Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 395]

EXTRACTED TEXT FROM PAGE:

1935]

UNIVERSITY OF ILLINOIS

393

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 my death, the Administrators of my 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 ($20,000.00), immediately after my death, of such a character as to yield a minimum income of One Thousand Dollars ($i,ooaoo) per annum. 2. The securities delivered to said Board of Trustees by me or by my 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 make 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 or the current income thereof, 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, so as to yield the minimum annual income as stipulated in paragraph 1; 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 may 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. When 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 architectural construction, city planning, or landscape architecture. 8. The annual income of said Fellowship shall be awarded to a graduate of said College, or to a graduate of some similar institution of equal educational standing, for the purpose of enabling him or her to pursue advanced study in his or her line of work at home or abroad if the income is sufficient for the latter purpose and the student so prefers: Provided, that I reserve the right, on giving the Board of Trustees notice of my desire to that effect not later than March first of any year, to require that the income for the succeeding academic year, beginning September first, shall be paid to myself. 9. Said Fellowship shall be awarded annually except as herein otherwise provided, on the recommendation of a committee consisting of the Dean or Director of said College, the Head of the department or school of Art and the Head of the department or school of Music. Said Committee shall consider for this Fellowship only such applicants as show unusual promise in Music or in other fine arts while satisfying the other requirements, and shall not award said Fellowship alternately to said departments merely for the sake of recognizing both departments. The best applicant must be selected even though for a series of years the best applicant happens to appear in the same department. The recommendation of said Committee must be approved by the Dean of the Graduate School but in no case shall faculty approval of the recommendation of the Committee be required. The applicant must be certified by the Committee to be of good moral character and unless in a very exceptional case not over