Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 577]

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1969]

UNIVERSITY OF ILLINOIS

577

ARTHUR YOUNG DISTINGUISHED PROFESSORSHIP IN ACCOUNTANCY, URBANA (50) A group of partners in the firm of Arthur Young & Company 1 who are alumni of the University of Illinois have offered to support the establishment of an Arthur Young Distinguished Professorship in Accountancy in the College of Commerce and Business Administration. The intent is to assist the University "in the education of men who have moved on to the highest levels of attainment in the profession of public accounting and in the training of outstanding teachers who are contributing to accounting education across the country." The donors will provide $130,000 over a period of four years as an endowment. Income from the endowment would be used to benefit education or research in accountancy at the University. As a means of accomplishing this purpose, the donors propose that the Arthur Young Distinguished Professorship in Accountancy be established and that an outstanding educator, nationally recognized in the accounting profession and the academic world, be selected for the position. The endowment income would be used to support a portion of the salary. Recommendation of a candidate to hold the professorship would be made by a committee composed of a partner of the Company, the Chancellor, the Dean of the College of Commerce and Business Administration, and the Head of the Department of Accountancy. The appointment would be for a period of three years, with provision for subsequent additional appointments, each for a three-year term. The Chancellor at the Urbana-Champaign campus and the Executive Vice President and Provost recommend the establishment of the Arthur Young Distinguished Professorship in Accountancy. I concur.

On motion of Mr. Jones, this recommendation was approved.

RELOCATION OF AUDIO-VISUAL AIDS AND CONSTRUCTION OF PHASE II OF THE CENTRAL RECEIVING WAREHOUSE, URBANA (51) The Audio-Visual Aids operations are presently located in inadequate unexpandable facilities which limit its activities. Several alternate means for providing additional space have been studied, and the best solution would be to remodel the old Central Receiving Warehouse for Audio-Visual Aids and to construct Phase II of the new Central Receiving Warehouse in order to relocate its operations, now housed in the old Central Receiving Warehouse. Phase II of the new Central Receiving Warehouse will be a two-story brick veneer steel frame office building with a total of 3,800 square feet at a total estimated cost of $136,500. The remodeling of the old Central Receiving Warehouse for Audio-Visual Aids is estimated to cost $93,500. The President, with the concurrence of appropriate administrative officers, recommends the following: 1. That the State Board of Higher Education be requested to approve this project as a non-instructional facility. 2. That the University of Illinois Foundation be requested to borrow $230,000, construct the project, and lease the properties to the University, with a rental sufficient to enable the Foundation to retire the indebtedness over a ten-year period. Funds for the rental payment will be available through the Audio-Visual Aids Revolving Account.

On motion of Mr. Swain, these recommendations were approved by the following vote: Aye, Mr. Clement, Mr. Grimes, Mr. Hahn, Mr. Hughes, Mr. Jones, Mr. Pogue, Mr. Swain; no, none; absent, Governor Ogilvie, Mr. Page, Mr. Steger.

MODIFICATION OF COMPREHENSIVE GENERAL AND AUTOMOBILE LIABILITY POLICY (32) On July 26, 1967, The Board of Trustees of the University of Illinois approved the purchase of a comprehensive general liability insurance policy from * The group consists of: Harold H. Hensold, Jr. '43, George V. Carracio '38, H. W. Ehler '37, Donald E. Goss '53, C. Robert MiUer '28.