Repository: UIHistories Project: Board of Trustees Minutes - 1984 [PAGE 98]

EXTRACTED TEXT FROM PAGE:

1982]

UNIVERSITY OF ILLINOIS

89

the president-elect of the University of Illinois Alumni Association, Dr. George Kottemann.

President's Report

President Ikenberry presented a report on selected topics of current interest, copies of which were distributed at the meeting, and a copy was filed with the secretary of the board.

Report on Other Matters

The president also presented the following remarks:

One of the more notable developments since our last meeting was the announcement by the governor of support for the creation of a Microelectronics Center on the Urbana-Champaign campus. When it is completed the center will represent a significant advance in the University's research and teaching capacity. T h e major element in the plan is establishment of an electron beam lithography facility for the preparation of a very large scale integrated circuitry. T h e ability to fabricate such circuitry is important to research efforts in solid state physical electronics and in the design and construction of advanced computer systems and very high speed integrated circuitry. T h e Microelectronics Center is important for the University in three ways: it will keep our College of Engineering among the best in the country; it will enable us to be more competitive in gaining private support; and it will provide a new focal point for University-industry interaction. The creation of the center will be accomplished through renovation of existing facilities and, therefore, will be done at a substantial savings over new construction. In the first phase, we will move the State Water Survey to the Adler Center to be renovated at an estimated cost of $1.7 million. T h e then vacant Water Resources Building will be renovated and converted to a Microelectronics Center for the Department of Electrical Engineering at Urbana. The Water Resources Building contains approximately 26,000 square feet. Considerable renovation will be necessary to bring the building up to standards necessary for the Microelectronics Center. It is anticipated that approximately $3.5 million in State funds will be necessary for this purpose. T h e University has agreed to seek from private sources $3 million to purchase necessary equipment for the center. We believe this creative funding plan, involving public and private partnership, is a sound approach and a good example of needed joint action. If we can follow the proposed time table, the project can be funded and operational in three years and we are pleased that we appear to be moving. You will recall that at the last meeting of the Board of Trustees we discussed the possible formation of an Audit Committee of the board. We have since given further study to this and would recommend for your consideration in January the renaming of the Finance Committee to the Finance and Audit Committee. This would be a standing committee, constituted each year in the normal mode with appointments to the committee made by the president of the Board of Trustees. In addition to the responsibilities carried by the Finance Committee, the new Finance and Audit Committee could review the previous year's internal audit program and the direction of the program to be followed in the year ahead. T h e committee also could review with the comptroller the annual financial statements and annual external audit, including any specific issues of concern. In short, we would expect that the committee would maintain oversight of the audit function and would be provided with such material as necessary to discharge its function in an appropriate manner. We recommend no formal action now, but the board may wish to act in January when it elects board officers and establishes the committee structure for the coming year.