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Hampton Negro Conference. Number III. July 1899.

1899VA-State-Hampton_Proceedings (87).pdf

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86

The financial side of the proposition so far as the Association itself is concerned should show somewhat as follows:-

Annual Receipts.

Rental of 200 farms at $116.60 each .................... $23,320.00

Annual dues, $10 from each of 200 active members ... 2,000.00

10 per cent on $10,000 working capital, charged vs. Store, Creamery, Gin, Warehouse, etc ... ... 1,000.00

Total ................... $26,320.00

Annual Expenditures as follows:—

Annual premium upon $100,000 Life Insurance (upon 200 Active members at $500 each) 10 years endowment policies ............................ 9,830.00

Fire Insurance:—

$100 on each house ............. 1.00

100 on each barn and stock ......... 1.75

and on 200 550.00

(Insurance on Store, Warehouse, etc. paid out of respective earnings)

Fertilizers (1/2 ton each for 200 farms) 100 tons at ... $2,400.00

6,000 lbs. Paint at 8 cents ............................ 480.00

Interest on $100,000 Stock at 6 cents ................ 6,000.00

Amount contributed for expenses of school ............ 1,000.00

Clerk hire ........................................ 1,000.00

Taxes ............................................ 500.00

Salary of Superintendent (all other salaries of Assistants, Clerks, etc. are to be deducted from earnings of Store, Gin, Creamery, Warehouse, etc) ........................................ 2,000.00

________

Total .......... $23,760.00

Net surplus earned annually ........ 2,560.00

It being assumed that the commissions on the first payment of endowment policies (40 per cent of $9,830.00 or $3,932.00) would pay all expenses of organization, and also losses through payment of interest the first year on the entire $100,000 before farms were taken up and yielding income.

To the yearly earned surplus should also be added the $10,000 invested in the buildings, stock, equipment and working capital of the co-operative store, etc., and also the probably dividends upon the endowment insurance, which may reasonably be calculated

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