| |
| |
Caption: Board of Trustees Minutes - 1950
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
198 BOARD OF TRUSTEES [January 13 Chicago Professional Colleges. This installation is needed to provide a dark room and a laboratory to be used in connection with the Medical Betatron. Fettes, Love, and Sieben, Chicago $1 747 M . J . Corboy Co., Chicago 1 790 Gallaher and Speck, Inc., Chicago 1 885 Cutler & Price, Chicago 2 325 The Director of the Physical Plant Department and the Comptroller recommended, the President's Office concurring therein, the. award of the contract to Fettes, Love, and Sieben in the amount of $1,747. Funds were available. This report was received for record. ESTATE OF MRS. THOMAS ARKLE CLARK (6) The will of the late Mrs. Alice V. B. Clark, widow of the late Dean Thomas Arkle Clark, includes the following bequest to the University: "Item 18: All of the rest, residue and remainder of my property and estate I give and bequeath to the Trustees of the University of Illinois. Five Thousand Dollars ($5,000) of said residue is to be held in trust and the interest accruing thereon is to be used by said Trustees for the maintenance of the equipment and the library of the Thomas Arkle Clark Recreation Room of the William B. McKinley Memorial Hospital. The remainder of said sum shall be held by said Trustees of the loan fund to be loaned in sums not exceeding Three Hundred Dollars ($300) in any one year to any one student and to be loaned at Five Per Cent to undergraduate students only, preferably to juniors and seniors, upon their own notes, and under such other conditions and regulations as said Trustees may prescribe. The interest accruing on these loans shall be used for the equipment and maintenance of the William B. McKinley Memorial Hospital." The personal property will inventory about $80,000 and real estate about $50,000. Specific bequests total $68,000, which, plus costs of administration and claims, will come near to exhausting the $80,000 of personal property, so that the University's interest is approximately the value of the real estate. It appears that during her lifetime Mrs. Clark had promised to give the University Y.M.C.A. $8,000 when convenient. Six payments, totaling $2,600, were made on this pledge between June 28, 1938, and July 2, 1941. Subsequently Mrs. Clark became ill and Mr. Chancy L. Finfrock, Urbana, her attorney, was appointed Conservator for her. He took the position that as long as she was ill, it was not feasible to make any more gift payments. The Y.M.C.A. has asked the Estate to pay the balance of $5,400 due on this pledge. Mr. Finfrock, who is also attorney for Mrs. Clark's Estate, believes there is no binding contract and that it was merely a promise to make a pledge which the Executor of the Estate is not authorized to pay. If payment is made, the $5,400 will in effect come from the residuary estate in which the University is the beneficiary. The claim is on file in probate proceedings. The attorney for the Estate has asked for instructions from the Board of Trustees as to whether the claim should be paid or contested. It is clear ( I ) that the Court will decide the validity of the Y.M.C.A.'s claim, regardless of any action by the University, (2) that the Y.M.C.A. believes it has a just claim, (3) that, apart from this sum of $5,400, there will be a substantial contribution to the loan funds of the University. I recommend, therefore, that the University refrain from contesting any payment of this claim by the Executor of the Estate, should he decide to make such payment. No action was taken on this matter. REPORT OF FINANCE COMMITTEE ON INSURANCE PRACTICES (7) On September 23, 1948, the Board received from the President an insurance report prepared by a temporary advisory committee, Dr. Leslie A. Bryan, chairman, to the Comptroller and the President, recommending certain principles and procedures relating to insurance. The matter was referred to the Finance Committee for study and report and the Committee reports as follows: A. The Finance Committee recommends the following principles in determining which University risks are to be covered by insurance:
| |
