Repository: UIHistories Project: Board of Trustees Minutes - 1922 [PAGE 8]

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BOARD OF TRUSTEES

[July 26

MATTERS PRESENTED BY ACTING PRESIDENT KINLEY

The Board considered the following matters submitted by the Acting President of the University.

FINANCIAL CONDITION AND PROSPECTS (1) A statement concerning the financial condition of the University.

This statement was received for record.

CARR CHEMISTRY FELLOWSHIP FUND The following statement: Some time ago President Robert F. Carr donated Minneapolis municipal bonds of a par value of $10,000 to the University for the establishment of a fellowship in chemistry. The income from these bonds is $500 per year. I believe that $10,000 could be safely invested in a way that would bring a larger income. Therefore, I take the liberty of suggesting to the Board with the consent of President Carr that he be permitted to take up these Minneapblis municipal bonds at par and that the $10,000 thus-received be invested in some safe security that will yield $700 or $750 a year. These Minneapolis bonds are selling at present at about ninety-four or ninety-five. (2)

On motion of Mrs. Evans, it was unanimously voted to refer this matter to the President of the Board and the Treasurer, with power to act. On motion of Mr. Trimble, it was voted to extend to Mr. Carr an expression of the thanks and appreciation of the Board for his generosity in this matter.

SECURITIES AND INVESTMENTS (3) A suggestion that some committee of the Board, such as the Finance Committee, or the Executive Committee, or a special committee consisting perhaps of the President of the Board, the chairman of the Finance Committee, and the Treasurer of the University, be charged with the duty of seeing to it that all securities of the University are continuously invested in the most profitable way consistent with entire safety; that in the discharge of this duty they shall have power to convert securities held by the University from one form or class to another, subject to the proviso above and subject also to the condition that they shall report their action in full in writing with their reasons therefor to the Board at its next special or regular meeting; and on the further condition that their authority thus to transfer or convert securities held by the University shall be limited to a sum not exceeding $25,000.

On motion of Mrs. Evans, this matter was referred to the Finance Committee for consideration and report.

SUPPLEMENTARY APPROPRIATION FOR CHEMISTRY (4) A recommendation that the appropriation for the department of chemistry for expense and equipment be increased by $8000, to be taken from the receipts from student fees in chemistry.

On motion of Mr. Hoit, this appropriation was made, by the following vote: Aye, Mr. Abbott, Mrs. Busey, Mr. Carr, Mrs. Evans, Mr. Hoit, Mr. Trimble; no, none; absent, Mr. Blair, Mrs. Blake, Mr. Herbert, Mr. Lowden, Mr. Ward.