Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 1323]

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BOARD O F TRUSTEES

[ M a r c h 12

of Illinois was represented by President George D. Stoddard, Dean Wilbur Schramm of the Division of Communications, and Director Royden Dangerfield of the Institute of Government and Public Affairs. I accepted this grant on behalf of the University and report it for record. On motion of Mr. Herrick, the President's action was confirmed.

EMPLOYMENT OF UNIVERSITY AUDITORS

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, 1952, their services to be charged on the basis of a per diem rate and expenses, with the understanding that the aggregate charges will not exceed the following: University of Illinois (including all divisions) $12 000 University of Illinois Foundation (including its retirement system) 600 University of Illinois Athletic Association (including its retirement system) 750 These maximum costs are based on the assumption that if the auditors go beyond the scope of usual examination on request of the Finance Committee or the Board, further compensation for such additional work will be allowed after review and approval by the Finance Committee. On motion of Mr. Fornof, this recommendation was approved. ENDOWMENT INVESTMENTS The Finance Committee has approved the following changes in endowment securities at the approximate prices indicated: Approximate Market Sell: 275 shares National Distillers Corporation, common stock 33 256 shares Swift and Company, common stock 35 Reinvestment of the Proceeds: 300 shares Mississippi River Fuel Company, common stock 36 200 shares Illinois Power Company, common stock 38 In connection with the sales indicated, the following resolution is required: WHEREAS, the Board of Trustees of the University of Illinois_is the owner of the following described securities: 275 shares National Distillers Corporation, common stock, and 256 shares Swift and Company, common stock; and WHEREAS, said Board of Trustees in its meeting of March 12, 1952, has approved the sale of such securities, Now, Therefore, Be It Resolved that Lloyd Morey, Comptroller, and A. J. Janata, Secretary, be hereby authorized to execute any and all documents necessary to complete such sale. On motion of Mr. Fornof, this resolution was adopted. INVESTMENTS The Finance Committee reports the following transactions securities: , Current Restricted Funds Investments n Purchase: $14,000 Chicago, Milwaukee, St. Paul, and Pacific Railroad Equipment Trust 2H% bonds, due October 1, 1954. $ $10,000 Seaboard Airline Equipment Trust 3 % certificates, due November 15, 1954$1,000,000 U.S.A. 1 $ % certificates of indebtedness series A, due April if 1952 1 involving

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