Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 189]

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BOARD OF TRUSTEES

[ M a y i8,

M A T T E R S P R E S E N T E D B Y PRESIDENT K1NLEY The Board considered the following matters presented by the President of the University. ILLINOIS U N I O N C O N T R A C T F O R KITCHEN E Q U I P M E N T (i) By authority of the Board, a contract was signed with the managers of the Illinois Union for the current year for the rental of certain kitchen property owned by the University in the Union Building in connection with the cafeteria. The Union has lost money on the cafeteria. The net rental due from the Union up to March 31, when the lease was terminated, amounted to $490. The Comptroller informs m e that it would be a very substantial aid to the Union in its present financial condition to have that sum remitted, and this would mean no charge against the Budget income of the University. Inasmuch as the maintenance of this cafeteria by the Union has been of substantial benefit to the University, I recommend the adoption of the Comptroller's suggestion, namely, that the net receipts of the University, amounting to $490, due from the Students' Union in rental payments for the use of this property be remitted. O n m o t i o n of M r s . E v a n s , this r e c o m m e n d a t i o n w a s concurred in.

FURTHER PAYMENT UNDER GREGORY WILL

(2) A letter from the American Security and Trust Company under date of M a y 14, 1923, as follows: M r . 0. A. Harker, Legal Counsel, University of Illinois Dear Sir: This company, as trustee of the estate of the late Mrs. Louisa C. Gregory, is in a position to make a further payment on account of the legacy bequeathed under her will to the University of Illinois. As the previous resolution dated October 23, 1922, of the Board of Trustees of the University only covers thefirstpayment of $5,000 to it, w e would appreciate your taking the necessary steps to have the Board furnish us with an additional resolution to cover the payment in the sum of $1,000 which w e are about to make. Upon the receipt of it w e shall be glad to forward our draft in payment of the same. In this connection w e would appreciate your advising us if, as in thefirstinstance, you wish the draft to be drawn to the order of Mr. Lloyd Morey as treasurer of the University and sent to the Citizens Bank of Champaign. Yours very truly T. Stanley Holland Assistant Trust Officer I have requested Judge Harker to prepare the necessary resolution, which he has done as follows, and I recommend its adoption: Whereas, Louisa Catherine Gregory, w h o died at Washington, D. C , on the first of M a y , 1920, left a Will (admitted to probate in the Supreme Court of the District of Columbia) whereby it was provided that certain sums (whenever realized out of the rents and sale proceeds of certain real estate) should be paid to the Board of Trustees of the University of Illinois is to be held in perpetuity by the Board to be invested and reinvested from time to time, and the income thereof to be used as a scholarship fund for aid of worthy, indigent, and self-sustaining students attending the University of Illinois, to be known as "The John M . Gregory and Louisa Catherine Gregory Scholarships;" and Whereas, the said Board of Trustees, by resolution duly adopted on October 20, 1922, accepted the said bequest and agreed to use and manage the said fund in accordance with the provisions of said will; and Whereas, the American Security and Trust Company of Washington, D. C , executor and trustee appointed to carry out the provisions of said Will, has notified