Repository: UIHistories Project: Board of Trustees Minutes - 1974 [PAGE 415]

EXTRACTED TEXT FROM PAGE:

1973]

UNIVERSITY OF ILLINOIS

405

and 4947 of the Code may amend the terms of the governing instrument to the extent necessary to bring the trust into conformity with the requirements for termination of private foundation status in the manner described in section 507(b) of the Code; WHEREAS, T H E NORTHERN TRUST COMPANY, as Trustee of the ENDOWMENT FUND, deems it to be in the best interests of the ENDOWMENT FUND and of the charitable objectives to be accomplished thereby, to terminate the ENDOWMENT FUND and to distribute all of the net assets thereof to public charities which have been in existence for a continuous period of at least 60 calendar months immediately preceding the distribution and which are willing to carry out the objectives of the ENDOWMENT FUND; WHEREAS, each of the UNIVERSITY OF ILLINOIS, LOYOLA UNIVERSITY OF CHICAGO, and NORTHWESTERN UNIVERSITY is a public charity exempt from state and Federal taxation and is within the class of organizations to which all of the net assets of a private foundation may be distributed in order to terminate private foundation status under section 507(b) of the Code; and WHEREAS, T H E NORTHERN TRUST COMPANY, as Trustee of the ENDOWMENT FUND, has amended the agreement dated February 16, 1939, and establishing T H E JOHN N. CROUSE DENTAL ENDOWMENT FUND by inserting therein the following paragraph (24) : (24) Notwithstanding anything hereinbefore contained, THE JOHN N. CROUSE DENTAL ENDOWMENT FUND shall terminate on June 30, 1973, and thereupon the Trustee shall distribute the assets thereof, both principal and undistributed income, in equal shares to the BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS, LOYOLA UNIVERSITY OF CHICAGO, and NORTHWESTERN UNIVERSITY, to be used in the dental schools of those organizations for purposes consistent with the objectives set forth in this Trust Agreement establishing T H E JOHN N. CROUSE DENTAL ENDOWMENT FUND. New Therefore, Be It Resolved that the distribution of one-third of all of the net assets, both principal and undistributed income, of T H E JOHN N. CROUSE DENTAL ENDOWMENT FUND is hereby accepted by T H E BOARD OF TRUSTEES OF T H E UNIVERSITY OF ILLINOIS, to be used in its dental school for purposes consistent with the objectives set forth in the trust agreement establishing T H E JOHN N. CROUSE DENTAL ENDOWMENT FUND; and Be It Further Resolved that Ronald W. Brady as Comptroller of THE BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS, is hereby authorized to accept the distribution on behalf of T H E BOARD OF TRUSTEES OF T H E UNIVERSITY OF ILLINOIS, and to execute and deliver to THE NORTHERN TRUST COMPANY, as Trustee of T H E JOHN N. CROUSE DENTAL ENDOWMENT FUND, the receipt of T H E BOARD OF TRUSTEES OF T H E UNIVERSITY OF ILLINOIS. O n motion of Mr. Forsyth, the foregoing resolution was adopted.

FISCAL YEAR 1 9 7 3 AIRPORT DEVELOPMENT AID PROGRAM AND AGREEMENTS FOR THE UNIVERSITY O F I L L I N O I S - W I L L A R D AIRPORT

(11) At the May 16, 1973, meeting of the Board of Trustees authority was given to accept a Grant Offer from the Federal Aviation Administration and to execute an Agency and Participation Agreement with the State of Illinois, Department of Transportation, Division of Aeronautics, Fiscal Year 1973 Airport Development Aid Program. At that time preliminary estimates of project costs were $5,(W9,580, with 50 per cent to be furnished by FAA and 50 per cent by the Division of Aeronautics from the 1971 Bond Issue. Subsequently, at the July 18, 1973, Board of Trustees meeting, the President reported that the preliminary cost estimates had been increased to $5,468,000, with 75 per cent to be furnished by the FAA and 25 per cent by the Division of Aeronautics.