Caption: Board of Trustees Minutes - 1950
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414 BOARD OF TRUSTEES [June 25 INVESTMENTS (31) T h e Finance Committee reports the following transactions involving securities: Purchase: ENDOWMENT FUNDS $10,000 B. F . Goodrich Company first mortgage 2^4% bonds due 1965 Exchange: STUDENT LOAN F U N D S $10 152 58 $37,000 U.S.A. Certificates of Indebtedness, l%%, due June 1, 1049, for $37,000 U.S.A. Certificates of Indebtedness, 1*4%, due June I, 1950. On motion of Mr. Livingston, the action of the Finance Committee was approved. PURCHASES (32) There are submitted reports of ( A ) emergency purchases authorized and of ( B ) purchases recommended (see Appendix, page 479). On motion of Mrs. Watkins, the action of the President of the University in authorizing an emergency purchase was confirmed, and purchases were authorized as recommended. COMPTROLLER'S REPORT O F CONTRACTS (33) T h e Comptroller's report of contracts executed from May 11 to June 10, 1949 (see Appendix, page 483). This report was received for record. WAGE ADJUSTMENTS FOR CERTAIN NONACADEMIC GROUPS (34) I. T h e President of the University has given approval and directions concerning certain modifications of the policy and procedures (see addendum below) relating to employees in salary-range, nonprevailing rate groups as follows effective July 1, 1949: A. All employees now receiving $150 a month or less in total compensation and who on July I, 1049, will have completed their six months' probationary period shall receive a minimum annual increase of $150 for the biennium of 1949-1951. B. Agricultural employees at the Assistant level (Group I I ) now receiving various individual salaries within a $175-250 range shall receive $250 a month, and adjustments are to be made in ranges and rates of all agricultural employees to bring them into harmony with this basic adjustment. C. T h e 75 cents minimum hourly rate ($130 monthly for the forty-hour week) approved in March shall be applied to the cash compensation of food service employees without deduction of the value of meals furnished, and adjustments shall be made in other ranges and wages of food service classifications to maintain harmony with this increase in the base rate. I I . These provisions call for further budget adjustments as follows: A. Approximately 375 employees who now receive $1,800 or less will receive increases totaling approximately $21,000 in addition to those already provided in departmental budget recommendations. B. Approximately one hundred employees will receive increases totaling approximately $21,000 in addition to those anticipated in earlier computations. Ranges are being moved upward an average of $25 in order to accommodate these salary increases. C. All food service employees will receive an increase of at least $120 a year with larger sums being provided at the lower end of the present pay brackets. Approval of the 75 cents an hour minimum involves a revision of the first five ranges in the Civil Service classification system as follows: Range I now $ioo-$i4o) ~ , . , < p a £. Range I I now 120- i 6 o | Combined as one range $ I 3 O - $ I 6 S Range I I I now 125- 175 140- 175 Range I V now 140- 200 150- 200 Range V now 150- 225 160- 225
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