Caption: Board of Trustees Minutes - 1952
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518 BOARD OF TRUSTEES [January 23 lease, and that the appropriate University officials be authorized to negotiate accordingly. A. J. JANATA Clerk DORIS S. HOLT PARK LIVINGSTON JOHN R. FORNOF, Chairman Committee on Buildings and Grounds This report was received for record. B O N D OF UNIVERSITY TREASURER Mr. Fornof presented the following report: The Finance Committee in accordance with action of the Board on December 28, 1950, has received from Clarence W. Weldon a bond for $5,000,000 signed by himself and by Edward E. Brown, James B. Forgan, and Homer J. Livingston as sureties. This bond guarantees the Board of Trustees against loss of any funds of the University placed in the custody of the Treasurer. The Committee approved this bond on January 3 thereby qualifying Mr. Weldon to assume the duties of Treasurer, which he did on January 4, 1951. This report was received for record. EMLOYMENT OF UNIVERSITY AUDITORS Mr. Fornof presented the following report: 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, 1951, 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) $11 000 This fee is $500 in excess of the maximum named for the year ended June 30, 1950, to compensate for increased travel and subsistence expenses. University of Illinois Foundation (including the Retirement System) 600 University of Illinois Athletic Association (including the 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. Livingston, the firm of George Rossetter and Company, Certified Public Accountants, was employed, as recommended. B U S I N E S S PRESENTED BY THE PRESIDENT OF THE UNIVERSITY The Executive Committee resumed consideration of the following reports and recommendations from the President of the University. RELEASE OF PATENTABLE DISCOVERIES (1) Professor George E. Wakerlin, Head of the Department of Physiology in the College of Medicine, reports certain potentially patentable discoveries in his research work on renin and antirenin in relation to hypertension. The research work he and his associates have been doing in this field has been supported at various times by grants from the John and Mary R. Markle Foundation, the American Foundation for High Blood Pressure, the American Heart Association, the Chicago Heart Association, the Life Insurance Medical Research Fund, the United States Navy, and the National Heart Institute of the United States Public Health Service, as well as by University funds. All of these outside agencies specified as a condition of the grants they made that either no discoveries resulting from the research supported by them shall be patentable or that their permission must be obtained prior to application for a patent. In view of the multiplicity of the supporting agencies and the stipulations
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