Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 737]

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834

BOARD OF TRUSTEES R E P O R T O F T H E EXECUTIVE COMMITTEE

[July 25

The Secretary presented the following report of the Executive Committee.

MEETING OF THE EXECUTIVE COMMITTEE JULY 5, 1951

On call of the Chairman, the Executive Committee of the Board of Trustees of the University of Illinois met in the University Club, 76 East Monroe Street, Chicago, Illinois, at 12:30 p.m. (C.D.S.T.) on Thursday, July 5, 1951. The following, constituting all members of the Executive Committee, were present: Chairman Park Livingston, Mr. Herbert B. Megran, and Mrs. Frances B. Watkins. Also present were Messrs. Lloyd Morey, Comptroller, and A. J. Janata, Secretary of the Board. Messrs. John R. Fornof and Wayne A. Johnston of the Finance Committee (Mrs. Watkins being the third member) were present during the first part of the meeting.

R E P O R T S O F T H E F I N A N C E COMMITTEE D e p o s i t o r y for G e o r g e A. Miller F u n d T h e Finance Committee has considered the matter of safekeeping of securities and advice as to investments of the proceeds of the bequest of the late Professor George A. Miller and recommends that the T r u s t Department of the Continental Illinois National Bank and T r u s t Company of Chicago be selected for these services. T h e bank offers to handle this account during the first year for a fee of $2,000 on the understanding that the total assets of the fund are estimated at $750,000 and that the services will consist of investment of cash (rather than servicing of securities presently held by the estate) and safekeeping and continuous supervision of the account. T h e Finance Committee recommends that this arrangement be approved and that the Comptroller be authorized to execute an appropriate memorandum of understanding with the Continental Illinois National Bank and T r u s t Company. This recommendation is being made to the Executive Committee since it was empowered by the Board of Trustees to represent the interests of the University and to take any actions necessary in connection with this bequest.

On motion of Mrs. Watkins, this recommendation was approved and the Comptroller was authorized to execute the necessary documents to implement this arrangement.

Sale a n d P u r c h a s e s of Securities R e p r e s e n t i n g I n v e s t m e n t s of Endowment Funds T h e Finance Committee reported that it has reviewed the investments of permanent endowment funds with representatives of the T r u s t Department of the First National Bank of Chicago, the University's investment counsel, and recommends the following changes in such investments: Sell Preferred Stocks: 150 shares Heyden Chemical Corporation zVi% 200 shares Jewel Tea 3 24% 45 shares Southern California Edison 4.48% Common Stocks: 170 shares General Electric 200 shares Underwood Corporation