Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 600]

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598

B O A R D OF TRUSTEES

[ M a y ii

were sold by the University on March 16, 1932, the proceeds amounting to $386,726.55 including interest and on April 13, 1932, $176,050 par were sold, yielding $169,273.27 including interest. The account, Hazen S. Capron, Treasurer, at the First National Bank, Champaign, may be stated as follows as at April 19, 1932: Balance, January 16, 1932 $887 558 51 Deduct: Sale of Collateral, March 16, 1932 386 726 55 Balance, March 31, 1032 $500 831 96 Deduct: Sale of Collateral, April 13, 1932 169 273 27 Balance, April 19, 1932 $33' 558 69 Against this balance the University held at April 19, 1932, collateral securities amounting, at par, to $255,000 as follows: United States Treasury, 3%, September 15, 1955 $250 000 00 County of Champaign Tax Warrant, 5%, dated September 24, 1931 5 000 00 $255 000 00 Sale of these securities will reduce the Treasurer's account at First National Bank, Champaign, to approximately $77,000. The University is further protected as to the account of Hazen S. Capron, Treasurer, by a personal bond of Hazen S. Capron and co-sureties in the amount of $1,000,000. W e have been informed that committees representing stockholders and depositors, respectively, of the First National Bank, Champaign, are working out a plan to reorganize the bank and that the plan has received the tentative approval of the Comptroller of the Currency. If the reorganization is effected, the loss to depositors may be expected to be considerably less than i the bank is permitted to go into f liquidation. Collateral securities deposited by the Treasurer's depository banks as at March 31, 1932, have been confirmed to us by the Custodian, the First Union Trust and Savings Bank, Chicago. Collateral securing the funds held for account of Hazen S. Capron, Treasurer, have been detailed above. These securities amounted to $431,050 par at March 31, 1932. Collateral securing the funds held for account of Frank M . Gordon, Treasurer, has been deposited by the First National Bank of Chicago as follows: United States of America, 3)4%, June 15, 1949 $500 000 00 United States 4th Liberty Loan, \}i%, October 15, 1938 200 000 00 $700 000 00 The account of Treasurer Frank M. Gordon at March 31, 1932, as stated by the First National Bank of Chicago, shows a balance of $571,427.68. Investment securities as shown by the books at March 31, 1932, have been verified by actual inspection and/or confirmation from the depository. Cash on hand was verified by actual count. The income for the quarter under audit has been verified by extensive detail checking and comparison with thefilesof the Registrar and of the various operating departments. N o income has been realized from interest on the Treasurer's account at the First National Bank, Champaign, since December 31, 1931. This interest, calculated upon the same basis as heretofore, amounts to $2,124.61 for the quarter ended March 31, 1932. The accounts of the Chicago departments and of the Stadium Fund have been audited along the lines indicated above and have been found correct. Appropriation accounts kept at the Chicago business office have been reconciled with corresponding control accounts kept at Urbana. The records of the meetings of the Board of Trustees of January 13, 22, and 28, February 6 and 10, and March 8, 1932, have been examined and all actions affecting thefinancesof the University, in so far as they had been consummated at the time of recorded in thefinancialbooks during with respect to transactions consummated and our audit, have been checked into thethe quarter under audit. records of previous meetings have likewise been examined books of account. The