UIHistories Project: A History of the University of Illinois by Kalev Leetaru
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Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 453]

Caption: Board of Trustees Minutes - 1936
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1935]

UNIVERSITY OF ILLINOIS

451

SYSTEM OF RETIRING ALLOWANCES

Mr. Karraker presented a recommendation of the Finance Committee:

On February 9, 1935 (Minutes, page 122), the Board of Trustees adopted a recommendation from the Finance Committee to the effect that the Board give immediate attention to the adoption of some satisfactory method of financing retiring allowances and death benefits. The action of the Board did not specifically refer this matter to any committee. The Finance Committee, however, has discussed it in a preliminary way and is of the opinion that the Board should now proceed as rapidly as possible to a full study of this subject. As a first step in that direction, we suggest that the University Counsel be asked to review our system and render us an opinion concerning it. We also suggest that the Board indicate definitely who is to be responsible for further work on this matter—whether the Finance Committee or a special committee.

On motion of Mr. Barrett, this matter was referred to the University Counsel for review and report. On motion of Mr. Barr, the Finance Committee was requested to study the method of financing retiring allowances and death benefits.

R E D U C E D INTEREST ON GERMAN INTERNATIONAL B O N D S

Mr. Karraker presented a recommendation from the Finance Committee that the Board accept interest at 4% on interest coupons due December 1, 1935, on $5,000 of German Government International SlA% bonds due June 1, 1965, belonging to the Babcock Endowment Fund. On motion of Mr. Barrett, this recommendation was adopted.

SALE OF WEST PENN POWER BONDS

The Finance Committee calls attention to $10,500, par, of West Penn Power Company, first 5% bonds, due March 1, 1963, held as an investment of endowment funds. These bonds were purchased at various times at prices ranging from 98J/2 to 104. They are callable at 105. The market is now approximately 118. On motion of Mr. Barrett, the Comptroller was authorized to sell these securities.

INVESTMENT OF ENDOWMENT FUNDS

Mr. Karraker presented a further recommendation of the Finance Committee that the Comptroller be authorized to purchase suitable securities with $2,500 of uninvested endowment funds. On motion of Mr. Karraker, this investment was authorized.

EMPLOYMENT OF A R T H U R ANDERSEN a CO.

On motion of Mr. Karraker, the employment of Arthur Andersen & Co. to audit the accounts of the University for the current fiscal year was authorized, at a cost not to exceed $4,000; and of the Athletic Association at a cost not to exceed $275, to be paid by the Association.

MATTERS PRESENTED BY PRESIDENT WILLARD

The Board considered the following matters presented by the President of the University.

PLANS FOR MEDICAL AND DENTAL BUILDING (1) A statement concerning the plans for the second unit of the Medical and Dental Laboratories Building.