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Caption: Board of Trustees Minutes - 1928
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1928] UNIVERSITY OF ILLINOIS 609 T h e attached schedules except Schedule G have been supplied by the Comptroller of the University. They show in detail the accounts of both Carter-Pennell farms extending over the five year period that the farms have been under the control of the University of Illinois. Attention is called to the fact that the Supreme Court recently rendered a decision holding that the University must pay taxes on these farms. Under this decision taxes for the past three years will be payable, aggregating about $2,000. It will be noted that in Schedule A a reserve has been set up for this amount until it can be definitely determined whether or not it will have to be paid. Schedule A CARTER-PENNELL F A R M S OPERATING B A L A N C E SHEET AS ti 671 35 A T F E B R U A R Y 29, 1928 299 70 Assets I 227 00 m 93 Cash , 3 167 36 Accounts Receivable (Sales for which cash was *7 477 34 not received before March 1) 102 11 Stock and Unsold Crops (Schedule B) Deferred Charges Improvements (Schedule C) #3 649 26 2 000 00 Less: Amortization Reserve 481 90 5 375 23 $7 37S »3 Total Assets Liabilities Accounts Payable Surplus February 29, 1028 Reserved for 1925-1927 Taxes (Being contested) Free Surplus (See below) , STATEMENT OF SURPLUS ACCOUNT T O F E B R U A R Y 29, 1928 Income from Farms (See Schedule D) 1923-24 $2 739 09 1924-25 2 039 78 1925-26 I 755 49 I926-27 2 202 8l ^CHKOT-XLE B 1927-28 I N V E N T O R Y OF STOCK A N D U N S O L D CROPS HIW94* D BY T H E O NE Total Net Income UNIVERSITY AS A T F E B R U A R Y 29, 1928 $$ 625 23 Less: Farm transferred to Student Loan Fund. North Amount November, 1924. $500 00 Swine December, 1925 250 00 4 Brood Sows $150 00 June, 500 00 £1 250 00 Cattle 1927 Reserved as Contingent Fund for i925r 1926, 4 Cows $400 00 and 1927 Taxes 2 000 2 Heifers 140 00 00 $3 250 00 Balance February 29, 102S $5 375 23 1 Calves 85 00 62s 00 Represented by: Liquid Assets $2 207 87 Grain and Feed Fixed Assets $3 167 36 410 bu. Com 287 00 *Loss Total {forth Farm (See Schedule F) $1 062 00 South Farm 125 bu. Com 6 bu. AUike Clover Seed Total South Farm (See Schedule E) Total Inventory of Unsold Stock and Crops (See Schedule A) 75 00 9° °o J165 00 $1 227 00
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