Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 225]

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1937]

UNIVERSITY OF ILLINOIS

223

"Ninth—I further direct my said son, Welby Bucher, to create a trust fund of One Thousand Dollars ($1,000) out of said personal property to take effect at his death, the income of which shall be used for a scholarship in the University of Illinois, to be known as the Ermane G. Bucher scholarship, in memory of my deceased son, Ermane G. Bucher, the said scholarship to be competed for by the boys and girls of Livingston County, Illinois." This will was made on July 29, 1924, and has recently been admitted to probate. A copy of the will was secured by the University Counsel and has been deposited with the Secretary of the Board.

This report was received for record.

GIFTS TO THE UNIVERSITY

(28) A report of the following gifts received by the University since the last report was received by the Board: 1. Chrysler Corporation, one Plymouth motor with clutch and transmission cutaway to show the working parts, valued at $100, for the use of the Field Artillery Unit of the Reserve Officers Training Corps. 2. Chicago District Enamelers Club, one General Electric double scale thickness gauge, valued at $119.35, for the use of the Department of Ceramic Engineering. 3. The Anthony Company, Incorporated, of Streator, through Mr. William C. Anthony, one hydraulic cylinder unit with pump, valued at $175, for the use of the Department of Mechanical Engineering. 4. St. Louis Illinae Club, $921.51 ($376.51 in cash and $545 in notes covering loans made by that Club directly to students) for the establishment of a scholarship loan fund.

This report was received for record.

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REPORT O N STATUS OF EMERGENCY LOANS FROM VARIOUS S T U D E N T LOAN F U N D S

(29) A report from the Comptroller of the status of emergency loans made from various student loan funds which were past due as of February 27, 1937. This report was sent to the Chairman of the Finance Committee of the Board for his information and recommendation. The Board of Trustees has authorized the assignment of a limited amount (approximately $2,000 per year) of the interest income from student loan funds to cover the expense of collecting delinquent loans. The annual receipts of interest amount to from $8,000 to $10,000 per year. For the past two or three years there has not been demand for the funds available for lending, the excess of money over demands at present being about $62,000, so that the income is not needed for loan purposes. In view of these circumstances, the Comptroller recommends that the Board authorize the use of an additional portion of the income from these loans to extend the collection service with particular reference to emergency loans. He suggests that up to fifty per cent of the annual interest income of student loan funds be made available for this purpose.

On motion of Mr. Mayer, the Comptroller was authorized to use the income of student loans, up to fifty per cent, for collection service as requested.

SEVENTY-FIFTH ANNIVERSARY OF THE UNIVERSITY

(30) As previously reported to the Board, the seventy-fifth anniversary of the opening of the University will occur on March 2, 1943. It is customary for colleges and universities to commemorate their anniversaries from time to time, and it would seem appropriate that the seventy-fifth anniversary will be a significant occasion for a more or less elaborate observance.