Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 106]

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94

BOARD OF

TRUSTEES

[October 11

Administrative Staff

WILLIAM H. ALBERS, professor of clinical pediatrics, on 55 percent time, and chair of department, physician-surgeon on 20 percent time, and acting director, College of Medicine at Peoria, beginning September 1, 1990 (AY55;NY20), at an annual salary of $137,848. JAMES R. S U T T O N , director, Office of Security Programs, Chicago, beginning September 15, 1990 (NY), at an annual salary of $55,000.

O n motion of Ms. Reese, these appointments were confirmed. Establishment of Quasi-Endowment (Alice Clement Meyer Estate)

(10) Alice Clement Meyer,1 a former employee of the University of Illinois at Chicago, died on November 25, 1989, leaving a will naming the University of Illinois as one of three charitable beneficiaries. Partial distributions totaling approximately $735,000 have been received by the University and a smaller final distribution is expected within one to three years. T h e purpose of the bequest designated by the donor is to be added to the Alice C. Meyer Occupational Therapy Student Aid Fund at the University of Illinois' medical schools. T h e dean of the College of Associated Health Professions has proposed the establishment of a quasi-endowment with all of the funds from the Meyer estate. T h e income would be used to support student education initiatives in the College of Associated Health Professions. T h e interim chancellor at Chicago and the vice president for business and finance have recommended the establishment of the quasi-endowment for the purposes described. I concur.

O n motion of Ms. Reese, this recommendation was approved. Transfer of Hedging Account, University Farms, Urbana

(11) Commodities produced on the University's Endowment Farms generate funds for a variety of programs, including scholarships, fellowships, the maintenance of Allerton Park and Conference Center, student loans, and 4-H. Hedging commodities is a part of the farm management, reducing the risk associated with commodity production and sales, and is conducted through a registered commodity futures representative employed by a guaranteed introducing broker of a clearing member of the major commodity exchanges. On February 2 1 , 1985, the Board of Trustees approved the transfer of the account to Stotler and Company. Stotler and Company recently closed their office and authority now is requested to transfer the University hedging account to Iowa Grain Company. Business will be conducted through Illinois Commodities Corporation, Champaign, Illinois. Illinois Commodities Corporation is a guaranteed introducing broker for Iowa Grain Company. T h e University will be required to pay Iowa Grain Company their standard brokerage fee for the transactions handled. T h e fee is a regular farm expense, similar to feed, seed, or fertilizer, and will be paid from endowment farm income. Accordingly, the dean of the College of Agriculture has recommended the continuance of a hedging account to be administered by the farm manager under his responsibility of marketing crops grown on endowment farms.

1 Alice Clement Meyer was an instructor in psychiatric occupational therapy at the University of Illinois Research and Education Hospitals from August 1948 through August 1952. She took a one-year leave of absence to teach in Italy on a Fulbright scholarship and was appointed to the position of clinical director and assistant professor upon her return. In August 1957, she married Ralph Meyer and resigned from her position in January 1958.