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Caption: Board of Trustees Minutes - 1982
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1982] UNIVERSITY OF ILLINOIS 447 Under the terms of the agreement, the foundation undertakes to allocate to the fund gifts, pledges, living trust remainders, and expected bequests totaling $5,000,000. T h e agreement provides that the foundation's matching obligation will be credited to the extent that the University establishes an identical fund. Any funds allocated to the match by the foundation, and any identical fund created in the University, may be subsequently reduced or withdrawn from time to time in the amounts and to the extent that other endowment or quasi-endowment funds are received by the foundation, or the University, from sources other than the Beckmans and are allocated permanently to the fund. The Beckmans have advanced approximately $2,288,000 to the foundation for the fund and will transfer additional cash and real property to bring the total to $5,000,000 when the $5,000,000 matching allocation by the foundation or the University occurs. Presently, the foundation has received gifts and pledges, or otherwise has the capability to allocate $3,000,000 to the matching requirement of the fund. In order to complete the formation of the $10,000,000 endowment and fulfill the terms of the agreement, an additional $2,000,000 is needed. Under the terms of the Arnold O. Beckman Fund in the foundation, the income is used to provide two basic types of awards to enlarge and enhance the research activities of faculty members of the Urbana-Champaign campus: (1) faculty fellowships (with recipients to be designated as "Arnold O. Beckman Fellows") to provide release time from normal teaching duties to allow young faculty members to pursue research on a full-time basis; and (2) awards for research support to secure research assistantships and special research materials, supplies, equipment, and services, not usually available in departmental laboratories, storerooms, and libraries, for use in individual or group projects of faculty members or senior research staff. The determination of candidates to receive support from the fund is to be made by the Research Board of the Graduate College at the Urbana-Champaign campus in a manner determined and approved by the University. Any net income not expended in any year may, in the discretion of the Research Board, either be added to the principal or segregated and used to fund awards in subsequent years. If the Research Board determines that it is no longer practical for the fund to be used as originally specified, the net income may be devoted to improving the quality of research at the Urbana-Champaign campus in a manner agreed upon by the foundation and the University. T h e President of the University now recommends that $2,000,000 of the distributions received from the Harry H . Ferguson Trust be designated as a quasiendowment and the net income therefrom be allocated and used by the University in the same manner as provided for the Arnold O. Beckman Research Fund in the University of Illinois Foundation, as evidenced by an agreement dated February 10, 1979; as amended on November 23, 1981, between Mr. and Mrs. Beckman and the foundation; and as outlined above. The University fund will be known as the Harry H. Ferguson Research Fund and is to be considered a part of the matching requirements of the Arnold O. Beckman Challenge Grant. At the time, and to the extent that other endowment or quasi-endowment funds are hereafter received by the University or by the foundation (from sources other than Mr. or Mrs. Beckman) and are allocated permanently to the Arnold O. Beckman Board Fund in the foundation or to an identical fund in the University, the allocation of the Harry H. Ferguson Fund made by this action may be reduced or withdrawn in like amount from the conditions expressed herein and reallocated in accordance with established University procedures. On motion of Dr. Donoghue, this recommendation was approved. Agreement with Evanston Hospital, Medical Center (7) The chancellor at the Medical Center has recommended an affiliation agreement with the Evanston Hospital Corporation, Evanston, Illinois. According to
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