Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 1069]

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BOARD O F TRUSTEES

[December 17

specify conditions under which loans may be granted, although the Board of Trustees may transfer funds from other sources to be used for this purpose. (b) The President is authorized to accept offers of gifts of loan funds which, when received, shall be reported to the Board of Trustees. Offers shall not be accepted where the terms require that loans be made on the basis of race or religious affiliation. (c) The Finance Committee of the Board of Trustees shall determine from time to time the general policies to be followed in the granting of loans. In general, the following types of loans shall be made. (1) Short Term. These loans are made to students to meet temporary financial problems, and are to be repaid during the same academic session in which they are made. They are limited to relatively small amounts and ordinarily do not require security. The applications must be approved by the Dean of Students and the Vice-President and Comptroller, or their designees. (2) Long Term. These loans are made to provide material assistance to the student during his attendance at the University, and are generally expected to be repaid from earnings after he leaves the University. Each application must be approved by the dean or director of the college or school in which the student is enrolled, the Dean of Students, and the Vice-President and Comptroller, or their designees. Security, by means of the signature of a financially qualified cosigner on the note or by satisfactory collateral, is required unless otherwise provided in the deed of gift or waived in meritorious cases. The Bursar shall, upon approval of the application, determine the fund from which the loan shall be made and shall make the loan on the receipt of a promissory note in the form approved by the Legal Counsel. The Bursar shall make collections on all notes and the interest thereon and, when necessary, may institute proceedings to enforce collection by referring delinquent notes to the Legal Counsel or to agencies outside the University. (d) Income on the student loan funds may be reserved to defray expenses incidental to the administration of such funds, when not prohibited by the terms of the gift. After providing for such expenses, any balance shall be added to the principal of the funds. (e) If at any time student loan funds are not needed for student loan purposes, they may, upon approval of the Finance Committee, be invested temporarily in prime interest bearing securities.

GIFTS AND GRANTS

Sec. 13. ( a ) Gifts and grants. They may be accepted from persons, corporations, or agencies outside the University under conditions specified in this section. Staff members may conduct preliminary negotiations with prospective grantors or contractors with the prior knowledge and approval of the department head or other appropriate administrative officer, but are not authorized to bind the University to accept a gift or grant. (b) Scholarships and Fellozvships. These are gratuitous payments to students to provide financial assistance during the period of their training. There are two kinds of scholarships: (1) aid to undergraduate students and (2) aid to graduate students, limited to tuition and fees. Fellowships are defined as awards involving cash stipends for students in the Graduate College. In certain exceptional cases, postdoctoral fellowships may be granted. Fellow-