Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 496]

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1986]

UNIVERSITY OF ILLINOIS

485

RICHARD N . PETERSON, assistant university counsel, beginning January 21, 1986 (NY), at an annual salary of $39,500. TERRY L. SHEPARD, director of News Bureau, Urbana, beginning January 2 1 , 1986 (NY), at an annual salary of $50,000. LAUREL Y. WHITNEY, staff development director, Hospital Nursing, Chicago, beginning December 5, 1985 ( N Y ) , at an annual salary of $38,000.

On motion of Mr. Howard, these appointments were confirmed.

Establishment of a Quasi-Endowment from the Francoise A. Addington Estate

(13) Francoise A. Addington, a resident of California, died on July 22, 1983, leaving an estate of approximately $1,000,000. In addition, by her will she exercised a power of appointment over a trust of Illinois real estate valued at approximately $4,300,000. The Illinois trust terminates at the death of Hazel L. Phares, who is 79 years old. Mrs. Addington's will made certain minor bequests and created a residuary trust of the balance of her California estate. The will provided that the principal and income of the California residuary trust could be used by the California trustee to provide for Mrs. Addington's friend, Pat L. Hagan, taking into consideration funds and resources which Mr. Hagan had outside the trust and his standard of living at the time of Mrs. Addington's death. At Mr. Hagan's death, the California trust was to be distributed "to the University of Illinois for the use of its agricultural department for research grants in the agricultural field." The income from the Illinois farmland was to be paid to Pat L. Hagan until his death, or until the Illinois trust terminated at the death of Hazel L. Phares. If Mr. Hagan died prior to the termination of the Illinois trust, the income was to be distributed to the University of Illinois for the use of its "agricultural department" for research grants in the agricultural field. The corpus of the Illinois trust is to be distributed to the University at the death of Hazel L. Phares. Mr. Hagan died on March 19, 1984. T o date, the University has received a n income distribution of approximately $268,000 from the Illinois trust and a distribution of principal and interest of approximately $1,353,000 from the California trust. The dean of the College of Agriculture has proposed to establish a quasiendowment with all funds received from the Addington estate. The income would be used in support of a graduate research, fellowship grants program whose goal would be to develop a competitive, research-oriented fellowship program to assist departments in recruiting the top ten percent among prospective graduate students and to support research in emerging food and agricultural science technologies. In addition, funds might be provided to support research programs of young faculty. Such funds would provide initial support for such faculty to begin and to develop research projects in the food and agricultural sciences. The chancellor at Urbana-Champaign and the vice presidents for academic affairs and for business and finance concur in the recommendation to establish the quasi-endowment as described. I recommend approval.

On motion of Mr. Howard, this recommendation was approved. By consensus, die board agreed that one roll call vote would be taken and considered the vote on each agenda item nos. 14 through 28 inclusive. The recommendations were individually discussed but acted upon at one time. (The record of board action appears at the end of each item.)