Repository: UIHistories Project: Board of Trustees Minutes - 1934 [PAGE 141]

EXTRACTED TEXT FROM PAGE:

I932]

UNIVERSITY OF ILLINOIS

I39

Lease of University property executed under general regulations of the Board of Trustees:

Leased to E. A. Moore1 Property Sherwood house, south of Military Barns Rental $20 per month Date October 4, 1932 Tenure One year from November 1, 1932.

This report was received for record.

QUARTERLY REPORT OF THE COMPTROLLER (16) T h e following quarterly report of the Comptroller to the Board of T r u s tees as of September 30, 1932.

To T H E BOARD OF TRUSTEES OF T H E UNIVERSITY OF ILLIKOIS:

I submit herewith the quarterly report of the Comptroller for the quarter ended September 30, 1932. Unappropriated Balance of General Income N o working balance or reserve of general income was carried forward from the preceding year since it was necessary to use the entire reserve in meeting the expenses of the preceding yCar due to the failure to realize the full appropriation from the State. T h e budget as adopted for the current year showed an unappropriated balance of $98,262 (page 3, Board Minutes, July 13, 1932). This balance was increased during the quarter by the realization of $9,343 on petty cash funds deposited in the First National Bank in Champaign, and by certain minor adjustments, and was decreased by appropriations made at subsequent meetings of the Board. T h e balance at the close of the quarter was, therefore, $103,047. T h e balance at the same date a year ago was $219,519. This balance is a book balance based on the assumption that the income from all sources as estimated in the budget will be realized and that the appropriations made in the budget will be fully expended. T h e possibility of realizing the full amount from the State as indicated in the budget continues uncertain on account of the uncertainty and slowness of tax collections even though the amount included in the budget was only about 90% of the appropriation made by the General Assembly for this year. It also appears certain that the income from student fees will not equal the estimate on which the budget was based although that estimate allowed for a considerable falling-off. It now appears that the income from student fees will probably be $80,000 to $90,000 less than the estimate and this shrinkage must be deducted from the unappropriated reserve. This means that the unappropriated reserve is actually only about $14,000 at this date. Cash Balances T h e cash balances of all funds in the possession of the Board and deposited with its Treasurer or ex-Treasurer at the close of the quarter, allowing for outstanding checks, was $630,695. At the corresponding date a year ago the balance was $1,209,860. Of the present balance, $92,639 is in the hands of Hazen S. Capron, ex-Treasurer, subject to the conditions of the acceptance of his resignation and subsequent actions of the Board. T h e remainder of the current cash balance, amounting to $538,056 is in the hands of Frank M. Gordon, Treasurer, and is on deposit at the First National Bank in Chicago. U. S. securities of a market value of $932,625 have been deposited by that bank in trust with the First Union T r u s t and Savings Bank of Chicago to secure this balance. T h e distribution of the total cash balance on September 30 was as follows: General Funds $114 292 Federal Funds 93 075 Residence Hall Funds 296 301 Deposit Funds 46 630 T r u s t Funds 80 397 Total $630 695

•Renewal of lease reported to the Board of Trustees, September 2$, 1931, (Minutes, page 441).