Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 38]

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1942]

UNIVERSITY OF ILLINOIS

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two weeks vacation each year, and up to 15 days sick leave each year as provided by the University Statutes for all regular mechanical and labor employees. The Print Shop employees now request that, in lieu of the foregoing arrangement, they be paid at basic rates for regular time (eight hours a day, five days a week) with time and a half for overtime for hours worked except on Sundays and holidays when they would receive double time for hours worked. The only allowance of leave on pay would be a vacation of one week a year. A deduction of 3}^ per cent would be made for University Retirement System benefits (employees in other local shops are subject to Federal Social Security deductions at a lower rate, but the benefits are also less than those of the University Retirement System). The Committee reports progress on the consideration of a wage plan adjusted to changes in the cost of living, and on a possible blanket adjustment for salaried employees receiving $1,800 or less.

On motion of Mr. Livingston, these recommendations were approved and adopted. The appropriation for Civil Service Operation was made by the following vote: Aye, Mr. Adams, Mr. Cleary, Mr. Fornof, Mrs. Grigsby, Mr. Jensen, Mr. Karraker, Mr. Livingston, Dr. Meyer, Mr. Wieland; no, none; absent, Mr. Davis, Mr. Green.

REPORT OF FINANCE COMMITTEE

Mr. K a r r a k e r , for the Finance Committee, presented the following recommendations and report. 1. The Finance Committee recommends that Mr. Roger F. Little be permitted to defer to November i, 1942, payment of $250 principal due in March, 1942, on his note of $1,000 in connection with the estate of Mary S. Parsons (Minutes, April 17, 1941, page 253), on condition that he now pay the interest due. 2. The University holds in its endowment funds a loan of $2,500 with interest at 6% on 400 acres of land in Franklin County, owned by John E. Pope, Florence Pope, and Nellie Pope Powers. The loan matures September 30, 1942. The owners have requested an extension of three years on this loan with a provision that not less than $500 will be paid on the principal each year. The Finance Committee recommends the renewal on this basis. 3. On advice of investment counsel, the First National Bank of Chicago, the following securities were sold: $2,000 Chicago, Burlington, and Quincy Railroad ist and refunding s's of 1971, at a market price of 7254, for $1,445.79; ar>d $3,500 Baltimore and Ohio Railroad Southwestern Division ist 5's of 1950, at a market price of 36^2, for $1,387.81. On recommendation of the First National Bank of Chicago, the proceeds of the Chicago, Burlington, and Quincy Railroad bonds, which were assets of the Kinley Endowment Fund, were reinvested in 30 shares of Proctor and Gamble common stock, at 47%, or a total cost of $1,432.74. O n motion of M r . K a r r a k e r , these recommendations were adopted.

INSURANCE AGAINST SABOTAGE

Mr. A d a m s , for the Committee on Buildings and Grounds, reported that it did not seem advisable to take war risk insurance on the Chemistry Building, since that building is not especially subject to danger of this kind, but that the Committee recommended instead the placing of insurance on this building against "vandalism and malicious mischief" as a protection against sabotage, at a cost of $169 a year. On motion of Mr. A d a m s , this recommendation was adopted.

EXECUTIVE SESSION

At this point, the Board went into executive session and considered the following matters presented by the President of the University.