Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 1068]

EXTRACTED TEXT FROM PAGE:

1957]

UNIVERSITY OF ILLINOIS

IO65

employee of the University or from a concern of which an employee is a sole or principal owner or a corporation of which an employee is a major officer, except when the purchase is approved by authority of the President. (2) In purchasing or contracting for competitive items, so far as it is practicable or required by law, sealed bids or quotations shall be secured, the announcements and advertisements to indicate the time and place when the bids will be opened. All bids shall be publicly opened in the presence of at least one member or officer of the Board of Trustees, or a designated representative. (c) The Vice-President and Comptroller may at his discretion receive any remittance to be used to meet the expenses of a student. Expenditure of such funds shall be by voucher approved by the Dean of Men or the Dean of Women, as applicable, and the Vice-President and Comptroller. This does not authorize the keeping of personal deposit accounts for students but is to permit the acceptance of funds sent for student aid to be disbursed in accordance with the instructions of the donor. (d) No department shall receive any monies unless authorized by the Vice-President and Comptroller to do so. All monies shall be accounted for and paid over to the Bursar in such manner as the Vice-President and Comptroller shall direct. (e) No obligation shall be entered into except on authority of the Board and after a general or specific appropriation has been made by the Board therefor, as evidenced by its records, and after having been approved by the Vice-President and Comptroller. All appropriations shall lapse at the end of the fiscal year, June 30, unless otherwise especially ordered. (f) The fiscal year of the University shall begin with the first day of July of each year and end on the thirtieth day of June next succeeding. (g) The Vice-President and Comptroller is authorized to establish and administer petty cash funds where necessary for the prompt and efficient handling of University business, providing that no single fund of more than $1,000 may be established without specific action of the Board of Trustees. The Board shall designate the banks in which petty cash funds in excess of $1,000 may be deposited. (h) All employees shall be bonded in adequate amount and form, to be determined by the Board and the expense to be paid by the University. (i) The Vice-President and Comptroller is permitted at his discretion to act as treasurer of student and other organizations affiliated with the University, but in so doing shall not act on behalf of the University or as a University officer or employee and shall not thereby create any liability on the part of the Board of Trustees of the University of Illinois. In all cases, the ac-counts of these organizations shall be kept separate from the University accounts and the funds of such organizations shall be kept apart from University funds. II- BUSINESS PROCEDURES

STUDENT LOAN FUNDS

Sec. 12. (a) Student loan funds are for the purpose of providing financial assistance to students enrolled in the University, including internes and residents. Ordinarily such funds are received by gift and the donor may