D.  LAND, BUILDINGS AND EQUIPMENT:

	Land, buildings and equipment are stated at cost or, in the case of gifts, at the fair market value at the date
 of donation.

	Depreciation is calculated using the straight-line method with estimated useful lives of forty years for
 buildings, sixteen years for fixed equipment, and five years for movable equipment.  Depreciation for fiscal year
 1996 is $4,601,000 for buildings and $2,202,000 for movable and fixed equipment.

	At June 30, 1996, $3,175,000 unexpended plant funds, and $4,395,000 funds for renewals and
 replacements have been internally designated for plant purposes.  At June 30, 1996, plant assets, net of
 accumulated depreciation, consisted of land, $5,525,000; buildings, $113,034,000; and equipment, $9,648,000;
 total accumulated depreciation at June 30, 1996 is $119,098,000.