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Volume 6 Relation of U.B/EUB Virginia Conferences to Shenandoah University Dec. 26, 2013
Statement of Assets and Liabilities of Shenandoah Collegiate Institute and School of Music as of June 2, 2024
Assets Liabilities
Real Estate $64,694.46 Notes Payable $40,839.18
Equipment 20,049.35 Accounts Payable 5,851.38
Bills Receivable 922.41 Due Teachers 4,489.72
Students accounts, Old 2,724.68 Due Hired Help 300.00
Students account 1924-25 2,645.59 Due Rent 408.53
Off Balance in the Ledger 58.15 Scholarship not Disbursed 100.00
Cash on hand 280.80 Gymnasium Fund 30.00
Matriculation Fee, Held Over 10.00
Total Assets $91,375.44 Subtotal $52,028.81
Total Liabilities 96,021.65 Net Investments 43,992.84
Deficit: Loss for the year 4,646.21 Total Liabilities $96,021.65
Source: [1925 Minutes, pp. 39-41].
The table shows actual liabilities of $52,029 (the “net investments” appears to be the difference between
the value of assets and the net liabilities). The amount of liabilities gradually grew worse, as the College
could only “balance” its books by deferring payment of demand accounts (local merchants) and salaries.
This would lead to a major financial crisis in the early 1930s—a crisis exacerbated but not caused by the
Great Depression.
In 1920 two properties were purchased—the Early property, which was north of the campus, and
the Bryon lot, which was on the south part of campus. For some years these properties were used to
provide dormitory facilities for young men.
In 1923 the housing situation became acute. The Presiding Elder, in his report to the 1923
Conference, stated that the time had come when the Conference must either go forward with a greatly
enlarged plant, in the way of a new, modern, ladies’ dormitory, or else go out of business. There was no
longer a question of students but where to put them. A campaign to raise $30,000 in one year was
recommended and accepted by the Conference. Friends of the School in Dayton had pledged $5,000 on
condition that the Conference raise the $30,000 in one year. Trustees and friends outside the village of
Dayton pledged an
additional $5,000 on the
same conditions.
However, the proposed
Girls’ Dormitory (the
sketch above was printed
in the 1922 U.B.
Yearbook) was never built.
There is no record of the
outcome of this campaign.
New chairs for the classrooms, additional furniture for the offices, and a new stage piano for the
auditorium were purchased in 1923 at a cost of $1,700.33 There were 260 students in the School at the
time, being taught by 21 teachers and 6 assistants. Three more teachers were added to the staff in 1924.
The State required three-fourths of the regular instructors in the college and academic departments to
have their Bachelor’s Degree plus a Master’s Degree or its equivalent. The Faculty of SCI not only met
the requirement but had two members more than the required number for meeting the standard.
1924 Junior College. A decisive advance in the School came in the Fall Term of 1921.
Realizing the genuine need, and possessed with a desire for enlarging the educational facilities of the
33 This $1,700 represented 10 percent of the liabilities incurred in 1923-24 (see Table, above). —The Editor.
Miller, et al., on History of S.C., 1875-1950 26
Statement of Assets and Liabilities of Shenandoah Collegiate Institute and School of Music as of June 2, 2024
Assets Liabilities
Real Estate $64,694.46 Notes Payable $40,839.18
Equipment 20,049.35 Accounts Payable 5,851.38
Bills Receivable 922.41 Due Teachers 4,489.72
Students accounts, Old 2,724.68 Due Hired Help 300.00
Students account 1924-25 2,645.59 Due Rent 408.53
Off Balance in the Ledger 58.15 Scholarship not Disbursed 100.00
Cash on hand 280.80 Gymnasium Fund 30.00
Matriculation Fee, Held Over 10.00
Total Assets $91,375.44 Subtotal $52,028.81
Total Liabilities 96,021.65 Net Investments 43,992.84
Deficit: Loss for the year 4,646.21 Total Liabilities $96,021.65
Source: [1925 Minutes, pp. 39-41].
The table shows actual liabilities of $52,029 (the “net investments” appears to be the difference between
the value of assets and the net liabilities). The amount of liabilities gradually grew worse, as the College
could only “balance” its books by deferring payment of demand accounts (local merchants) and salaries.
This would lead to a major financial crisis in the early 1930s—a crisis exacerbated but not caused by the
Great Depression.
In 1920 two properties were purchased—the Early property, which was north of the campus, and
the Bryon lot, which was on the south part of campus. For some years these properties were used to
provide dormitory facilities for young men.
In 1923 the housing situation became acute. The Presiding Elder, in his report to the 1923
Conference, stated that the time had come when the Conference must either go forward with a greatly
enlarged plant, in the way of a new, modern, ladies’ dormitory, or else go out of business. There was no
longer a question of students but where to put them. A campaign to raise $30,000 in one year was
recommended and accepted by the Conference. Friends of the School in Dayton had pledged $5,000 on
condition that the Conference raise the $30,000 in one year. Trustees and friends outside the village of
Dayton pledged an
additional $5,000 on the
same conditions.
However, the proposed
Girls’ Dormitory (the
sketch above was printed
in the 1922 U.B.
Yearbook) was never built.
There is no record of the
outcome of this campaign.
New chairs for the classrooms, additional furniture for the offices, and a new stage piano for the
auditorium were purchased in 1923 at a cost of $1,700.33 There were 260 students in the School at the
time, being taught by 21 teachers and 6 assistants. Three more teachers were added to the staff in 1924.
The State required three-fourths of the regular instructors in the college and academic departments to
have their Bachelor’s Degree plus a Master’s Degree or its equivalent. The Faculty of SCI not only met
the requirement but had two members more than the required number for meeting the standard.
1924 Junior College. A decisive advance in the School came in the Fall Term of 1921.
Realizing the genuine need, and possessed with a desire for enlarging the educational facilities of the
33 This $1,700 represented 10 percent of the liabilities incurred in 1923-24 (see Table, above). —The Editor.
Miller, et al., on History of S.C., 1875-1950 26
