Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 524]

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19433

UNIVERSITY OF ILLINOIS

521

this fund on that date, after allowing for warrants issued or vouchers in process, was $948,561. However, this balance included the appropriation of $250,000 for land for the airport, balances in numerous revolving and self-supporting accounts, and balances to cover outstanding encumbrances and unexpended Board appropriations for uncompleted activities as of June 30. As above indicated, the net balance was only $172,934. Inventories of general storerooms total $334,549 as compared with $342,554 as of June 30, 1942. Grants received from the United States Government for agricultural extension and experiment work totaled $1,006,826 for the year, including $250,000 for a state-wide farm labor program. T h e sum of $69,042 remained unexpended in regular grants, which sum will be used in part for additional expenditures incurred before June 30. The remaining balance will be deducted from the grants for the succeeding year. T h e sum of $244,833 remained unexpended in the farm labor allotment. In the operation of Government research and training contracts, including the training program in Engineering, Science, and Management, there was on June 30 a cash balance of $262,796 in excess of all expenditures on these projects to that date. This is due to the fact that in certain instances advance payments have been made to provide the University with working capital. All billings made against research contracts and Navy training contracts are current. In the case of the Army, however, no contracts had yet been furnished on that date for any of its training programs, although a considerable sum had already been expended. Student loan funds on June 30, 1943, totaled $379,684, as compared with $374,258 on J u n e 30, 1942. Of this sum $172,827 was outstanding in student notes, as compared with $220,529 the previous year. Endowments from private sources totaled $837,138, as compared with $805,632 the previous year. These funds were fully invested. State capital appropriations for the biennium ended June 30, 1943, were fully expended or encumbered as of that date, with the exception of the sum of $119,744 >n the appropriation of $125,000 for a new band building. This balance, by action of the Board of Trustees, was allowed to lapse unused.

The Comptroller presented this report, which was received for record.

AGREEMENT W I T H THE ILLINOIS CLAY PRODUCTS COMPANY (42) The Director of the Engineering Experiment Station recommends approval of an agreement with the Illinois Clay Products Company for a cooperative investigation of the constitution, bonding, and related properties for metallurgical uses of clay, this research work to be done jointly by the Station and the State Geological Survey. This is, in fact, a continuation of an existing research program sponsored by that company. The agreement is drawn for a period of one year beginning September 1, 1943, and the Company agrees to pay the University an estimated sum of $5,000 to cover the expenses of the work. The agreement conforms to all of the present policies and regulations of the University covering research programs sponsored by outside agencies, with the exception of the provision that all equipment and materials purchased from funds provided for this investigation shall become the exclusive property of the University. T h e Director requests that this requirement be waived. T h e Board has done so in a number of other cases, and there is now pending before the Committee on Patents a recommendation that this provision be eliminated from all future agreements for cooperative investigations. I concur in the recommendation.

On motion of Mr, Davis, this agreement was authorized as recommended.

REPORT ON THE CARTER-PENNELL FARMS

Dr. Meyer, for the Committee on Agriculture, to which was referred the annual report of the Carter-Pennell farms covering the farm year