Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 566]

EXTRACTED TEXT FROM PAGE:

1926]

UNIVERSITY OF ILLINOIS

563

O n motion of Dr. Noble, this recommendation was approved, and the President of the University was requested to convey to Dr. Rogers an expression of the appreciation of the Board for his valuable service. EXTENSION OF LEAVE OF ABSENCE OF PROFESSOR WATKINS (9) Dean Thompson recommends that the leave of absence of Professor Gordon Watkins be extended one year from September 1, 1926. I concur in this recommendation. O n motion of Mrs. Busey, this leave was extended. DIRECTORS OF ATHLETIC ASSOCIATION (10) I recommend that the following men be appointed directors of the Athletic Association to serve until March, 1927: M r . George Huff, Champaign; Professor G. A. Goodenough, Urbana; M r . Eugene I. Burke, Champaign; M r . Jack Powers, Decatur; Judge 0. A. Harker, Champaign. O n m o t i o n of M r s . E v a n s , these directors w e r e appointed. REPORT OF COMMITTEE ON CARTER-PENNELL TRUST FARMS (n) The Trust Committee of the Carter-Pennell Trust Farms presents i s third t annual report as follows: THIRD ANNUAL REPORT ON CARTER-PENNELL FARMS March, 1926 The report from the Carter-Pennell Farms for the year ending February 28, 1926, on the whole is encouraging. T h e reports show a net income of $1755.49. This, of course, includes deductions for all current expenses and a prorated share of permanent improvement expense. If w e consider the two farms worth about $60,000, this means practically a 3 % return on the investment without allowance for taxes. Considering the very dry season which was especially severe through the section where these farms are located, the showing is good. Records from over thirty Ford County farms similarly situated show a return of about 3 4 % on the investment. It is to be assumed that the men who will keep records are well above the average and many of them are operating farms which are well-improved. It can be readily seen that both of the Carter-Pennell Farms are not on a high productive state, but improvement in yields should be realized from now on. The South Farm showed a net income of $1248.27. This farm is operated on a straight grain lease, and on the whole, is the more productive farm at the present time. The expenses on this farm total $158.88, leaving a net income of $1,089.39. W e were able last year to have a considerable acreage of corn planted on land that had already grown a crop of clover since the management of the farm was taken over. The yield on the improved land gave from ten to twenty-five bushels larger yield than land planted to corn but which had not yet been improved. The North Farm which was operated under a Livestock Lease showed a total income of $890.71. The total expenses were $224.61, which were due in part to the change in type of farming, necessitating rather more than average current expenditure. Also the buildings were in bad repair for livestock production and more improvement work has been done on the farm. T h e net income is shown as $666.10. D u e to the farm being operated as a livestock farm, all property must be inventoried on Marchfirstof each year and the income computed on the basis of inventory increase or decrease, plus actual sales. This situation put the North Farm to a disadvantage last year, as compared with the South Farm on the accounting basis used. For example, the feed and grain on hand at the beginning of the year was inventoried at March 1, 1295 prices, while all grain on hand March, 1926, was inventoried at current prices. This meant that corn was inventoried at over 40c a bushel less than a year ago. Assuming the same amount of c o m was held over this year, over 600 bushels, the difference in value at 40c a bushel even