Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 843]

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BOARD OF TRUSTEES

[January 26

Estimated cash income from the farms for the season 1944 is about $16,000, but a portion of this income again would be required for working capital for the succeeding season. T h e Comptroller recommends, and I concur, that an appropriation of $13,000, to be used as long as needed, be made from the General Reserve as an operating fund for the Wright Farms, to be recouped as rapidly as practicable from cash received from the estate or from earnings of the farms.

On motion of Mr. Fornof, this appropriation was made, by the following vote: Aye, Mr. Davis, Mr. Fornof, Mrs. Grigsby, Mr. Jensen, Mr. Karraker, Mr. Livingston, Dr. Luken, Mr. McKelvey; no, none; absent, Mr. Green, Dr. Meyer, Mr. Nickell.

INVESTMENT OF D. J . DAVIS LECTURESHIP F U N D (11) In presenting to the Board the D. J. Davis Lectureship Fund on December 18, 1943, the Committee made no stipulations as to investments. Under these circumstances, the fund would be subject to the trust investment statute of the State of Illinois. T h e Committee now desires to modify the conditions of its gift to provide that the Board of Trustees shall exercise full freedom and discretion in the investment of this fund. T h e Comptroller recommends approval and I concur.

On motion of Mr. McKelvey, this recommendation was adopted.

EWING COLLECTION TRUST AGREEMENT ^12) Mr. and Mrs. Spencer Ewing, of Bloomington, Illinois, and other members of the Ewing family have presented to the University of Illinois for the College of Fine and Applied A r t s a collection of Balinese and East Indian art objects. A part of this collection will be retained by Mr. Ewing during his lifetime and on his death will come to the University; and part of it is being given to the University at once. Mr. Ewing is also giving the University $500 for the purchase of permanent boxes or other containers for storing the collection until the University has an art gallery for the permanent display of these obj ects. Mr. Ewing has also requested the University to enter into a trust agreement with him which has been prepared by his attorneys and is submitted herewith to the Board of Trustees. T h e agreement has been signed by all members of the Ewing family who have an interest in this collection. The trust agreement has been examined by Judge Sveinbjorn Johnson who finds it in satisfactory form, but calls attention to the following provisions: Paragraph (9) obligates the University to store and display the collection "only in fireproof vaults or buildings" and stipulates that the same "shall at all times be adequately protected from loss or damage by fire, theft or other casualty." T h e maintenance of insurance on this collection is a matter of discretion for the Board of Trustees. In accepting this responsibility, the University agrees that it will hold the collection perpetually "in trust for the use of the College of Fine and Applied Arts of the University," and for the purposes stated in the trust instrument. In point of fact the University will hold the collection in trust "for the people of Illinois and the public" for whose "information and enjoyment," as well as for that of students at the University, the collection is to be held. T h e University therefore becomes the trustee, the students and the public the beneficiaries, and the settlors are the Ewings and Louise Ewing Dexter. T h e settlors, according to the trust instrument and Mr. Spencer Ewing's letter of December 10, have parted with "control of this collection," which has passed to the Board. I recommend that the Board of Trustees accept this collection which in my judgment is a fine addition to the College of Fine and Applied Arts and that the Board authorize execution of the trust agreement. O n m o t i o n of M r . J e n s e n , t h i s g i f t w a s a c c e p t e d a n d t h e officers of t h e B o a r d w e r e a u t h o r i z e d t o e x e c u t e t h e t r u s t a g r e e m e n t , a n d t h e P r e s i d e n t of the U n i v e r s i t y w a s r e q u e s t e d to send to M r . a n d M r s . E w i n g a n e x p r e s s i o n of t h e a p p r e c i a t i o n of t h e B o a r d .