Repository: UIHistories Project: Board of Trustees Minutes - 1873 [PAGE 115]

EXTRACTED TEXT FROM PAGE:

Ill Judge Cunningham offered the following resolution • which was adopted:

Mesolved, That in the opinion of this Board of Trustees, the needs of this University imperatively demand the early completion of the new University building, and its preparation for use, as early as the commencement of the next academic year, and the full reimbursement of the endowment fund, impaired by the use of a portion of the funds belonging thereto in carrying to its present state; and to these ends we earnestly petition the G eneral Assembly to enact into laws the several bills now pending before that body in behalf of this University.

Mr. Emory Cobb, chairman of the Committee on Finance, made the following report: The Finance Committee, t?> whom was referred that portion of the Kegent's address relating to the finances of the University and sundry resolutions, beg leave to make the following report: The resources of the University available for the current year are as follows : Interest on land notes Interest on bonds Kent of lands Due on account sale of lands. Fees Funds in hand of Treasurer Total * $830 28,110 990 3,228 5,000 00 00 00 00 00

$38,158 00 5,667 87 $43, 825 87

The estimates for expenditures for the coming year, and for which appropriations should be made, are as follows: Regent's salary $4, 000 00 Mne professors 18, 000 00 Veternarian 1, 000 00 Teaching architecture 600 00 Assistant in chemical laboratory 1, 000 00 Assistant in Eng. literature 800 00 Free hand drawing 400 00 Professor of agriculture 1, 000 00 Treasurer 500 00 Librarian and assistants 600 00 Other assistants in all departments 2, 500 00 Horticultural department 500 00 Mechanical department 600 00 Board expenses 1, 20© 00 Building and grounds „ 1, 250 00 Fuel and light 1, 000 00 Stationery and printing 750 00 Incidentals 1, 250 00 Taxes on lands 3, 000 00 Military department $150 and gymnastics $50 200 00 Chemical department 1, 855 00 Library and cabinet 555 00 Leaving a balance unappropriated Endowment The funds of the University as invested are as follows : $50, 000 25, 000 30,000 25,000 30, 000 Sangamon county 9 per cent, bonds, cost Morgan county 10 per cent, bonds, cost Pike county 10 per cent, bonds, cost Chicago water 7 per cent, bonds, cost Kankakee county 10 per cent, bonds, cost $50,000 00 25, 000 00 30,000 00 24,961 80 29,700 00 $42, 500 00 43,825 87 $1,265 87