Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 916]

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1940]

UNIVERSITY OF ILLINOIS

913

the service charge, the Board of Trustees to assume the responsibility of the service charge from these members. 2. That the University of Illinois Women's Club shall maintain and operate its own quarters for its use as a Club, as at present. 3. That this arrangement shall not be considered permanent, but subject to review from year to year, as the effect of the Mini Union Building on the Club is more accurately determined. T h e foregoing suggestions were approved by the Advisory Committee on the Management and Operation of the Illini Union Building at its meeting on April 18, 1940. T h e faculty and graduate student membership in the Women's Club during the current year numbers 157. So on this basis the reduction of income from the service charge if the Club is granted its request (assuming that all of its members would otherwise elect to pay the service charge) is $1 ,soo-$2,ooo. I recommend approval of these suggestions. I also recommend that the action of the Board of February 11, 1939, in the case of the University Club ( M e n ' s ) , paragraph 1, be amended to read as follows, the changes being italicized, to make the privilege extended to these organizations uniform: I. T h e members of the University Club, who are members of the University faculty, graduate students, and members of the staffs of allied surveys and other agencies affiliated with the University shall be regarded as members of the Illini Union and entitled to the use of its building without payment of the service fee. T h e Board will assume the responsibility for the service fees from members of the Club, up to a reasonable limit.

Action on this matter was deferred.

REPORTS OF FINANCE COMMITTEE

Mr. Mayer, for the Finance Committee, presented the following recommendations :

1. T h e Finance Committee recommends the investment of $5,000 of the Mutual Benefit Hospital Fund to be transferred from the checking account of that fund to the savings account of the fund in the First National Bank of Chicago, at l%% interest per annum. 2. T h e Finance Committee recommends approval of a first mortgage real estate loan on a residence property at 906 West Columbia Avenue, Champaign, Illinois, for $3,000 for ten years, interest 4%, payable semi-annually, option of paying multiples of $100 on any interest date, as investment of endowment funds. 3. Inland Steel Co. 354% bonds, of which $13,500 are held as endowment fund investments, have been called. A new issue at 3 % due 1961 was offered April 10. On advice of our investment counsel, the First National Bank of Chicago, the Finance Committee authorized the purchase of $10,000 of these bonds at a price of 103. Confirmation of the action of the Finance Committee is requested. 4. T h e Finance Committee recommends that authorization be given for purchases from the following list of securities, up to the amounts mentioned, as funds become available for investment. $5,000 Central Illinois Public Service, 2>%%, 1968, at about 104. $5,000 New York Steam, 3j/2%, 1963, at not over 106. $10,000 Central Illinois Power and Light, 3 ^ % , 1969, a t about 103. $10,000 Iowa Public Service, ~SYA%, 1969, at about 103. $10,000 Libby, McNeil and Libby, 4%, 1955, at about 103.

On motion of Mr. Mayer, the above recommendations of the Finance Committee were approved and confirmed, and authority to purchase securities was granted as requested.