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Membership Increase - - Growth
Total Assets Feature Annual
Association Financial Report
April 14, 1937
Association of Former Students of the
Agricultural and Mechanical College of Texas,
College Station, Texas.
Dear Sirs:
We have examined the accounts of the
ASSOCIATION OF FORMER STUDENTS
CAMPUS CLEANERS AND TAILORS
CAESAR HOHN ENDOWMENT FUND
SEARS-ROEBUCK AND COMPANY LOAN FUND
SUNDRY LOAN FUNDS
McFARLIN MEMORIAL STUDENT LOAN FUND
for the fiscal year ended February 28, 1937, and in connection there-
with, submit the annexed statements showing the assets, liabilities
and reserves as at February 28, 1937, and the cash receipts and dis-
bursements for the fiscal year then ended.
We examined the various asset, liability and reserve accounts as
at February 28, 1937, and we examined the recorded cash receipts and
disbursements for the fiscal year then ended. Cash in banks was con-
firmed with the depositaries and cash on hand was counted. Notes
receivable, representing student loans, were inspected or otherwise
accounted for. Securities were confirmed by letter from the holders
or inspected. The liability to Sear-Roebuck and Company was confirmed.
Association of Former Students: Cash disbursements during the
fiscal year exceeded cash receipts by the sum of $1,618.36. A detailed
summary of receipts and disbursements for the fiscal year is annexed.
During the current fiscal year dues were collected from 2,080
members as compared to 1,880 members for the fiscal year ended
"February 29, 1936, and 1,080 members for the fiscal year ended Feb-
ruary 28, 1935.
Campus Cleaners and Tailors: Cash receipts for the fiscal year
exceeded cash disbursements by the amount of $4,339.05. Operations of
the tailor shop for the fiscal year resulted in a net profit of $2,707.14
on a cash basis, without consideration of depreciation on equipment.
During the year the sum of $2,000.00 was transferred to Campus Clean-
ers and Tailors by Association of Former Students. As in previous
years, uncollected accounts receivable of customers have not been
included as income of the tailorship. We were furnished a list of un-
collected accounts, totaling $1,776.33, as at February 28, 1937.
Caesar Hohn Endowment Fund: The provision for contract pay-
ments to subscribers’ account was reduced during the fiscal year by a
payment of $250.00 to the beneficiary of a deceased subscriber. The
balance as at February 28, 1937, of $17,594.00, represents accumulated
contributions into the fund by subscribers, plus the proceeds of life
insurance policies collected and less payments to the estates of de-
ceased subscribers and insurance premiums paid during the first year
of the fund.
Student Loans: A comparison of outstanding student loans as at
February 28, 1937, and February 29, 1936, is set forth in the following
summary:
Feb. 28, 1937 Feb. 29, 1936
Student loans:
Freshmen $ 2,859.08 $ 3,167.50
Sophomores 5,212.87 8,235.78
Juniors 8,941.72 8,789.70
Seniors 12,941.14 10,747.00
29,954.82 30,939.98
Ex-students, including
graduate students 32,239.75 38,203.43
$62,194.57 $69,143.41
As at February 28, 1937, student loans aggregating $10,705.47
were carried in the J. R. Astin Loan Fund, which fund is administered
under the direction of the College proper. We understand these loans
were sold by the Association, without recourse, to the Astin Fund.
Disregarding renewal notes and exclusive loans carried by the
Astin Fund, past due student loans aggregated $15,889.67 as at
February 28, 1937, as compared with $17,013.28 as at February 29,
1936. A comparison of past due loans as at those dates is shown follow-
ing:
Feb. 28, 1937 Feb. 29, 1936
Freshmen $ $ 32.00
Sophomores 279.39 375.40
Juniors 42.88 774.75
Seniors 385.15 690.30
707.42 1,872.45
Ex-students, including
we graduate students 15,182.25 15,140.83
$15,889.67 $17,013.28
—-~
Interest collected on student loans and interest included in re-
newal notes during the fiscal year, insofar as student loans of the
McFarlin and sundry loan funds are concerned, were credited to the
reserve for losses on student loans. Interest collected on student loans
of the Sears-Roebuck Loan Fund is paid to Sears-Roebuck and Company.
Student loans aggregating $2,620.42 were charged off during the
current fiscal year. The changes during the year in the reserve for
losses are shown following:
Balance as at March 1, 1936
Add:
Provision for losses, equivalent to
interest collections and interest
included in renewal notes in the
McFarlin and sundry loan funds
Collections on notes previously charged off
$1,593.70
2,186.48
111.00
3,891.18
Less, Notes charged off, $2,620.42,
and sundry charges, $40.45 2,660.87
Balance as at February 28, 1937 $1,230.31
The substantial amount of past due loans appears to indicate that
the reserve is inadequate and we suggest that the policy of appropriat-
ing to the reserve the entire amount of interest collected and included
in renewal notes on student loans of the McFarlin and sundry loan
funds be continued.
During the current year a student project house was constructed
on the college campus at a cost of $5,505.55. This investment was
made from funds of the McFarlin Memorial Student Loan Fund. The
house is being rented for $70.00 per month,
Very truly yours,
Lybrand, Ross Bros. & Montgomery,
Accountants and Auditors,
- Shell Bldg., Houston, Texas.
ASSOCIATION OF FORMER STUDENTS
CAMPUS CLEANERS AND TAILORS
CAESAR HOHN ENDOWMENT FUND
SEARS-ROEBUCK AND COMPANY LOAN FUND
SUNDRY LOAN FUNDS
McFARLIN MEMORIAL STUDENT LOAN FUND
COMBINED BALANCE SHEET at at February 28, 1937
ASSETS:
Association of Former Students:
Cash in Banks and on hand
Furniture and fixtures
Accounts receivable, collected
in March, 1937
$ 3,201.75
1,988.47
8.76 $ 5,198.98
Campus Cleaners and Tailors:
Cash in banks and on hand 856.53
Time deposit due in July, 1937 5,000.00
Equipment and fixtures 9,220.31
Good will purchased for cash 1,000.00 16.076.84
Caesar Hohn Endowment Fund: ul
Cash in banks 1,504.00
$7,000 United States Treasury
bonds, at cost 7,000.00
$7,000 Home Owners’ Loan
Corporation bonds, at cost 7,000.00
First mortgage real estate loans 1,300.00
Note receivable from Campus
Cleaners and Tailors 790.00 17,594.00
Sears-Roebuck and Company Loan Fund:
" Cash in bank 6,374.31
Student loans 18,625.69 25,000.00
Sundry Loan Funds:
Cash in banks 52,692.67
Student loans 40,200.60
$300 Municipal bonds, at cost 300.00 93,193.27
McFarlin Memorial Student Loan Fund:
Cash in banks 9,386.29
$97,000 Municipal bonds, at cost 98,790.81
Student loans 3,368.28
Student project house (rented) at cost 5,505.55 117,050.93
$274,114.02
LIABILITIES and RESERVES
Association of Former Students:
Student’s credit balance $ 85.00
Campus Cleaners and Tailors:
Note payable to Caesar Hohn
Endowment Fund $ 1790.00
Provision for depreciation on
equipment and fixtures 5,994.91 6,784.91
Caesar Hohn Endowment Fund:
Provision for contract payments
to subscribers 17,594.00
Sears-Roebuck and Company Loan Fund:
Balance due to Sears-Roebuck and Company
(payable from interest collections) 10,975.62
Sundry Loan Funds:
Students’ credit balances 119.50
Balance in G. R. Miller Memorial Loan Fund,
subject to withdrawal by Miller
children 2,470.00
Reserve for losses on student loans 566.47 3,155.97
McFarlin Memorial Student Loan Fund:
Reserve for losses on student loans 663.84
39,259.34
EXCESS of ASSETS OVER LIABILITIES and RESERVES
Association of Former Students 5,113.98
Campus Cleaners and Tailors 9,291.93
Sears Roebuck and Company Loan Fund 14,024.38
Sundry Loan Funds 90,037.30
McFarlin Memorial Student Loan Fund 116.387.09 234,854.68
ASSOCIATION OF FORMER STUDENTS
fiscal year ended February 28, 1937
Cash receipts:
$274,114.02
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
CAMPUS CLEANERS AND TAILORS
fiscal year ended February 28, 1937
Cash receipts:
Charge account collections $2,858.99
Cash sales 3,192.85
Student sales collections 4,989.08
Clothing sales 2,355.75
Cash disbursements:
Salaries and wages 4,281.35
Commissions to managers 776.07
Clothing purchases for resale 1,935.92
Shop supplies and expense 2,224.97
Rent 480.00
Car delivery expense 258.50
Advertising 401.41
General expenses 134.70
Lost and damaged clothing 18.68
Returned checks 23.93
Insurance 89.02
Taxes 21.53
Interest on note payable to
Caesar Hohn Endowment Fund 43.45
Transferred from Association
of Former Students
4,707.14
Dues and donations $ 9,511.45
Advertising space in Texas Aggies 284.80
Service fee—J. R. Astin Loan Fund 148.94
Administration of student loan funds . 4,000.00
Transferred from Caesar Hohn
Endowment Fund 1,199.93
Sundry receipts 73.20 $15,218.32
Cash disbursements:
Salaries 9,404.40
Traveling expenses 1,620.31
Texas Aggie expenses 1,128.26
Postage 972.40
Stationery, printing and office supplies 716.87
Telephone and telegraph 132.67
Auditing 187.30
Expenses of meetings 104.55
Insurance and fidelity bond premiums 98.57
A. & M. Movie 152.19
Returned checks (net) 58.45
Sundry expenses 70.18
14,646.15
Transferred to Campus Cleaners
and Tailors 2,000.00
Furniture and fixtures purchased 166.77
Payment on student’s credit balance 15.00
Courtesy advance, collected in march, 1937 8.76 16,836.68
Excess of cash disbursements over
cash receipts during fiscal year 1,618.36
Cash in banks and on hand at
beginning of fiscal year 4,820.11
Cash in banks and on hand
at end of fiscal year $ 3,201.75
STATEMENT OF CASH RECEIPTS AND DISBUREMENTS
$13,396.67
10.689.53
2,707.14
2,000.00
Machinery and equipment purchase
Excess of cash receipts
s 368.09
|
over |
disbursements during fiscal
year
Cash in bank and on hand at
beginning of fiscal year
Cash in bank and on hand
at end of fiscal year
4,339.05
|
1,517.48
$ 5,856.53 |
CAESAR HOHN ENDOWMENT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
fiscal year ended February 28, 1937
Cash receipts:
Interest on investments
Interest on note receivable from
Campus Cleaners and Tailors
First mortgage real estate
loans collected
Cash disbursements:
Fees of custodian of securities
Payments of subscriber’s contract
Transferred to Association
of Former Students
Excess of cash receipts over
disbursements during fiscal
year
Cash in banks at beginning of fiscal year
Cash in bank at end of fiscal year
$ 549.75
43.45
900.00 $1,493.20
16.20
250.00
1,199.93 1,466.13
27.07
1,476.93
$1,504.00
COMBINED LOAN FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
fiscal year ended February 28, 1937
Cash receipts:
Interest on student loans
Interest on notes transferred to
Sundry Loan Funds (contra)
Collections on student loans previously charged off
Interest on investments
Rent received on project house
Contributions to Sundry Loan Funds:
Will C. Hogg Estate
Others
Collections on student loans
Notes traneferred to Sundry Loan Funds (contra)
Notes sold to J. R. Astin Loan
Collections for account of J. R.
Service fee collected from J. R.
$11,000 of municipal bonds called
Funds received for account of students
Cash disbursements:
Interest on notes transferred to
Sundry Loan Funds (contra)
Accrued interest on bonds purchased
Fees of custodian of securities
Credit and collection agency charges
Returned checks (net)
Insurance on project house
Administration charged by Association of
Former Students
Withdrawals of Sundry Loan Funds
Remittances to Sears Roebuck and Company
Student loans
Notes transferred from Sundry
$11,000 of municipal bonds purchased (cost)
$300 of municipal bonds acquire
student loan
~ Cost of student project house (rented)
Remittances on J. R. Astin Loan Fund collections
Service fee collected from J. R.
remitted to Association of
Payments on student credit balances
Excess of cash receipts over cash
disbursements during fiscal year
Cash in banks at beginning of fiscal
Cash in banks at end of fiscal year
Z
$ 2,281.13
150.08
111.00
4,782.43
350.00
50,000.00
1,025.48
38,676.74
4,669.42
8,545.00
8,327.14
145.54
11,000.00
582.50
Fund
Astin Loan Fund
Astin Loan Fund
130,646.46
150.08
244.96
91.72
30.15
11.30
257.60
4,000.00
1,491.00
1,100.86
42,150.20
4,669.42
11,240.34
Loan Funds (contra)
d in settlement of
300.00
5,505.55
8,463.59
Astin Loan Fund
Former Students 148.94
507.50
80,363.21
50,283.25
year 18,170.02
$68,453.27
Wm. G. Cabaniss, ’32, is teach-
ing vocational agriculture in the
Mathis Independent School Dis-
trict at Mathis, Texas.
Richard S. Colley, 32, is a mem-
ber of the architectural firm of
Westfall, Wade and Colley, Archi-
tects, 215 Nixon Building, Corpus
Christi, Texas. Colley engaged in
many student activities while a
cadet at A. & M.
William L. Conally, 20, is a
dentist at Alice, Texas, where he
has been located for the past 11
years.
AUSTIN
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DALLAS, TEXAS
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Headquarters
Charles O. Denning, ’17, is drill-
ing superintendent for the Pure
Oil Company. His residence ad-
dress is 408 South McKinney St.,
Mexia.
Russell E. “Russ” Day, 28, was
recently promoted from the Field
Department to the Engineering
Department of the Railroad Com-
mission at Corpus Christi, Texas.
E. R. Brecher, ’17, is residing in
Houston with offices at 924 Shell
Building of that city. He is asso-
ciated in business with Victor Bar-
raco, ’15. J
M. M. Dougherty On
Nat'l. Eco Council
Professor Martin M. Daugherty,
’16, agriculturalist at the Univer-
sity of Delaware, was recently ap-
pointed one of a committee of
three from the American Economic
Association to advise with the
United States Senate Committee
on Manufacturers in the creation
of a “National Economic Council”.
The appointment is a high honor
and a splendid recognition of the
outstanding work of Mr. Daugh-
erty.
Professor Daugherty has been
connected with the University of
Delaware, Newark, for several
years and on several previous oc-
casions has been called upon by
the federal government in an ad-
visory capacity. Mr. and Mrs. Dau-
gherty make their home at 208
Orchard Road, Newark, Delaware.
As a student at A. & M., Daugh-
erty specialized in farm manage-
ment and has followed agricultural
economics ever since. For several
years he was a member of the Ex-
tension Service staff of Texas A.
& M. as farm management special-
ist. He is president of the Phila-
delphia A. & M. Club and one of
the best known men in his field in
the United States.
E. L. Petree, ’34, is with the
Gulf Oil Corporation, Kilgore, Tex-
as. He gets his mail at P. O. Box
938. Petree reports that he likes.
his work fine and that he has seen
many ex-Aggies around Kilgore.
P. B. Tate, ’31, is with the Sun
Oil Company and is located at Kil-
gore, Texas. :
T. Henry Ragsdale, ’23, has re-
turned to Texas to accept a posi-
tion with Tracy-Locke-Dawson, In-
corporated, Advertising, Majestic
Building, Dallas, Texas. Ragsdale
has been in Chicago for the past
several years and his return to
Texas is good news to his many
friends. His mailing address in
Dallas will be 605 N. Ervay Street.
Ragsdale is a past president of the
Chicago A. & M. Club.
M. H. Stewart, ’31, with Mrs.
Stewart, has just returned to Hous-
ton from a two months business
and pleasure trip through Mexico
and Central America. They spent
most of the time in Guatemala
City, Guatemala, and Panama City,
Panama. Mr. and Mrs. Stewart are
at home at 4419 Fannin Street,
Houston and Stewart is with the
International Business Machines
Corporation.
Samual L. Metcalfe, ’17, Major
of the Infantry in the United States
Army, has been transferred to 224
Federal Building, Hartford, Con-
necticut. Metcalfe replaced Colonel
Robert G. Sherrard, ’10, who was
killed in an automobile accident in
&
Material.
J
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