Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 498]

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496

board of trustees

[December 15

the University funds on deposit. These securities are in the joint control of the Treasurer and the Comptroller of the University. The amount of these securities at September 30, 1930, was $1,079,800, the available balance in the hands of the Treasurer at that date being $1,209,859.50. O n October 16, 1931, the date of our inspection, the securities amounted to $1,149,800, with an available balance of $1,309,138.97 in the hands of the Treasurer. The securities examined comprised the following: U. S. Treasury Bonds and Liberty Bonds $1 134 800 00 County of Mississippi, Arkansas Road Improvement Bonds 12 000 00 City of Highland Park General Corporate Purpose Bonds 2 000 00 McLean Community High School Bonds 1 000 00 gi 149 800 00 Cash on hand was verified by actual count. The income for the quarter under audit has been verified by extensive detail checking and comparison with thefilesof the Registrar and of the various operating departments. The accounts of the Chicago departments and of the Stadium Fund have been audited along the lines indicated above and have been found correct. Appropriation accounts kept at the Chicago Business Office have been reconciled with the corresponding control accounts kept at Urbana. The records of the meetings of the Board of Trustees of July 27 and September 29, 1931, have been examined and all actions affecting thefinancesof the University, in so far as they had been consummated at the time of our audit, have been checked into the books of account. The records of previous meetings have likewise been examined with respect to relative transactions recorded in the books during the quarter under audit. The records of the purchasing division have been inspected and a number of the larger purchase orders issued have been compared with relative bids and quotations. Contracts and bids onfilein the office of the Supervising Architect have been checked against reports made to the Board of Trustees as shown in the minutes of the meetings of the Board. W e hereby certify, that so far as we have been able to ascertain by an extended detail examination, All income which the University should have received during the quarter ended September 30, 1931, has been received and duly accounted for. All disbursements have been made for University purposes and have been properly authorized and the expenditures have been correctly recorded in the books of account. The cash and securities as shown by the books at September 30, 1931, are correct in amount and have been verified by actual inspection, count or confirmation from the depository. The report of the Comptroller to the Board of Trustees as at September 30, 1931, a copy of which is attached hereto, is in accordance with the books and, in our opinion, is correct. Thefinancialreports of the Comptroller to the Governor of the State of Illinois for the period beginning July 1, 1929, and ending September 30, 1931, and for the period beginning July 1, 1931, and ending September 30, 1931, are in accordance with the books and, in our opinion, are correct. Yours faithfully,

Arthur Young & Company

This audit was referred to the Chairman of the Finance Committee for report by his Committee to the Board of Trustees. O n m o t i o n of M r . Barrett, this audit w a s accepted.

REPORT OF ABSENCE OF D. A. ALBRECHT

(18) A report that D. A. Albrecht, Instructor in Farm Mechanics, who was granted sick leave from September 8 to January 1, 1932, with pay with the understanding that any expenses incurred by the Department in taking care of his work during his