Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 572]

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572

BOARD OF TRUSTEES

[July 23

Medicine, with technical assistance by the staff of the Office of Research in Medical Education. Under the proposed contract, the copyright will be held by the publisher and royalties will be paid to the University on the basis of a sliding scale ranging from 5 per cent to 12 per cent, depending upon the number of copies sold. The royalty arrangements are simlar to those previously authorized on other medical education materials. This arrangement has been approved by the Executive Vice President and Provost, the Vice President and Comptroller, and the University Counsel. I concur.

On motion of Mr. Swain, authorization was given as recommended.

ROYALTY AGREEMENT WITH CYBERN EDUCATION, INC., MEDICAL CENTER (40) The Dean of the College of Dentistry and the Chancellor at the Medical Center campus recommend authorization of a contract between The Board of Trustees of the University of Illinois and Cybern Education, Inc. granting an exclusive license to Cybern Education, Inc. to reproduce, publish, sell, market, and distribute programmed instruction materials including visual and audio training aids developed by the College of Dentistry under a contract with Cybern Education, Inc., as follows: Lesson System 1 — Gold Casting Lesson System 2 — Investment Techniques Lesson System 3 — Air Turbine Handpieces Lesson System 4 — Oral Lesions - I In addition to royalties of S per cent on domestic sales and 21/2 per cent on foreign sales, the materials will be supplied to the University at reduced prices. This arrangement has been approved by the Executive Vice President and Provost, the Vice President and Comptroller, and the University Counsel. I concur.

On motion of Mr. Clement, authorization was given as recommended.

ALBERT N. MERRITT FOUNDATION (41) The principal activity of the above foundation, organized under the laws of the state of Illinois, is to make loans to students attending midwestern institutions of higher education. Its charter provides that, in the event of dissolution, all assets of the corporation shall be transferred to the University of Illinois' student loan funds. Joseph M. Blattner, the president and treasurer of the Foundation, has advised the University that the Board of Directors of the Foundation will probably vote, within the next few months, to dissolve the corporation and transfer the assets to the University. The assets of the corporation, as presented by Mr. Blattner on June 14, 1969, consisted of the following: Common stocks, listed on New York Stock Exchange (market value — May 31, 1 9 6 9 ) . . . . . $157 025 00 Mid City National Bank 5 per cent Certificate of Deposit due August 15, 1969, automatically renewable 20 000 00 Mid City National Bank Savings Account 18 000 00 Bonds (market value) : General Motors Acceptance Corporation $10 000 — 1982 —4f£ per cent $ 7 300 00 U.S. $15 000 — 8/15/72 13 890 00 U.S. $10 000— 11/15/73 9 084 00 Total Bonds (market value) 30 274 00 Cash on hand, Mid City National Bank and Northern Trust B a n k . . . Accounts Receivable (student loans) Furniture and Fixtures (depreciated value) Total Assets (6/14/69 per Foundation) 48 758 69 272 656 61 215 90 $546 930 00