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 464]

Caption: Board of Trustees Minutes - 1936
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462

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TRUSTEES

[November 1

formal names. At the present time the Davenport House has a name but the other dormitories are designated as the Residence Hall and the West Residence Hall, or East Hall and West Hall. If in the near future the University erects a third residence hall east of the present two on Nevada Street, it will be necessary to give these buildings something more than geographical or numerical designations. This suggests the advisability of a definite policy for the naming of buildings, particularly residence hall units. I recommend that this be referred to the Committee on Buildings and Grounds for consideration.

On motion of Mr. Barr, this recommendation was concurred in.

SALE OF WEST PENN POWER BONDS (13) A report that in accordance with the authorization of the Board of Trustees the Comptroller has sold $10,500, par, of West Penn Power first 5% bonds due 1963 at 1 1 7 ^ . The sale has yielded the net sum of $12,363.75 on these bonds as compared with their book value (cost less amortization premium to date) of $10,789.24, a net gain of $1,574.51. This gain is added to the principal of our endowment funds.

This report was received for record.

INVESTMENT OF ENDOWMENT FUNDS (14) A report from the Comptroller of the purchase of the following securities as investments of endowment funds made at the direction of the Finance Committee on the basis of the authorization of the Board on September 28, 1935: $7,000, par, City of Chicago Board of Education 4^4% 1954/44 at iooyj $13,000, par, U.S. Treasury Bonds 3J4% 1946/44 at 104 $2,500, par, U.S. Treasury Bonds 3lA% 1046/44 at 104 26/32 T h e Comptroller reports that a total of $12,885 of endowment funds is still awaiting investment and suggests that the Finance Committee be authorized by the Board to invest these funds in accordance with the general policies of the Board governing investments.

On motion of Mrs. Plumb, the Finance Committee was authorized to invest these funds as recommended.

SALE OF SOUTHWESTERN BELL TELEPHONE BONDS (15) T h e University has $1,500 of Southwestern Bell Telephone Company bonds, due 1954, callable at 105 and having a book value of 105.5 and a present market of 106. The Comptroller has been advised that these bonds will be called in in the near future. If they are held until called the principal account will show a small loss. They could be disposed of at their present book value or a little better if sold now. He recommends that the Board authorize the sale of these bonds at the present market at approximately 106.

On motion of Mr. Barrett, the sale of these bonds was authorized.

AUDIT OF UNIVERSITY ACCOUNTS (16) The report of the audit of the University's accounts for ihe year end inn June 30, 1935, has been submitted by Arthur Andersen & Co., and copies of it have been sent to the members of the Board.

This report was received for record.

LEAVE OF ABSENCE FOR DEAN C. M. THOMPSON (17) A request from Dean C. M. Thompson, of the College of Commerce and Business Administration, for a leave of absence with pay for not to exceed six weeks during the second semester, beginning approximately February 10, 1936, for the purpose of visiting various universities west of the Mississippi River to study the organization and operation of the colleges of commerce in those institutions. On this trip he also expects to deliver an address at each institution visited as well as addresses before civic and commercial organization"-.

On motion of Mrs. Freeman, this leave was granted.