Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 299]

EXTRACTED TEXT FROM PAGE:

1966]

UNIVERSITY OF ILLINOIS

247

Resolved, that the Treasurer of The Board of Trustees of the University of Illinois, a public corporation, is authorized in his discretion to sell, assign, or transfer to any assignee or transferee for or on behalf of this corporation and in its name any and all shares of capital stock or any voting trust certificates representing the right to receive shares of stock or any registered bonds or other securities of any other corporation owned by this corporation and for the purpose of effecting any such sale or transfer, R. R. Manchester, the Treasurer of this corporation, be and he hereby is authorized to execute in the name of this corporation and on its behalf all assignments which may be necessary and that Earl W. Porter, Secretary of this corporation, be and he hereby is authorized to attest to the authority of R. R. Manchester, Treasurer, to execute the aforesaid documents. Confirmation of these amendments is requested.

On motion of Mr. Swain, these amendments were confirmed.

I N C R E A S E IN W O R K I N G CAPITAL. F O R S T O R E S A N D S E R V I C E S FUND

(22) The University is authorized by state law to retain $1,000,000 from general funds in its own treasury as working capital for Stores and Services operations and to supplement this fund with other funds in its own treasury. On May 29, 1958, the Board of Trustees authorized an increase of $500,000 in the working capital for Stores and Services, and an additional increase of $500,000 was similarly authorized on December 16, 1959. On June 5, 1964, the Vice-President and Comptroller approved, on a temporary basis, an additional working capital advance of $1,000,000. It has been impossible to reduce the working cash fund and further increases are necessary. The Vice-President and Comptroller recommends that additional sums be advanced from funds in the University treasury to provide for a $5,000,000 working capital fund for Stores and Services activities. The additional working capital will finance the increase in inventories and services necessary for the operation of Chicago Circle, the operation of a research cost accounting system in Urbana, and the expansion of inventories and services for the general growth of the University. I concur.

On motion of Mr. Hughes, this recommendation was approved by the following- vote: Aye, Mr. Clement, Mr. Dilliard, Mr. Hughes, Mr. Johnston, Mr. Jones, Mr. Page, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Governor Kerner.

PURCHASES (23) The President submitted, with his concurrence, a list of purchases recommended by the Director of Purchases and the Vice-President and Comptroller; also a list of purchases authorized by the President's Office. The lists of purchases authorized and purchases recommended for Board approval were presented in two categories: purchases from appropriated funds (i.e., from state appropriations to the University) and purchases from institutional funds. The latter term designates funds received by the University under contracts with the United States government, contracts with private corporations and other organizations, funds from foundation grants, and grants from corporations and other donors, and University revolving funds authorized by law. T h e total amounts of these purchases w e r e : From Appropriated Funds Purchases Recommended $192 598 48 Purchases Authorized 26 048 00 ?218 646 48 From Institutional Funds Purchases Recommended $631 174 36 Purchases Authorized 53 389 64 Grand Total

$684 564 00 $903 210 48