Repository: UIHistories Project: Board of Trustees Minutes - 1934 [PAGE 110]

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108

BOARD OF TRUSTEES

[September 28

QUARTERLY REPORT OF THE COMPTROLLER (27) T h e following quarterly report of the Comptroller as at J u n e 30, 1932: July 18, 1932 To the Board of Trustees of the University of Illinois: I transmit herewith the quarterly report required of me covering the financial transactions of the University for the quarter ended June 30, 1932. Schedule A is a balance sheet of all assets for which the Board of Trustees is responsible arid all commitments and obligations of the University as of June 30, 1932. Schedule B is a statement of the Reserve and Contingent Fund or the working balance of general income for the quarter ended June 30, 1932. Due to our inability to realize on the full amount of state appropriations for current expenses of the year, it has been necessary to use the entire balance of the Reserve and Contingent Fund to meet necessary expenditures for the year. Consequently, no balance remained in this fund at the close of the year. Schedule C is a summary of the receipts and disbursements of local and state funds for the year. On J u n e 30, 1932, the balance of local funds amounted to $405,504.92. Of this amount the sum of $92,571.18 was in the hands of Hazen S. Capron, former Treasurer, and the sum of $312,933.74 in the hands of F r a n k M. Gordon, Treasurer. T o secure the last named balance, U. S. Government securities of a market value of $513,750 have been deposited as collateral. Schedule D is a summary of the income of the University for the year ended June 30, 1932. It is noted from this statement that from a state appropriation of $4,940,000 for current expenses, the expenditures and commitments for the year have amounted to only $4,396478.24, leaving an unused balance of $543,521.76 as of the close of the year; that from a special appropriation of $15,000 for the Cook County Agricultural Experiment Station there was expended only $9,108.01, leaving an unexpended balance of $5,891.09 at the close of the year; that from an appropriation of $1400,000 for an additional unit of the Medical and Dental laboratories there was expended only $34,861.77. T h e budget estimate of student fees for the year was $1,125,000. T h e actual amount realized was $1,074,339.57. Schedule E is a summary of all appropriations made by the Board for use during the fiscal year ended June 30, 1932. -Of these appropriations the sum of $473,218.72 was allowed by the various departments of the University to lapse unused at the close of the year. This saving in expenditures made possible the unused balance in the state appropriation already referred to. T h e balance in the state appropriation remaining unused exceeded the unused balances in appropriations of the Board to various University departments by $76,195.03, the difference being represented by the expenditure of the unassigned balance of the Reserve and Contingent Fund. Schedule F is a summary of transactions of stores and service accounts. The inventory of stock and general storerooms has been decreased $23,129.80 during the year. Schedule G is a summary of endowment funds from private sources which, at the close of the year, amounted to $369,523.82, an increase of $18,933.08 during the year. Schedule H is a summary of transactions of current restricted funds (expendable trust funds) for the year. T h e figures contained in this report are cumulative for the fiscal year and, therefore, represent the financial operations of the University for the fiscal year ended June 30, 1932, and the financial condition of the University at that date. They will be presented in more complete form in the annual report of the Comptroller to be published at a later date. This report is subject to audit by the public accounting firm employed by the Board for that purpose. T h e certificate of audit will be furnished as soon as that audit is completed. Respectfully submitted,

LLOYD MOREY

Comptroller