Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 15]

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12

BOARD OF TRUSTEES

[July 21

the Board of Trustees and placed in the custody of any University officer. Such working funds may be so withdrawn only in such amounts as may be necessary to provide for the efficient conduct of University business and then only upon such conditions, prescribed by the Board, as will insure their safekeeping and authorized use. The Treasurer of the University shall not be responsible for funds belonging to the University until they have been received by him nor for funds which have been withdrawn from his custody as authorized by the Board of Trustees. "All securities belonging to the University shall be deposited for safekeeping in a bank designated by the Board of Trustees. The Treasurer of the University shall not be responsible for the safekeeping thereof." 2. Section SoB of the University Statutes, "Receipt and Deposit of Money," be amended to read as follows: " ( i ) No department shall receive any funds unless authorized by the Comptroller to do so. All funds shall be accounted for and paid over to the Bursar in Urbana, or the Business Managers in Chicago and Galesburg, in such manner and at such times as the Comptroller shall direct. " ( 2 ) The Bursar in Urbana and the Business Managers in Chicago and Galesburg shall collect all monies due the University from any source and shall turn over the same in full to the Treasurer, or to the State Treasurer, as required bylaw, as soon as practicable after collection." The above subparagraphs (1) and (2) shall be subject to Article VI, Section 4 of the By-Laws of the Board of Trustees and Section 50E (1) of the University Statutes. 3. Section SoE (1) of the University Statutes be amended to read as follows: "The Comptroller of the University is authorized to establish and administer petty cash and other working funds when necessary for the prompt and efficient handling of University business. Such funds may be so established from funds withdrawn from the Treasurer of the University or from other funds available to the University for such purposes. No single fund in excess of $1,000 may be so established without specific authorization of the Board of Trustees. Custodians of petty cash and other working funds shall be bonded in amounts satisfactory to the Board. Petty cash and other working funds shall be deposited in banks approved by the Board of Trustees. Neither the Treasurer of the University nor any other officer or employee of the University who is charged by the Board with the responsibility of administering such funds shall be liable for any loss to such funds arising from the insolvency of such depository banks, or for any reason other than his own default." 4. The working funds not in excess of the amounts indicated below be approved, to be deposited in the banks designated: Business Office Urbana •— Bursar's Fund, First National Bank in Champaign $100 000 CO Business Office Chicago Professional Colleges — Business Manager's Fund, First National Bank of

Chicago 20 000 00

Business Office Chicago Undergraduate Division — Business Manager's Fund, First National Bank of Chicago Business Office Galesburg Undergraduate Division — Business Manager's Fund, First Galesburg National Bank and Trust Company

10 000 00 35 000 00

5. The Legal Counsel be authorized on behalf of the Board to prosecute any suit that may be required to establish the foregoing actions.

On motion of Mr. Williamson, these recommendations were approved, and the By-Laws and the University Statutes were amended as requested.

CORRECTION IN BOARD MINUTES OF MAY 2 2 , 1948

(15) At its meeting on May 22 the Board of Trustees authorized the purchase of four residence properties for staff housing including the property at 709 West Michigan Avenue, Urbana. In negotiations with