Caption: Board of Trustees Minutes - 1936
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IQ$6] UNIVERSITY OF ILLINOIS 597 Comptroller, who in turn shall send his indorsement with reasons to the Provost for final action and presentation through the President of the University to the Board of Trustees. F U N D S OF UNIVERSITY ORGANIZATIONS 56. T h e Comptroller is permitted at his discretion to act as treasurer of student and other organizations affiliated with the University, on request of the President of the University, but without any liability on the part of the Board of Trustees of the University of Illinois. In all cases the accounts of these organizations shall be kept separate from the university accounts and the funds of such organizations shall be kept apart from university funds. CUSTODIANSHIP OF F U N D S FOE EXPENSES OF STUDENTS 57. T h e Board of Trustees forbids any officer of the University to receive, as custodian, in his capacity as an officer of the University, any money intended to meet the expenses of any student. While the Board cannot forbid any member of the staff to act as guardian or custodian of funds for the expenses of a student or students, it does forbid any member of the university staff from accepting checks made out to the University of Illinois, or to any officer of the University of Illinois, and sent as a fund from which to draw in order to meet the expenses of any student or students; or to endorse the same if made out as aforesaid. MERGING OF G I F T F U N D S 58. Every donation to the University in a sum of $5,000 or less, for the purpose of providing a fund, the annual income of which shall be used for a purpose designated by the donor, if accepted, shall be accepted with the condition and proviso that the capital sum of the fund thus established may, after the lapse of twenty-five years, be merged with other capital funds given to the University for similar purposes. When any donation or donations to the University are thus merged, the record of the consolidated fund shall indicate the names or titles of the smaller funds so consolidated. STUDENT LOAN FUNDS 59. Subject to the provisions of the deed of gift of any particular fund the following regulations shall apply to all student loan funds: (a) T h e Finance Committee of the Board of Trustees shall determine from time to time the general policies to be followed in the granting of loans. (b) An application on a uniform blank must be made by each student desiring to secure a loan. (c) Each application must be approved by the Dean of Men (for men students) or by the Dean of Women (for women students), by the dean, director, or assistant dean of the college or school in which the student is registered and in case of disagreement among these officers the application shall be submitted to the chairman of the Finance Committee. (d) Security in the form of an endorser or collateral satisfactory to the Comptroller shall be given in all cases unless otherwise provided in the deed of gift of any fund. (e) On the approval of the application as above indicated, the Comptroller shall make the loan on the receipt of a note or notes in the form approved by the University Counsel. (f) Notes shall be payable not later than three years after graduation or date of leaving the University, or in installments during that period. (g) All notes shall bear interest at five per cent from date until maturity and seven per cent after maturity, unless otherwise provided in the deed of gift of any fund. ( h ) T h e Comptroller shall collect all notes and the interest thereon and, when necessary, refer delinquent notes to the University Counsel for action.
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