Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 524]

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193°]

U N I V E R S I T Y O F ILLINOIS

521

as suggested by Mr. McConnell, and he outlined a plan which he thought would be legal. The study of construction costs seemed to indicate that a room-and-board dormitory, offireproofconstruction, on the basis of double rooms might be managed so as to pay the operating costs and the interest charges, but if amortization charges were to be included, the rental charges for the rooms would be prohibitively high. Professor White gave the followingfigureson present rooming costs: Fraternities—$50 to $60 a month for room and board N e w m a n Hall—$51 a month for room and board The Granada—$55 a month for room and board Illini Hall—$12.50 (average) per month for room, with two in a room College Hall—$11.50 to $15 a month per man for room only with two in a room One-half of the men at the University are housed in fraternities and these four dormitories. T w o thousand of the balance are probably unfavorably housed, but it is doubtful if half of them could afford to pay $50 a month for room and board. The approximate estimates made at the meeting indicated that the hundred percentfinancingscheme was not feasible, but further studies will be made and there m a y be some later developments. W. L. Noble Walter T. Fisher Merle J. Trees O n motion of Dr. Noble, this report was received for record and the committee was discharged. TRUST FUND INVESTMENTS Mr. Trees, for the Finance Committee, presented as a report of the committee the following letter concerning trust fund investments. December 17, 1929 President David Kinley, 355 Administration Building D e a r President Kinley: I submit herewith a complete report of securities in the McKinley Endowment Fund for Economics of Public Utilities which are held in escrow by the Trevett-Mattis Banking Company. I have personally checked and inspected these securities and find that they are as reported. The Treasurer of the University has receipts for all of these securities from the Trevett-Mattis Banking Company. These securities are held in escrow by the Trevett-Mattis Banking Company in accordance with the terms of the deed of gift which was approved by the Board of Trustees at its meeting of January 12, 1924, (page 376). The provisions covering this point are as follows: "... .the said certificates shall be forthwith deposited with the Trevett-Mattis Banking Company of Champaign, Illinois, and by said bank held in escrow as custodian thereof for the period of ten (10) years from this date, and at the end of said ten year period, the said certificates shall be by said Trevett-Mattis Banking C o m pany delivered to the Board." "In event any of said preferred stock shall be redeemed or retired, the Board shall reinvest all moneys realized therefrom in other good interest bearing securities. If such retirement or redemption shall occur within said ten year period the securities purchased with the moneys realized from such redemption or retirement shall be likewise deposited with the Trevett-Mattis Banking Company in escrow for the remainder of said ten year period." "It is understood that the control of said gift and its income shall remain permanently with the Board of Trustees of the University of Illinois, or its successors (except only the physical possession of said securities while held in escrow with said Trevett-Mattis Banking Company), regardless of any legislative act concerning the deposit of any money or property of the University of Illinois either in the State that The original securities under of gift consisted of of % 23, 1928 (page % report was preferred capital of Corporation had called and Light Corporation.7 A cumulative made to the Boardstockthisthe at its meetingone 7 a ycumulative preferred TreasuryIllinois Power and Light Trustees Illinois Power the Mthousand shares of 600) the or elsewhere."