Journal of the Central Texas Conference, First Annual Session, Methodist Episcopal Church South Page: 38
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CENTRAL TEXAS CONFERENCE JOURNAL.
of the Southwestern University in trust for the use of said University. The
deeds contain the "Trust Clause." The control is vested in Trustees for the
Methodist Episcopal Church, South. The original Trustees were appointed
by the patronizing Conferences, and vacancies are filled on nomination of the
Boards of Education of the patronizing Conferences, and election by said
Conferences, such method being determined by the charter itself.
By conservative estimate, its valuations are as follows: Buildings at
Georgetown, $290,000; grounds, more than 50 acres, $25,000; apparatus, li-
brary, etc., $95,000. The productive endowment, including funds already col-
lected and invested, and interest-bearing notes for endowment, amount to
$145,051.26. This does not include the Biblical bonds that last year paid
$3,982.30. Value of other school property, including Medical Department at
Dallas, valued at $75,000, miscellaneous tracts of land, and the Allen bequest,
amount to $159,560. Total school valuations as given above, $714,611.26.
Income from endowment will average 6 per cent, or $8,703.07. Income from
tuition and fees, 1909-10, $44,148.30. Income from other sources, Conference
collections and Biblical Bonds, not including collection for Summer Schpol
of Theology, $17,014.34. Total income from all sources, as per above items,
$69,865.71. Total debt is $96,993.87. The greater part of this is owed to
other funds of the school itself, leaving only $36,137.75 owed to outside
parties; $9,000 of this is on the Medical College. There is no debt for run-
ning expenses. The only encumbrance on the property itself is $12,000
mechanic's lien on Mood Hall, and $9,000 on the A.nnex. They have unpaid
subscriptions for all purposes amounting to $178,625.89, counting only those
in notes, and not counting Biblical Bonds and other subscriptions in which
the principal never falls due.
MERIDIAN TRAINING SCHOOL.
Is an incorporated institution, with property deed to its own Trustees, for
school purposes. Deed contains the "Trust Clause." Control is vested in the
Board of Trustees. Trustees are elected and confirmed by the District Con-
ference on nomination of the Presiding Elder.
They have buildings to the value of $50,000; grounds valued at $5,000; ap-
paratus, etc., to the value of $2.000. making a total valuation of $57,000.
They have $12,000 indebtedness on their building, secured by a lien on the
building, and by personal real estate. Only $300 debt for running expenses.
They have $7,000 of unpaid subscriptions, $3,000 of which, possibly, is good.
GRANBURY COLLEGE.
Is incorporated, with property deeded to the Methodist Church of Gran-
bury. The control is in the Board of Trustees, who are declared to be nomi-
nated by the preacher in charge and elected by the Quarterly Conference.
Value of buildings is $20,000; grounds, $5,000; apparatus, etc., $2,000. Total,
$27,000. Their only income is from tuition, amounting to $5,000. They have
no debt.
CENTRAL TEXAS JUNIOR COLLEGE
Is an incorporated institution, with property deeded to the Trustees for
school purposes. The deed does not contain the "Trust Clause." Control is
vested in the Board of Trustees. Original Trustees were constituted by the
Corsicana District Conference. New Trustees are nominated and elected by
the Board itself, subject to confirmation by the District Conference, the
method of election being determined by the Board's own by-laws.
Their buildings and grounds are valued at $30,000; apparatus, furniture,38
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Methodist Episcopal Church, South. Journal of the Central Texas Conference, First Annual Session, Methodist Episcopal Church South, periodical, November 1910; Waco, Texas. (https://texashistory.unt.edu/ark:/67531/metapth49824/m1/38/?rotate=90: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Archives of the Central Texas Conference United Methodist Church.