Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 57]

EXTRACTED TEXT FROM PAGE:

54

BOARD OF TRUSTEES

[September 27

QUARTERLY REPORT OF THE COMPTROLLER

(33) The quarterly report of the Comptroller to the Board of Trustees as at June 30, 1940. A copy of this has been sent to each member of the Board.

This report was referred to the Finance Committee.

FINE ARTS GALLERY (34) At the meeting of the Board on May 28, 1940 (Minutes, page 946), the Board was advised of a proposal made by Mr. Percy H. Sloan of the Class of 1886 to secure funds for a Fine Arts Museum or Gallery for the University of Illinois as a memorial to the late Lorado Taft. This matter was referred to the President of the University for study. Mr. Sloan was advised that the members of the Board were deeply appreciative of this fine and worthy project. Certain suggestions were also submitted for his consideration, including one made at the Board meeting, namely, that no fund-raising campaign contemplating general solicitation of alumni should be undertaken in the immediate future because it would conflict with the present campaign to raise funds for the Illini Union Building, and also because of the inadvisability of too frequent solicitations of alumni. The Dean of the College of Fine and Applied Arts was asked to continue consultations with Mr. Sloan. As a result thereof he submits the following, representing the latter's proposal: " ( 1 ) Although the University has no Fine Arts Building, it has already accepted and received paintings and statuary, and can obtain other valuable collections, provided that there is a suitable building in which to display and store these works of art. T h e proper use of collections owned and available cannot be made without such special buildings. " ( 2 ) It is proposed, with the sanction of the University, to provide by private subscription, the necessary sum for an appropriate building to be dedicated as the repository of Art Collections, which will thus be of greatest use to the students of the University and to the public at large. " ( 3 ) Based on present conditions the estimated cost of the proposed building is $150,000. A single offer of a considerable sum has already been made, contingent on the securing of the entire amount needed. " ( 4 ) For the execution of the project an association is to be formed; incorporated by individuals, serving without compensation, to be known as 'The Fine Arts Gallery Association at the University of Illinois,' a not-for-profit corporation. This Association undertakes the work of obtaining funds and of dealing with the University as may be necessary. " ( 5 ) It is proposed that funds, as received, shall be deposited in escrow with the Northern Trust Company Bank of Chicago, until such time as the fund is completed and turned over to the University. " ( 6 ) In the event that the project has to be abandoned by the Association it is proposed that subscribers shall have the option of refund, or other disposition to be determined at time such a situation develops, if ever. " ( 7 ) T o substantiate all this there should be some form of agreement between the University and the Association, in which the University agrees to accept and expend the money for the purpose specified, and in which the character of the building (i.e., as indicated by sketch plans to be submitted) and its location are designated." The Dean calls attention to the following collections on hand or in process of becoming University property: (1) Lorado Taft Sculpture Collection. (2) The Trees Collection (Old and Modern Masters). (3) The College Collection (American Paintings). (4) The Lewis E. Myers Collection (Americana, furniture, etc.). (5) Sloan Collection (a collection of paintings by Junius R. Sloan, early Illinois painter of the Hudson River School, tentatively offered by Mr, Percy H. Sloan, son of the painter).