Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 510]

EXTRACTED TEXT FROM PAGE:

1951 ]

UNIVERSITY OF ILLINOIS

607

mended, by the following vote: Aye, Mr. Fornof, Mr. Grange, Mr. Herrick, Mr. Hickman, Mrs. Holt, Mr. Johnston, Mr. Livingston, Mr. Megran, Mr. Nickell, Mrs. Watkins; no, none; absent, Mr. Stevenson.

T H E BEQUEST OF GEORGE A. MILLER

(10) Dr. George A. Miller, Professor of Mathematics, Emeritus, died on February 10, 1951, leaving a will which includes the following bequest to the University: "In the event that my said wife, Cassandra A. Miller, shall not survive me, then and in that event all the rest, residue and remainder of my estate, real, personal and mixed, of whatsoever kind and character and wheresoever situate, of which I am seized or possessed at the date of my death, I give, devise and bequeath unto the University of Illinois, a public corporation of the State of Illinois, to be by said University of Illinois held and invested, the income and the principal, or any part thereof, to be used by said University of Illinois for educational purposes, in such manner as the Board of Trustees of said University of Illinois shall determine; provided, however, that the use of said trust estate, or the income therefrom, shall be for other than current general operating expenses." Mrs. Miller predeceased Professor Miller and there are no children. The will set up a trust estate for the benefit of Mrs. Miller so that she would have the entire net income during her lifetime but since she did not survive Professor Miller the entire net estate — real, personal, and mixed — is bequeathed to the University. There are no other bequests. Mr. Marc C. Norton, Vice-President of the First National Bank in Champaign, is designated in the will to serve as executor of the estate although he has not yet been formally appointed by the Court. His petition to the County Court of Champaign County presenting the will for probate states that the approximate value of the estate is as follows: real estate not to exceed in value, $8,000; personal estate not to exceed in value, $750,000. I am reporting this for the official information and records of the Board.

This report was received for record. On motion of Mr. Johnston, the Executive Committee was empowered to represent the interests of the University and to take any actions necessary.

J O H N T. RUSHER SCHOLARSHIP F U N D (11) Floyd E. Rusher and Dorette J. Rusher of Peoria, Illinois, have established a scholarship trust, naming the Commercial National Bank of Peoria, Illinois, as Trustee. Mr. and Mrs. Rusher are the parents of John T. Rusher who died while in the service of his country, and the trust is established in his memory. Article VI of such trust provides as follows: Payments of Income "The Trustee shall pay the income of the Trust Estate to the Board of Trustees of the University of Illinois, for the purpose of providing for scholarship or scholarships to be awarded by the University on the basis of scholastic promise, character, and financial need. In awarding scholarships, where the choice of the Board of Trustees of the University of Illinois, or of the Scholarship Committee designated by them, shall lie between one or more students of approximately equal merit, it is the preference of the Grantors that the award be made to that student whose home shall be in Peoria or Tazewell County." Mr. Rusher has transformed one hundred shares of S. S. Kresge Company stock, with a present value of approximately $3,900, to the trustee. He indicates that he will probably make other additions to the principal of the trust fund, and he also plans to make contributions to the income account of the trust so that there will be an appreciable amount available for scholarships at the beginning of the ^ i - i g s s academic year. The Comptroller and the Chairman of the Committee on Special Undergraduate Scholarships recommend the acceptance of this gift for the purposes indicated, and authorization to accept further gifts of principal and income. I concur.

On motion of Mr. Hickman, this gift was accepted, and authority was given as recommended.