Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 581]

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578

BOARD OF TRUSTEES

[September 30

provision for this legislation. T h e Chief of Staff of the Infirmary has already requested the Governor to do this but formal action by the Board is also desired.

On motion of Mrs. Plumb, the President of the University was authorized to request the Governor to include this affiliation in the call for a special session.

INVESTMENT OF TRUST FUNDS

Mr. Pogue presented the following report of the Finance Committee.

Funds available for investment.—The University recently has received a loan fund of $10,000 from which loans are to be made, primarily to students from Madison, Bond, or Clinton Counties. Since the applications from these counties are not numerous and we have an ample amount of other loan funds for general use, it appears that a considerable part of this fund may not be needed. T h e donor has indicated that the Board may invest up to $5,000 of this fund when not needed for loans "in high-grade common stock or real estate." Investment suggestions.—The First National Bank of Chicago has submitted a list of ten stocks in which it suggests investment at this time, and the Committee recommends distribution of $5,000 among Caterpillar Tractor, General Motors, and Inland Steel in approximately equal number of shares each. T h e Committee also recommends the purchase, from uninvested endowment funds, of up to $10,000 par of Detroit Edison 1st 4z/2 bonds maturing in 1961, at approximately m . O n m o t i o n of M r . P o g u e , these i n v e s t m e n t s w e r e a u t h o r i z e d . MATTERS PRESENTED BY PRESIDENT WILLARD

The Board continued its consideration of matters presented by the President of the University.

PURCHASES RECOMMENDED {2,2) A recommendation that the following purchases be authorized: 1. 3,800 engraved diplomas from the W . M. Welch Manufacturing Company, Chicago, the lowest bidder, at a price of $1,254. 2. 3,800 diploma covers from the W . M. Welch Manufacturing Company, Chicago, the lowest bidder, at a price of $2,774 f.o.b. Urbana. 3. Military overcoats, 115, from the United States Army at a total cost of $1,198.71. Army regulations provide that any institution maintaining an R.O.T.C. unit may purchase such clothing from the Quartermasters Corps, which operates a plant in Philadelphia, at cost plus overhead. T h e price is $10.12 each plus 3 per cent. Since this price is lower than any which could be obtained elsewhere, no competitive quotations were secured. 4. P y r e x laboratory glassware, 105 cases, for the General Chemical Storeroom, from A. S. L a P i n e and Company, Chicago, at a cost of approximately $1,750. F u n d s are provided in the budget for this purchase. This is a non-competitive item and is sold through jobbers at prices fixed by the manufacturer, the lowest price applying to orders for lots of 100 or more cases. It is customary to distribute this business among the various jobbers in Chicago. 5. Soil maps (10,000 copies) of Livingston County, for the Soil Survey Reports which are published by the Agricultural Experiment Station, from A. Hoen and Company, Inc., Baltimore, Maryland, the lowest bidder, at a price of $2,800 f.o.b. Urbana. 6. Beef cattle: 55 steer calves and 50 steers, for the Department of Animal Husbandry, from the Chicago Producers Commission Association, at a cost of approximately $6,150. It is not practicable to make this purchase on a competitive basis because the grade of livestock desired and the market prices prevailing