Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 353]

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350

BOARD OF TRUSTEES

[June 8

application for an increased grant does not materialize, it will be necessary to omit the finishing of the building as follows: Credits 1. Omission of the use of "Old Virginia" brick substituting the use of shale brick $6 500 2. Omission of walnut flooring and substitution of oak in the lobby 300 3. Omission of teakwood floor in ballroom and the substitution of oak.. 1 500 4. Omission of ventilation in Alumni Association and student activity offices 5 500 5. Omission of one passenger elevator (this can be added later when funds become available) 8 100 6. Omission of lighting control in ballroom 3 800 I concur in this recommendation. O n motion of M r s . Plumb, this recommendation w a s adopted.

S T U D E N T LOANS WRITTEN OFF

At this point, Mr. Pogue, for the Finance Committee, presented a recommendation that uncollectible student loans be adjusted and written off as follows: 1. Sol Goodman—Senate Committee Fund, $20. 2. Charles H. Stewart—McKinley Fund, $187.47. 3. Clarence J. Gillaspey—Consolidated Loan Fund, $50. 4. Mary Elizabeth Coons—St. Louis Illinae Club Fund, $30. 5. Wade Gehringer—McKinley Fund, $75. 6. Carroll Johnson—Snyder Loan Fund, $50. On motion of Mr. Pogue, this recommendation was adopted; and the Finance Committee was authorized to make such adjustments in loans as may be necessary from time to time to secure settlement, and to approve the cancellation of loans on request of the Comptroller when collection seems impossible.

CHANGES I N INVESTMENTS OF E N D O W M E N T FUNDS

Mr. Pogue reported as follows: The Finance Committee reports that Commonwealth Edison 1st 4% bonds due 1981, of which we hold $15,000 par, are to be called for payment June 27, 1939, at 105. The Committee requests authority to make investments of this fund as recommended by the investment counsel of the Board, the First National Bank of Chicago, or in other investments authorized by the Illinois Trust Investment Statute or the deeds of gift of individual funds, as follows: Group Investments: $10,000 Allegheny Valley Railway Co. First 4% 1942, @ about io6;4. Kinky Fund: $2,500 Household Finance Co. 5% Preferred stock. $2,500 Pacific Gas and Electric Co. 6% Preferred stock. Because of the uncertainty of the investment market, other bonds may be called during the summer months on short notice. The Finance Committee also requests authority to make investments under similar conditions in such cases when prompt action is necessary to keep the funds invested. O n motion of M r . Pogue, authority was given to the Finance Committee as requested.

REPORT O N RETIREMENT SYSTEM

Mr. Pogue, for the Finance Committee, reported also as follows: On November 29, 1938 (Minutes, page 148), the Board authorized the employment of D. F. Campbell, consulting actuary, to study the University's retire-