Repository: UIHistories Project: Board of Trustees Minutes - 1946 [PAGE 981]

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974

BOARD OF TRUSTEES

[January 31

T h i s action was taken in accordance with principles governing functions of the Foundation approved February 24, 1945 (page 375), "That the University shall assume responsibility for meeting expenditures of the Foundation not capable of payment out of its own available funds, the University to determine its responsibility." On May 12, 1945 (page 467), the Board authorized the Foundation to employ a manager subject to approval of the Board "whose duty shall be to manage the activities of the Foundation, cooperate with the Alumni Association, and assume other such responsibilities as may be assigned." On December 17, 1945 (page 958), the Executive Committee, on recommendation of the Executive Committee of the Foundation, approved the employment of Mr. F r a n k E. Bell, Jr., as Manager of the Foundation. Mr. Bell reported for duty on December 17, 1945. The Committee requested that a revised budget of the Foundation for the remainder of the year be prepared. Such a budget is submitted herewith. T h e total is the same as approved in the internal budget for 1945-1046.

BUDGET OF THE UNIVERSITY OF ILLINOIS FOUNDATION

Salaries and Wages 94->- 94» 1. F . E. Bell, Jr., Manager (special t e n u r e ) 1 $ 7 500 2. J. C. Colvin, Secretary (July 1 to June 30) 5 2 700 ( F r o m Alumni Association) (1 540) ( F r o m Alumni Records and Relations) (1 760) (Total salary) (6 coo) Nonacademic Salaries 3. Elizabeth Bailie (July 1 to June 30) 1 728 Total, Salaries (11 928) 4. Wages 625 Total, Salaries and Wages (12 553) Expense and Equipment General Department Expense 1 975 Travel 2 000 Equipment 500 Retirement 1 600 Audit 500 Total, Expense and Equipment • (6 575) Grand Total $19 128* Only $4,062.50 will be required for the salary of the Manager for the current year, and the balance will lapse unused as well as any other part of the University appropriation not required in the fiscal year. The item of retirement, disability, and death benefits is to cover the premium cost on a policy of insurance which has been arranged by the Executive Committee of the Foundation to provide benefits for members of its staff generally comparable to those provided for members of the University staff under the University Retirement System. The policy is similar to that being carried by the Athletic Association and to one recently authorized by the Board of Directors of the Alumni Association for its staff. I recommend approval of this budget. O n m o t i o n of M r . D a v i s , t h i s b u d g e t w a s a p p r o v e d a s r e c o m m e n d e d .

Effective December 17, 194s, at the annual rate indicated. * Paid at annual rate of $4,950 for period July i-December 31, 1945. At a meeting on January 15, 1946, the Executive Committee of the Foundation voted to increase the salary of James C. Colvin by $1,050 to a total of $6,000, said increase to be retroactive to January 1, 1946, 3and to be payable from Foundation funds. Provided for by: University of Illinois appropriation $14 628 Saunders estate income 4 500 Total $19 128

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