Repository: UIHistories Project: Board of Trustees Minutes - 1896 [PAGE 203]

EXTRACTED TEXT FROM PAGE:

206

UNIVERSITY OF

ILLINOIS.

We believe that some additional means of checking accounts incorporated Into the system now in vogue in the University are all that is necessary to make our system entirely satisfactory and equal to or better than that used in any other public or private corporation in this state. To arrive more easily and accurately at the changes necessary and desirable we divided the subject into the following captions: (a) Receipts— (1) Receiving funds. (2) Holding funds. (3) Investing funds. (b) Expenditures— (1) Authorization. (2) By whom and in what manner expended. (3) How paid. As the duties of each officer of the Board are affected by several of these :subdivisions, rather than submit to you for adoption an entire revision of the by-laws of the Board, changing the duties there given for each officer, we liave thought it better to submit a list of requirements governing the financial business of the University for your consideration, deferring the revision of the by-laws till your action be taken on these requirements. Your committee therefore recommends that the following requirements be adopted for the conduct of the financial business of the University and that your committee be instructed to report a revision of the by-laws embodying these requirements at the next meeting of the Board:

RECEIPTS, INVESTMENTS, AND ACCOUNTING.

1. The Treasurer shall be the custodian of the funds and securities belongi n g to the University. 2. The Treasurer shall collect as it becomes due the interest accruing on the money and securities of the University and shall collect the principal of said securities as it becomes due. He shall collect all general and special appropriations made to the University by the state and the United States. 3. The Treasurer shall keep the accounts of the money in his custody in «uch separate funds as are desirable and necessary for the proper and systematic accounting for the moneys coming into the treasury. 4. At each regular meeting of the Board, the Treasurer shall report in detail the transactions of his office for the quarter preceding the meeting and shall report the condition of the treasury at any time the Board may require. 5. The Treasurer shall report to the Secretary for record a complete description of each of the securities the Finance Committee may place in his custody within ten days after said action of the Finance Committee. 6. The Treasurer shall pay out money on warrants signed by the Secretary ;and the President of the Board and shall not otherwise do so; and he shall submit his receipted warrants to the Board for audit by the Finance Committee. 7. The investment of the endowment fund shall be made by the Finance Committee of the Board which shall place the securities thus obtained in the custody of the Treasurer, taking his receipts therefor, and shall at once file the said receipts with the Secretary. The Committee shall report its actions concerning investment of funds at each regular meeting of the Board. 8. The Secretary shall keep an accurate account of each of the securities reported by the Treasurer in a bond register and shall report maturing securities to the Board at least one quarter before maturity. He shall report the amount of interest accrued on the securities of the University during the previous quarter. 9. The Assistant Treasurer shall be the general Business Agent and financial accountant of the University. He shall collect and account for all money from dues, fees, tuitions, and all other sources not required to be collected by i;he Treasurer.