Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 826]

EXTRACTED TEXT FROM PAGE:

1947]

UNIVERSITY OF ILLINOIS

CASH DISBURSEMENTS BY THE EXECUTOR

825

Funeral Expenses $ 304 10 Special Guardian fees 200 00 Federal and State of New York Income Taxes 355 26 Sundry legal and miscellaneous expense 297 74 Partial distribution to University of Illinois (February 27, 1947) 6 000 00 Proposed Attorney's fees — Arthur L. Barton 3 000 00 Proposed Final Distribution to University 747 61 Total Disbursements $10 904 71 The Estate will be settled on a "Receipt and Release Basis" as authorized by the laws of the State of New York, and the final accounting, in the form of an agreement between the Board of Trustees, signed by its President, and the Executor, will be filed for record with the Surrogate's Court of the County of New York. The laws in New York do not require approval of such agreement by the Surrogate's Court under this procedure. The Legal Counsel recommends the use of this method to close the Estate, and has approved the agreement. H e furthermore has approved the amount of the proposed attorney's fee as being reasonable. The net estate is to establish an endowment fund, the income from which will be used for small prizes for superior architectural work in undergraduate classes of the Department of Architecture. Receipts of this fund are as follows: Net proceeds of sale of securities received in kind, transferred to University and sold by action of Board of Trustees February 27, 1947 $12 305 23 Partial distribution of cash (February 27, 1947) 6 000 00 Net proceeds from sale of house and lot in l i t . Ranier, Maryland, reported to Board August 5, 1947 5 633 86 Proposed final distribution of cash, reported above.. . 747 61 Total Receipts $24 686 70 The above funds have been invested in securities approved by the Finance Committee, as they became available. The Executor requests the acceptance of this report and approval of the attorney's fee of $3,000.

On motion of Mr. McLaughlin, this report was accepted and the attorney's fee was approved as requested.

CONTINUED USE OF SKATING RINK FOR MEN'S HOUSING (11) At its meeting on April 18, 1946 (Minutes, page 1076), the Board approved the conversion of the Skating Rink into a barracks-type housing unit for men during the academic year 1946-1947. University officials agreed with representatives of the Athletic Association that this area would be used for housing during the year 1947-1948 only after all other spaces had been filled. Accordingly, this space was held as the last University operated unit to be assigned. As of September 5, 1947, all University housing space had been assigned and 850 unfilled applications from single men were on file. In view of the increasing pressure from applicants for housing facilities and the fact that the Skating Rink could be used as a housing unit without delay and without further cost to the University, the Director of the Physical Plant Department and the Dean of Students recommended that the Skating Rink be continued as a housing unit during the coining year, and the recommendation was approved by the President on September 5.

The President of the University and the Provost commented on this matter. On motion of Mrs. Holt, the action of the President of the University in assigning the Skating Rink for men's housing was approved and confirmed.

PURCHASES (12) There are submitted herewith (Appendix, page 876): A. Recommendations for purchases for approval by the Board; B. Purchases authorized by the Executive Committee of the Board; C. Purchases authorized by the President of the University.