Lebanon Valley College (also referred to as "LVC", "Lebanon Valley" and "The Valley") is a small, liberal arts higher education institution situated in the heart of Annville in Lebanon County, 19.5 mi (31.4 km) east of Harrisburg, Pennsylvania. Lebanon Valley was founded on February 23, 1866, with classes beginning May 7 of that year and its first class graduating in 1870. Expenses at this time for a full year were $206.50 (equal to approximately $3,860 in 2015) and remained relatively unchanged for the next 50 years.