Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1025]

EXTRACTED TEXT FROM PAGE:

1022

BOARD OF TRUSTEES

[October 21

this provision of the State from Which They Obtained Certificates Iowa Iowa District of Columbia Wisconsin Puerto Rico Wisconsin District of Columbia Missouri Minnesota

United States and who qualify in all other respects law: Name

R O B E R T L E S T E R BONNINGTON F . A. C O V E R SAMUEL DIAMOND J O H N PERSHING GUELDENZOPF K U R T JOHN HAHLBECK F R A N C I S EDWARD KASTENHOLZ MATTHEW CHARLES K E P S EDMOND L O U I S SMITH HARRY SAMUEL T E M P L E

Address Oak Park Elkhart, Indiana Evanston Danville Santurce, Puerto Rico Glenview Chicago Belleville Highland Park

I concur.

On motion of Mr. Johnston, these certificates were awarded.

NATIONAL D E F E N S E EDUCATION ACT S T U D E N T LOAN FUNDS (5) On December 17, 1958, the Board of Trustees approved acceptance of funds from the federal government under the National Defense Education Act of 1058 to establish the National Defense Student Loan Fund. The Board also appropriated funds from indirect costs on government research contracts to provide the 10 per cent of the total fund thus established required of the University under the law to match the federal grant. During the year 1958-59 a total of $65,691 was received from the federal government and $7,300 was transferred from indirect cost funds for matching purposes. The United States Office of Education, which administers this student loan program, has advised that the University will be paid a total of $250,977 by the government for this purpose during 1959-60 — $167,652 of which has been received. Loan applications have been received for a significant portion of this amount. The probability is that approximately the same amount will be received in each of the next three fiscal years. It will thus be necessary to provide $27,887 of matching funds in 1959-60 and probably like amounts in each of the following fiscal years. The Board of Trustees on March 11, 1958, authorized acceptance of bequests from the estates of Gretchen Johanna Schilling and Paul Charles Schilling, and II $ 7,39 2 -72 has been received. Under the wills of the testators, the funds are to assist worthy, indigent students at the University of Illinois, and these funds may properly be used to match the funds received from the federal government for the student loan program. When accepting the Schilling bequests, the Board allocated one-half of the funds thus received for student loan purposes and one-half to endowment, the income from both funds to be used for scholarship purposes. Because of the difficulty in obtaining funds suitable for matching purposes, it is recommended that the assignment of the Schilling funds be modified and that during the period of the federal loan program, the Schilling funds be used for matching purposes to the extent required, including the repayment of funds previously advanced from indirect cost reimbursement. The sum of $35,186 will be so required in 1959-60, and probably approximately $27,000 will be needed in each of the three following years. It is further recommended that after the close of the federal program and the repayment of all loans, the Schilling funds thus assigned be returned to the uses originally specified. . . This action will make it necessary to withdraw a portion of the Schilling fund from the endowment investment pool. In order to provide the necessary funds, it is recommended that United States Government securities presently held in the endowment pool and maturing within two years of date of transfer be conveyed to current funds investments. If approved, these transfers will he made as required during the period of the National Defense Education Act Student Loan Program and within the total amount of the Schilling fund. These recommendations are made by the Vice-President and Comptroller and the Dean of Students, and I concur.

On motion of Mr. Harewood, these recommendations were approved.