endowment of the institution is more than seventy-five million dollars (2023).
=== Lost lore and current traditions ===
==== May Day ====
A festive tradition, this pageant was begun in 1912. Each year, a May Queen would be elected and would watch over the festival with her court. Typical May Day activities took place, including the expected May pole. This tradition persisted for 55 years until the late 1960s.
==== Formal dances ====
Until October 1931, dancing on the LVC campus was forbidden. One evening after a football game, President Gossard decided to change the policy and allowed the students to dance with his blessing. From then on, the literary societies began holding annual dinner dances. Formal proms were organized and any opportunity for dancing was not overlooked.
In February 1985, the institution opened a nighttime dance club called the Underground (or "UG" as it is referred to by most students). The UG is a place where students can go to have fun with their classmates and friends on most Saturday …
