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Volume 6 Relation of U.B/EUB Virginia Conferences to Shenandoah University Dec. 26, 2013
As noted above, in the early 1920s, the College annually reported an operating profit but
deferred as liabilities essential items such as payments to merchants and salaries of the staff. The
liabilities began increasing more than $5,000 per year (a fact difficult to see because the actual liabilities
were not subtotaled in the annual reports to Conference). 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 3 (below).
Table 3. SCI Operations and Liabilities and Endowment Fund, 1918-40
SCI and S.C. Endowment Fund
Year GM, Pres. Int. Rec’d Operating Profit Liabilities Change in Liabilities Invested Cash Total Value
1918-19 J. H. Ruebush — (1,876) 24,923 — — ——
1919-20 J. H. Ruebush 500 4,083 No report
— 28,740 1,490 30,230
1920-21 J. H. Ruebush 2,300 5,616 28,250 3,327 36,840 1,305 38,145
1921-22 J. H. Ruebush 2,600 1 29,549 1,299 43,609 798 44,407
1922-23 D. T. Gregory 2,500 79 31,472 1,923 42,977 2,750 45,727
1923-24 D. T. Gregory 2,100 215 41,123 9,651 40,532 4,321 44,853
1924-25 D. T. Gregory 2,729 281 52,029 10,906 43,961 2,354 46,315
1925-26 D. T. Gregory 2,200 (12) No report — 46,676 939 47,615
1926-27 D. T. Gregory 2,500 (108) No report
1927-28 J. H. Ruebush 4,050 (363) No report — 43,506 3,097 46,603
1928-29 A. L. Maiden 2,300 (2,730) No report
— 41,920 4,248 46,168
— 38,656 6,341 44,997
1929-30 A. L. Maiden 1,900 5 No report — 42,392 3,656 46,048
1930-31 V. L. Phillips No report 74 67,866 15,837 (6 yrs) 38,206 5,570 43,776
1931-32 V. L. Phillips No report 337 No report — 37,631 575 38,206
1932-33 V. L. Phillips No report (7,156) No report — No report No report 37,647
1933-34 E. Funkhouser No report (5,572) 104,350 36,484 (3 yrs) No report No report 43,776
1934-35 E. Funkhouser No report No report 107,000 2,650 No report No report 38,206
1935-36 W. S. Miller No report No report 52,000 (55,000) 44,780 200 44,980
1936-37 W. S. Miller No report No report 45,980 (6,020) 44,980 10 44,990
1937-38 W. S. Miller No report No report 45,980 0 No report No report 45,983
1938-39 W. S. Miller No report No report 45,980 0 No report No report 45,983
1939-40 W. S. Miller No report No report 45,980 0 No report No report 45,983
Source: Reports from Shenandoah and Endowment Fund Trustees, Conference Minutes, 1919-1940 (provided in full in Sections III.B.46 to
III.B.61 (below).
Analysis of the Endowment Fund from Table 3 (above). The Endowment paid $2,200 interest in
1925-26, and had in August 1926 $46,676.37 invested and $938.76 cash in hand, for a total of
$47,615.13. Endowment interest was $2,500 in 1926-27 and the August 1927 Fund was valued at
$46,502.66. The Endowment Fund paid SCI $4,050 in 1927-28 and had a value of $46,168.30 in
August 1928. The Endowment Fund paid SCI $2,300 interest in 1928-29 and had a value of $44,997.45
in August 1929. The Endowment Fund paid SCI $1,900 interest in 1929-30 and had a value of
$46,047.92 in August 1930. The Endowment Fund paid SCI unknown interest in 1930-31 and had a
value of $43,775.50 in August 1931—at the time SCI reported $67,866 in liabilities against $12,423 in
assets.
By August 1932 the Endowment Fund’s value had been reduced to $38,206—a loss of $5,570.35
In August 1933 the Fund was valued at $37,647 (little changed), but the operating loss of the College the
preceding year was $7,156. The SCI operating loss in 1933-34 was another $5,572, most of which
represented unpaid salaries.
Analysis of the Shenandoah’s Indebtedness from Table 3 (above). Conference Minutes do not
reveal details for the increasing state of indebtedness at the College-Conservatory after 1925. What
35 In 1960 a bond with face value of $6,000 was “found” at the College that belonged to the Endowment Fund—the
College had been collecting the interest on the bond but this bond was not listed in the Endowment Fund assets. Perhaps
this bond was purchased in 1931-32 but mislaid when the assets were audited in July 1932. —The Editor.
Miller, et al., on History of S.C., 1875-1950 30
As noted above, in the early 1920s, the College annually reported an operating profit but
deferred as liabilities essential items such as payments to merchants and salaries of the staff. The
liabilities began increasing more than $5,000 per year (a fact difficult to see because the actual liabilities
were not subtotaled in the annual reports to Conference). 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 3 (below).
Table 3. SCI Operations and Liabilities and Endowment Fund, 1918-40
SCI and S.C. Endowment Fund
Year GM, Pres. Int. Rec’d Operating Profit Liabilities Change in Liabilities Invested Cash Total Value
1918-19 J. H. Ruebush — (1,876) 24,923 — — ——
1919-20 J. H. Ruebush 500 4,083 No report
— 28,740 1,490 30,230
1920-21 J. H. Ruebush 2,300 5,616 28,250 3,327 36,840 1,305 38,145
1921-22 J. H. Ruebush 2,600 1 29,549 1,299 43,609 798 44,407
1922-23 D. T. Gregory 2,500 79 31,472 1,923 42,977 2,750 45,727
1923-24 D. T. Gregory 2,100 215 41,123 9,651 40,532 4,321 44,853
1924-25 D. T. Gregory 2,729 281 52,029 10,906 43,961 2,354 46,315
1925-26 D. T. Gregory 2,200 (12) No report — 46,676 939 47,615
1926-27 D. T. Gregory 2,500 (108) No report
1927-28 J. H. Ruebush 4,050 (363) No report — 43,506 3,097 46,603
1928-29 A. L. Maiden 2,300 (2,730) No report
— 41,920 4,248 46,168
— 38,656 6,341 44,997
1929-30 A. L. Maiden 1,900 5 No report — 42,392 3,656 46,048
1930-31 V. L. Phillips No report 74 67,866 15,837 (6 yrs) 38,206 5,570 43,776
1931-32 V. L. Phillips No report 337 No report — 37,631 575 38,206
1932-33 V. L. Phillips No report (7,156) No report — No report No report 37,647
1933-34 E. Funkhouser No report (5,572) 104,350 36,484 (3 yrs) No report No report 43,776
1934-35 E. Funkhouser No report No report 107,000 2,650 No report No report 38,206
1935-36 W. S. Miller No report No report 52,000 (55,000) 44,780 200 44,980
1936-37 W. S. Miller No report No report 45,980 (6,020) 44,980 10 44,990
1937-38 W. S. Miller No report No report 45,980 0 No report No report 45,983
1938-39 W. S. Miller No report No report 45,980 0 No report No report 45,983
1939-40 W. S. Miller No report No report 45,980 0 No report No report 45,983
Source: Reports from Shenandoah and Endowment Fund Trustees, Conference Minutes, 1919-1940 (provided in full in Sections III.B.46 to
III.B.61 (below).
Analysis of the Endowment Fund from Table 3 (above). The Endowment paid $2,200 interest in
1925-26, and had in August 1926 $46,676.37 invested and $938.76 cash in hand, for a total of
$47,615.13. Endowment interest was $2,500 in 1926-27 and the August 1927 Fund was valued at
$46,502.66. The Endowment Fund paid SCI $4,050 in 1927-28 and had a value of $46,168.30 in
August 1928. The Endowment Fund paid SCI $2,300 interest in 1928-29 and had a value of $44,997.45
in August 1929. The Endowment Fund paid SCI $1,900 interest in 1929-30 and had a value of
$46,047.92 in August 1930. The Endowment Fund paid SCI unknown interest in 1930-31 and had a
value of $43,775.50 in August 1931—at the time SCI reported $67,866 in liabilities against $12,423 in
assets.
By August 1932 the Endowment Fund’s value had been reduced to $38,206—a loss of $5,570.35
In August 1933 the Fund was valued at $37,647 (little changed), but the operating loss of the College the
preceding year was $7,156. The SCI operating loss in 1933-34 was another $5,572, most of which
represented unpaid salaries.
Analysis of the Shenandoah’s Indebtedness from Table 3 (above). Conference Minutes do not
reveal details for the increasing state of indebtedness at the College-Conservatory after 1925. What
35 In 1960 a bond with face value of $6,000 was “found” at the College that belonged to the Endowment Fund—the
College had been collecting the interest on the bond but this bond was not listed in the Endowment Fund assets. Perhaps
this bond was purchased in 1931-32 but mislaid when the assets were audited in July 1932. —The Editor.
Miller, et al., on History of S.C., 1875-1950 30
