Repository: UIHistories Project: Board of Trustees Minutes - 1934 [PAGE 222]

EXTRACTED TEXT FROM PAGE:

220

BOARD OF TRUSTEES

[May 15

Money collected in any department of the University, for any purpose, is turned in daily to the Bursar, of the Comptroller's Office. The Bursar is required to deposit his total receipts at once to the credit of the Treasurer in the depository bank selected as already described. The transactions of the Bursar and of all departments collecting money are subjected to continuous check by a separate division of the Comptroller's Office. Money deposited to the credit of the Treasurer cannot be drawn against by the latter. It is disbursed by the bank on warrants drawn against the Treasurer payable at the bank. These warrants are issued only in payment of bills incurred in accordance with assignments of funds made by the Board of Trustees, and are signed by the President and the Secretary of the Board or responsible deputies. All employees -who handle money or sign warrants are under bond. The account of the Treasurer is verified monthly by the Comptroller, and quarterly by independent public accountants reporting directly to the Board. Securities representing the investment of permanent funds are deposited with a trust company for safekeeping. This company collects interest and principal and deposits the same at the depository bank in the same manner as other receipts. These matters are verified regularly in the same manner as are the accounts of the Treasurer. No security may be disposed of except as a result of action of the Board of Trustees and notice by it to the trust company. Quarterly reports are made by the University Comptroller to the Governor under oath, showing the disposition of all funds, regardless of source, whether State appropriations or the above described general funds of the University.

SCHEDULE A Receipts for

1931-32 Student fees $1 074 340 Sales of products of experimental farms 109 531 Receipts of experimental dairy, and of cafeteria operated by Home Economics Department (both of these activities are self-supporting) 82 842 Receipts of Medical and Dental clinics 68 785 Federal Smith-Hughes Fund for vocational education 15 370 Miscellaneous sources 72 531 Total ; $1 423 399 The Board of Trustees also receives and handles certain funds which may be used only for certain purposes designated by outside parties: Federal grants for agricultural research and extension $ 376 573 Gifts for research and other special purposes, and income on endowments for special purposes 203 660 Total restricted income $ 580 233 In addition to the above, the University operates three residence halls housing about ten per cent of its women students. The income from these halls is applied mainly to their operation. A small hospital for students and faculty, built by private gift, is also maintained. The gross receipts from these activities for 1931-32 were $165,125. Repayments of student loans created by private gift, together with interest from the same, and proceeds of sales or maturities of investments of endowment funds created by private gift, are also handled through the University treasury.

This statement was approved and adopted. It was the sense of the Board that a copy of this statement be sent to each member of the General Assembly.