Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 570]

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568

BOARD OF TRUSTEES

[April 20

Comptroller. The fund is used to pay petty payrolls and other bills for which i is reimbursed from regular University funds as rapidly as practicable, and t also to provide change for the Bursar's office. At the present time, approximately $14,000 of the fund is tied up in the First National Bank of Champaign. I enclose a statement of the daily balances of the fund in the Trevett-Mattis Banking Company where the account was transferred after the closing of the other bank. The collections of University money and the disbursements from the petty cash fund are handled through the same office. At the close of each day's business, deposit is made with the Treasurer for the full amount of collections of University money. Ordinarily, all checks drawn to the University of Illinois are deposited with the Treasurer. On some occasions, however, i is necessary t to deposit in the Bursar's fund some checks of this kind in order to maintain the balance between the amount to be deposited with the Treasurer and the amount belonging to the petty cash fund. All of these transactions are subject lo daily internal check within the office and to quarterly audit by the University auditors. I wish to request that these arrangements be submitted to the Finance Committee for its approval or for any instructions which i or the Board wish to t make concerning these matters. Cordially yours, Lloyd Mobey Comptroller The Finance Committee was requested to secure additional information on this matter and to make a recommendation to the Board. REPLACEMENT OF HOUSE ON GOURDIER FARM 3. A report from the Comptroller that the house on the Gourdier farm, on which the University holds a mortgage of $10,000, was burned recently, and that $2500 insurance has been paid. M r . Morey requests authority to use the money to replace the house. O n motion of M r . Trees, the Comptroller was authorized to use the insurance money to replace the house on the Gourdier farm. SALE OF SECURITIES 4. A report from the Comptroller that in accordance with the authority granted by the Board of Trustees at the last meeting the Treasurer has sold the following securities received from the First National Bank of Champaign on account of H . S. Capron, Treasurer: $26 550 U. S. Treasury Bonds 33-6% @ 0614/32 June and December 15th due 1943/47 $25 604 15 Interest 393 71 $2589786 61 000 U. S. Treasury Bonds 3%% @ 9228/32 June and December 15th due 1946/49 56 653 75 Interest 624 82 57 278 57 2 500 U. S. Treasury Bonds 3^6% @ 9630/32 June and December 15th due 1040/43 2 423 44 Interest 27 65 2 451 09 86 000 U. S. Treasury Bonds 3>jj% @ 97 March and September 15th due 1941/43 83 420 00 Interest 22575 8364575 Total $169 273 27 The total of these realizations has been credited to Mr. Capron's account, as treasurer, reducing the balance due from him to $331,566.87. The par value of the remaining securities received from him is $255,000.