Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 412]

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board of trustees

[September 29

M E E T I N G O F EXECUTIVE C O M M I T T E E , A U G U S T 25, 1931 The Secretary Pro Tempore presented for record the minutes of a meeting of the Executive Committee held on August 25, 1931:

A meeting of the Executive Committee of the Board of Trustees of the University of Illinois was held at the Union League Club in Chicago at 12:30 p.m. (Chicago Time) on Tuesday, August 25, 1931. M r . George A. Barr, Chairman, Dr. William L. Noble, and Mrs. Helen M . Grigsby, members of the Committee, were present; also President Emeritus David Kinley and Professor James M . White. The Executive Committee considered the following matters presented by President Emeritus David Kinley and the Supervising Architect:

KATE NEAL KINLEY MEMORIAL. FELLOWSHIP

President Emeritus Kinley presented the following proposal for the endowment of a Kate Neal Kinley Memorial Fellowship, and also a letter from President Chase, recommending acceptance of the gift: "I hereby offer the Board of Trustees of the University of Illinois securities of the par value of Twenty Thousand Dollars ($20,000.00) for the purpose of establishing a Fellowship in memory of m y wife, Kate Neal Kinley, subject to the following conditions and provisions, which are to be accepted as part of this Trust by said Board of Trustees: "1. This Trust shall be named "The Kate Neal Kinley Memorial Fellowship Endowment." If the transactions establishing this Trust shall not have been completed at the time of m y death, the Administrators of m y estate shall deliver to the Board of Trustees of the University of Illinois securities selected by said Administrators of the par value of Twenty Thousand Dollars ($20,000.00), immediately after m y death, of such a character as to yield a minimum income of One Thousand Dollars ($1,000.00) per annum. "2. The securities delivered to said Board of Trustees by m e or by m y Administrators shall be retained by said Board until their maturity or until good reason appears to said Board for believing that the market value of said securities is likely to become seriously impaired and the income therefrom likely to decrease in the immediate future; but said Board shall not be held responsible to m a k e good any loss due to this requirement, unless it should appear that they have not exercised ordinary care in protecting said Endowment Fund. "3. If at any time the principal sum of this Endowment becomes diminished from any cause, no award of the Fellowship shall be made until the full principal sum shall be reestablished by additions of annual income or otherwise; and while such impairment lasts the annual income shall be added to the principal. "4. The principal of this Endowment shall be separately invested and the whole income devoted to its purposes and shall not be combined with other funds earning a different rate of interest and the income distributed or averaged. "5. The principal of this Endowment, its income and any additions which m a y be made to either principal or income in the future, from any source, shall remain in control of the Board of Trustees of the University of Illinois and, notwithstanding any act of the Legislature requiring University funds to be held in the State Treasury, shall never be deposited in the Treasury of the State or any political division thereof. "6. W h e n it becomes necessary to reinvest any or all of the principal of said Endowment, the Board of Trustees shall not be restricted for such investment to the classes of securities prescribed by law for investment of trust funds, but shall use their best judgment to obtain securities which will yield as nearly as possible at least the original rate of income consistent with reasonable safety of principal. "7. The Fellowship established by this Endowment shall be assigned to the College of Fine and Applied Arts only, or to its successor, and shall be open to students whose principal or major studies are in instrumental or vocal music or in the other fine arts, but shall not be open to students whose principal or major studies are in architecturalto a graduate of some similaror landscapeof equal educational standing, College, The annual incomecity planning, institution awarded to a graduate of said "8. or construction, of said Fellowship shall be architecture.