Statement of the Receipts and Expenditures of the Eastern Experimental Farm, from 1868 to 1881, both inclusive: In the receipts are included payments by the college to the amount of $18,800. Also donations by the State of $5,000. Donations from private individuals not included, about $5,000. Statement of the Receipts and Expenditures of the Central Experimental Farm, from 1869 to 1881, both inclusive. In the receipts are included payments by the college to the amount of $14,250. Donations from private individuals, not included, about $2,000. Statement of the accounts of the Western Experimental Farm, from 1869 to 1881, both inclusive. It has been found impossible to make out a statement, such as the committee desire, without going over the items and rewriting the books. This difficulty is occasioned by the frequent changes in the superintendents of the Western farm, and by the fact that the accounts were kept partly by the superintendent and partly by the local trustees. In settlements with them, the accounts of each were examined, and their credits compared with the vouchers in their hands, and the balances brought down. The settlement papers give a statement of their accounts. This farm is now out of debt, and has $1,000 to its credit on the books. It has received from the college, since its organization, to December 31, 1881, $16,050. It has expended this amount, and also the entire income from produce, excepting $1,000 still in its possession. Summary of the amounts received by the three Experimental Farms from the College, from 1868 to 1881, both inclusive. Q. Have you the deeds for that property with you? Q. Will you get them? A. Yes, sir. (Witness produces the deeds.) Witness reads paper No. 3. A statement showing the receipts and expenditures from the different funds donated to the college since its organization to December 31, 1881, and showing the principal of said funds on hand December 31, 1881. State of Pennsylvania, to erect building, . $99,900 00 Elliott Cresson, legacy, 5,000 00 General James Irvin, two hundred acres of land, 12,000 00 Pennsylvania State Agricultural Society, 11,865 00 Citizens of Centre county, to secure location, 10,000 00 Citizens of State,. 25,000 00 State geological collection, . 500 00 Citizens, to stock experimental farms, 7,000 00 State of Pennsylvania, by act of April 3, 1872, increasing endowment $104,699 70. From State, to experimental farm, 5,000 00 From State, to pay off mortgage, 80,000 00 From Kelly, to construct water works, 1,500 00 From McA. & Beaver, to construct water works, . Witness reads paper No. 4, a statement showing the amount of the cost of buildings as erected to close of 1881. Cost of buildings estimated. Witness reads paper No. 5, a statement showing the amount expended for repairs annually, as follows: Witness reads paper No. 6, the condition of each and all such buildings at the close of 1881, as follows: The college building needs to be painted throughout, and to have its halls better lighted by opening transoms above the doors. Its chapel should be enlarged by removing the ceiling and side-rooms, and the throwing of the second and third stories together. The building should be lighted with gas. The attic should be finished into laboratory rooms, and the present rooms removed from the basement. The president's house should be repainted and papered. The barn should have sheds attached to store grain, and to be used also for feeding cattle. Tool-houses for implements are very much needed, and also work-shops for the mechanical practicums. New and cheap houses, costing from $600 to $1,000, needed for employés. A new house, at the east entrance to the college grounds, is very much needed. Witness reads paper No. 7, as follows: In addition to the foregoing I beg leave to submit the annual report of the Pennsylvania State College, made to the trustees, for the year 1881, showing the method of keeping the accounts of the college, and giving a detailed statement of the indebtedness of the college, together with a balance sheet made out December 31, 1881. FINANCIAL REPORT OF THE PENNSYLVANIA STATE COLLEGE FOR THE YEAR 1881. To the Board of Trustees of the Pennsylvania State College : GENTLEMEN: The following report, showing the financial condition of the college, December 31, 1881, is respectfully submitted: The appropriation schedule, made by the board, for 1881, is as follows: $16,500 00 40 00 200 00 200 00 300 (0 400 00 400 00 150 00 100 00 1,000 0 10 00 2,000 00 2,575 00 $30,000 10 The department of instruction saved out of its appropriation $894 31. This does not take into account the rentals for houses occupied by professors, which, this year, amounts to $1,745, which is charged to the instruction account, in order to show the total cost of the department. The interest account overdrew its appropriation $779 96. The appropriation was $2,500, of which it took $1,050 01 to pay interest on the warrants held by J. Uhler, cashier. The balance was interest paid upon the current indebtedness, $2,229 95. During the year the State Treasurer lifted the last of the warrants issued for the payments of the bonded indebtedness of the college. The appropriation to the experimental farms was $2,000, and was distributed by the executive committee, as follows: The appropriation to advertising and printing was $1,000; of this amount there remains an unexpended balance of $635 15. The appropriation to insurance account was $200, none of which was expended. The property of the college in Centre county is insured to the amount of $68,667, $40,000 of which is in perpetual insurance, and $7,500 is in paid-up insurance for four and five years. The balance, $21,167, is in the Lycoming Mutual Company, and is distributed as follows: This company has been declared insolvent and its affairs have gone into the hands of a receiver for the purpose of closing up their accounts. There will be at least one assessment ordered, and perhaps more, which will have to be paid. In the meantime the college property that was insured as above, to the extent of $21,167, is not protected, and should be re-insured in some other companies. The business manager recommends that, in re-insuring this property, the college do not insure in any mutual company, but pay up its premiums in cash for at least five years. If this suggestion meets your approval, a larger appropriation than usual will be necessary to renew the old insurance, and an additional amount to meet the assessments of the old. The whole expense in this direction will be about $550 or $600. The vineyard account shows a net gain of $32 64. The appropriation to the campus was $400. The total expense for the year in this account was $743 47; $189 50 of this was for a mule and labor furnished by the farm, leaving a balance of $553 7 as amount expended outside of the farm labor. The account, after deducting inventories, credits and appropriations, shows a loss to be charged to the college farm of $318 62. The appropriation to the flower garden was $40, and shows a loss of $2 09. The appropriation to the natural science department was $100. This account shows a balance in its favor of $94 90. The professor in charge of this department had also charge of the department of horticulture and gardening. The cost of and the proceeds of sales of fruit from the college orchards were entered into this account, and by an arrangement between the professor in charge of this department and the professor in charge of the campus, the accounts in all of these departments, gardenng, vineyard, orchard, campus, and of natural science, were consolidated, so that the balance in favor of one account would meet the deficiencies in the others. There is, consequently, as a result of a consolidation of all these accounts, an over-draft or loss of $24 52. |