Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 7]

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4

board of trustees

[September 20

SCHEDULE C REAL ESTATE MORTGAGES PURCHASED AS INVESTMENTS OF THE McKlNLEY E N D O W M E N T FUND

B. W . Pope, et al, Secured by 400 acres in Sections 27-28-33 & 34 $ 5 250 00 Township 6-2. Due September 30, 1931. 7 % interest payable semi-annually. W . B. Martin, Secured by 280 acres in Sections 32 & 33-6-3. Ad7 500 00 joins the city of Benton, Illinois. Due July 7, 1932- 7 % interest payable semi-annually. M . M . Hart, 339 acres in Sections 29 & 30-6-3, adjoining the cor- 15 000 00 porate limits of the City of Benton, Illinois. Due June 16, 1929. 7 % interest payable semi-annually. Total $27 750 00 All of the above located in Franklin County, Illinois Accrued interest to August 29, 1928 $440 86 O n motion of Dr. Noble, the action of the President of the University in carrying out the wishes of the Finance Committee and of the Executive Committee, as indicated by their signatures, w a s approved and confirmed. INVESTMENT OF PORTIONS OF MCKINLEY ENDOWMENT AND E. A. W A L L A C E S C H O L A R S H I P F U N D S (4) I submit a report,filedwith the Secretary, of the action of the Finance Committee and the Executive Committee investing $8,000 in a mortgage loan on farm land owned by Chester W . Richards in Champaign County, four miles east and six miles north of Urbana, being 160 acres with good improvements. Of the total amount, $5,500 is the uninvested balance of the Wallace Scholarship Fund and the remainder is out of the McKinley Professorship Fund. The land is valued at $32,000, exclusive of improvements. The interest is 5 % and the term five years. This loan was recommended by Treasurer Burke, and the recommendation was concurred in by the Comptroller and myself, and forwarded to the Finance Committee. They approved i and later the Execut tive Committee did also. The investment was accordingly made. The Comptroller reports that in accordance with the Committee's action the following investments have been made:

SCHEDULE D PURCHASE OF MORTGAGE OF C. IV. RICHARDS

(First mortgage on N W j i 7-20-10E, in Champaign County, Illinois, due June 1, 1933, 5 % interest payable semi-annually.) Amount of Mortgage $8 000 00 Less amount paid from E. A. Wallace Memorial Fund 5 491 67 Paid from McKinley Endowment, Economics of Public Utilities $2 508 33 Accrued Interest June 1, 1928, to August 7, 1928. Wallace share $ 48 79 McKinley Endowment share 22 32 ~$ 7lTl O n motion of M r s . Grigsby, the action of the President of the University in carrying out the wishes of the Finance Committee and of the Executive Committee, as indicated by their signatures, w a s approved and confirmed.