Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 428]

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426

board o f trustees

[September 29

All income which the University should have received during the quarter ended June 30, 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 June 30, 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 as at June 30,1931, a copy of which is attached hereto, is in accordance with the books and, in our opinion, is correct. Thefinancialreport of the Comptroller to the Governor of the State of Illinois, for the period beginning July 1, 1929, and ending June 30, 1931, is in accordance with the books and, in our opinion, is correct. Yours faithfully,

Arthur Young & Co. This report was received for record. AUDIT OF ATHLETIC ASSOCIATION ACCOUNTS

(19) The followingfinancialreport and audit of the accounts of the Athletic Association for the year ended June 30, 1931: September 15, 1931 President H . W . Chase, 355 Administration D e a r President Chase: I transmit herewith the audit report andfinancialstatements of the Athletic Association for the year ended June 30, 1931. The by-laws of the Athletic Association provide that its accounts shall be audited by the Comptroller of the University. I have had the general audit for the past year made by Arthur Young and Company, auditors of the University accounts, with general assistance from this office. Their report is included herein. The audit of ticket sales referred to in their report was made by this office. I concur in the report submitted by Arthur Young and Company and would add this additional comment concerning the statements of expenditures of the Association: Expenditures of the Association as summarized in Schedule C have been made in general accord with actions of approval taken by the Board of Trustees as follows: July 23, 1930—budget for the year covered by this report. A statement of this budget and the actual expenditures under it is included in this report. April 9, 1930—construction of tennis courts approved. October 17, 1930—construction of skating rink approved. December 9, 1930—construction of golf course approved. January 9, 1931—construction of hand ball courts in Men's Gymnasium approved, the University paying part of the expense. The above list of actions covers all expenditures for the year with the exception of the item "insurance—annuities, $10,628.46." This expenditure was authorized by the Board of Directors of the Association, but was not included in the budget submitted to the Board of Trustees of the University, or in any supplementary proposal to the Board of Trustees. Respectfully submitted,

Lloyd Morey

Comptroller August 31, 1931 Board of Trustees, University of Illinois, Urbana, Illinois D e a r Sirs, W e have audited the books of the Athletic Association of the University of Illinois for the and thehaveJune furnished by by thecouponcash receiptsthesummary of beenThe book.receipts schedule the of tickets submit the following of vouchers into the cash cashagainstended been30, 1931 andchecking all books forbrief University, work done year a result of verified us and Business Office home games have checked Receipts from sales audit.