Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 107]

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104

BOARD OF TRUSTEES

[October 21

It is further recommended that the following steps be taken as promptly as practicable for the purpose of carrying out the foregoing recommendations: ( a ) T h e University Counsel to draft amendments to the present agreement or a new agreement, incorporating the changes necessary to these ends, this draft to be submitted to the Board of Trustees and to the Department of Public Welfare for their consideration. (b) W h e n this agreement has been approved by both parties, that the President and the Secretary of the Board of Trustees be authorized to execute it for the University, provided the Director of the Department of Public Welfare does the same. (c) T h a t a full statement of the reasons and legal background for the proposed changes be prepared and submitted to the present governor and the incoming governor and be available for presentation at the General Assembly. ( d ) That budgets for the operation of the various units during the coming biennium be prepared by the officers of the University in consultation with the Department of Public Welfare based on the foregoing recommendations for the consideration of this Board and the Department of Public Welfare. After approval by this Board the budget should be filed with the Department of Finance. ( e ) That the University Counsel be requested at the appropriate time, after the execution of the proposed amendment or agreement, to prepare suitable appropriation bills and also a suitable bill providing for the transfer of land and buildings of which the University now has or will have responsibility for the management and operation, from the Department of Public Welfare to the University. Director Bowen of the Department of Public Welfare has expressed approval of these proposals and indicated his entire willingness to cooperate in carrying them out. Respectfully submitted

Dr. KARL A. MEYER Mrs. GLENN E. P L U M B Mr. OSCAR G. MAYER Mr. JAMES M. CLEARY

On motion of Mr. Jensen, this report was accepted and approved, and the President of the University was authorized to continue negotiations with state officials in order to bring the matter to a conclusion.

REPORT OF FINANCE COMMITTEE

Mr. Morey, for the Finance Committee, submitted the following report:

1. Endowment funds to the amount of $11,000 accrued from gifts and other sources early in October. These funds are not subject to statutory investment restrictions. T h e Finance Committee, on the advice of our investment counsel, invested these funds as follows: 100 shares Commonwealth Edison Co., @ 30J4 $3 025 00 50 shares J. C. Penney Co., @ 8g§4 4 497 04 50 shares Union Carbide & Carbon, @ 7 2 ^ 3 656 75 2. The Comptroller reported that at least $25,000 in deposit funds collected from students to cover breakage and shortage of equipment could be invested. Since these funds must be kept liquid, the Finance Committee, on advice of our investment counsel, has made the following purchase: $25 000 par United States Treasury 3%% of 1945 (optional 1043), @ 108 20/32 $27 560 24

OSCAR G. MAYER, KARL A. MEYER O. M. KARRAKER Chairman

This report was received for record.