Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 171]

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168

BOARD OP TRUSTEES

[October 19

On motion of Mrs. Watkins, this contract was awarded, as recommended, by the following vote: Aye, Mr. Harewood, Mr. Herrick, Mr. Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Willrins, Mr. Williamson; no, none; absent, Mr. Clement, Mr,

Stratton.

CONTRACT FOR STEEL LABORATORY EQUIPMENT FOR CHICAGO PROFESSIONAL COLLEGES

(16) The Business Manager o£ the Chicago Professional Colleges, the Director of the Physical Plant, and the Vice-President and Comptroller recommend award of a contract for$5,7S4 to the Metalab Equipment Company (Division of Norbute Corporation), Hicksville, New York, the lowest bidder, for the manufacture and installation of steel laboratory equipment in the Research Laboratory and Library Unit of the Dentistry-Medicine-Pharmacy Building. The work will consist of fabrication and installation of twenty-two items of steel laboratory equipment including wall cabinets, center tables, wall tables, and fume hood sashes. Funds have been budgeted in the appropriation for "Remodeling, College of Medicine, Research Laboratory." I concur.

On motion of Mr. Swain, this contract was awarded, as recommended, by the following vote: Aye, Mr. Harewood, Mr. Herrick, Mr. Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr, Wilkins, Mr. Williamson; no, none; absent, Mr. Clement, Mr, Stratton.

AMENDMENT OF FEDERAL INTERNAL REVENUE CODE TO SECURE EQUAL TREATMENT FOR STATE UNIVERSITIES AND LAND-GRANT COLLEGES IN ADMINISTERING FUNDS CONTRIBUTED T H R O U G H INTERMEDIARY FOUNDATIONS

(17) The Internal Revenue Code of 1954 allows a deduction for contribution of up to 30 per cent of a taxpayer's adjusted gross income if the "extra 10 per cent" comprises gifts to educational institutions. This additional deduction allowance applies only to gifts made directly to educational institutions. Thirty or mow state universities and land-grant colleges are now blocked, either wholly or in part, from the benefits in the Code because these institutions either must, or prefer to, receive and administer gifts through separately incorporated foundations. The University of Illinois has not lost any gifts as a result of this regulation, since it may receive gifts either directly or through the University of Illinois Foundation. In a few cases, however, this provision has caused some difficulties, because a donor who customarily makes contributions to the Foundation and would like to continnc doing so might be forced in any particular year, if he wished lo enlarge his gift and take advantage of the additional 10 per cent deduction, lo make the contribution directly to the University. In order to remove the difficulties which the University of Illinois has encountered, and to preserve the original intent of the law granting the extra 10 per cent deduction to those institutions which must or prefer to receive gifts through separate foundations or corporations, the University of Illinois has agreed to support an effort by the American Alumni Council to secure an amendment of the Internal Revenue Code which will extend^ the additional 10 per cent allowance to foundations which receive and administer gifts for public colleges and universities. This is being reported for the information of the Board.

GIFT O F MR. AND MRS. MAXWELL R. HOTT

(18) Mr, and Mrs. Maxwell R. Hott of Monticello have offered the University their residence property in that city for use as an off-campus facility. The property consists of an entire city block of land and Zt three-story brick residence with an attached two-story garage and storage area, in Colonial Georgian architecture, and is valued at $320,000. Their gift will include certain items of furniture and furnishings in the house which wilf be given outright to the University. Other furnishings and objects of art will be left there on a loan basis. The gift