Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 512]

EXTRACTED TEXT FROM PAGE:

1939]

UNIVERSITY OF ILLINOIS

5O9

3. T h e Finance Committee shall then make a recommendation to the Board of Trustees or the Executive Committee for the purchase or sale of securities, provided that in an emergency the Finance Committee may authorize the immediate sale or purchase of securities when the interests of the University so require, in which case a report of all such actions shall be made to the Board at the next succeeding meeting. 4. Investments of all trust funds shall be made only in accordance with the trust fund investment statute of the State of Illinois unless otherwise authorized by the deed of gift of any individual fund. 5. All securities or other property received as gifts shall be carried as investments of the specific funds for which they were received until such time as they mature or are disposed of for cash. All cash received as gifts or in realization of other assets, unless otherwise specified in the deed of gift of any fund, shall be pooled for investment purposes. All funds shall share in income, profits, and losses on such investments in proportion to their participation in the pool, all factors considered. O n m o t i o n of M r . A d a m s , t h e s e p r o c e d u r e s w e r e a u t h o r i z e d a n d the B y - L a w s were a m e n d e d as recommended, by the following vote: Aye, M r . A d a m s , M r . Jensen, M r . Mayer, M r . Moschel, M r s . Plumb, Mr. P o g u e ; no, n o n e ; absent, M r . Cleary, M r . H o r n e r , M r . K a r r a k e r , Dr. Meyer, Mr. Wieland. ADJUSTMENTS IN BUDGET OF ATHLETIC ASSOCIATION FOR 1 9 3 8 - 1 9 3 9 (30) T h e Board of Directors of the Athletic Association has made appropriations as follows from surplus funds for the purposes indicated, these expenditures being in addition to those authorized in the regular operating budget for 1938-1939: For golf team travel $ 125 Replacement of 120 tubes in the ammonia condensers at the Ice Skating Rink 800 Supervision of tennis courts and golf course for summer months 300 Reserve fund for plant maintenance and r e p l a c e m e n t s . . . . 10 000 O n m o t i o n of M r . A d a m s , t h e s e a d j u s t m e n t s w e r e a p p r o v e d . BUDGET OF THE ATHLETIC ASSOCIATION FOR 1 9 3 9 - 1 9 4 0 (31) In accordance with the By-Laws of the Athletic Association as approved by the Board of Trustees, I submit the budget of the Athletic Association for 1939-1940 as presented by the Board of Directors of the Association. This budget has been examined in detail by the Comptroller and reviewed by the President of the University. T h e estimated income of the Association for the coming year is $232,200 as compared with approximately $199,000 for the year just closed. Estimated expenditures are $230,302.98 representing an excess of $1,897.02 estimated income over estimated expenses. T h e increase in income consists of $20,000 estimated additional from football and an adjustment of about $7,000 in the methods of accounting for the Ice Skating Rink income. T h e budget for 1938-1939 carried an estimate of excess of income over expenditures to the amount of approximately $8,000. At the beginning of the year the Association had an operating surplus after reserves of $65,595. This surplus, as of July 1, 1939, will be about $39,000. Certain changes and adjustments which I have suggested to the Athletic Association result in a reduction of $300 in the proposed budget, making a total of $230,002.08, which represents an excess of $2,197.02 estimated income over estimated expenditures. I recommend approval of this budget by the Board of Trustees.

On motion of Mr. Pogue, this budget was approved.