REPORT OF THE SECRETARY. [FOR THE BIENNIAL PERIOD ENDING NOVEMBER 13, 1889.] To the Honorable Board of Trustees: AMES, November 13, 1889. Successive acts of the legislature, supplemented by orders of the Board of Trustees, require your Secretary to keep in his office a record of every financial transaction connected with the College funds. The evident purpose of these enactments is to enable your honorable body to readily obtain full information of the condition of the College endowment, and the revenue derived therefrom. To present this information in available form I have united my statements of the accounts kept by me with the different financial officers, and the settlements made with them, into one report. ENDOWMENT FUND. The endowment fund of the College has been increased during the biennial period by the re-appraisement of forfeited lands in the sum of $480.00, and now amounts to $649,396.16, or in round numbers, $650,000. This fund is derived from the following sources: From the congressional land grant From the transfer and investment of interest fund Total $ 582,716.65 66,679.51 .$.649,396.16 The portion of the fund at preset yielding an income is invested in land, farm mortgages, and bonds. order: Taking up these in their (1) THE LAND DEPARTMENT. The books in my office show that at the beginning of the biennial period the land charged to the agent was as follows: Land included in the congressional grant, acres.. 97,808.74 Land purchased with accumulated interest money, acres. ..... 10,133.17 Total acres... 107,941.91 The receipts from the sales during the biennial period are as follows: From the sales of lands belonging to the congressional grant.... .$ 52443.61 From the sales of lands purchased with accumulated interest money 8,400.00 Total... 60,843.61 This amount has been duly forwarded to the Treasurer of State and duplicate receipts therefor are on file in my office. The following are the total receipts from the sales of College lands to date: From sales of land belonging to the congressional grant... .$321,473.86 20,640.00 Under a contract with the Board of Trustees, the land agent has also charge of the loaning of accumulated interest fund. Of this fund there was on hand at the beginning of the biennial period a balance of.. ..... During the biennial period there has been received from the sale of lands... From payment of principal of loans. Making a total to be invested of.. Invested by the agent .$ 8,400.00 $ 5,325.00 20,550.00 $ 25,875.00 25,800.00 Balance uninvested $ 75.00 The amount and condition of the College endowment controlled by the land agent are as follows: 7,9 400 (2) THE FINANCIAL AGENCY. The financial agent has charge of the loaning of the fund arising from the sale of land belonging to the congressional grant, in so far as this fund is invested in farm mortgages. During the biennial period he has negotiated loans amounting to $87,600. These loans are recorded in a "Register of Loans" kept in my office. All papers connected therewith are afterwards forwarded to the State Treasurer. The principal on loans amounting to $37,475, has been paid in. The release of mortgages is in each case signed by the Chairman and the Secretary of the Board of Trustees, and an account of the payment of principal is thus taken in this office. The investments of the financial agency are thus shown to have been increased by the sum of $50,125. This amount, added to the $250,875 invested at the beginning of the biennial period, makes a total present investment of $301,000. The following shows the present condition of the investment: Loans in force, eight per cent .$233,800.00 Loans in force, seven per cent. Loans 186 and 202, mortgages ordered foreclosed... 62,500.00 Loan 168, mortgage on 120 acres in Ringgold county, foreclosed, 1,200.00 $301,000.00 (3) THE BOND DEPARTMENT. During the biennial period a bond of $500 of the independent school district of Maquoketa has been paid, leaving the following as the only bonds now owned by the College: Des Moines Security Loan and Trust Company's bonds, bearing six per cent interest. .$ 5,500.00 SUMMARY OF ENDOWMENT Fund. Summarizing the entire endowment fund, the following is its present condition: Yielding income Invested in land under lease, eight per cent.....$278,287.05 Passing now to a statement of the income of the College derived from its endowment fund, the receipts during the past two years have been as follows: $ 28,130.98 360.00 Total collected by Agent Knapp.......... Total collected by Agent Sigler and State Interest on interest fund invested in sale notes, Total income for the year from endowment fund $ 18,102.08 5.95 $ 46,239.01 |