Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 233]

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I931!

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

231

of the University funds placed on deposit by the Treasurer, the depository Bank has deposited with the Federal Reserve Bank, Chicago, securities consisting of United States Government Obligations amounting to $747,000. T h e deposit certificates have been submitted to us by the Treasurer for inspection and arrangements have been made for joint custodianship of these certificates by the Treasurer and the Comptroller of the University. The Trust Fund Securities placed by the University into the custody of the Treasurer and of the escrow agent designated by the late Senator W . B. McKinley have been submitted to us for inspection and have been found to agree with the relative records in the business office. Insurance against loss by burglary or hold-up has been procured with regard to negotiable securities of the W . B. McKinley Public Utility Endowment Fund, in custody of the escrow agent, Trevett-Mattis Banking Company. Cash on hand has been verified by actual count. Audited vouchers payable taken up on the books as at March 31, 1931, have been examined by us and the total of the vouchers has been found to agree with the amount shown by the books. Bonds payable on the College of Physicians and Surgeons properties as at March 31, 1931, have been confirmed to us by the Chicago Trust Company, Trustee. The Income for the quarter under audit has been verified by detail checking and comparison with the files of the Registrar, Deans of Colleges and of 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 January 9, February 5 and 6, and March 11 and 12, 1931, have been examined with regard to actions affecting thefinancesof the University and their proper record in the books of the business office. The records of prior meetings have likewise been examined with regard to items not consummated at the time of previous audits. In the office of the Purchasing Division w e 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 J 1,000 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 we have been able to ascertain by an extended detail examination— All Income which the University should have received during the quarter ended March 31, 1931, 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 March 31, 1931, 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 March 31, 1931, 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 from July 1, 1929, to March 31, 1931, is in accordance with the books and, in our opinion, is correct. Yours faithfully,

Arthur Young & Companv analysis of investments

Mr. Trees, for the Finance Committee, reported that he had had an analysis of that University'scommittee on furnishings made by two FURNISHINGS for the funds seemed to be invested satisfactorily. dent's House, FOR PRESIDENT'S HOUSErecommendations. the PresiMrs. Evans, presented the following banks, and the special trust fund investments for