University of Virginia Library

E. APPENDIX E

Detailed Statement of Debt of University of Virginia

June 1st 1872.

Matured Bonded Debt.

         

Martha Randolph Bonds- issued in 1829 bearing 6 per cent interest, matured in 1867	3,500.00
Est. of L, M. Coleman - issued in 1857 6 per cent interest	1,000.00
Prof. C. S. Venable- issued in 1867 6 per cent interest	1,250.00
Carr's Hill Bond- issued in 1867 6 per cent interest matured in 1872	2,000.00
Total	7,750.00

Unmatured Bonded Debt.

           

P. St. Geo. Cocke- Bonds issued in 1852 mature in 1877-6 per cent interest	25,000.00
Agricultural Dept. Bonds issued in 1868 mature in 1898- 8 per cent	28,000.00
New Mortgage Bonds- issued in 1871 8 per cent $10,000, in 1876 $5,000, in 1877 $5,000, in 1878 $5000 in 1879 and $1850, in 1880	26,850.00
Total		79.850.00
Total Floating Debt.		3,206.05
Aggregate.		$90,806.05

Office of Proctor & Supt G. & B. June 1st 1872

To the Rector & Visitors
of the University of Va.

Gentlemen

I enclose the financial report of the University
for the fiscal year ending May 31st 1872.

         

The total disbursements were	$48,841.99
Bal. due May 31st 1871	18,263.04
	67,105.03
Total Receipts	63,898.98
Balance against the University	$3,206.05

From this balance should be deducted $812 the excess of expenditure
in the Agricultural Department-payable out of the July
interest. The true deficit on June 1st thus becomes $2,394.05.

         

Total disbursements exclusive of debt paid	$41,882.74
Total disbursements exclusive sale of bonds	37,516.85
	4,365.89
Deduct as above	812.00
Excess of current Exp. over current receipts for the year.	$3,553.89

The receipts from all sources except the sale of bonds for the
year closing May 30th 1871 were $48,427.33, showing a falling off
in the past year of $10,916.48.

Appendix A exhibits the amt of fees received in each School, showing
a surplus of $1601.50 carried to Income Account, as against
$7,089.52 from the same source last year.

Appendix B shows the Infirmary account, leaving a balance to its

credit of $289.14, and proving conclusively that it will be entirely
selfsustaining at the present charge.

The balances should be allowed to accumulate in order to
meet extraordinary expenditures for repairs &c that may be required
from time to time.

Appendix C gives the expenditures of the Miller Fund. It
is to be noted that the appropriations made by the Trustees
always include more or less of the July interest. Last year
in included all- this year, owing to the uncertainty in regard
to interest on State Bonds, it only included $812.

Appendix D is an estimate of the expenditures for the ensuing
fiscal year, Those marked with an are dependent upon the action
of your Board, and will be modified accordingly. Those marked
with a may be considered as fixed and indespensable. Those
unmarked are variable and conjectural, but cannot vary widely
from the estimate. No account is taken of expenditures out of
the Miller Fund. Of the various items ennumerated only those of
Repairs & Improvements, Labour, and a small portion of the Contingent
are under my control.

Appendix E contains a detailed statement of the existing debt,
amounting in all to $90,806.05 of this sum $10,144.05 is now due.
To meet this I have negotiated $4,150 of bonds leaving a balance
of $5,994.05 unprovided for. I can readily make provision for
this debt until next summer.

During the fiscal year just closed the following Bonds have
been negotiated, Viz: 3 8 per cent coupon bonds of $1000 each
exchanged for $3000 of the Martha Randolph Debt. Thirty (30)
8 per cent coupon bonds of $1000 sold at 90¢ in the dollar,

with a brokerage of 1 per cent added.

Interest was paid on all the floating debt at the rate of
10 per ¢.

For further information on the subject of the debt I would
respectfully refer to a paper on the subject forwarded to your
Board at its May meeting. The fiscal year not being closed
when that paper was prepared the figures were conjectural, and
will therefore be found to differ slightly from those now submitted,
but in the main the statements are correct.

I would call your attention to the necessity of procuring, at
an early day, an Act of the General Assembly to make some person
at the University ex officio a Justice of the Peace- his jurisdiction
to be limited to the University Precincts and a distance of
say 1/4 of a mile beyond. This would relieve us of many of the
difficulties that now attend the preservation of order and of
property.

Your attention is again called to the propriety of removing
the stables and other Buildings in front of Mr. Jeffries boarding
house, and converting the grounds into a Lawn. The resaons are
obvious, and were stated in my last annual report.

It is, of course, useless at present to make any recommendations
looking to the expenditure of money beyond what is necessary
for the actual preservation of the property.

Enclosed will be found a statement for the Trustees of the
Miller Fund, and also the annual report of the Commissioner of
Accounts.