Repository: UIHistories Project: Board of Trustees Minutes - 1910 [PAGE 100]

EXTRACTED TEXT FROM PAGE:

62

UNIVERSITY OF ILLINOIS.

[Dec. 28

These by-laws may be amended by a two-thirds vote of those present at any meeting: Provided, that notice of such intended amendment shall have been given at the last previous meeting, and that such notice shall have also been included in the call for the meeting.

THE TRANSACTION OF BUSINESS, THE KEEPING OF ACCOUNTS AND THE CUSTODY OF FUNDS OF THE UNIVERSITY.*

33. The following rules are adopted for the observance of officers charged with the management of the business, the keeping of the accounts, and the custody of the moneys of the University, and shall apply to the affairs of the Agricultural Experiment Station, of the State Laboratory of Natural History, of the College of Medicine, and of the School of Pharmacy; except that the accounts of the Experiment Station, those of the State Laboratory, and those of the College of Medicine and of the School of Pharmacy shall be kept in separate books. The immediate direction of the affairs of the station will rest with the director thereof. Recommendations of the several advisory committees provided by the Act of the General Assembly of Illinois, approved May 10, 1901, shall be immediately transmitted to the Board of Trustees for approval before being acted upon. All' appointments of regular employes of the station will be made by the trustees upon the recommendation of the director of the station, approved by the president of the University, and all purchases of material shall be made by the business manager upon the requisition of the director, approved by the president of the University. The business manager shall keep separate accounts of the different Experiment Station funds and shall account therefor as in the case of all University funds.

RECEIPTS, INVESTMENTS, AND ACCOUNTING.

(a) The treasurer shall be the custodian of the funds and securities belonging to the University. (b) The treasurer shall collect, as it becomes due, the interest accruing on the money and securities (including land contracts) of the University, and shall collect the principal of said securities when it becomes due. He shall collect all general and special appropriations made to the University by the State and by the United States. (c) The treasurer shall keep the accounts of the moneys in his custody in such separate funds as shall be indicated by the Board of Trustees, or as are desirable and necessary for the proper and systematic accounting for the moneys coming into the treasury. (d) 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 such time, and also at any other time the board may request. (e) 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 such action of the Finance Committee. (f) The treasurer shall pay out money on warrants signed by the chairman of the Board of Trustees and the secretary, and shall not do so. otherwise; and he shall submit his paid warrants to the board for audit by the Finance Committee. (g) The endowment fund shall be kept constantly invested by the treasurer and the Finance Committee of the board. The treasurer shall forthwith report all changes in investments to the secretary, who shall enter the same in his records. The committee shall report its action concerning the investment of funds at each regular meeting of the board, for approval.

* For modification of sections 33, 34, 35 and 36 see section 37.