Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 9]

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Name Jahn & OUier Engraving Company

BOARD OF TRUSTEES

[July 14,

Item Tenure Terms All University 6/22/24 Discount of 1 0 % & engraving (except 6/21/25 I 0 % from Standard emergency) to be Photo Engraving done by this Scale Company This report w a s received for record. STADIUM TORNADO INSURANCE (6) Professor White, Superintendent of Business Operations, and the Director of Physical Welfare request an appropriation of $1440 to secure tornado insurance on the Stadium on a valuation of $750,000 for a period of five years. 1. I recommend approval of their request and ask an appropriation of that amount from the Reserve and Contingent fund for the purpose. 2. I further request that the Comptroller and Superintendent of Business Operations be authorized to place this insurance in accordance with this appropriation. O n motion of M r . Armstrong these recommendations were approved. T h e appropriation w a s m a d e by the following vote: A y e , M r . Armstrong, M r s . Blake, M r s . Busey, M r s . Evans, M r s . Grigsby, M r s . Ickes, M r . Noble, M r . Trees, M r . Trimble; no, none; absent, M r . Blair, M r . Small.

LOANS OF OUR TRUST FUND

(7) I submit the following for consideration: Some time ago I suggested to you the advisability of investing our trust funds in loans on mortgages on real estate to members of the University staff under suitable conditions. I have since asked the Comptroller to look into the matter and give me his opinion. He reports that he has discussed the matter with the University Treasurer and that that officer thinks we could place a l available funds in loans to University l employees, secured by mortgages on Champaign and Urbana properties, and that these loans would, i proper precaution were taken, be absolutelyfirstclass, with f a probable rate of return of 6 per cent. This report strengthens m y opinion that this would be a wise method of investing our trust funds, and would at the same time assist some of the members of our staff. In conversation with Mr. Morey, he suggested, as he also did later in a letter, the necessity of a local committee whose business i would be to look after such t investments in the sense that they would advise the Board as to opportunities for investment and amounts available as occasion offered. It seems to me that the proper machinery is the following: that the Board refer the matter of investing trust funds to the Finance Committee of the Board; that the Finance Committee be authorized by the Board to appoint as an advisory committee to itself on this matter the University Treasurer, the Superintendent of Business Operations, and the Comptroller; that the advisory committee keep in close touch with the whole matter, and when occasion requires report to tlie Finance Committee advising investment; that the Finance Committee then report to the Board at its next meeting recommending action. I recommend that the whole matter be referred to the Finance Committee for report. O n motion of M r . Trees, this matter w a s referred to the Finance Committee for consideration and report. SALE OF McKINLEY SECURITIES (8) A recommendation that the Treasurer and the Comptroller be authorized to dispose of securities donated to the University by Honorable W . B. McKinley at