Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 156]

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154

board o f trustees

[February 5

The cash balance in the hands of the University Treasurer as at December 31, I93°» together with the securities in his custody, as shown by the books of account, have been verified by actual inspection and confirmation from the depository. Cash on hand has been verified by actual count. T h e securities of the W . B. McKinley Public Utility Endowment Fund, of an aggregate book value of $110,026.39, have been placed in escrow with the TrevettMattis Banking Company, Champaign, Illinois, in accordance with the deed of gift of the late Senator W . B. McKinley. The Treasurer of the University holds a receipt from the escrow agent. The" securities have been produced by Trevett-Mattis Banking C o m p a n y for our inspection. It appears that the University Treasurer is relieved from liability for loss of these securities through burglary or other casualties and that the Trevett-Mattis Banking Company, acting as custodian without remuneration, is responsible only for the exercise of ordinary prudence in taking care of the securities. W e recommend that the University procure insurance against the risks indicated, in order to enjoy, with respect to these securities, the same full protection as in the case of the funds and securities in the direct custody of the University Treasurer. The income for the quarter under audit has been verified by extensive detail checking and comparison with thefilesof the various operating departments. The accounts of the Chicago Departments and of the Stadium Fund have been audited along the lines indicated above and have been found correct. The records of the meetings of the Board of Trustees of October 17, November 3, November 14, and December 9, 1930, have been examined and all actions affecting thefinancesof the University, in so far as they had been consummated up to the time of our audit, have been checked into the books of account and into the respective files of purchase orders and contracts. The records of previous meetings have likewise been referred to with respect to items not consummated at the time of previous audits. In the office of the Purchasing Division we have compared a number of the larger purchase orders with the relative bids and quotations. A number of construction contracts, together with purchase orders exceeding $1000 in amount, have been checked against reports made to the Board of Trustees and have been found to agree therewith. W e hereby certify, that so far as w e have been able to ascertain by an extended detail examination, All income which the University should have received during the quarter ended December 31, 1930, has been received and duly accounted for. All disbursements have been made for University purposes and have been properly authorized, and the expenditures have been correctly recorded in the books of account. The cash and securities as shown by the books at December 31, 1930, are correct in amount and have been verified by actual inspection, count or confirmation from the depository. The report of the Comptroller to the Board of Trustees for the quarter ended December 31, 1930, a copy of which is attached hereto, is in accordance with the books and, in our opinion, is correct. The quarterlyfinancialreport of the Comptroller to the Governor of the State of Illinois, covering the period beginning July 1, 1929, and ending December 31, 1930, is in accordance with the books and, in our opinion, is correct. Yours faithfully,

Arthur Young & Company This report was received for record. QUARTERLY REPORT OF THE COMPTROLLER

(15) T h e following quarterly report of the Comptroller as at December 31, 1930:

QUARTERLY REPORT OF THE COMPTROLLER TO THE Reserve and was $211,426, as BOARD U M MA. RThe balance at the corresponding date the quarter Contingent Fund per ScheduleDECEMBER 31, 1930 The unappropriated balance of S OF TRUSTEES QUARTER ENDED A Yand Contingent Fund at the close of the Reserve