Repository: UIHistories Project: Board of Trustees Minutes - 1888 [PAGE 88]

EXTRACTED TEXT FROM PAGE:

PEOCEEDINGS OF BOARD OF TRUSTEES.

91

MEETING

O F MAECH 13, 1888.

The Board met at the University parlor, at 4:30 p. m., March 13, 1888. Present — State Superintendent Bichard Edwards, Trustees Bennett, Eisenmayer, McLean, McKay, Millard, Pullen, and Shawhan. Absent—Governor Oglesby, Trustees Dysart, Clemens, and Cobb. The approval of the record of the December meeting was postponed. The Board then proceeded to the election of officers. The following were elected for one year. S. M. Millard, President of the Board. Executive Committee: S. M. Millard (ox-officio), E. Cobb, and C. Bennett. The election of Secretaries was deferred to the June meeting. The Regent then read the following report, which was received for further consideration:

[The first part of this report is inserted with the University Reports which appear in later pages of this volume.]

FINANCES.

The facts concerning the funds of the University, their investment, proceeds, and the estimates of income and expenses, you will learn from the reports of the Treasurer and Business Agent. 1 have endeavored to call upon you for no expenditures that did not seem imperatively needed, knowing that our funds for general purposes are always much less than the claims upon them. The last report on the sale of Nebraska lands was made one year ago. Since then the following sales have been made: 55. L. L. Ruyle, N. E. %, 27-3-8,160 acres, $1,600. Cash received $400 56. " S. E. 34,27-3-8,160 acres, 2,000. " " 500 $900 The whole number of acres sold in Nebraska is .. 8,725.40 Number of acres yet for sale 609.69 The total price of 1 and sold is $113,720.94 The times still remain unfavorable for those who have settled upon their purchases and seek to make their payments from the harvests that they can gather. Payments of interest have been very well kept up, and, for the most part, those of principal have been met as they have fallen due. Some applications for extension of time for payment of principal have been made, and they have always been cordially granted. It gives me pleasure to be able to report that the interest bearing capital of the University is now over $450,000. This sum will be materially increased when the time comes for the sale of the lands in Minnesota, but that time does not yet appear to have arrived. The balance sheets for the several departments that are transacting business operations in connection with their educational work are herewith given. These departments are the agricultural, the horticultural, the chemical, and the mechanical shops.