Brown and White Vol. 95 no. 1

              over 15 million in funds raised in 1982-83 various private non-profit institutions in northampton county as authorized by the act in the opinion of the bond council inter est on the notes is exempt from all fed eral income taxation in addition the notes are exempt from personal prop erty taxes in pennsylvania and the gain from sales is exempt from personal income tax woltjen explained that because the university is receiving tax-free money it is getting a higher rate of return on investments also the university because it is a non-profit organization can re-invest the proceeds with no tax rates according to the official statement of kidder peabody and co inc the amounts allocated to the specific pro jects are as follows 3,197,000 to cover the existing debt on 26 fraternity houses < 1,298,000 to cover construction of cen tennial houses ii 972,000 to acquire computer equipment 745,000 to see creative page 13 the pits - ■ 1 former trustee member who died in 1958 after accruing in a trust fund and provid ing income for johnson's widow for 24 years the bequest was transferred to the university in the fall of last year after she died fulton said fulton also said that the asa packer society composed of alumni who con tributed 1,000 or more during the fiscal year was a factor since the membership includes over 1,200 people of those 325 alumni gave 2,500 or more fulton said that group will be recognized this year as ' ' presidential associates ' ' gifts from foundations and corpora tions were up to 4,470,406 from the pre vious year's 3,924,474 according to fulton who said the real financial impact in this area from the ben franklin cen ter will not be felt until the end of this iscal year there was also a record number of volunteers in the fiscal year 1982-83 which totaled 1,242 university alumni also rated highly on a giving per alumnus basis the univer sity was rated fifth nationally in this category according to a report prepared by the council for financial aid to edu cation fulton said that this strong showing is certainly attributable to a couple of things first there is the anonymous gift of 2.5 million on a pledge of 4 mil lion to help fund the new mart library extension second fulton said there was a sub stantial bequest of 1.7 million from earl f johnson 07 i believe it's among the top 20 bequests given to an educational institution " fulton said . according to fulton johnson was a fresh start baw photo by john treichuer the class of 1987 rallied at grace hall wednesday night for its official welcome to the university members of the class of 1937 were on hand to welcome the incoming class area at 18 percent according to the council for financial aid to education the university rates third in the nation among major universities fulton said this ties in with the record total for the annual fund which is 3,538,947 fulton explained that there are two types of gifts that he deals with current and capital the current type is equated with the annual fund fulton said that from the annual fund 1.1 million went to financial aid part went to alumni association activities and the remainder went to a group composed of the president the deans and the vice presidents which will determine how the remainder will be divided among which departments fulton said the record for the amount in the annual fund is due in a large part to 70-80 phon-o-thons held by volunteers first valley bank branch installed in university center several major fund-raising records were set during the 1982-83 fiscal year including a total contributions record of 15,437,302 according to director of annual funds john fulton of the devel opment office the most striking record was the 9,913,558 figure for alumni contribu tions which represents an increase of over 3 million from the previous year according to information compiled by fulton for the fiscal year of 1981-82 gifts from graduate honorary and under graduate alumni totaled 6,503,020 the total for the number of donors was up to 19,176 with the amount of alumni donors up to 17,724 the amount of alumni participation remained the same as the previous year at 56 percent how ever with the national average in this by darren maloney by teresa kilcullen the university's newly installed branch of the first valley bank which opened aug 25 has been overwhelmed with accounts and activity according to timothy hill associate university treasurer hill said a campus bank has been needed for several years but has grown more urgent in recent years because of space limitations in the bookstore and because people were needed to provide the check-cashing services there we just did not have the staff and facilities to provide the type of service we would have liked hill explained actual planning for the new facility began about one year ago when bids for the project were of fered to three banks in the area first valley bank unionbank and girard bank hill stated that the choice of first valley was based on sev eral considerations first the universi ty's banking facility has always been with a facility located in the bethlehem area second hill pointed out that the university wanted to offer more than just an automatic teller which meant that money was needed to construct a facility to give good convenient service to the students faculty and staff first valley and girard both agreed to construct a facility hill said but union bank declined to submit a proposal because a campus branch did not fall within their financial objectives see transactions page 8 lehigh university brown and white vol 95 — no 1 bethlehem pa friday september 2 1983 215 861-4184 1 5.35 million bond issue to aid mart , taylor projects by scott cagan the university has issued a series of 1983 revenue notes bonds totaling 15,350,000 to finance improvements on campus including the taylor renovation and the mart-computing center addition according to vice president and treas urer john woltjen the maturity date of the notes is 1988 the university has done some crea tive financing woltjen said before the bonds were issued the university had to use its own funds to finance a pro ject now the university is taking some one else's money to finance a project the sale of the notes was made possi ble by the northampton county higher education authority which is a munici pality authority existing under the laws of the commonwealth of pennsylvania according to the official statement of the investment banker kidder peabody & co inc under an ordinance adopted on nov 16 1981 by the city council of the county of northampton pa the author ity was created to provide funds through the issuance of bonds and notes to assist b&w photo by teresa kilcullen the construction that began on the mart library extension in may is expected to be completed in the fall of 1985 when completed the extension will house the university's comput ing center and administration office