Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 201]

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198

BOARD OF TRUSTEES

[May 17

RECOMMENDATION CONCERNING THE RESEARCH AND EDUCATIONAL HOSPITAL.

(52) A recommendation that the University concur in the following suggested modifications to the existing agreement with the Department of Public Welfare:

AMENDMENT TO THE PRESENT CONTRACT BETWEEN THE DEPARTMENT OF PUBLIC WELFARE AND UNIVERSITY FOR THE OPERATION OF THE RESEARCH AND EDUCATIONAL HOSPITAL

It is agreed during the years of 1929 and 1930, the department and the University will continue to operate under the present contract with the following changes: First. N o recommendations will be made either by the University or the Department in the selection of the Managing Officer except by joint agreement, and the Governor will be requested to name someone mutually acceptable. Second. The Director agrees that important questions of policy, allocations of space to departments, and divisions, and similar questions, will be submitted to a joint committee to the University and to the Department. Third. During the years 1929 and 1930 a committee consisting of three (3) representatives of the University designated by the President and three (3) representatives of the Department designated by the Director shall work out for tender to the 56th General Assembly, a bill for the permanent operation and financing of the Research & Educational Hospitals, the Eye, Ear, and Nose Infirmary, Psychiatric Institute, the Institute for Juvenile Research, and the Surgical Institute for Crippled Children. O n m o t i o n of M r . Barr, it w a s voted to concur in the modifications suggested, a n d the President of the University w a s authorized to appoint the necessary c o m m i t t e e s .

ROBERT LAUGHLIN REA SCHOLARSHIP FUND

(53) A recent inquiry into the matter shows that no formal procedure or regulations to govern appointments to the Rea Scholarships in the College of Medicine have ever been adopted. This Scholarship Fund was established by the Will of Dr. Robert Laughlin Rea, probated in Cook County, August 14, 1899, before the University took over the College of Physicians and Surgeons. The bequest reads as follows: "I give and bequeath the sum of $5,000 to the 'Chicago College of Physicians and Surgeons' (now located at the corner of West Harrison and Honore Street in said Chicago) to be invested by said College and the income therof to be applied toward the payment of the tuition of worthy and indigent students in said College, such students to be selected by said College and not to be less than four students at a time. And I direct that all the above bequests be paid within three years after m y decease." W h e n the property of the College of Physicians and Surgeons was turned over to the University in 1913, the sum of $4,800 (the bequest having been reduced by inheritance tax and attorney's fees) of College of Physicians and Surgeons bonds, representing the investment of this fund, was included. Since then a portion of these Physicians and Surgeons bonds has matured and the matured portion included the Rea Scholarship investment. The proceeds were invested in other Physicians and Surgeons bonds of later maturity, and in $50 of United States bonds, by the Board of Trustees. The present total principal of the fund amounts to $4,800, the investments consisting of bonds having a par value of $4,750, and costing $4,706.80, the balance being in cash. The present income from the fund amounts to $290 per year. If the principal had to be reinvested under present conditions, the income would probably not exceed $230. T w o ways are open to assign scholarships: (1) to place a permanent value on each scholarship and then award as m a n y scholarships as the income will produce (not less than four); (2) award four scholarships each year, making the amount of each as much as the income makes possible. The latter plan seems to carry out more closely the intention of the donor. I, therefore, recommend the adoption of the following regulations to govern this fund: