Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 933]

EXTRACTED TEXT FROM PAGE:

930

BOARD OF TRUSTEES

[January 28

R e p o r t of C o m p t r o l l e r Pursuant to authorization by the Board of Trustees, the Comptroller reports the purchase of the following temporary investments of proceeds from the sale of University of Illinois Colleges of Dentistry, Medicine, and Pharmacy Revenue Bond, Series of 1951, designated as "Construction Fund Account" deposited in the First National Bank of Chicago: $ 25,000 U . S. Treasury Bills due September 8, 1955 $24 953 25 25,000 U. S. Treasury Bills due September 12, 1955 24 937 71 100,000 U . S. Treasury Bills due October 6, 1955 99 670 83 30,000 U. S. Treasury Bills due October 20, 1955 29 809 37 25,000 U. S. Treasury Bills due November 3, 1955 24 913 33 25,000 U. S. Treasury Bills due November 17, I9S5 24 892 47 40,000 U. S. Treasury Bills due December 1, 1955 39 864 30 25,000 U. S. Treasury Bills due December 15, 1955 2490604 75,000 U. S. Treasury Bills due December 29, 1955 74 648 33 25,000 U. S. Treasury Bills due January 12, 1956 24 897 50 25,000 U. S. Treasury Bills due January 26, 1956 24 899 63 20,000 U. S. Treasury Bills due February 9, 1956 19 897 63 Purchases made in 1954 but not previously reported to the Board: $ 75,000 U. S. Treasury Bills due October 7, 1954 $74 887 50 75,000 U. S. Treasury Bills due October 21, 1954 74 878 96 50,000 U. S. Treasury Bills due November 4, 1954 49 898 47 75,000 U. S. Treasury Bills due November 18, 1954 74 843 33 The First National Bank of Chicago has recommended the sale of 200 shares of Westinghouse Electric Company common stock and the acquisition of 170 shares of Allis-Chalmers Manufacturing Company common stock with the proceeds of this sale, these securities being investments of trust funds. The Finance Committee has approved these changes, and the following resolution is required to complete the transaction: Resolution WHEREAS, the Board of Trustees of the University of Illinois is the owner of 200 shares of Westinghouse Electric Company common stock, and WHEREAS, it is the desire of said Board of Trustees to sell and dispose of such common stock, Now, Therefore, Be It Resolved that said stock be sold and that H . O. Farber, Comptroller, and A. J. Janata, Secretary, be authorized to execute all documents necessary to complete such sale. O n m o t i o n of M r . H e r r i c k , t h e r e p o r t o f t h e F i n a n c e C o m m i t t e e was received for record, a n d the foregoing resolution was adopted. AUDIT OF UNIVERSITY ACCOUNTS On November 30, 1955, the Secretary of the Board received from Haskins and Sells, Certified Public Accountants, Chicago, the report of their audit of the accounts of the University of Illinois for the fiscal year ended June 30, 1955. The report was addressed jointly to the Board of Trustees of the University of Illinois and to the Auditor of Public Accounts of the State of Illinois. Signed copies of the report of Haskins and Sells were sent by the Secretary to each member of the Board of Trustees. A copy has been retained in the records of the Secretary of the Board. Copies were also filed with the President of the University, the Comptroller, and the Treasurer. Signed copies were sent to the Auditor of Public Accounts by Haskins and Sells. They have also made separate reports on their examination of the accounts of the Athletic Association (a copy of which has been filed with the Secretary), the Alumni Association, and the University of Illinois Foundation for the fiscal year ended June 30, 1955. These reports have been sent to the boards of directors of these three organizations. T h i s report was received for record.