Caption: UI Library School Alumni Newsletter - 6
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invested or expended except on cheek signed by a majority 0f thc trustees. The interest from this endowment fund shall be expended as the Kxeeutive Hoard may direct, in accordance with the approvC(j policy of the Association. Miss Price recommended that the Secretary solicit each member of the Association to take out a life membership and Mr. Strohm recommended that a full explanation of the intended use of the fund be included in the notice. There was a discussion on how to elect the first Board of Trustees and it was finally decided to elect three trustees at the meeting, who should draw lots for one, two, and three-year terms respectively. There was also some discussion as to who should appoint the beneficiaries of such scholarships and it was decided to leave the appointments to the faculty of the School. The following trustees were elected: Margaret Hutchins, J. S. Cleavinger and Harriet E. Howe. The Secretary then read a statement on Graduate Study, which had been prepared by a committee of the faculty in answer to the request from the alumni at the Saratoga Springs meeting. The report of the nominating committee was read and accepted. The meeting then adjourned. (Signed) MARGARET HUTCHINS Secretary, pro tern. Report of the Secretary and Treasurer June, 1924, to June, 1925 Balance brought forward Receipts, 1924-1925 1923-24 Memberships since last report Interest 1924-25 Memberships Life Membership (one) Loans repaid Total get bard alu* Beat $ 809.80 g 46.00 33.97 \\\u 58.00 \ 25!00 .7 162.97 300.00 ^1272.77 Expenditures News Letter No. 3 News Letter No. 4 Loan to Student Expense A. L. A. Dinner Stationery, stamps, etc June, 1925, Balance on hand in bank Outstanding loans Total Asatts « 11 nn . . ! ! ! ! ! ! ! ! ! ! ! . 30 00 ! . ! ! . ! ! ' 100 00 10 00 ..../.!.*./. 2 00 '.Y.'.Y/. 173 00 $1099.77 #tnoa *n 2S000 -M349J7 Owing to the fact that the membership due notices were sent in Tune instead of January, the collections to date have been small f 1924-25; it is hoped that they will pour in during the summer. The Loan fund has been used by a student in the Senior class wh borrowed enough to take his field trip, returning it in a short time/ On [4]
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