STATEMENT I. A GENERAL STATEMENT OF CASH ACCOUNTS FOR THE FISCAL YEAR ENDING NOVEMBER 15, 1877. HENRY S. BABBITT, Treasurer, in account with the Ohio Agricultural and Mechanical College : DR. 1876-Nov. 16. For balance of cash on hand To cash from various sources, briefly as follows: *The bills receivable, taken for sale of lands, remaining in my hands, in pro $2,021 53 36,450 91 38,472 44 cess of collection and in suit, amounted, Nov. 16, 1876, to. Notes received during the year amounted to.... $15,098 24 310 00 Total $15,408 24 Amount collected on principal of notes during year, as above $605 45 23 01 628 46 Leaving notes receivable, unpaid, to date, for....... Under the head of Statement III. will be found a credit to the Endowment Fund of the proceeds of a sale of land by the Auditor of State, amounting to $1,592.56. $14,779 78 CONTRA, CR. 1877-Nov. 15. By disbursements as follows (see Statement V. for details): For support and maintenance of College, viz.— STATEMENT II.-APPROPRIATIONS. A STATEMENT SHOWING THE BALANCES OF THE SEVERAL APPROPRIATIONS AT THE BEGINNING OF THE FISCAL YEAR (NOVEMBER 16, 1876), THE AMOUNTS APPROPRIATED, AND THE SUMS EXPENDED FROM EACH APPROPRIATION DURING THE YEAR, AND THE BALANCES SUBJECT TO DRAFT AT THE END OF THE YEAR, NOVEMBER 15, 1877. Includes three items from balances of last year, to wit: $11,759.29 for current expenses, $116.87 for farm improvement, and $217.29 for repairs. b Consists of appropriations made January 6, for $10,500, March 6, $10,000, and June 20, $13,000. c Included in order of the Board passed June 22, 1876, and amount appropriated January 6, 1877 ($400), to pay claim of Sam. Kendrick. d This sum includes expenditures for salaries, $26,485.25; for improvements and improving grounds, $402.68; for farm account, $1,251.67; for repairs, $337.32; for expenses of Trustees, $472.15; and for other current expenses, $4,027.27. STATEMENT III. SHOWING THE AMOUNT OF THE OHIO AGRICULTURAL AND MECHANICAL COLLEGE ENDOWMENT FUND, COMPUTED IN ACCORDANCE WITH PROVISIONS OF THE ACT PASSED FEBRUARY 10, 1870. (O. L., vol. 67, page 15.) Amount of fund as principal, January 1, 1877...... $499,234 94 Add six months' interest on same to July 1, 1877, at 6 per cent. $14,977 05 From which sum is to be deducted payments made by the State from the income of the fund since last report, as follows: 16,205 68 $515,440 62 Dec. 1, 1876-$1,000, and interest to July 1, 1877, 7 mos.............. $35 00 Leaving amount of new principal July 1, 187...... Add interest on this sum to January 1, 1878 $491,625 36 . $14,748 76 Add interest on Franklin county bonds as above, coupons falling due September 15, 1877 1,228 63 Total additions second half year Making 15,977 39 $507,602 75 From which is to be deducted the following payments: Sept. 14, 1877-$1,500, and interest to Jan, 1, 1878, 3 mos. 17 days $26 75 Leaving amount of fund derived from proceeds of sale of land-scrip and accumulations thereto, till January 1, 1878............. 7,602 75 $500,000 00 In addition to the above, there is a further credit of the proceeds of a sale, by the Auditor of State, of certain Virginia military lands belonging to the College, as ascertained under provisions of a joint resolution of the General Assembly adopted April 24, 1877 (O. L., vol. 74, page 539), amounting, on the first of January next, to Total Upon this sum interest at the rate of six per cent. per annum, compound- Making an aggregate fund, held by the State in trust for the Col- 1,592 56 $501,592 56 $34,500 00 $536,092 56 Interest upon the above sums, computed upon the same terms, for 1878, will amount to...... 32,552 81 Warrants upon the State Treasury were issued during the fiscal year 1877 (as above shown) in sums amounting to... 30,903 73 This sum includes a portion of the interest accrued and subject to draft in 1876, and drawn (this year) by authority of a clause in section four of the general appropriation act passed May 5, 1877 (O. L., vol. 74, page 197), amounting to Making the amount received by the Treasurer upon the appropriation for the College, of $32,411.75, for interest on the irreducible debt of the State in 1877 (see page 16 of the Auditor of State's report for 1876), the sum of........ And leaving, still subject to draft, if it should be needed by the College, and if drawn prior to January 1, 1878, the further sum of.... 7,203 73 23,700 00 8,711 45 $32,411 45 The act of February 10, 1870, requires the calculations of interest to be made by semiannual rests, on the first of January and July of each year, but the fiscal year of the State and of the College ends on the 15th of November, and the accounts are all settled at that date. It is held by the Attorney General that the balances of appropriations undrawn on the first of January and July annually, revert to the parent fund, as part of the principal, which cannot be diminished except by special legislation, similar to that had at the last session of the General Assembly, referred to above. |