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Volume 6 Relation of U.B/EUB Virginia Conferences to Shenandoah University Dec. 26, 2013
without using money intended for the School for expenses. On motion of Dr. Hammack the following
were elected as members of the Endowment Committee: Dr. W. F. Gruver, Martinsburg, W.Va.; Prof. J.
H. Ruebush, Dayton, Va.; J. R. Brenneman, Broadway, Va. (in place of J. N. Garber); Prof. E. N.
Funkhouser, Hagerstown, Md.; E. C. Wine, Harrisonburg, Va.; E. F. Millard, Martinsburg, W.Va.; J. R.
Liskey, Harrisonburg, Va.; and N. R. Crist, Dayton, Va., Treasurer. Any vacancy occurring during the
year to be filled by the committee. The Conference instructed this committee to properly invest these
funds. It was announced on the Conference floor that Mr. N. R. Crist, of Dayton, Va., was elected
Treasurer of the Endowment Fund, with the instruction that all monies belonging to this fund be sent
direct to him.
First Financial Report to Conference, 1919. The first financial report from SCI was provided to
the Conference in 1919, when SCI reported an operating loss for the 1918-19 school year of $1,876 and
liabilities of $24,923. There was no plan for paying off the liabilities, leaving the impression that these,
having been approved by the trustees, were the responsibility of the Conference.
Progress of Campaign, 1919-25. For 1919-20, SCI reported $500 interest received from the
Endowment Fund, a year in which the School reported an operating profit of $4,083. By August 1920,
$30,062.39 had been received for the Endowment Fund, of which $28,740 had been invested. By
August 1921 the amount invested was $36,840; with $1,305 balance on hand, the total Fund was then
$38,145. For August 1922, the College reported $43,609 and $798 cash on hand for a total of $44,407
in the Endowment Fund—at the time, the College had $29,549 in liabilities (an increase of $4,626 over
3 years). In 1922-23, the SCI received $2,500 interest from the Endowment, claimed $79 profit in
operations, but ended the year with $31,472 of liabilities (and annual increase of $1,923 in debt). Thus,
looking only at the claimed parity of income and expenditures for the year does not reveal the
significantly increasing burden of debt, often including unpaid salaries, which eventually falls on the
Conference. See Table 2 (below).
Table 2. SCI Operations and Liabilities and Endowment Fund, 1918-25
SCI Endowment Fund ($72,048 Pledged)
Liabilities
Year GM, Pres. Int. Rec’d Operating Profit Change in Liabilities Invested Cash Total Value
1918-19 Ruebush — (1,876) 24,923 — — ——
1919-20 Ruebush 4,083 No report —
1920-21 Ruebush 500 5,616 28,740 1,490 30,230
1921-22 Ruebush 2,300 1 28,250 4,673 (2 yrs)
1922-23 Gregory 2,600 79 29,549 36,840 1,305 38,145
1923-24 Gregory 2,500 215 31,472 699
1924-25 Gregory 2,100 281 41,123 1,923 43,609 798 44,407
2,729 52,029
9,651 42,977 2,750 45,727
10,906 40,532 4,321 44,853
43,961 2,354 46,315
Table 2 shows that the liabilities increased $19,543 in the 2-year period 1923-25 (immediately
after SCI received junior college accreditation; see the text on the following page). Moreover, in August
1924 the Endowment Fund had investments of $40,532 plus $4,321 cash on hand, for a total of $44,853.
The proceeds of these investments netted $2,729 for SCI the following year. By August 1925 the Fund
had $43,961 invested and $2,354 cash in hand, for a total of $46,315.
The financial situation at SCI for 1924-25 is illustrated by the following report:
Miller, et al., on History of S.C., 1875-1950 25
without using money intended for the School for expenses. On motion of Dr. Hammack the following
were elected as members of the Endowment Committee: Dr. W. F. Gruver, Martinsburg, W.Va.; Prof. J.
H. Ruebush, Dayton, Va.; J. R. Brenneman, Broadway, Va. (in place of J. N. Garber); Prof. E. N.
Funkhouser, Hagerstown, Md.; E. C. Wine, Harrisonburg, Va.; E. F. Millard, Martinsburg, W.Va.; J. R.
Liskey, Harrisonburg, Va.; and N. R. Crist, Dayton, Va., Treasurer. Any vacancy occurring during the
year to be filled by the committee. The Conference instructed this committee to properly invest these
funds. It was announced on the Conference floor that Mr. N. R. Crist, of Dayton, Va., was elected
Treasurer of the Endowment Fund, with the instruction that all monies belonging to this fund be sent
direct to him.
First Financial Report to Conference, 1919. The first financial report from SCI was provided to
the Conference in 1919, when SCI reported an operating loss for the 1918-19 school year of $1,876 and
liabilities of $24,923. There was no plan for paying off the liabilities, leaving the impression that these,
having been approved by the trustees, were the responsibility of the Conference.
Progress of Campaign, 1919-25. For 1919-20, SCI reported $500 interest received from the
Endowment Fund, a year in which the School reported an operating profit of $4,083. By August 1920,
$30,062.39 had been received for the Endowment Fund, of which $28,740 had been invested. By
August 1921 the amount invested was $36,840; with $1,305 balance on hand, the total Fund was then
$38,145. For August 1922, the College reported $43,609 and $798 cash on hand for a total of $44,407
in the Endowment Fund—at the time, the College had $29,549 in liabilities (an increase of $4,626 over
3 years). In 1922-23, the SCI received $2,500 interest from the Endowment, claimed $79 profit in
operations, but ended the year with $31,472 of liabilities (and annual increase of $1,923 in debt). Thus,
looking only at the claimed parity of income and expenditures for the year does not reveal the
significantly increasing burden of debt, often including unpaid salaries, which eventually falls on the
Conference. See Table 2 (below).
Table 2. SCI Operations and Liabilities and Endowment Fund, 1918-25
SCI Endowment Fund ($72,048 Pledged)
Liabilities
Year GM, Pres. Int. Rec’d Operating Profit Change in Liabilities Invested Cash Total Value
1918-19 Ruebush — (1,876) 24,923 — — ——
1919-20 Ruebush 4,083 No report —
1920-21 Ruebush 500 5,616 28,740 1,490 30,230
1921-22 Ruebush 2,300 1 28,250 4,673 (2 yrs)
1922-23 Gregory 2,600 79 29,549 36,840 1,305 38,145
1923-24 Gregory 2,500 215 31,472 699
1924-25 Gregory 2,100 281 41,123 1,923 43,609 798 44,407
2,729 52,029
9,651 42,977 2,750 45,727
10,906 40,532 4,321 44,853
43,961 2,354 46,315
Table 2 shows that the liabilities increased $19,543 in the 2-year period 1923-25 (immediately
after SCI received junior college accreditation; see the text on the following page). Moreover, in August
1924 the Endowment Fund had investments of $40,532 plus $4,321 cash on hand, for a total of $44,853.
The proceeds of these investments netted $2,729 for SCI the following year. By August 1925 the Fund
had $43,961 invested and $2,354 cash in hand, for a total of $46,315.
The financial situation at SCI for 1924-25 is illustrated by the following report:
Miller, et al., on History of S.C., 1875-1950 25
