Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 373]

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BOARD OF TRUSTEES

[July 14

LEAVE OF ABSENCE FOR PROFESSOR B. L. JEFFERSON (34) A recommendation that Professor Bernard L. Jefferson of the Department of English be given a leave of absence with full pay for six months from September 1, 1939, on account of his health. T h e Department has arranged to distribute his teaching and administrative duties among his colleagues so that this will involve no additions to its budget. O n m o t i o n of D r . M e y e r , t h i s l e a v e w a s g r a n t e d a s r e c o m m e n d e d . DIRECTORS O F THE ATHLETIC ASSOCIATION (35) T h e By-Laws of the University of Illinois Athletic Association provide for the election of its Board of Directors (five in number under the present Articles of Incorporation) by the Board of Trustees of the University at the annual meeting of the latter in March on recommendation of the President of the University. W h e n it was time to make the appointments for 1939-1940, action thereon was deferred by the Board of Trustees. Later the Board of Trustees requested the President of the University to present a proposal for changes in the organization and methods of election of the Board of Directors of the Athletic Association, it being the judgment of the Trustees that periodical changes in the personnel of the Athletic Board are desirable in the interest of more diversified faculty and alumni representation and participation in administering the University's intercollegiate athletics program. A summary of the discussions is herewith given to the Secretary of the Board for record. President M a y e r reported on a discussion of this m a t t e r with President W i l l a r d and the Directors of the Athletic Association on J u n e 23, at the University. M r . Pogue also reported on the discussion. O n motion of M r . Pogue, the President of the University was requested to take steps as soon as possible to place the administration of the p r o g r a m s of Physical Education and Intercollegiate Athletics under the supervision and authority of a general University officer. A t this point, President Mayer, being called away for a time, asked M r . P o g u e to take the chair. REPORT OF FINANCE COMMITTEE M r . Moschel, for the Finance Committee, presented recommendations.

INVESTMENT or T R U S T F U N D S

the

following

T h e Finance Committee recommends that the sum of $7,500 on hand in trust deposit funds be invested in United States 3 % Savings Bonds, which will mature in ten years at $10,000, and are redeemable with interest after the first year. O n motion of M r . Moschel, this investment was authorized.

INVESTMENT OF ENDOWMENT F U N D S

The Finance Committee recommends the purchase of the following securities as investments of endowment funds now on hand: Amount Approximate Approximate par Security Price Yield $ 4 000 Oklahoma Gas & Electric 1st 354% of 1966 ( W e own $6,000) 109 3.25 I 000 New York Steam Corp. 1st 354%, 1961 ( W e own $9,000) 107^4 3.1 10 000 Gulf States Utilities 3^2% of 1969 103 3.32 O n motion of M r . Moschel, these investments were authorized.