Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 35]

EXTRACTED TEXT FROM PAGE:

1936]

UNIVERSITY OF ILLINOIS

33

FINANCING OF STUDENT CENTER BUILDING (18) T h e following report from the Directors of the University of Illinois Foundation on a campaign to raise funds for the construction of a Student Center Building: (a) If a Federal grant of $450,000 is obtained, the Foundation recommends that a fund-raising agency be employed and that a campaign be made at once to raise $350,000 by subscription and $450,000 by the sale of bonds. (b) If no Federal aid can be obtained, the Foundation recommends that further consideration be given to the time of beginning a campaign for funds. T h i s report w a s received for record. A t this point, M r . B a r r w i t h d r e w .

ALUMNI E M E R G E N C Y LOAN F U N D

( I Q ) On April 20, 1032, the Board accepted the sum of $4,000 from the Alumni Fund Board to be used as an emergency student loan fund. Interest has been collected on such loans and added to the fund, so that at this date it amounts to approximately $4,800, consisting of about $1,000 in cash and $3,800 in outstanding notes. When the fund was turned over to the University, it was with the understanding that the sum might be recalled if conditions demanded. In the meantime the Alumni Fund Board has turned its assets over to the University of Illinois Foundation. T h e Foundation expects to need the money represented by the loan fund in the near future, and has requested that, as rapidly as practicable, it be turned back. I recommend that the Comptroller be authorized to return to the University of Illinois Foundation the sum now on hand in the Alumni Emergency Loan Fund, and additional sums when collected on outstanding notes of the fund. O n m o t i o n of M r . B a r r e t t , t h e C o m p t r o l l e r w a s a u t h o r i z e d t o r e t u r n t o t h e U n i v e r s i t y of I l l i n o i s F o u n d a t i o n t h e p a r t of t h i s f u n d n o w o n h a n d , a n d s u c h a d d i t i o n a l s u m s t h a t m a y c o m e in b y t h e p a y m e n t of e x i s t i n g l o a n s . EMERGENCY LOAN F U N D S (20) Officers of the University having to do with student loans report that they are handicapped because of the lack of funds for emergency, short-time loans of small amounts. The withdrawal of the Alumni Emergency Fund will increase the difficulties in this respect. T h e regular loan funds are used for larger loans repayable after graduation, and requiring time for careful investigation and approval by several officers. At present the demand for such loans is much less than the amount available for lending in the various funds. T h e provisions of several of the funds are such that the Board could authorize the use of surplus balances for emergency loans. I recommend that a sum not to exceed $10,000 be set aside from various loan funds in which the conditions of the gifts so permit, to be used for emergency loans to students to be repaid within the University year in which made, in amounts not in excess of $50 each, without security, with interest at 4% until maturity and 7% thereafter, such loans to be made by the Comptroller on the approval of the Dean of Men or the Dean of Women. O n m o t i o n of M r s . P l u m b , t h e f u n d w a s set u p a n d t h e C o m p troller w a s authorized to m a k e such loans, subject to the above rules, from existing loan funds t h a t m a y be available. APPROPRIATION FOR EQUIPMENT FOR COLLEGE OF EDUCATION (21) A recommendation that an assignment of $400 be made from the General Reserve Fund to the College of Education for the purchase of dictating and transcribing equipment. O n m o t i o n of M r s . P l u m b , t h i s a p p r o p r i a t i o n w a s m a d e , b y t h e following vote: Aye, M r . Barrett, M r . K a r r a k e r , M r . Mayer, Dr.