Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 215]

EXTRACTED TEXT FROM PAGE:

212

BOARD OF TRUSTEES This report was received for record.

[April 8

INVESTMENT O F TRUST F U N D S O n motion of M r . Armstrong, the action of the Board in adopting certain regulations for the investment of trust funds (Minutes, October 25, 1924, pages 103-105) was reconsidered. O n motion of M r . Armstrong, the following resolutions were adopted: R E S O L V E D , that the portion of the Recommendation of the Finance Committee for the investment of Trust Funds of the University presented to the Board of Trustees at its meeting of October 25, 1924, which concerns a general policy for investment of University Trust Funds, and which same appears on pages 103, 104, and 105 of the Minutes of said meeting of the Board, to-wit: commencing with the words and figure "1. First choice" and ending with the words "Board of Trustees" under paragraph 5, be and the same is hereby revoked and rescinded. A n d in lieu thereof the following is hereby adopted as and to be the general policy for the investment of University Funds, to-wit: It shall be the duty of the Comptroller of the University to notify the President of the University whenever money belonging to any Trust Fund requires investment or when re-investment seems advisable. The President shall report the matter to the Finance Committee and to the Board with information he m a y secure from those informed on such matters. The Finance Committee shall then make a recommendation to the Board for the investment of said funds in accordance with the statutes of the State of Illinois for the investment of Trust Funds. INVESTMENT O F PLYM A N D G R E G O R Y F U N D S M r . Armstrong recommended for the Finance Committee, that the recommendation of the President of the University concerning the investment of a part of the Plym and Gregory funds (see page 197) be adopted. This recommendation was adopted. QUARTERLY REPORT OF THE COMPTROLLER (21) The following report from the Comptroller for the quarter ending March 3i, i°25AUDITOR'S R E P O R T FOR D E C E M B E R 31, 1924 March 21, 1925. President, Board of Trustees, University 0} Illinois Dear Sir: W e have audited the Cash Receipts and Disbursements of the University of Illinois for the quarter ending December 31, 1924, and certify that the Receipts and Disbursements as embodied in the report of the Comptroller for that period, are in accordance with the books and, in our opinion, are correct. Yours faithfully,

Arthur Young & Company