Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 516]

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UNIVERSITY OF ILLINOIS

513

O n motion of Mrs. Busey, this report was received for record, and the action of the President of the University was approved. GIFTS TO THE UNIVERSITY (26) The following report of gifts received by the University since the last report: 1. From the Western Electric Company of Chicago a direct-current motor with a generator designed to deliver direct, pulsating, and alternating current, valued at about $500, for use in the Department of Electrical Engineering. 2. From the Kewanee Boiler Corporation of Kewanee, a new Portable Fire Box Boiler, complete with all castings and trimmings, which has a market value of $700, for the use of the Department of Mechanical Engineering for instructional purposes. 3. From President David Kinley, a collection of 593 bound volumes, 1210 unbound books and pamphlets, and 294 unbound numbers of magazines, dealing with subjects in the field of Economics and related studies. These books have been deposited in the Library. T h i s report w a s received for record.

ENGLISH POETRY PRIZE

(27) The University, through the Department of English, awards annually two prizes, one of $15, and one of $10, for the best undergraduate poems of the year. The Prize Fund amounts to $677.50. It does not appear that this fund has ever been officially accepted. The Prize Fund was started with the profits, amounting to $339.26, made from a dramatic entertainment by Mr. Forbes-Robertson in 1919. Since then it has been supplemented by the profits, amounting to $326, from the sale of "Illini Poetry," a book of poems published by Professor Bruce Weirick in 1925; by profits from the exchange of securities when the fund was reinvested, amounting to $2.11; and by a contribution of $10.13 from the late Professor S. P. Sherman in 1923. I recommend that this fund be accepted by the Board and that the Comptroller be authorized to carry it as one of the Trust Funds of the University. O n m o t i o n of M r . Trees, this f u n d w a s accepted a n d the C o m p troller w a s authorized to carry it as a Trust F u n d .

REPORT OF AUDIT OF UNIVERSITY ACCOUNTS

(28) The following report received by the Secretary of the Board from Arthur Young & Company on their audit of the accounts of the University for the quarter ending December 31, 1929. January 16, 1930 Board of Trustees, University of Illinois, Urbana, Illinois D e a r Sirs: W e have audited the books of the University of Illinois for the quarter ended December 31, 1929, and submit the following brief summary of the work done and the result of the audit: The Cash Receipts have been verified by checking all cash receipts vouchers into the cash book and examining a substantial portion of the original departmental records. Cash received as recorded has been duly deposited with the University Treasurer. The warrants drawn on the University Treasurer and those certified to the State Auditor have been checked into the cash book, and a substantial portion of the supporting vouchers has been examined with respect to authorization, object of expenditure and receipt of goods or services by the University. The footings of the cash book have been proved. O n December 12, 1929, the Board of Trustees received and accepted the resignation of the University Treasurer and on the same day it elected a new Treasurer. The funds in the hands of the resigning Treasurer at December 12, 1929, amounting to $1,136,163.95, as acknowledged in the Treasurer's statement and as reconciled with the records in the Business Office, have been duly transferred to the new Treasurer, as shown in his statement for the period, December 12 to 31, 1929. The cash balance in the hands of the University Treasurer as at December 31, have been verified verified byinspection and confirmation from the depository. Cash on hand has been by actual actual count. 1929, together with the securities in his custody, as shown by the books of account