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Caption: Board of Trustees Minutes - 1868
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129 To the Board of Trustees of the Illinois Industrial University: GENTLEMEN—The Finance Committee, in accordance with our by-laws, would submit the following report: At our November meeting we gave a detailed statement of the expenses up to that time, which appears fully in the published proceedings of that meeting. In making up our exhibit for the past year, we give the gross expenditures according to the November statement $25,622 35 Warrants drawn since that time. 9,454 55 Making the total of expenditures $35,076 90 The Treasurer's report shows the receipts, as follows : Sale of Champaign county Bonds, as per order of the Board Interest on Illinois Bonds Rents of farm Making the balance in Treasurer's hands $10,1*73 10. LAND SCRIP. $40,000 00 3,^50 00 1,500 00 $45,250 00 Prior to our November meeting we had disposed of 280,000 acres of scrip, realizing therefor $162,192 41. At our November meeting we made a further sale of 100,000 acres, at 90 cents, or for $90,000. Making the total amount received for land scrip $250,192 41. The Treasurer, according to the terms of the last sale, does not get the total proceeds until about the first of May, there being about $50,000 back at the present time. Your Committee, in conjunction with the Treasurer, have deemed it wise to put the proceeds of the land scrip in Illinois bonds, as fast as they could be obtained, at par and interest, thereby having our funds in such form that we could, from time to time, re-invest in securities bearing a larger rate of interest, when good and safe investments of that kind presented themselves. We hope to put the most of the fund in such securities in a very short time. By referring to the minutes of the November meeting you will also see that under various resolutions, this Committee had located 25,000 acres of land scrip. We passed a resolution at that meeting to locate 25,000 additional acres. This has not been done as yet. We would ask further instructions in regard to this. We now have on hand 50,000 acres of scrip unprovided for by entry or sale. ESTIMATES FOR THE COMING YEAR. Receipts : Interest on Champaign County Bonds Interest on Land Scrip Fund Tuition and Matriculation fees, Spring Term Tuition and Matriculation fees, Fall Term Balance on hand, as per Treasurer's report , $10,000 10,500 1,200 1,500 10,1^3 00 00 00 00 10 $33,3*73 10 —11
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