Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 1256]

EXTRACTED TEXT FROM PAGE:

1964]

With Whom Moorman Manufacturing Co. Research Council on Riveted and Bolted Structural Joints of the Engineering Foundation United States Air Force AF29(601)-4993 United States Air Force AF33(657)-10659 United States Army DAW-129-QM-1709(N) United States Atomic Energy Commission AT(ll-l)-392 United States Navy Nonr-3985(04) Total

U N I V E R S I T Y OF I L L I N O I S Amount to be Paid to the University

$ 2 600 00 21 000 00

1211

Effective Dote April 7, 1964 January 1, 1964 March 11, 1964 February 1, 1964 February 18, 1964 February 28. 1964 March 11, 1964

Purpose Poultry nutrition Behavior of^ riveted and bolted structural joints Evaluation of tunnel liners Information processing capability of signal analysis system Influence of tomato constituents on flavor of irradiated meat Obtaining one millimeter source of C.W. microwaves and associated components Pre-programmed self-instruction and self-programmed individualized education

1 069 00 25 000 00

449 00

2 613 00

46 579 00

J137 060 00

Adjustments Made in 1963-64 Cost-Pius Contracts

With Whom George S. Grimmett & Co. (Plastering) Purpose Twenty-three items: ?50.05 deduct to S700.00 Amount $ 2 345 00 Date March and April, 1964

Summary

Amount to be paid to the University Amount to be paid by the University $1 942 022 00 205 211 00

This report was received for record.

QUARTERLY REPORT OF THE COMPTROLLER

(41) T h e Comptroller presented his quarterly report to the Board as of March 31, 1964.

This report was received for record, and a copy has been filed with the Secretary of the Board.

EMPLOYMENT OF AUDITORS

Mr. Swain, for the Finance Committee, presented the following:

F o r many years, the University has been employing certified public accounting firms for annual audits of the University of Illinois for five-year assignments. The five-year cycle worked out well. Beginning with the audit for the fiscal year ended June 30, 1958, the Board of Trustees authorized the employment of Ernst and Ernst for a three-year period. It was felt that the shorter cycle would enable broader participation of public accounting firms interested in the assignment and, without experience with such a cycle, there was no reason to believe it might not be effective. At the conclusion of the contract with Ernst and Ernst, representatives of that firm reported their experience indicated that a longer period was desirable. T h e size and complexity of the University records are such that the auditing firm spent excessive amounts of time in the early years of its assignment in becoming familiar with the records and their relationships. In order to secure more experience with the three-year cycle, Lybrand, Ross Bros., and Montgomery was employed for a three-year period beginning with the audit of the year ended June 30, 1961. Its three-year assignment was completed with the audit of the year ended June 30, 1963. This firm also reported its experience indicates that the three-year cycle is too short to realize the most effective utilization of the auditing firm's services. Staff members of the Business Office also report that the three-year cycle requires excessive staff time in assisting the auditors. T h e Finance Committee therefore authorized the Comptroller to determine the interest of Lybrand, Ross Bros., and Montgomery in continuing the audit for