Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 554]

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552

BOARD OF TRUSTEES

[October 15

It seems obvious thai the problem with respect to this fund will not be fully solved by merely changing the title. The problem lies in the fact that the University Revolving Fund, as it is now called, is required to meet a substantial part of the regular operating budget of the University for salaries and other expense and also covers a considerable sum of revolving or non-income transactions. These facts, it would seem, can be brought out only by a proper presentation of the budget at the time of its consideration, both to the General Assembly and State officers, and to the general public. On the other hand, it is obvious that the title, University Revolving Fund, is not altogether suitable for the fund as it stands. Likewise, the suggested term, University Income Fund, does not altogether describe its transactions. It is not practicable to separate these two types of transactions because there is considerable over-lapping; for example, it is not possible to determine in advance when a student pays his fees whether or not he will ask to have them refunded. The same thing is true in an agricultural transaction. It is not possible to determine in advance just what portion of that transaction may be net income. For these reasons, it appears to us that the term "revolving" should not be given up. We therefore suggest that steps be taken to change the title of the fund to "University of Illinois Income and Revolving Fund." This title would seem to be more descriptive and accurate as to the operations of the fund and such a change should not involve any serious question. The amendment of only one paragraph of one section of the State Finance Act is all that would be required, and other changes could be accomplished in future appropriation bills. Cordially yours,

LLOYD MOHEY SVEINBJOBN JOHNSON

Comptroller

University Counsel

O n motion of Mr. Mayer, the name of this fund was changed, as recommended, to "University of Illinois Income and Revolving F u n d , " and the President of the University was authorized to take steps to make this action effective. A t this point, Mr. A d a m s withdrew.

B U I L D I N G COMMISSION BILL A N D CHARTER

(33) A letter from Judge Johnson on the proposed Building Commission bill and on the amendments to the charter of the University. T h i s report was received for record.

UNIVERSITY ROUTE MARKERS

(34) A statement concerning the markers which have been erected in Champaign and Urbana on the so-called University Route for automobiles. O n motion of M r . Mayer, the President of the University was requested to take up with the appropriate parties the matter of the removal of these signs, on the ground that they constitute and promote an additional hazard to the students of the University.

PASTEUR M O N U M E N T

Mrs. P l u m b , for the Committee on Chicago Departments, presented a report of progress on the proposal to remove the P a s t e u r monument to the campus of the Chicago Departments, and stated that M r . George T . Donoghue, General Superintendent of the Chicago P a r k District, had contributed the services of Mr. Robert E . Moore, Jr., Landscape Architect, who will report with respect to the site. O n motion of M r s . Plumb, the President of the University was requested to express the appreciation of the Board to M r . Donoghue