Repository: UIHistories Project: Board of Trustees Minutes - 1928 [PAGE 604]

EXTRACTED TEXT FROM PAGE:

1928]

UNIVERSITY OF ILLINOIS

60I

over to a non-resident charitable organization. The tax is at the rate of 5 % on $24,500, $500 being exempt. I should like very much to have the benefit of the legal opinion of authorities of the University, if they deem i necessary, as our Tax man t believes that we cannot get away from it. W e , of course, will have to look to the University to pay this tax. Please let me hear from you as soon as possible. Very truly yours, Morton H. Eddy Judge Johnson, our Legal Counsel, advises me that the statement concerning the California law in the matter is correct. The University, in m y opinion, should pay this tax, and I recommend, therefore, an appropriation of $1,225 from the Marcus Russell Loan Fund for this purpose. This is 5 per cent on $24,500; the amount of the donation was $25,000 and $500 are exempt. O n motion of M r s . Grigsby, this appropriation w a s made, by the following vote: Aye, M r . Armstrong, M r . Barr, Mrs. Busey, Mrs. Evans, Mrs. Grigsby, Mrs. Ickes, Dr. Noble, M r . Trees; no, none; absent, M r . Blair, M r . Small, M r . W a r d . REPORT OF COMPTROLLER ON SALE OF CARTER P R O P E R T Y IN N O R M A L (3) The following letter from the Comptroller explains itself, and I submit it for record. (See Minutes, April 12, 1928, page 579) : May 7, 1028 President David Kinley, 355 Administration, West Dear President Kinley : In the matter of the sale of the Carter property in Normal I wish to report that I received advice from Judge Johnson that a warranty deed for this property might be given by the Board of Trustees. Thereupon I secured the signatures of the President and the Secretary of the Board to such a deed and delivered the deed to Mr. George M. Palmer, the purchaser, upon payment by him of the balance of the purchase price, namely $5,500. A payment of $1,000 was made by him when the contract of sale was concluded, making the total price $6,500, as authorized by the Board. A few bills relating to the court expense and abstracting expense are s i l outstanding. The matter of taxes for 1927 is also s i l in abeyance. As tl tl soon as these matters are concluded I will submit a completefinancialreport of the operations and sale of this property. Cordially yours, Lloyd Morey Comptroller This report w a s received for record. APPROPRIATION FOR COMMISSION ON SALE OF CARTER P R O P E R T Y IN N O R M A L (4) By authority of the Board, the Comptroller sold the Carter property in Normal for $6,500. (See Minutes, July 14, 1927, page 420). The Comptroller recommends that the usual commission of two per cent, amounting to $130, be allowed Mr. L. A. Hinton, of Normal, Illinois, the agent who sold the property, on the sale of the Carter property, to be paid out of the money received from the sale of the property. I concur in this recommendation. O n motion of M r . Barr, this recommendation w a s approved. T h e appropriation was m a d e by the following vote: Aye, M r . A r m -