Caption: Board of Trustees Minutes - 1992
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BOARD OF TRUSTEES
beneficiary. The trust terminated when Charles Gabriel died on November 12, 1991. The bequest provided by the trust is approximately $700,000. The purpose of the bequest designated by the donor is to divide the funds provided equally between the Department of Otolaryngology for research in otosclerosis, and the Department of Ophthalmology for research in glaucoma. The head of the Department of Ophthalmology has proposed the establishment of a quasi-endowment with one-half of the funds from the Gabriel trust. The income would be used to support glaucoma research in accordance with the terms of the bequest. The 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.
On motion of Ms. Reese, this recommendation was approved:
Establishment of Quasi-Endowment, Chicago (Harry J. Willwerth, Jr., Estate)
(18) Harry J. Willwerth, Jr.,1 died on March 15, 1991, leaving a will naming the University of Illinois as beneficiary of $50,000 in his estate. The purpose of the bequest designated by the donor is to provide eye research. The head of the Department of Ophthalmology has proposed the establishment of a quasi-endowment with all of the funds from the Willwerth estate. The income would be used to support eye research in the Department of Ophthalmology in accordance with the terms of the bequest. The 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.
On motion of Ms. Reese, this recommendation was approved. By consensus, the board agreed that one roll call vote would be taken and considered the vote on each agenda item nos. 19 through 34 inclusive. The recommendations were individually discussed but acted upon at one time. (The record of board action appears at the end of each item.)
Resolution to Protect ROTCIssued Equipment and Supplies
(19) The University of Illinois maintains units of the Reserve Officers' Training Corps (ROTC) at the Urbana-Champaign campus and the Chicago campus. By act of Congress, the secretary of defense is empowered to issue supplies and equipment to educational institutions which maintain units of the ROTC provided there is a bond in place for the care and safeguarding of the equipment and supplies it issues. The secretary of the Army delegates to ROTC region commanders the authority to determine the amount of the bond based on an existing inventory. Each campus has a military property custodian who has the responsibility to store, account for, and inventory all property furnished. The U.S. Army requires a bond issued through a surety company or a bond without surety. In determining the bond amount the region commander totals the value of all nonexpendable property; at least 20 percent of the value of the uniforms; and includes an inflation factor since the bond amount is only reviewed every three years. The present recommended bond amount for the two campuses is $269,000.
1 Mr. and Mrs. Harry J. Willwerth were patients of Dr. Mark Tso, Department of Opthalmology.