Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 237]

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UNIVERSITY OF ILLINOIS

2-35

MEETING OF T H E EXECUTIVE C O M M I T T E E M A Y 21, 1931 A meeting of the Executive Committee of the Board of Trustees

the University of Illinois was held at the University Club, in Chicago, at 1 o'clock p.m. (Chicago time) on Thursday, M a y 21, 1931. M r . George A. Barr, Chairman, Dr. William L. Noble, member of the Committee, and Professor J. M . White were present.

BABCOCK TRUST FUND

T h e Clerk presented, o n behalf of President C h a s e , t h e following r e c o m m e n d a t i o n of the President, together with the papers attached. At the March 12 meeting of the Board (Minutes, page 186) a proposal was submitted from Dean K. C. Babcock to present certain securities to the University for the establishment of a trust fund in support of research fellowships and publications in history and political science. The Board accepted this offer in principle but desired a slight change in the phraseology of the proposal and asked the Legal Counsel to prepare an instrument of trust, in legal form, for the Board's approval. I submit such a document which, if the Board accepts it, becomes a trust instrument. This proposal has been drawn by Dean Babcock with the cooperation of the Legal Counsel w h o certifies that it is in such form that there is no legal objection to its acceptance by the Board of Trustees. I recommend that this proposal be accepted. Proposal to the Board of Trustees of the University of Illinois by Kendric C. Babcock for Creating a Fund in Support of Research, Fellowships, and Publications in the General Field of History and Political Science I submit the within proposal to the Board of Trustees of the University of Illinois, which, if and when agreed to by the Board, shall be regarded as the trust instrument denning the terms and conditions of the trust. I propose to transfer to the Board of Trustees of the University of Illinois all m y rights, title to and interest in, both legal and equitable, all the notes, bonds, securities, instruments, and things of value set forth and described in detail in exhibit A which is attached hereto and made a part of this instrument, the Board of Trustees and their successors in office to have and to hold the same absolutely and forever in trust for the following uses and purposes: 1. T o pay to m e quarterly at the banking house of the First National Bank of the City of Champaign, County of Champaign, and State of Illinois, the sum of ?75o, to be paid,first,out of the income of the property described in exhibit A and if the income be insufficient, out of the principal fund thereof. 2 Upon m y death to pay to m y sister, Mrs. Harriet B. Sweet, 603 South Lincoln Avenue, tjrbana, Illinois, in equal quarterly installments during her lifetime, the sum of $2400, and to pay to m y sister, Mrs. Frances M . Rebstock, 1304 Acton Street, Berkeley, California, in equal quarterly installments during her lifetime, the sum of ?6oo per year, such payments to be made at such places as the beneficiaries m a y direct. These payments shall be m a d e out of the income but if in any year the income be insufficient the deficiency shall be m a d e up by payment from the principal fund. 3. T o devote the income from the principal fund, as the payments to m e and to m y sisters come to an end, to the support of research, fellowships, and publications in such a manner as the Board m a y think advisable in the generalfieldof history and political science, under the direction of the Dean of the Graduate School of the University of Illinois, or some similar and competent officer designated by the Board of Trustees of the University of Illinois. The Board will, in so far as practicable, establish group fellowships of approximately $1,000 each, to be awarded to candidates w h o are beyond their second year of graduate work. The Board may, in its discretion, accumulate the income from the principal fund of approximately $50,000 for periods not to exceed three years for the purpose of undertaking special enterprises involving substantialorshallvaluebe drawndescribed in exhibit A, intact, undertakings. the principalThe Board of Trustees of the University of Illinois shall keepthis principal of as securities, outlaysnot thereof the ordinary Graduate School that is trust except the thereof the larger than upon for any of the purposes of the to say,