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Caption: Board of Trustees Minutes - 1920
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1919] UNIVERSITY OF ILLINOIS 303 existence, the amount of fees assessed against the various beneficiaries has totaled 33,185, whereas the income from the endowment has been only $2,040. The entire endowment is invested in 6% bonds of the College of Physicians and Surgeons, and gives therefore an unusually good net return. I recently called the attention of the officers of the Missionary Society to this situation, pointing out the fact that the College of Physicians and Surgeons, and later the University of Illinois, had suffered considerable financial loss under the terms of the original agreement. The officers of the Missionary Society, after considering the matter and after conferring with Dr. Quine, with whom the original agreement was drawn up, agreed that the case be presented to the Board of Trustees of the University of Illinois, and that if the Board of Trustees considered that it should be relieved from the financial prejudice of the original contract, that the Missionary Society would accept a new agreement, effective beginning with the school year 1919-20, whereby only one beneficiary would be allowed each year instead of two, the only exception to this arrangement being that for the school year 1919-20 the Society desires to nominate two persons, these persons having already been selected. It is true that even this change would not completely protect the University on this scholarship, inasmuch as the maximum income is $120 per year, whereas the tuition fees, including laboratory and special fees in the College of Medicine now total more than $150 per year. However, I think in the light of all circumstances the above suggested arrangement is as fair a one as can be arrived at. I enclose for the consideration of the Board of Trustees a draft of a new arrangement drawn up along these lines, to replace the agreement under which we are now working. I recommend that I be given authority to complete this contract with the Northwestern Branch of the Woman's Foreign Missionary Society of the Methodist Episcopal Church. Respectfully submitted, LLOYD MOREY Comptroller
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