Repository: UIHistories Project: Board of Trustees Minutes - 1916 [PAGE 232]

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232

UNIVERSITY OF ILLINOIS. AUDIT REPORT.

[Apr.

27,

Mr. Hoit presented, for the Finance Committee, the report of the United States Audit Company for the quarter ending December 31, 1914. This report -was received for record.

January 27, 1915. Hon. Allen F. Moore, Chairman, Finance Committee, Board of Trustees, University of Illinois. DEAR S I R : Following your instructions, we have audited the books and accounts of the University of Illinois at Urbana, 111., for the second quarter of the fiscal year, ended December 31, 1914. We are sending you herewith a copy of the report prepared by the Comptroller of the University, Mr. George E. Frazer, covering the quarter under audit, We have verified the cash receipts, disbursements, and balances as shown on the quarterly report, with the exception of the petty cash funds of the College of Medicine, School of Pharmacy, and Agricultural Experiment Station, totaling $1,150. The total disbursements as per disbursement ledger were $150 in excess of the amount shown by the warrant register. This difference is being investigated by the business office. Subject to the foregoing remarks, therefore, We hereby certify that the various schedules as contained in. the report of the Comptroller correctly set forth the transactions of the quarter ended December 31, 1914, and that they are in accordance with the books. Yours very truly,

UNITED STATES AUDIT CO., W. B. FLERSHEM,

Certified Public

Accountant.

MEETING OF T H E FINANCE COMMITTEE, APRIL 9, 1915.

Mr. Hoit presented also the report of the meeting of the Finance Committee held April 9, 1915.

A meeting of the Finance Committee was held in the Trustees' Room, at the University, in Urbana, on Friday, April 9, 1915, beginning at 3.00 p. m. Mr. Hoit, Chairman, and Mrs. Henrotin, Mr. Hopkins, and Capt. Trevett, members of the committee, were present. Vice President Kinley was present, and, during a part, of the afternoon, the retiring Treasurer, Mr. M. W. Busey. Mr. H. E. Cunningham acted-as Clerk. The committee proceeded to the consideration of the following matters referred to it by the board:

R A T E OF I N T E R E S T ON T R E A S U R E R ' S BALANCES, 1913-15.

The Clerk read certain correspondence between Treasurer Busey and Mr. Allen F. Moore, former Chairman of the Finance Committee, concerning the rate of interest to be paid on the average daily balances in the hands of the Treasurer, during the biennium just ending. Treasurer Busey made a statement to the effect that he would suffer financial loss if he were required to pay the two per cent interest, because the funds were tied up by reason of the demands of the Auditor of Public Accounts, during the greater part of his term and the total amount of interest he had been able to • collect during the rest of the term did not amount to two per cent on the balances in his hands during the entire term. Vice President Kinley stated that President James had requested him to call the attention of the committee to two points in this connection; namely, (1) that the budget for the current fiscal year had been made up on the supposition that the two per cent interest would be received [see Minutes, March 2, 1915, page 205] ; and (2) the rates of interest received by other institutions [see Minutes, January 30, 1915, page 201]. After discussion of the whole question, the committee voted, on motion of Mr. Hopkins, to recommend to the board that Treasurer Busey be asked to pay interest at the rate of one per cent on the average daily balances in his hands during his term.

T R E A S U R E R ' S BOND.

Mr. Hoit presented the following letter and the bond furnished by Treasurerelect H. S. Capron: [Mr. Capron's Letter.] Mr. W. L. Abbott, President, Board of Trustees, University of Illinois. DEAR MR. ABBOTT : I am enclosing herewith bond in the amount of one million ($1,000,000) dollars, executed by me and my sureties covering my responsibility as Treasurer of the University of Illinois for the period for which I was elected on the 9th day of March, 1915. For your information I have to advise that the guarantors represent a responsibility of about $4,000,000. So that you may know the responsibility of those signing the bond other than those connected with this bank. I have to say that W. S. Van Doren is the owner of 327 acres in Piatt County, Illinois, worth $200 per acre; 640 acres in Pocahontas County, Iowa, worth $150 per acre and 678 acres in Missouri worth $30,000 ; personal property in the amount of more than $50,000. Harry Grove owns 420 acres in Champaign County considered worth over $200 per acre. Gerd Ehler "owns 400 acres within a short distance from the corporation limits of Champaign, worth $250 an acre as well as large acreage in Iowa, Michigan and North Dakota. W. W. Ehler is the owner of 480 acres in Champaign County