Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 371]

EXTRACTED TEXT FROM PAGE:

1935]

UNIVERSITY OF ILLINOIS REQUEST FROM H. S. C A P R O N , FORMER TREASURER

369

Mr. K a r r a k e r , for the Finance Committee, presented a request from H. S. Capron, former T r e a s u r e r of the Board, that he be given an extension of two years to make final settlement of the balance of his account due the University in order to give him opportunity to realize further on assets of the old First National Bank of Champaign. He and his bondsmen are prepared to sign whatever papers may be necessary to carry out this arrangement. July 24, 1935 To the Board of Trustees of the University of Illinois

GENTLEMEN:

Referring to the communication of June 4, 1935, of Lloyd Morey, Comptroller, relative to the unpaid balance on the account of the University with the First National Bank of Champaign, represented by participation certificate issued by the Trustees of the Trusteed Assets of the First National Bank of Champaign, which amount as of this date is $25,919.92; you are hereby advised that from the Liquidating Agent for the Trustees I obtained the enclosed statement showing the condition obtaining as of the close of June 30, 1935: There are unpaid approximately $690,000.00 of the sums represented by participation certificates. Of the assets and classifications by the trustees: Cash Good Doubtful Considered worthless $ 35 414 88 223 139 78 345 986 15 $604 540 81 $925 260 18

Refinancing of certain assets is in progress with assurance of consummation in the near future, and when completed there should be a further distribution to the holders of participation certificates of at least 10% of the face amount thereof. It is thought that the liquidation of the remaining assets will be rather slow, requiring possibly two years. The advance in values of properties, farm and city, has strengthened assets materially, and it is hoped that with increased stabilization a larger recovery can be had. In behalf of the undersigned and his bondsmen we ask further forbearance on the part of your Board and request that the date of settlement of such liability as may exist be deferred until August 1, 1937, under the terms and conditions provided for in a certain resolution adopted by your Board on June 11, 1932. Respectfully submitted

HAZEN S. CAPRON

Former Treasurer On motion of Mr. K a r r a k e r , this extension was granted, and the Comptroller and the University Counsel were instructed to draft the necessary papers and to secure the signatures of the persons concerned.

B O N D I N G OF CERTAIN EMPLOYEES

Mr. Karraker, for the Finance Committee, asked the Comptroller to report on the bonding of certain employees, as recommended by the auditors. Mr. Morey reported that the Assistant Auditor had been placed under bond, and recommended that storekeepers and employees in the three general store-rooms ( t w o persons in each) be placed under bond.