Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 215]

EXTRACTED TEXT FROM PAGE:

212

BOARD O F T R U S T E E S

[December

15

r e q u e s t t h a t a m i n i m u m w a g e of a t l e a s t $ 1 0 0 a m o n t h b e e s t a b l i s h e d for this group. M r . M e e g a n stated that the Association w o u l d m a k e t h e s a m e r e q u e s t of o t h e r s t a t e d e p a r t m e n t s a n d a g e n c i e s . O n m o t i o n of M r . J e n s e n , t h i s r e q u e s t w a s r e f e r r e d t o t h e C o m m i t t e e o n Civil S e r v i c e a n d E m p l o y e e s f o r s t u d y a n d r e p o r t . EXECUTIVE SESSION

At this point, the Board went into executive session to consider the following matter presented by the President of the University.

GIFT OF MR. AND MRS. MERLE J . TREES In December, 1937, Mr. and Mrs. Merle J. Trees made an initial gift of valuable paintings to establish the "Emily Nichols Trees (class of 1905) and Merle Jay Trees (class of 1907) Collection." Since then they have supplemented this by annual gifts of paintings which have been added to the Collection. They now offer the following list of paintings for the year 1942:

MERLE J A Y TREES

One-half interest in Neroccio di Landi (1447-1500)—Sienese "Madonna and Child" $7 000 Guy Wiggins—"Wall Street, New York" 600 John Whorf water color—"Signalling the Vessel" 250 Dwight N. Tryon—"Sunrise" 300 Total Value of Merle Jay Trees Gift (1942) $8 150

E M I L Y NICHOLS TREES

One-half interest in Neroccio di Landi (1447-1500)—Sienese "Madonna and Child" $7 000 Jean Charles Cazin—"Isolated Haystack" 1 200 Total Value of Emily Nichols Trees Gift (1942) $8 200 I recommend that the Board of Trustees accept these paintings to be added to the Collection as of December, 1942. O n m o t i o n of M r . C l e a r y , t h i s g i f t w a s a c c e p t e d , a n d t h e P r e s i d e n t of t h e U n i v e r s i t y w a s r e q u e s t e d t o e x p r e s s t h e t h a n k s of t h e B o a r d t o M r . a n d M r s . T r e e s for their c o n t i n u e d generosity. REPORT OF COMMITTEE ON ATHLETIC ACTIVITIES M r . D a v i s , f o r t h e C o m m i t t e e o n A t h l e t i c A c t i v i t i e s , p r e s e n t e d t h e following report: There has been referred to the Committee a copy of the auditor's report of the Athletic Association for the year ended June 30, 1942, prepared by Arthur Andersen & Company, Certified Public Accountants. T h e report shows total income for the year, $260,867.30; total operating expenses for the year, $252,330.11; excess of income over operating expenses, $8,537.19; extraordinary expenditures, $17,894.14; excess of total expenditures over income for the year, $9,356.95; reserves for deposit balances in closed banks, and investment in bank stock, $20,373.13; reserves for plant maintenance and replacements, $13,500; net operating surplus represented by liquid assets, $18,956.80, a decrease of $9,356.95 as compared with June 30, 1941, the amount by which total expenditures exceed total income. T h e Association also had annuity policies for its employees having a cash surrender value of $98,448.61, and equipment at a depreciated value of $24,057.87. T h e report indicates no irregularities. T h e only suggestion indicated was that the control of tickets and cash receipts from ticket sales should be strengthened. T h e Committee is informed that plans are under active consideration by the Comptroller and the Board of Directors toward this end.

This report was received for record.