I S 

EXPENSES 



30 Roy G. Garbor— School tax 1943 $69.14 

8 Eugene J. Breighner — Lime 136.92 

1 W, Denton I/yers — 1-1/2 bu. Timothy seed at 

$3.50 per bushel 5.25 

3-1/2 tons 0-14-7 fertilizer 106.05 

8 bags cement 5.20 

2 tons 0-12-12 fertilizer at $33.68 67.36 
15 bushels seed oats at .90 13.50 
1-1/2 bushels clover seed 27.00 
13 tons hydrated lime at $10.50 136.50 

3 tons 3-12-6 fertilizer at $36.45 109.35 
I-I/2 bushels Timothy seed 6.75 
1-3/4 ton 3-12-6 fertilizer at $36.46 63.80 
1-1/2 bushel clover seed at |27.00 40.50 
20 bushels seed oats at $1.30 26.00 
1 ton 2-12-6 fertilizer 34.05 
38 lbs. alfalfa seed at $28.00 17.74 

5 Roy C. Garber--County, Road and Poor Tax 38.29 
26 Gettysburg Mutual Fire Insurance Co. — Insurnnoe 22.52 

Total Expenses $915.92 

Net Gain before depreciation $372.96 



47 



REPORT OF 1943 CAMPAIGN PROMOTION FUND 
YRAR ENDED JUNE 30, 1944 



INCOME 



Reoolved from E. N. Funkhouser 
Received from R. N. Funkhouser 

Deficit 



EXPENSES 



The Williams Company — Director 'a Salary 

George Williams — Office expenses 

Travel and Entertainment 

Office Supplies and Equipment 

Telephone and Telegraph 

Advertising 

Printing and Stationery 

Mailing Expense 

Additional clerical services 

Total Expenses 



$9,000.00 
1,000.00 



$5,600.00 

1,954.59 

478.08 

443.71 

133.96 

193.63 

2,247.20 

99.01 

25.14 



$10,000.00 

1,175.32 
.^11,175.32 



$11,175.32 



ANALYSIS OF HEATING PLANT EXPENSES 
YEAR ENDED JUNE 30, 1944 



Fuel, including freight and drayage 

Less inventory, June 30, 1944 
Hauling ashes 
Insurance 
Light and Power 
Miscellaneous 
Repairs 
Supplies 
Telephone 
Wages 
Water 



$6,189.02 
600.00 



Distribution of Heating Plant Expenses 



Heating Physical Plant 
Heating Dormitories 



$5,589.02 

38.75 

152.92 

397.62 

15.75 

244.52 

2.50 

62.39 

1,097.60 

64.13 

17,665.20 



$3,832.60 
3,832.60 

$7,665.20 



48 



AUDITING COMMITTEE REPORT 

To the Board of Trustees of Lebanon Valley College: 

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

The audit was made by Charles E. Procasco, C.P.A., of Harrisburg, Pa, 
We submit as our report his certification, whioli follofws: 

P. B, Gibble 
N. 0. Huber 
J. E. Oliver 



Committee 



REPORT OF THE AUDITOR 



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

Gentlemen: 

I have made an examination of the accounts of Lebanon Valley College 
for the year ended June 30, 1944, 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 receivable 
were verified but not confirmed, and are shown at book values, with adequate 
reserve provisions for unoollectibility 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 Committee 
action, securities purchased subsequent to June 30, 1942 are shown at cost. 
By similar action, securities sold within the current year were credited to 
the investment account at book values. A decline in the endowment fund of 
$66,878.90 resulted from these transactions. 

Pursuant to action of your Board, notes of certain Churches received in 
connection with the 1924 Campaign, and carried as Current Fund and Endowment 
Fund assets in the amount of $8,647.28 and $9,321.21, respectively, were 
cancelled in consideration of anticipating their support in the Building and 
Endowment Fund Campaign of 1943. 

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 evi- 
dence 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 position of 
Lebanon Valley College at June 30, 1944, and the results of its operations 
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 
September 20, 1944 



49 



student Enrollment, 1943-1944 



COLLEGE 



Full-time Students i 

Seniors 

Juniors 

Sophomores 

Freshmen 

Specials 

Pert-time Students } 

Post-Graduates 

Juniors 

Freshmen 



Actual Attendance 


Total 


Registration 


At 


close of 
Women 


Year 
Total 


During Year 


Uen 


Men 


Women 


Total 


17 


22 


29 


22 


17 


39 


12 


13 


25 


12 


15 


E7 


8 


21 


29 


12 


22 


34 


18 


19 


37 


25 


21 


46 


1 


65 


1 
121 


1 


- 


1 , 


56 


72 


75 


147 


_ 


_ 


„ 


1 


^ 


1 


1 


- 


1 


1 


- 


1 




1 


1 




1 


1 



CONSERVATORY OF MUSIC 
Full-time Students » 
Seniors 
Juniors 
Sophomores 
Freshmen 
Specials 

Part-time Students 
Specials 

EVENING AND SATURDAY CLASSES 

EXTENSION COURSES 



29 
12 
10 

SUMMARY 



13 
14 
14 
18 
1 



60 
69 
24 
61 



13 
14 
16 
21 
1 



65 
98 
36 
71 



10 
35 
23 
20 



15 
14 
15 
19 
1 



64 

70 

38 

106 



15 
14 
18 
26 
1 



74 
105 

61 
126 



College 

Conservetory of Music 

Private Instruction in Music 
Evening and Saturday Classes 
Extension Courses 

Duplicates 

NET ENROLLMENT 



57 


66 


123 


5 


60 


65 


6S 


126 


188 


29 


69 


98 


12 


24 


36 


10 


61 


71 


113 


280 


393 


9 


12 


21 



74 
10 
84 
35 
23 
20 
162 
14 



76 

64 



140 



70 

38 

106 



354 
19 



150 

74 

224" 



105 

61 

126 



516 
33 



104 



268 



372 



148 



335 



483 



50