Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 603]

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1932]

UNIVERSITY OF ILLINOIS

601

FINANCIAL. SITUATION (25) A report on thefinancialsituation. This report w a s received for record. SAFETY OF SECURITIES Mr. Trees, for the Finance Committee, presented the following l t e etr from the First Union Trust and Savings Bank. Trust Number 16542 Board of Trustees, University of Illinois, Urbana, Illinois Gentlemen: As requested we submit herewith a definition of the Bank's responsibility applicable to securities and cash entrusted to it under an agency agreement comparable to that between the Board of Trustees of the University of Illinois and First Union Trust and Savings Bank dated February 19, 1932. In the collection of principal and income the Bank uses reasonable diligence but can not be held liable for failure to collect same; neither is it responsible for any loss occasioned by the depreciation in the value of the securities, nor for any defects, irregularities, or want of validity of the same. The Bank does assume all other liability for loss, except that occasioned by the act of God or of the public enemy; the lawful act of any legislative or judicial body or public officer; loss occurring while the securities are out of its possession and in the hands of an agent for the purpose of collection, provided reasonable diligence has been exercised in the selection of such agent. Yours very truly, 0. A. Bestel Vice President PETTY CASH FUND AT URBANA Mr. Trees, for the Finance Committee, presented a recommendation of the Comptroller that the Bursar's petty cash fund be reduced to $10,000. O n motion of M r . A r m s t r o n g , this r e c o m m e n d a t i o n w a s adopted. LOCAL DEPOSITORY Mr. Trees, for the Finance Committee, presented a recommendation of the Comptroller that the Trevett-Mattis Banking Company of C h a m p a i g n b e designated as the depository for the Bursar's petty cash fund. O n motion of M r . Trees, this r e c o m m e n d a t i o n w a s adopted.

DATE OF JUNE MEETING

O n motion of M r . Barr, it w a s voted to hold the J u n e meeting at the University, in U r b a n a , at 9 o'clock a.m. o n Saturday, J u n e 11, 1932.

APPOINTMENTS MADE BY THE PRESIDENT

T h e Secretary presented for record a list of appointments m a d e b y the President of the University. Boikan, William, Instructor in Internal Medicine, in the College of Medicine, for four months beginning M a y I, 1932, without salary (this is in addition to his appointment as Instructor in Pathology and Bacteriology). (May 3, 1932)1 Doty, J. R., Special Research Assistant in Chemistry, on one-half time, for twelve 'The date in parenthesis is the date a which the appointment was made by the President months beginning June 15, 1932, at on cash compensation of one thousand dollarsof the University. (May 3, 1932) (Ji.ooo). .. McGreevy, Carrie, Stenographer in the Registrar s Office, beginning J une 6, 1932, and continuing until September I, 1932, subject to the rules of the Civil Service