Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 210]

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U N I V E R S I T Y O F ILLINOIS

207

the fencing on the farms was not adequate for livestock. The expenditures also included an expenditure of £54.64 for a topographical survey of the farms which would serve as a basis for drainage improvement. The income from the produce of the farms for 1924 can be given only approximately, as total sales have not yet been made. While all the produce has not been sold, the produce remaining on the farms has been inventoried as accurately as possible. The Carter-Pennell farms are located in a section of the state that suffered severely from a wet late spring and again at the close of the year due to early frosts. Both farms have areas that are poorly drained, and the crops were drowned out in low places. Flood water was bad on one farm. The income consequently was low compared with what might have been expected for the year. Considering the needs in soil building and the adaptation of the North Farm, it was decided to encourage the tenant to handle more and better livestock by entering into a partnership livestock lease with him. Six high grade Holstein cows were purchased at the cost of $838.93, and half interest in four pure bred Duroc Jersey brood sows at a cost of $200.00. Money involved in such property which is productive of direct income is handled in a revolving fund and not as an expense of operation, at the suggestion of the Comptroller. During the past year excellent clover seeding was secured on about seventy acres of land. It is believed that both farms have been put on a more productive basis. It seems advisable, however, to continue improvement work for the coming year. The work contemplated includes the purchase of two carloads of limestone at a cost of perhaps $150.00; repair work on buildings to cost approximately $300.00; the connection of city water on one farm for farm use at a cost of $75.00; new fencing to cost approximately $100.00, and repair of roofs $90.00.Economics Head of the Department of H o m e Approved: David Kinley H. W. Mumford President Dean of the College of Agriculture M. S. Ketchum of Submitted in accordance with the action of the Board of Trustees, University Dean of the College of Engineering Illinois, April 11, 1923. SCHEDULE A CARTER-PENNELL F A R M S OPERATING BALANCE SHEET AS A T FEBRUARY 28, 1925 Assets Cash 672 20 Accounts Receivable Rent 85 00 Other 582 90 82 Unsold Crops Inventory (See Schedule D) I 782 79 Livestock _ 9+8 93 Improvements (to be prorated over life, see Schedule B) North Farm 359 6% South Farm 554 41 91409 Total Assets 4 408 83 Liabilities Accounts Payable 129 06 Total Liabilities '2° 96 Surplus February 28, 1925 (below) 4 178 87 STATEMENT OF SURPLUS TO FEBRUARY 28, 1925 Income from 1013 crops (Schedule C) 2 739 09 Income from 1914 crops (Schedule D) North Farm 1 02t 70 South Farm 1 018 08 2 039 78 Net Income to date 4 778 87 Leas: Transferred to Student Loan Fund 50000 Surplus February 2$, 1025 (above) *78 87