Repository: UIHistories Project: Board of Trustees Minutes - 1928 [PAGE 615]

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BOARD OF TRUSTEES

[May 23

Schedule G FINANCIAL STATEMENT OF TOTAL EARNINGS ON EACH OF THE CARTER-PENNELL FARMS FOR YEAR ENDING FEBRUARY 29, 1 2 98 A brief financial statement of the total earnings on the Carter-Pennell farms fortheyearen ing February 29, 1928, including both the income to the men operating the farms and that of the University of Illinois, may be presented briefly as follows: Record of the "North Farm" Total Farm Operator's University's Record Wage Income Total investments including land, buildings, livestock, and equipment $36 333 °° t 3 254 °° $33 079 00 Total receipts and net increases -506 38 -278 19 -228 19 Total expenses and net decreases 1 207 96 804. 77 4Q3 19 Income less expenses -1 714 34 -1 082 96 -631 38 Value of operator's labor 360 00 360 00 Net loss on investment $-2 074 34 $-1 442 96 $ -63 138 Record of the "South Farm" Total Farm Operator's University's Record Wage Income Total investments including land, buildings, livestock, and equipment ?3i ur 00 $3 149 00 ?27 97» °° Total receipts and net increases 1 430 19 1 661 5° 768 69 Total expenses and net decreases 872 25 623 00 249 2 5 Income less expenses 1 557 94 1 °38 50 5*9 44 Value of operator's labor 720 00 720 °° Net income from investment $ 83 7 94 $ 318 50 $ 5 '9 44 On motion of Dr. Noble, this report was referred to the Committee o n Agriculture for consideration a n d report. HIGHWAY ALONG CARTER-PENNELL FARMS (34) At the last meeting of the Board, action was taken directing the President to inform the proper authorities of Vermilion County that the Board of Trustees would transfer by proper deed the strips of land from the CarterPennell farms necessary to build an 80-foot roadway to be constructed by the State Highway Commission. The Board laid down the condition that the changes must be made entirely without expense to the University. Inasmuch as i was not clear from the statement of the attorney, Honorable t E. O. Furrow, that the Highway Commission or the County, either of them, would perform the work themselves instead of simply putting up money for the University to meet the expense, I asked Dean Mumford to go over, look over the situation, and advise m e on the matter. H e reports that he went to Danville, saw Mr. Arthur R. Hall, examined the Carter farms at Rankin, and checked up on the road and fence matter. H e reports that he can say definitely that if the University can be reimbursed at the rate of 75c per rod for all road fences to be moved that are now hedge fences, and 50c per rod for all other road fences, w e shall be able to meet the expense from the money that is received. Therefore, I recommend that the deed be signed on the terms laid down by the State's Attorney. O n motion of M r . Barr, this recommendation w a s adopted. GIFTS TO THE UNIVERSITY (35) The following report of gifts received since the last Board meeting: I. From Mr. James M . Cowan of Aurora, General Agent of the Northwestern Mutual Life Insurance Company, a painting—"The Hilltop" by Charles C. Curran, N. A.,—for our Art Gallery. 2. From the S. C. Johnson & Son Company of Racine, a Johnson floor waxer, and from the Maytag Washing Machine Company, an electric washing microscopic slides, wphotomicrographicCompany, and a projection E. Sturtevant,This reportaLudowici-Celadon the of H o m through Ceramic Engineering. machine—for the useaofreceived for record. e Economics. R. outfit for 3. From the valued at $235, to camera Treasurer, s the Department Department of Mr.