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Full text of "Lebanon Valley College Report of the Finance Committee 1945"

Lebanon Valley College 


BULLETIN 


Vol. XXXIV OCTOBER, 1945 No. 7 


Report of Finance Committee 

For Fiscal Year 

Ended June 30, 1945 


ANNVILLE, PENNSYLVANIA 



Presented to the Board of Trustees at their 
Meeting October 27, 1945 



A Supplement to this report giving figures for the 
school year 1945-1946, to Y.&y 1, 1S46 
v;ill be submitted to the Board at its meeting on May 24, 1946 



Entered as Second Class natter al^ Annville, Pa., under the Act 
of August 24, 1912 



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

The Finance Committee presents the followirjg report of the business 
operations of the College for the fiscal year ended June 30, 1945. In sum- 
mary the report shows j 

Total Income to be |180, 700.24 

Total Expenses to be 185,597.24 

Net Loss to be $4,897.00 

ANALYSIS OF SURPLUS -DEFICIT ACCOUNT 

Deficit, July 1, 1944 $4,446.78 

Additions: 

Appropriation from East Pennsylvania Conference 5,000.00 

Appropriation from Pennsylvania Conference 5,000.00 

Appropriation from. 1943 Building Fund 15,000.00 

Deductions : 

Net Operating Loss for period July 1, 1944 to 

June 30, 1945 4,897.00 

Note Cancelled 145.00 

Additions and Betterments invested in plant during 

period July 1, 1944 to June 30, 1945 3,943.71 

Current Fund Surplus June 30, 1945 111, 567. 51 

The activities of the Finance Committee were reported upon in detail at 
the Kay 11, 1945 meeting of the Board, when the minutes of the meetings held 
were read. 

An appraisal made on April 20, 1945 by Lionel D. Edie & Company, Inc., 
indicates appreciation in the market value of securities since April 24, 
1944 of 186,824.00. Analysis follows: 

Appraisal at April 24, 1944 $625,651.00 

Additions - Student Loan, etc. |14,925.00 

Appreciation: 

Backlog Bonds §4,585.00 5.2?S 

Backlog Preferred Stocks 10,760.00 12.4^ 

Equities 71,479.00 82.4?^ 86,824.00 101,749.00 

Appraised Value at April 20, 1945 727,400.00 

Appraised Value of 1943 Building and 

Endowment Fimd securities at April 20, 1945 184,866.00 

Total Funds under Lionel D. Edie I- Co. supervision $912,266.00 

Assets not taken into account by Lionel D. Edie & Company 

Carried on the books at 

Lemoyne Trust Company - Trust Agreement $8,500.00 
70 shares The A. S. Kreider Shoe Co.) 

50 shares A. S. Kreider Company ) 12,000.00 

100 European Electric Rights 100.00 

Mortgage 4,520.00 

Notes from Churches and Individuals 5,939.00 

4 



Carlisle Trust Co. - l/4 interest in Trust Fund 

Farm at Bast Berlin |;9,776.25 $40,855.25 

Total 1953,101.25 

Carried on the books at .... #911,660.26 

The income, on an annual basis, has been maintained despite the elim- 
ination of a substantial amount of second grade high yielding securities. 

The quality status of the fiands is nowj Producing Income 

Percent in Percent of Total 

Sound "backlog" quality 51.3 49.3 

Equity risk type 48.7 50.7 

The quality objective continues to be 70^ of the total fund with 30fJ in the 
risk type. Efforts will be continued in the direction of improvement of 
cuality. 

During the year tv/enty-tv-'o items were sold for an aggregate of 
■>124,578.00. The nujriber of purchases was twenty-three, amounting to '^305,351, 
the appraised value of which at April 20, 1945 was ^317,351,00. 

It is of interest to not© that tlie securities on the original list ap- 
praised by Lionel D. Edie t Company on April 24, 1942, now held, had a value 
of 1143,545.00 compared v;itb ■:;254, 144.00 on April 20, 1945. 

The Endowment Funds continue to be under the supervision of Lionel D. 
Edie I Company, Incorporated. 

The rate of interest for the past year was 3. 965^0. 

LLOYD A. SATTA2AH1I, Chainnan 



COMPARATIVE BALAITCE SHEET 
Exhibit A JUKE 30, 1945 AKD 1944 



__ ■ — — - 

ASSETS 




June 30, June 30, 






1945 1944 


Increase Decrease 


I Current Funds t 






A Gene rial: 






Cash 


$5,525.21 §18,581.23 


f 13, 05 6. 02 


Investments , Notes Rec 'vab] 


Le 1,895.00 2,288.00 


393.00 


Accounts Rec'vable, Students 15,054.04 18,696.01 


3,641.97 


Advances Receivable 


1,277.88 


1,277.88 


Dining Hall Supplies 


2,450.00 2,188.62 


S261.38 


Laboratory Supplies 


1,840.00 1,810.00 


30.00 


Power Plant Supplies 


1,244.00 600.00 


644.00 


Summer School Expenses — 






Prepaid 


716.68 823.31 


106.63 


Prepaid Insurance 


3,658.12 2,954.07 


704.05 


Deficit 


4,446.78 


4,446.78 




32,383.05 53,665.90 


21,282.85 


B Restricted! 






Cash 


2,169.03 3,460.46 


1,291.43 




$34,552.08 $57,126.36 


^22,574.28 


II Loan Funds j 






Cash 


484.51 :^7,955.00 


^7,870.49 


Bonds 


10,028.87 


10,028.87 


Notes Receivable 


4,438.98 5,452.06 


1,013.08 




$14,552.36 $13,407.06 


^1,145.30 


III Endowment and Other Kon-Expendable Funds j 




Cash 


^562.48 ^143.41 


f419.07 


Bonds 


238,094.89 255,733.90 


^17,639.01 


Bonds — Special 


29,000.00 23,000.00 


6,000.00 


Stocks 


434,316.49 430,681.95 


3,634.54 


Mortgages 


4,460.00 6,680.00 


2,220.00 


Kotes Receivable 


5,939.00 6,042.00 


103 .00 


Real Estate — Farm 


9,776.25 9,776.25 






$722,149.11 732,057.51 


$9,908.40 


IV Plant Funds j 






Lands 


#40,881.64 139,800.00 


51,081.64 


Underground Heating and 






Pluribir.g System 


17,851.69 17,851.69 




Buildings 


515,526.82 515,526.82 




Equipment 


158,543.18 155,681.11 


2,862.07 




§732, 60S .^S 72fe',W9'.62' 


■ "^^-.VArm ' 


V Agency Funds • 






Cash 


$1,720.51 4a, 360. 02 


.;i360.49 


Bonds — Montgomery Memorial 


300.00 300.00 




Campaign Promotion Fund 


1,175.32 


•t;!, 175. 32 




.^2,020.51 ;/2,835.34 


4814.83 


VI EndoTTOient and Building Funds 






Assets, per Schedule 


1284,215.19 74,633.04 


209,582.15 


Total Assets §1 


.,790,292.58 ?,1,608,918. 


S3 ::181,373.65 









Exhibit A 



COFPARATr/E BALANCE SHEET 
JUIJE 30, 1945 MD 1944 



LIABILITIES MD FUNDS 



I Current Funds > 
A General J 

Notes Payable 
Retirement Payable 
Students' Deposits 
Students' Acoounts Paid in 

Advance 
Reserve for Doubtful Acc'ts 
Summer School Income 
Surplus 

B Restricted: 
Funds 
General 



II Loan Funds > 
Funds 



III Endowment and Other Non-Ezpendable Funds » 
End ovment Fund s ; 
General 
Restricted 



June 30, 


June 30, 








1945 


1944 


Increase D< 

#34, 


jcrease 




$34,000.00 


,000.00 


i^l04.20 




|;104.20 






678.32 


820.55 






142.23 


11,512.76 


10,320.57 


1,192.19 






8,425.61 


8,503.68 






78.07 


94.65 


21.10 


73.55 






11,567.51 




11,567.51 







32,383.05 


53,665.90 




21,282.85 


2,169.03 


1,500.32 
1,960.14 




668.71 

1,960.14 


2,169.03 


3,460.46 




1,291.43 


$34,552.08 


357,126.36 




.^22,574.28 


$14,552.36 


413,407.06 


,?1, 


,145.30 



Annuity Funds 

IV Plant Funds ; 

Net Investment in Plant 

V Agency F\mds » 

Form Surplus 

Montgomery Memorial Room 



1480,221.87 1492,153.75 

239,027.24 257,003.76 

'719,249.11 729,157.51 

2,900.00 2,900.00 

1722,149.11 5,732,057.51 



12,023.48 



111,931.88 



9,908.4^ 



^, 908. 40 



4732,803.33 .;^728,859.62 $3,943.71 



$802.73 



1890.90 



1.17 



Fund 
Miscellaneous Funds 
Campaign Promotion Fund 
Advances Payable, Campaign 

Promotion Fund 


382.25 

831.81 

3.72 


374.75 
291.81 

1,277.88 


#7.50 

540.00 

3.72 


1,277.88 




$2,020.51 


$2,835.34 




1814.83 


VI Building and Endowment Funds i 


^56,000.00 
228,215.19 


$74,633.04 


156,000.00 
153,582.15 




Notes Payable 
Funds 






■1284,215.19 


.^74,633.04 


209,582.15 




Total Liabilities 

a,nd Funds *1, 


,790,292.58 fl, 


,608,918.93 


§181,373.65 















COFDSMSED C01\!PARATIVE STATEIIEKT OF CURREI>[T UfCOlffi AIH) EXPEl^ISES 
(Excluding Receipts and Disbursements of Restricted Funds 
Exhibit B-1 for Non-Educational Purposes) 



mcojffi 


1 Educational and General; 


Year 

Ended 

6/30/45 


Year 

Ended 

6/30/44 


"Increase 


Decrease 


(l) Student Income: 

School of Liberal Arts and 

Soienoea 
Auxiliary Educational 
Schools 


^9,020.86 
54,075.03 


140,473.74 
57,230.93 




$1. 
3, 


,452.88 
,155.90 




93,095.89 


97,704.67 




4, 


,608.78 


(2) Endowment Income 

(3) Gifts and Grants 

(4) Other Sources 


31,762.03 

20,308.85 

2,710.66 


26,538.40 

10,042.76 

3,628.42 


5,223.63 
10,266.09 




917.76 


Total Educational and 
General Income 


$147,877.43 


137,914.25 


19,963.18 






II Auxiliary Enterprises and Activities! 

(1) Dormitories 114,445.61 

(2) Dining Hall 25,460.14 

(3) Placement Bureau Income 16.00 

(4) Health Service 1,027.50 


$14,212.39 

24,550.07 

20.00 

1,068.00 


§233.22 
910.07 




4.00 
40.50 


Total Income, Auxiliary 
Enterprises and 
Activities 


$40,949.25 


$39,850.46 


11,098.79 






III Income for Non-Educational 
Purposes 


$1,557.99 


$1,143.80 


1414.19 







Total Income $190,384.67 178,908.51 11,476.16 

Collections on Doubtful 

Accounts Receivable 315.57 315.57 



190,700.24 178,908.51 11,791.73 
Total Expenses, 

Forwarded 185,597.24 189,755.32 4,158.08 

Net Profit (+) or Loss (-) 
before deducting additions 
to Plant from Current Funds 5,103.00(«OlO,846.8l(-) 15,949.81 

Additions to Plant from 

Current Funds 3,945.71 2,665.44 1,280.27 

Net Profit (+) or Loss (-) 

after deducting additions to 

Plant from Current Funds $l,159.29(->-X3.510.25(-) 14,669.54 



CONDEIISED COI.TARATr/E STATSL^lIT OF CURREl^IT DICOIS AIJD KXFEirSSS 
(Excluding Receipts and Disbursements of Restrioted Funds 
Exhibit B-1 for N on -Educational Purposes) 



EXPENSES 


I Educational and General; 

(1) General Administration and 
^^xpenses 


Year 

Ended 

6/30/45 

;f33,237.05 


Year 

Ended 

6/30/44 

:;;;31,760.26 


Increase 

41,476.79 


Decrease 


(2) Instruction and Research: 
School of Liberal Arts 

and Sciences 
Auxiliary Educational 

Schools 


46,496.45 
44,596.24 


52,132.42 
44,596.93 






$5,635.97 
.69 




91,092.69 


96,729.35 






5,636.66 


(3) Library 

(4) Operation and Maintenance 

of Physical Plant 


4,957.61 
11,614.60 


6,102.88 
12,113.09 






1,145.27 

498.49 


Total Educational and 
General Expenses 


■jl 40, 901. 95 


146,705.58 






$5,803.63 


II Auxiliary Enterprises and Activities: 




V 






(1) Doraitories 

(2) Dininp: Hall 

(3) Placenent Bureau 

(4) Health Service 


■510,329.61 

31,354.73 

3.27 

1,661.29 


|;10,969.99 

28,235.73 

33.54 

1,548.36 


03,119, 
112. 


.00 
.93 


$640.38 
30.27 


Total Expenses, Auxil- 
iary Enterprises 
and Activities 


043,348.90 


:J40,787.62 


$2,561. 


.28 




III Other :v on-Educational 
Expenses 


';l,096.39 


'1)2, 012. 12 






$915.73 



Total Expenses before 

Reservo provisions ^-185,347.24 189,505.32 $4,158.08 

Reserve Provisions: 

Provision for Doubtful 

Accoionts Receivable 250.00 250.00 



Total Expenses, 

Forwarded $185,597.24 139,755.52 $4,158.08 



STATEMENT 0? CURRENT FUflDS 
Exhibit B YEAR ENDED JW.E 30, 1945 



Balance at beginning of year Nona 

Add} 

(1) Current educational and general 

income, per Schedule 3-1, Sec. I |;145,817.29 

(2) Income auxiliary enterprises and 

activities, per Schedule 3-1, Sec. II 40,949.25 

(3) Income for nonreduoational purposes, per 

Schedule B-1, Sec. Ill 7,334.53 ,^194, 100.87 

(4) Adjustments, per Schedule B-4 2,226.03 

§196,326.90 
Deduct: 

(1) Current educational and general 

expenses, per Schedule B-2, Sec. I 141,151.95 

(2) Expenditures of auxiliary enterprises 

and activities, per Schedule B-2, 

Sec. II 43,348.90 

(3) Other non-educational expenses, per 

Schedule B-2, Sec. Ill 5,788.45 

(4) General funds transferred to plant funds, 

per Exhibit E, Sec. I 3,945.71 

194,233.01 

(5) Adjustments, per Schedule B-4 934.60 195,167.61 

Gain for year ended June 30, 1945 '; d,159.29 

Deficit July 1, 1944 .^4, 446. 78 

Add I 

Loss arising from cancellation of notes 

authorized by Finance Committee 145.00 

Deduct: 

Reimbursement received from Building and 
Endowment Fund as partial compensation 
for capital expenditures made from Current 
Funds, per action of Board of Trustees 15,000.00 
Operating Gain for the year ended June 30, 

1945 ' 1,159.29 16,159.29 

Surplus June 30, 1945, to Exhibit A, Section I 111,567.51 



10 



Schedule B-1 



stateijtent op current income 
year ended june 30, 1945 



I Educational and General j 
(1) Student InooTne t 

A School of Liberal Arts and Soiencesi 



Tuition 


$37,202.15 






Les3 Scholarships 


3,942.99 


$33,259.16 




Matriculation Fees 




1,308.00 




Biology Laboratory Fees 




1,176.00 




Chemistry Laboratory Fees 




1,431.55 




Physical Science Pees — Kusio 




26.00 




Physics Laboratory Fees 




245.00 




Visual Education and Measure- 








ments Fees 




197.65 




Practice Teaching Fees 




552.50 




Graduation Fees 




825.00 


139,020.86 


B Auxiliary Educational Schools j 








Music School 


32,145.52 






Less Scholarships 


1,437.50 


30,708.02 




Summer School 


16,031.26 






Less Scholarships 


366.75 


15,664.51 




Extension School 




3,888.00 




Saturday and Evening School 




3,814.50 


54,075.03 


Endowment Income (Schedule 3-3 )j 









Unrestricted 
Restricted 

(3) Gifts and Grants t 

Benevolence, Conference 
Others 

(4) Other Sources ; 

Group Life Insurance 
Interest on Current Funds 
Library Income 
Montgomery Memorial Room in 

Library 
Rent for Chapel 
Rent for Annex 

Total Educational and General 
Income to Exhibit B 



26,963.49 
2,738.40 29,701.89 



9,808.85 
10,500.00 20,308.85 



549.40 

63.42 

1,824.84 

138.00 
15.00 
120.00 2,710.66 



^145,817.29 



II Atixiliary Enterprises and Activi ties; 

(1) Dormitories j 

Rentals 
Cleaning Fees 
Breakage Fees 

(2) Dining Hall t 

Students • Board 

Sale of meals to others 

Sale of food and operating supplies 

11 



$14,072.52 
127.31 
245.78 114,445.61 



24,718.50 
687.47 
54.17 25,460.14 



STATEMENT OF CURRENT INCO^!E 
Schedule B-1 YEAR ENDED JUNE 30, 1945 



II AuTJliary Enterprises and Aotivitiea t 

(3) Placement Bureau Income II6.OO 

(4) Health Service 1,027.50 

Total Income, Auxiliary Enterprises 

and Activities, to Exhibit B $40,949.25 

III Income for Non-Educational Purposes 1 

■Day Student Rental |610.00 

Miscellaneous Income 679.73 

Registrar's Office 52.00 

Unexpended Student Activities Fees 216.26 

Scholarship Funds (Schedule B-3) 4,365.78 

Student Loan Funds (Schedule B-3) 400.59 

Prize Funds (Schedule B-3) 49.40 

Annuity Funds (Schedule B-3) 145.00 
Collections on Provisions for Doubtful 

Accounts Receivable from Students 315.57 

Total Income for Non-Educational 

Purposes, to Exhibit B $7,334.33 

Total Income to Exhibit B $194,100.37 



12 



STATEMENT OF CURRElfT EXPENSES 
Schedule B-2 YEAR El.DED JTJITE 30, 1945 



I Educational atid General j 






(1) General Administration and Expenses 


1 




A General Administrative Offices j 






t'iscellaneous 


1282.36 




Office Supplies 


198.56 




Postage 


615.10 




Salaries 


14,990.39 




Stationery and Printing 


1,964.17 




Telephone and Telegraph 


306.49 


$18,357.07 


B General Expenses: 






Advertising;, Bulletins and 






Catalogues 


656.00 




Advertising, General 


406.08 




Alumni Expenses 


51.64 





Alumni Secretary, Salary and 

Expenses 618.00 
Auditing and Accounting Services 

and Expenses 442,75 

College Car 154.25 

Commencement Expenses 245.09 

Compensation Insurance 137.30 

Collection Expense 315.57 

Group Life Insurance 2,401.78 

Investment Coxonsellor Service 1,500.00 

Lecture Expense 50.75 

I'embership Fees to Associations 253.00 

Fiscellaneous 796.26 

Press Service 962.47 

Public Liability Insurance 43.08 

Retirement Allowances 240.00 

Retirem.ent 2,037.75 

Robbery Insurance 117.50 

Student Solicitation Expenses 2,547.83 
Travel and Entertairjnent t 

Fpculty 50.79 

Officers 852.09 
Provision for Doubtful Accounts 

Receivable 250.00 15,129.98 $33,487.05 

(2) Instruction and Researohs 

A School of Liberal Arts and Sciences* 

Salaries, Faculty 44 311.99 

Salaries, Student Assistants 575.32 

Salary and Expenses, Practice 

Teaching 59.00 

Departmental Expenses j 

Biology Laboratory 397.71 

Chemistry Laboratory 923.67 

Physics Laboratory 61.15 

■Visual Education and Measure- 
ments Laboratory 127,61 

13 



Schedule B-2 



STATEMENT OF CURREIIT EXPENSES 
YEAR ENDED JUNE 30, 1945 



I Educational and General : (Continued) 
(2) Instruction and Reaearoh i 

A School of Liberal Arts and Sciences: 
Departmental Expenses: 



Business Administration 


$30.00 






French and Spanish 


10.00 


11,550 


.14 


B Auxiliary Schools: 








Extension School: 








Faculty Salaries 


2,100.00 






Traveling and Miscellaneous 








Expenses 


860.74 


2,960, 


.74 


Music School: 








Faculty Salaries 


24,599.31 






Insurance 


52.51 






Miscellaneous 


47.07 






Music 


87.16 






Practice Teaching Salaries 








and Expenses 


883.50 






Stationery and Printing 


8.65 






Tuning, Repairs, etc. 


1,044.16 


26,722, 


.36 


Saturday School: 








Faculty Salaries 




3,433, 


.05 



Summer School: 

Care and Kaintenance of 

Dormitories 80.65 

Faculty Salaries 7,841.92 

Miscellaneous Expenses 1,212.66 

Boarding Expenses 2,344.86 

(3) Library : 

Books and Magazines 

Miscellaneous 

Salaries 

Supplies and Binding Expenses 

(4) Operation and Maintenance of Physical Pla nt: 

Care and Maintenance of Grounds 

Care of Buildings and Furniture 

Heat 

Light and Power 

Miscellaneous 

Operating Supplies 

Insurance 

Repairs to Buildings and Equipment 

Taxes 

Water 

Total Educational and General 
Expenses, to Exhibit B 



11,480.09 44,596.24 



933.00 

10.13 

3,729.12 

285.46 



591.50 

2,281.83 

3,559.78 

889.25 

32.30 

217.19 

721.11 

2,991.37 

140.25 

190.02 



4,957,61 



11,614.60 
$141,151.95 



14 



Schedule B-2 



STATEMENT OP CURRENT EXPKUSES 
YEAR ENDED JUNE 30, 1945 



II Axixiliary Enterprises and Activities ; 
(Ij Dormit orie'sl 

Care of Buildings and Furniture 

Heat 

Light and Pofwer 

Miscellaneous 

Operating Supplies 

Property Insurance 

Repairs to Buildings and Equipment 

Telephone 

Water 

(2) Dining Hall i 

Food 

Gas 

Laundry 

Light and Pow/sr 

Miscellaneous 

Operating Supplies 

Rental 

Renewals and Repairs 

Salaries and Wages 

Telephone 

Water 

(3) Placement Bureau; 

Expenses 

(4) Health Service ; 

Expenses 



12,692.62 

3,559.79 

891.03 

55.30 

209.21 

387.91 

2,103.92 

90.35 

339.48 



18,541.70 

194.50 

147.38 

481.02 

117.00 

53.65 

4,000.00 

431.14 

7,257.49 

64.68 

66.17 



Total Expenses, Auxiliary Enterprises 
and Activities, to Exhibit B 

III Other II on -Educational Expen ses; 

Interest on Loans ^1,096.39 

Scholarships (Schedule B-3) 4,084.47 

Student Loan Funds (Schedule B-3) 400.59 

Prises (Schedule B-3) 62.00 

Annuities (Schedule B-3) 145.00 

•Total Non-Educational Expenses, to 
Exhibit B 

Total Expenses to Exhibit B 



110,329.61 



31,354.73 

3.27 

1,661.29 
$43,348.90 



15,788.45 
1190,289.30 



15 







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20 



DETAILS OF CURRENT FUtJD ADJUSTMENTS 
Schedule B-4 YEAR ENDED JUKE 30, 1945 



1. Adjuatmenta Adding to Current Funds j 

Decrease in income balances: 

Josephine Bittinger Eberly Professorship 

of Latin Languages and Literature 
Dr. and llrs . Andrew Bender Scholarship Fund 
Eliza Bittinger Scholarship Fund 
Derickson Scholarship Fund 
Vedical Scholarship Fund 
■tox F. Lehman Fund 

Unrestricted Income 

Total to Exhibit B, Section 4 

2. Adjustments Deducting from Current Funds; 

« 

Increase in Income balances : 

East Perns -'Ivnia Corferance C. E. Scholar- 
ship Fund .^>200.00 
S'^muel F. and Agnes B. Sngle Scholarship 

Fund 120.00 

C. C. Gingrich Scholarship Fund 120.00 

G. D. Gossard and '.Tife ocholarship Fund 132.00 

Harnish-TIousor Publicity Fund 80.00 
Ponnsvlvania Conference C. E. Society 

Scholarship Fund 74.00 

Pennsylvania Branch ■/«'. K. A. Scholarship Fund 100.00 

Sophia Plitt Scholarship Fund 105.20 

Class of 1928 Scholarship Fund 3.40 

Total to Exhibit 3, Section 5 ;?934.60 



1100.00 




40.00 




.09 




100.00 




9.80 




16.00 






$265.89 




1,960.14 




$2,226.03 



21 



CONDSMSED STATEI.SNT OF GENERAL ?WD 
CASH RECEIPTS AITD DISBURSEIIEKTS 
Schedule '^-5 FOR THE YEAR SI>IDED JUFS 30, 1945 



Bslance July 1, 1944 *18,581.23 

Receipts 

Income: 

Students 1137,691.66 

Endowment Income 31,762.03 
Gifts and Grants j 

Conference Benevolence $9,808.85 

Others 10,500.00 20,308.85 
Other Sources i 

Group Life Insurance 549.40 

Interest on Current Funds 63.42 

Library Income 346.50 

Rent for Chapel 15.00 

Rent for Annex 120.00 

Placement Bureau Income 16.00 

Sale of Meals to Others 687.47 

Sale of Food and Supplies 54.17 

Registrar's Office 52.00 

Miscellaneous Income 679.73 

Unexpended Student Activities Fees 216.26 

Health Service 1,027.50 3,827.45 

193,589.99 

Balance Sheet Items: 

Received from Churches and Individ- 
uals on Notes 248.00 

Decrease in Prepaid Summer School 

Expenses 106.63 

Increase in Retirement Pajmble 104.20 

Increase in Summer School Income 73.55 

Decrease in Advances Receivable 1,277.88 

Reimbursement from Building Fun.d to 
apply on Capital Expenditures 
made from Currant Funds 15,000.00 16,810.26 

$228,981.48 



22 



COTOENSED STATEIIEIIT OF GENERAL FUND CASH 
RECEIPTS. AND DISBURSEMENTS FOR THE YEAR 
Schedule B-5 El^IDED JUNE 30, 1945 



Diabursementa 

Expenses : 

Educational and General j 

Gener'al Administration and Expense 033,237.05 
Instruction and Research 91,092.69 

Library 3,479.27 

Operation and Maintenance of 

Physical Plant 11,614.60 |139,423.61 

Aiixiliary Enterprises and Activities! 

Dormitories 10,329.61 

Dining Hall 31,354.73 

Placement Bureau 3.27 

Health Service 1,661.29 43,348.90 

Other Non-Educational Expenses : 

Interest on Loans 1,096.39 

183,868.90 

Balance Sheet Items j 

Increase in Inventory of Dining Hall 

Supplies 261.38 

Increase in Inventory of Laboratory 

Supplies _ 30.00 

Increase in Inventory of Power Plant 

Supplies 644.00 

Increase in Prepaid Insurance 704.05 

Decrease in Notes Pajrable 34,000.00 

Decrease in Students' Deposits 142.23 

Additions to Plant $3,943.71 

Less, Equipment Gift 138.00 3,805.71 39,587.37 

$223,456.27 

Balance June 30, 1945, per Exhibit A, Section I-A 5,525.21 

^228,981.48 



23 



STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS 
EMDOV,lfENT INCOlffi ACCOUNT FOR THE YEAR ENDED 
Schedule B-6 JUITE 30, 1945 



Balance July 1, 1944 $3,460.46 

Reoeipts 

Income from Endowment Investments f35,740.99 

Leas i 

Accrued interest returned to 
End ovnnent Fund j 

Philadelphia Electric Company $13.32 

American Cyanamid 212. E3 

United Gas Corporation 541.50 $567.35 

Accrued interest returned to 
Philadelphia Alumni Scholar- 
ship Fund • 10.98 578.33 35,162.66 



i^38,623.12 



Disbursements 



Unrestricted s 

Transferred to Creneral Fund for 

Educational Purposes $28,923.63 

Restricted : 

Transferred to General Piaid for 
Educational and General Purposes; 

Printing Funds $28.00 

Professorship Fimds 2,749.40 

Library Funds 53.00 

Faintenance Funds 8.00 



Used for Non-Educational Purposes; 

Scholarship Funds 4,084.47 

Student Loan Funds 400.59 

Prize Funds 62.00 

Annuity Funds 145.00 



12,838.40 



4,692.06 



7,530.46 
36,454.09 

Balance June 30, 1945, per Exhibit A, Section I-B 2 169.03 

138,623.12 



24 



Exhibit C 



STATEMENT OP LOM PTJNDS 
YEAR ENDED JUNE 30, 1945 



FUND PRINCIPAL 

Balence 
Balance June 30, 1945 

July 1, Receipts Other Deduc- Exhibit A 
1944 For Year Additions tiona Sec. II 



Alumni Annual Giving Fund 
Kary A. Dodge Fund 
Daniel Eberly Fund 
Charles E. Merrill Fund 
Henry B. Stekn»n Fvmd 
Dr. Wagner Special Fund 

Less, Loss from sale 
of Bonds 



es 


,123. 


.72 


1462, 


.13 








$3 


,585, 


,85 


7 


,368, 


.33 


654, 


.59 


- 




- 


8, 


,032, 


.92 




277. 


.89 


20, 


.59 


. 




- 




298, 


.48 




509, 


.00 


3, 


.00 


- 




- 




512, 


,00 


1 


,951, 


.12 




- 


- 




- 


1 


,951, 


.12 




177, 


,00 


11, 


.20 


- 




- 




188, 


.20 


13 


,407, 


.06 


1,161, 


.51 


" 


116 


.21 


14. 


,568, 
16, 


.57 
.21 


^13 


,407, 


.06 


11,161, 


.51 




^16. 


.21 


$14, 


,552, 


,36 




FUND 


ASSETS 

















Cash 

Investments : 

f 10, 000 U.S. Treasury Bonds 2 \/^%, 1962-59 $10,010.37 

25 U.S. Savings Bonds, Series F, 1955 18.50 

Notes Receivable from Students t 

Alumni Annual Giving Fund ' 1,090.23 

Fary A. Dodge Fund 2,480.85 

Henry B. Stehman F'und 750.00 

Dr. Wqgner Special Fund 117.90 

Total Loan Fund Assets June 30, 1945 
to Exhibit A, Section II 



$84.51 
10,028.87 

4,438.98 
$14,552.36 



25 



Exhibit D 



STATEHEUT OP EIJDOVJTffiNT AMD OTHER NON-EXPENDABLE FUNDS 
YEAR EJIDED JUNE 30, 1945 



FUiro PRMCIPAL 



Endowment 
Funds 



Annuity 
Funds 



Total 



Balance July 1, 1944 



$729,157.51 $2,900.00 §732,057.51 



Additions during yean 
Loranz Family 

Philadelphia L.V.C. Alumni Club 
S. H. Deriokson 

Interest returned to Principal t 
United Gaa Corporation 
Insull Utilities 



Deductions during yean 

Transfer of M. H. Baohman Scholar- 
ship to Building and Endowment 
Fund 
Difference between amount realized 
from sale of securities during 
year ended Jime 30, 1945, and 
amount at which said securities 
were carried upon books of account 



Balance June 30, 1945, to 
Exhibit A, Section III 



3,000.00 
10.98 
12.50 

341.50 

5.60 

3,370.58 



3,000.00 
10.98 
12.50 

341.50 

5.60 

3,370.58 



$732,528.09 $2,900.00 §735,428.09 



1,000.00 



12,278.98 
13,278.98 



1,000.00 



12,278.98 
13,278.98 



$719,249.11 $2,900.00 :ji722,149.11 



26 



Schedule D-1 



SmaiARY OF ElJDOrafENT FUIJD ASSETS 
JTOJE 30, 1945 



1 1 1 ' r ■ ■ ' • -"Ui 






Amount 


Percentage 
of Total 


Investments : 














Farm 






^9, 


,776, 


.25 


1.55 


Bonds J 

Government 
Industrial 
Public Utility 
Railroad 
Real Estate 




1101,044.57 

25,544.30 

65,214.17 

66,791.85 

8,500.00 








14.00 
3.54 
9.04 
9.26 
1.17 


Total Bonds 


§104,991.24 

110,243.94 

5,267.50 




267; 


,094, 


.89 


37.01 


Stocks ; 

Preferred : 
Industrial 
Public Utilities 
Retailers 


;4.55 

15.28 

.73 


Totfl Preferred Stocks 


220,502.68 








30.56 


Common: 
Aviation 
Banks, Insurance and 


1,600.00 










.22 


Finance 
Foods 

Industrial 
Oils 

Public Utilities 
Railroad 

Railroad Equipment 
Retail 
Steel 

Total Coinmon Stocks 


61,770.58 

8,070.00 

29,499.23 

20,665.99 

68,740.37 

3,000.00 

2,700.00 

13,834.44 

3,933.20 


213,813.81 








8.56 

1.12 

4.09 

2.86 

9.52 

.42 

.37 

1.92 

.55 

29.63 


Total Preferred and 














Common Stocks 






434, 

5, 


,316. 

,460. 
,939, 


.49 

,00 
.00 


60.19 


Mortgages 

Notes Receivable 


.62 
.83 


, Total Investments 






721, 


,586, 


.63 


100.00 


Cash awaiting investment 


Assets, June 30, 
Section III 




562, 


.48 




Total Endowment Fund 
1945 to Exhibit A, 


f722, 


,149, 


.11 





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32 



Exhibit E 



STATBliENT OF PLAMT FUNDS 
YEAR ENDED JTME 30, 1945 



(l) Unexpended Plant Funds j 
Balance July 1, 1944 

Additions during yoarj 

1. Amount transferred from Current Funds 



Deductions durin.f^ year; 

a. Land for Athletic Field 

b. Equipment for Infirmary 

c. Cabinet for Biology Laboratory 

d. General Furniture and Apparatus: 

1. Carpet for South Hall 

2. Lamp for North Hall 

3. Film Storage Cabinet 

e. Equipment for Library 

f. Books in Library 

g. Montgomery Memorial Room in 

Library - Books and Equipment 



Balance, Jtme 30, 1945 

(2 ) Invested in Plant t 

Value of Plant July 1, 1944 
Additions during year 

Value of Plant, June 30, 1945, Exhibit A, 
Section IV 



None 



■"unds 






^3,943.71 
53,943.71 




.<;1 


,081.64 
27.50 
75.50 




;i;70.87 

4.50 

30.25 


2 


105.62 

15.45 

,500.00 

138.00 





^728,859.62 
3,943.71 



3,943.71 



None 



^732,803.33 



33 



Schedule S-1 



PLANT FUNDS ASSETS 
JTJTJS 30, 1945 







Book Value 








Book Value 


Erected 


June 30, 


Increase 


June 30, 






1944 








1945 


Lands j 














Athletic Field 




^,000.00 


11 


,081 


.64 


16,081.64 


Campus 




34,000.00 








34,000.00 


Hookey Field 




800.00 
139,800.00 








800.00 




il 


,081 


.64 


#40,881.64 


Underground Heating and 








Plumbing System 




$17,851.69 








117,851.69 


Buildings} 






Administration 


1905 


§157,170.25 








§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 (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 Hall for Women 


1904 


87,111.91 








87,111.91 


Pres ident • s Home 


1900 


9,145.60 








9,145.60 


South Hall for 'Voraen 


1857 


22,611.83 








22,611.83 


V^est Hall for Women 




12,183.37 
$515,526.82 








12,183.37 
1515,526.82 


Equipment i 




Auditorium 




$2,700.00 








12,700.00 


Dining Hall emd 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 




1105, 


.62 


15,047.85 


Athletic Field and Gymnasium 




5,371.00 








5,371.00 


Heating Plant 




2,763.68 








2,763.68 


Kindt Property (infirmary) 




89.99 




27, 


.50 


117.49 


Biology Laboratory 




7,896.35 




75, 


.50 


7,971.85 


Chemistry Laboratory 




12,101.89 








12,101.89 


English Department — Lantern 














Slides and Equipment 




1,000.00 








1,000.00 


Physics Laboratory 




6,838.30 








6,838.30 


Psychology Laboratory 




213.90 








213.90 


Library 




2,688.98 




15, 


.45 


2,704.43 


Books in Library 




38,300.00 


2 


,500, 


.00 


40,800.00 


Montgomery Memorial Room— Library 


8,000.00 




138, 


.00 


8,138.00 


Kuseim Furniture 




4,472.10 








4,472.10 


^'usioal Instruments 




30,235.65 








30,235.65 


Office Equipment 




5,101.72 








5,101.72 


Y.r/.C.A. Room 




350.00 
.$155,681.11 

1728,859.62 








350.00 




|2" 

1^ 


,862, 
,943. 


.71 


1158,543 rl8 


Total Plant Funds Assets 


$732,803.35 



34 



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35 



EXTENSION DEPARTlvEEKT 
YEAR ENDED JUNE 30, 1945 



Income J 

Tuition: 

First Semester 
Second Semester 

Total Income 

Expenses J 

Faculty Salaries 

Traveling and Fiscallaneous Expenses 

Total Expenses 

Profit 



#1,972.00 
1,916.00 



2,100.00 
860.74 



13,888.00 



2,960.74 
1927.26 



SATURDAY AMD EVSJIING SCHOOL REPORT 
YEAR E1:DED JUNE 30, 1945 



Income : 

Tuition: 

First Semester 
Second Semester 

Total Income 
Expenses : 

Salaries paid to Faculty 

Ten per cent retained by college 

Total Expenses 



12,201.50 
1,613.00 



#3,433.05 
381.45 



$3,814.50 



;,814.50 



Note: All iriscellaneous expenses of Saturday and Evening School 
taken, care of by Extension School 



36 



SmiffiR SCHOOL REPORT 
YEAR SI.T)FD JUNE 30, 1945 



Inc ome j 












Refristration Fees 
Student Activities Pees 








$166.00 
114.00 




Tuition I ■ 
College 

Less Scholarships 


$9 


,784.00 
316.75 


$9,467.25 




' 


Kusic School 

Less Scholarships 




963.00 
50.00 


913.00 






L'usic - Special 






1,795.91 


12,176.16 




Boarding 

Sale of li'eals to Others 






2,216.75 
82.60 


2,299.35 




Room Rant 

Practice Teaching Fees 








641.50 
267.50 




Total Income 










$15,664.51 


Expenses j 













Miscellaneous Expenses 
Salaries, Faculty 

Special 

Special Kusio 
Boarding Expenses 
Care and Maintenance of 

Dormitories 

Total Expenses 



15,800.00 

425.60 

1,616.32 



Profit before Administration and 
Building Maintenance Expenses 



.§1,212.56 



7,841.92 
2,344.86 

80.65 



§11,480.09 



^4,184.42 



37 



STATE13NT OF L!USIC SCHOOL H^'COLIE AND EXPENSES 
YEAR ENDED JUNE 30, 1945 



nicoLrE 

First 
Semester 



Second 
Semester 



Both 
Semesters 



Instruction I 

Voice 

Piano 

Organ 

Violin 

Instruments of Band and 

Orchestra 
Theory 

Less, Scholarships 

Use of Instruments for Practice » 
Piano 
Orran 

Instruments of Rand and 
Orchestra 



I'iscellaneous - Sale of Reeds 
Total Income 



.^2,157.00 $2,090.50 

3,248.00 3,523.00 

1,074.00 984.00 

472.00 474.00 

1,057.00 1,024.50 

6,768.00 6,563.08 

14,776.00 14,659.08 



287.00 
676.00 

568.10 
1,531.10 



283.28 
573.88 

317.18 
1,174.34 

5.00 



14,247.50 

6,771.00 

2,058.00 

946.00 

2,081.50 
13,331.08 
29,435.08 

1,437.50 :|27, 997.58 



570.28 
1,249.88 

885.28 



5.00 



2,705.44 
5.00 



^16,307.10 ,115,838.42 



30,708.02 



EXPEKSES 



Salaries 

Insurance 

Practice Teaching for Seniors, 

including Transportation 
T'iscellaneous 
I'us ic 

Stationery and Printing 
Tuning, repairs and use of motor 

for Organ 

Total Expenses 

Profit before Administration and Building 
Maintenance Expenses 



|24,59S.31 
52.51 

883.50 

47.07 

87.16 

8.65 

1,044.16 



26,722.36 



$3,985.66 



38 



STATEL3MT OF DORIHTORY INCOJ'E AITD EXFEITSES 
YEAR EITDED JUKE 30, 1945 



mCGIvIE 



Rentals t 

Men's Dormitory 
North Hall 
South Hall 
Weat Hflll 
Infirmary- 
Annex 
Dining Hall 

Breakage Fees 
Cleaning Fees 

Total Inoorae 



^2,306.14 
4,104.38 
2,423.00 
1,115.00 
90.00 
34.00 
4,000.00 



114,072.52 
245.78 
127.31 



$14,445.61 



EXPETISES 



Care of Buildings and Furniture 

Heat 

Light and Pov/ar 

¥iscellaneous 

Operating Supplies 

Property Insurance 

Repairs and Maintenance of Buildings 

and Equipment 
Telephone 
Water 

Total Expenses 

Profit before Administration Expenses 



:32,692.62 

3,559.79 

891.03 

55.30 

209.21 

387.91 

2,103.92 

90.35 

339.48 



10,329.61 
,i;4,116.00 ' 



39 



REPORT OF DIN DIG HALL 
YEAR ENDED JTOE 30, 1945 



EJCOME 

Students' Poard $24,718.50 

Sale of Meals to Others 687.47 

Sele of Food and Operating Supplies 54.17 

Total Income ^25,460,14 

Cost of )Ae?5ls, Nateriala and Supplies only: "^ 

Inventory July 1, 1944 2,188.62 

Purchases " 18,803.08 

20,991.70 
Inventory June 30, 1945 2,450.00 

Cost of Meals, Materials and Supplies only 18,541.70 

Gross Profit before Operating Expenses $6,918.44 

Exparsss 

Operating; Expenses j 

Salaries and Vfeges *7,257.49 

C-as 194.50 

Laundry 147.38 

Light and Pov.'er 481.02 

Miscellaneous 117.00 

Operating Supplies 53.65 

Renewals and Repairs 431.14 

Rental 4,000.00 

Telephone 64.68 

Vfater 66.17 

Total Operating Expenses 12,813.03 

Deficit, before Administration Expenses $5,894.59 



40 



STATmJENT OF LABORATORY INC05ffi AIID EXPENSES 
YEAR ElIDED JUNE 30, 1945 



Physical 
Biology Chemistry Phyaica Soianoe Eduoation Total 



Ino ome • 
Fees 
Breakage Ino ome 



,176.00 $1,431.55 $245.00 ^26. 00 1197.65 §3,076.20 



16.80 



239.25 



256.05 



11,192.80 1,670.80 245.00 26.00 197.65 5,532.25 



Expenses : 

Inventory July 1, 
1944 

Purchases 

Inventory June 30, 
1945 

Gain before Adminis- 
tration and llainten- 
ance Expenses 



150.00 1,610.00 50.00 
414.51 1,192.92 61.15 



564.51 2;802.92 111.15 

150.00 1,640.00 50.00 
1414.51 $1,162.92 §61.15 



+ + 1,810.00 

+ 127.61 1,796.19 

+ 127.61 5,606.19 

+ + 1,840.00 

None $127.61 $1,766.19 



.29 ;$507.88 $183.85 ;^26.00 $70.04 $1,566.06 



REPORT OF LIBRARY 
YEAR ENDED JUNE 30, 1945 



Income } 
Matriculation Fees 
Endowment Fund 
College Departments 

From Individuals for "Het Bloedig Toennel" 
Prom. Individuals for Montgomery Memorial Room 

Expenses • 



Books and Magazines 

Salaries 

Supplies and Binding Expense 

riscellaneoua 

Specials for Departments 

Specials for Montgomery Memorial Room 

Deduct, Items added to Capital Investment 

Loss, before Administration and Maintenance Expenses 



1206,00 

53.00 

1,478.34 

140.50 

138,.00 



1,954.66 
3,729.12 

285.46 

10.03 

1,478.34 

138.00 



$2,015.84 



7,595.61 

2,638.00 

4,957.61 

12,941.77 



41 



DOKATIOFS TO LEBMQI^' VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1945 



CASH CONTRIBUTED TO CURRENT ACCOUNT 



books, supplies, binding, etc, 
rom Departments i 
Bible 
Biology 

Book Department 
Chemistry Department 
Education Department 
¥usio Department 
Psychology Department 



for Library, 



$12.64 

16.33 

472.81 

7.50 

8.53 

16.73 

16.90 



11551.44 



N. Funkhouser--Library Plana 

t Pennsylvania Conference— War Emergency 

nsylvania Conference— War Emergency 



1500.00 
5,000.00 
5,000.00 



$10,500.00 



BOOKS PRESENTED TO LIBRARY 



In addition to the above, books and 
rary by the following? 

ooks : 
Becker, CD. 
Best, Herbert 
Butterwick, R. R. 
Derickson, George V. 
Deriokson, S. H. 
Davis , Melvin E. 
Gillespie, Kary E. 
Green, Mrs. Tv'ary C. 
Heilman, Joseph and Elizabeth 
Herrington, M. 
Hoover, Merle M. 
Hutchison, J. R. 
Keene, James E. 
Lebanon Rotary Club 
Lutz, Harold T. ' 

Lynch, Clyde A. 
Fanning, Mrs . 
Meyer, Mrs. D. H. 
Killer, Harry E. 
Moxjnt Holyoke College 
Mutch, Verna 
Myers, Helen Ethel 
Nolan, J. Bennett 
Norton, Mrs. H. H. 
Okie, John M. 
Porter, J. D. 
Powell, E. A. 



periodicals were contributed to the 



Number of Volumes 



Value 



1 


11.00 


31 


45.00 


1 


1.00 


1 


1.00 


1 


1.00 


1 


1.50 


1 


1.00 


1 


1.00 


50 


15.00 


1 


1.00 


2 


2.50 


8 


10.00 


1 


5.00 


2 


5.00 


5 


3.00 


1% 


23.00 


1 


1.00 


2 


3.00 


6 


2.00 


1 


2.50 


7 


5.00 


1 


1.00 


6 


10,00 


52 


80.00 


2, 


6.00 


8 


16.00 


96 


40.00 



42 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JTJNE 30, 1945 



Booka , (Continued) 

Reed, J. B., Jr. 

Richter, Conrad 

Roop, H. TJ. 

Ruebuah, W. H. 

Sachs, Mary 

Sohultz, Geo. W. 

Searer, Fred J. 

Shearer, Daniel 

Shenk, Esther 

Shenk, H. H. 

Sheriff, W. E. 

Speasard, K. 0. 

Sprague, ¥jrs , Rathburn 

Stine, Clyde S. 

St ruble, George G. 

Swope, Pierce E. 

Thayer, Theodore 

Underwood, Elmer 

University of California Presa 

University of Pennsylvania Press 

Wheeler, Robert 

Whiteman, l!axwell 

United Brethren Church 

United Brethren Sunday School, Annville 

United Brethren Church W. M. A. 

Business Organizations 

Government Publicationa 

Associations 

Periodicals t 

American Red Cross 

Annville Rotary Club 

Balsbaugh, E. M. 

Bender, Andrew 

Bible Department 

Biology Department 

Bnai Brith 

Book Department 

Chemistry Department 

College Office 

Derickson, S. H. 

Evangelical Congregational Church 

First National Bank, Lebanon 

German Department 

Hammond , D . H . 

History Department 

Lebanon Chamber of Commerce 



Number of Volumes 



2 

1 
5 

2 
2 

1 

1 

84 

1 

1 

1 

1 

52 

1 

2 

11 

1 

38 

23 

43 

589 

1 
1 
1 
3 
1 
5 
1 
10 
1 
8 
2 
1 
1 
1 
1 
1 
1 



43 



DONATIONS TO LEBANON VALLEY COLLEGE 

FOR SPECIAL PURPOSES 

YEAR ENDED JUNE 30, 1945 



Number of Volumes 



Value 



Periodicala , Continued i 
Lebanon Boy Scouts 
Light, V. Earl 
Loser's Music Store 
Lynch, Clyde A. 
Llyers, Helen Ethel 
Psychology Department 
United Brethren Church 
United Brethren Church, Annville W. M. 
Zerby, Alton B. 
Miscellaneous 

General J 

Light, V. Earl, Jr. 
Shelley, Charles 





1 


1.10 




1 


5.00 




1 


1.00 




9 


21.60 




4 


10. Op 




3 


19.00 




4 


4.55 


L. 


1 


.50 




1 


1.60 




47 
112 


60.00 
1336.40 


Wh: 


Lte Falcon Pile 


110.00 




Pamphlets 


5.00 



115.00 



FOR MONTGOMERY MEMORIAL ROOM IN LIBRARY 



Gifts : 

Best, H. A. — Chair 

Cummings, Hubertus — Three Shakespeare prints 

Okie, John — Terry Clock 

Schultz, G, E. — Twenty-four items 

Wheeler, R. M. — Dinner Bell 



$3.00 
30.00 
75.00 
20.00 
10.00 
$138.00 



44 



MALYSIS OF HEAT DIG FUffiT EXPENSES 
YEAR ENDED JUITE 30, 1945 



Fuel, including freight and drayage f 6, 074. 75 

Less, inventory, June 30, 1945 1,244.00 5^4,830.75 

Hauling ashes • ~ 35.50 

Insuranoe 26.34 

Light and Power 405.03 

Mi s e 1 laneous 2 . 00 

Repairs 518.08 

Supplies 130.72 

Telephone 64.38 

Wages 1,040.60 

Water 66.17 



Distribution of Heating Plant Expensea 



Heating Physical Plant 
Heating Donnitoriea 



ANALYSIS OF FARM SURPLUS ACCOUITT 
YEAR ENDED JUNE 30, 1945 



EAST BERLIN FARM 

Surplus July 1, 1944 $1,357.23 

Deduct, Net Loss for Currant Year ■ 88.17 

Surplus, June 30, 1945 $1,269.06 

SHIRSI^IAMSTOTO FARM 

Deficit, June 30, 1945 466.33 

Total Farm Surplus, June 30, 1945, Exhibit A, Section V #802.73 



45 



FABIl R3P0RT, YEAR EI-^ED JUITE 30, 1945 
EAST BERLIN FARM 



IN'COffl 



1 W. Denton Myers— 89 3/4 bu. wheat at ?1.40 !5125.65 

2 W. Denton Myers— 110 l/3 bu. wheat at |1.40 154.46 

42 3/8 bu. oats at |.75 31.78 

yr. Denton J^yers— 105 15/56 bus. corn at |1.25 131.58 
Vf. Denton Myers --46 24/56 bu. com at |1.25 58.04 

Total Income .f501.51 



EXPENSES 



1944 


iug. 


18 


Sept. 


. 1 


It 


7 


It 


26 



Lewis L. Smith — Pump repairs $49.56 

Roy C. Garber — School tax for 1944 54.91 

V{. Denton liyors — 8 tons hydrated lime at ."JH.OO 88.00 
Yl, Denton Myers : 

2 tons 3-12-6 fertilizer at $36.50 73.00 

1 1/2 bushel Timothy seed at f4.50 6.75 
)ct. 24 1 1/2 tons 3-12-6 Fertilizer at -$36.50 54.75 

1945 

Fan. 12 Jacob Zell — Painting rooms 18.25 

^eb. 16 V. Y. Brandt— 1 l/4 bu. alfalfa 36.25 

,!ar. 14 'N. Denton Myers — 1 l/2 bu. clover at |27.00 40.50 

" 26 15 bu. seed oats at §1.26 18.75 

2 tons 3-12-6 fertilizer at $36.50 73.00 
i,pr. 27 Roy C. Garber — County, Road and Poor Tax 39.94 
5ay 5 J. Monroe Danner— Insurance 22.52 
lune 12 V. Y. Brandt — 1 bu. Funk Hybrid Com 9.00 

1/2 bu. Ohio W17 Hybrid Corn at |9.00 per bu. 4.50 

Total Expenses $589.68 

Net Loss before Depreciation f88.17 



46 



REPORT OF 1943 CAI^fPAIGN PROMOTION PUKD 
YEAR ELIDED JUNE 30, 1945 



XKCOllfi 
Reoeived from E. II. Funkhouser #1,344.13 

EXPEl'ISES 
1944 
Aug. 21 Lebanon Valley College — Expenses incident to 

Campaign ;^24.25 

1945 
Feb. 20 R. Elizabeth Reiff — Entertainment, Harrisburg 

Group meeting 3.00 

" 20 Barbara Kolb — Entertainment, Harrisburg 

Group meeting 3.00 

" 20 Ruth Karre — Entertainment, Harrisburg Group 

meeting 3.00 

" 20 Clyde A. Lynch — Luncheon, Harrisburg Group 33.85 

Mar. 9 Clyde A. Lynch — Expenses to Lancaster 5.82 

" 13 Clyde A. Lynch — Luncheon, Harrisburg Group 25.92 

May 5 Clyde A. Lynch — Expenses to Sunbury 3.78 

" 10 Lebanon Valley College — Campaign expenses 41.70 

" 10 Clyde A. Lynch — Harrisburg meeting 20.77 

June 20 Barbara Kolb — Duplicate issued for check lost 2.50 

167.59 
Less check cancelled (Barbara Eolb) 2.50 

Excess of Income over Expenses for Current Year 

Deduct, Deficit July 1, 1944 
Surplus, June 30, 1945, Exhibit A, Section V ^5.72 



47 



AUDITING COiaaiTEE HSPORT 

To the Board of Trustees of Lebanon Valley College: 

Gentlemen I — As has been the case for a nixmber of years past, your 
Auditing Committee secured the sei-vices of a certified public accountant 
to audit the accounts of S. H. Deriokson, Treasurer of the College. 

The audit ivas made by Charles E. Procasco, C.P.A., of Harriaburg, Pa, 
T/e submit as our report his certification, which follows: 

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

Committee 
REPORT OP THE AUDITOR 

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

Gentlemen: 

I have made an examination of the accounts of Lebanon Valley College 
for the year ended June 30, 1945, also the balance sheet, statement of in- 
come 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. IJotes and accounts receivable 
v/ere verified but not confirmed and are shovm at book values, v;ith 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 v.'hich they represent. Pursuant to Finance Committee 
action, securities purchased subsequent to June 50, 1942 are shown at cost. 
Ey similar action, securities sold within the current year vfere credited to 
the inves+rient account at book values. A decline in the endowment fund of 
?' 12, 278. 98 resulted from these transactions. 

I'Totes payable were confirmed and all other ascertainable liabilities 
computed and included in the accompanying balance sheet. 

In addition thereto, I made a review of the accounting procedures of 
the College and examined or tested accounting records and other supporting 
evidence by methods and to the extent deemed appropriate, but did not make 
a detailed audit of the transactions. 

In my opinion, the accompanying balance sheet, statement of income and 
expenses and relative statements, present fairly the financial position of 
Lebanon Valley College at June 30, 1945, and the results of its operations 
for the year ended that date, in accordance with accepted principles of 
accounting applied on a basis consistent v/ith that of the preceding year. 

Respectfully submitted. 



C. E. Procasco 

Certified Public Accountant 



Harrisburg, Pennsylvania 
August 29, 1945 



48 



student Enrollment, 1944-1945 

COLLEGE: 

Full-time Students ; 
Seniors 
Juniors 
Sophomores 
Freshmen 
Specials 

Part-time Students ; 
Freshmen 

COUSERVATORY: 

Full-time Students ; 

Seniors 
Jxiniors 
Sophomores 
Freshmen 



TOTAL 
SPECIALS lU tfUSIC—Part-time 
EVENING mo SATURDAY CLASSES 
EXTE1>ISI0N COURSES 

Total in all Departments 

Names repeated 
NET ENROLDffiNT 



Ken 


Vfomen 


Total 


8 


17 


25 


4 


18 


22 


11 


r- 15 


26 


31 


37 


68 


- 


1 


1 


54 


88 


142 


2 


1 


3 


56 


89 


145 



2 


15 


— 


10 


1 


19 


5 


21 



8 


65 


73 


64 


154 


218 


51 


101 


152 


30 


46 


76 


12 


105 


117 


93 


252 


345 


157 


406 


563 


14 


21 


36 


143 


385 


528 



49