Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 213]

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BOARD OF TRUSTEES

[January 13

5. FRANCO MODIGLIANI, Research Associate Professor in the Bureau of Economic and Business Research, from November 15, 1948, to August 31, 1949, at an annual salary rate of $9,500 6. ROBERT ELDON PINGRY, Assistant Professor in the College of Education, beginning February 1, 1949, at an annual salary rate of $4000. G n m o t i o n of M r . L i v i n g s t o n , t h e a c t i o n of t h e P r e s i d e n t of t h e U n i v e r s i t y in m a k i n g t h e s e a p p o i n t m e n t s w a s c o n f i r m e d . REPORT OF AUDIT OF UNIVERSITY ACCOUNTS (10) The Secretary of the Board reports that he has received from George Rossetter and Company, auditors of the University, the report of their examination of the accounts of the University for the year ended June 30, 1048. Copies of the report have been sent to President Stoddard and all the members of the Board of Trustees. The report includes a certification of the balance sheet, a statement of current income and expenditures and current funds surplus, and a summary of changes in the balances of other funds. T h i s report w a s received for record. INVESTMENTS (11) The Finance Committee reports the following transactions involving securities:

Purchases: ENDOWMENT F U N D S

36 shares Standard Oil Company (N.J.) Common Stock $2 584 07 50 shares General Motors Common Stock 2 834 98 50 shares Eastman Kodak Common Stock 2 200 90 $1,000 Wilson and Company 1st 3's, 1958 I 035 SO O n m o t i o n of M r . W i l l i a m s o n , t h e s e i n v e s t m e n t s w e r e a p p r o v e d . APPOINTMENT OF UNIVERSITY AUDITORS (12) The Finance Committee recommends that the firm of George Rossetter and Company, Certified Public Accountants, Chicago, be retained as auditors for the year ending June 30, 1949, and that their services be charged on the basis of a per diem rate and expenses, with the understanding that the aggregate charge will not exceed the following sums: University of Illinois (all divisions) $9 000 University of Illinois Foundation (including Retirement System) 500 University of Illinois Athletic Association (including Retirement System) 750 These maximum costs are based on the assumption that if the auditors go beyond the scope of usual examination, further compensation for such additional work will be allowed after review and approval by the Finance Committee.

On motion of Mr. Williamson, the employment of George Rossetter and Company was authorized as recommended.

ADDITION TO CONTRACT FOR GENERAL WORK ON THE MECHANICAL ENGINEERING BUILDING (13) On February 21, 1048 (Minutes, page 1002), the Board of Trustees approved an addition to the contract for general work on the Mechanical Engineering Building to provide more classrooms in the basement of the building. At that time it was decided to defer action on the installation of asphalt tile in this area until funds would be available for such an improvement. Funds are now available and the Mechanical Engineering Department recommends that asphalt tile be laid in the basement to finish these rooms in the same manner as other rooms in the building. The Director of the Physical Plant and the Comptroller recommend an addition to the contract with James McHugh Sons, Incorporated, contractors for the general work on this building, in the amount of $3,594-91 to provide for the furnishing and installation of the asphalt tile.