Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 1070]

EXTRACTED TEXT FROM PAGE:

1957]

U N I V E R S I T Y OF

ILLINOIS

IC67

ships are intended to assist the student while he pursues his educational objective; they are not awarded for carrying on specific research, and no services shall be required of a fellow by the University. The President is authorized to accept funds for scholarships and fellowships. He generally delegates the authority for accepting scholarships to the Special Committee on Undergraduate Scholarships and authority to accept fellowships to the Dean of the Graduate College. At the Chicago Professional Colleges, the Associate Dean shall act in this capacity for the Dean of the Graduate College. Funds for scholarships and fellowships shall not be accepted where the terms require that they be awarded on the basis of race or religious affiliation. When funds are received from a donor for fellowships or scholarships, neither the University nor the student recipients shall be obligated to the donor in any way, except to see that established academic requirements are met. The recipient of a scholarship or fellowship shall be chosen by appropriate University agencies, in accordance with established criteria based upon scholastic attainment and financial need. The Vice-President and Comptroller may receive and disburse funds for a donor who wishes to designate the recipient of a grant for financial assistance. In this event, the University acts only as the agent for the donor; the funds thus received are not University funds; and the grant thus administered, although perhaps designated as a scholarship or fellowship by the donor, has no official University status. (c) Endowment Gifts. The conditions of the gift as stated by the donor ordinarily specify the use to which the income shall be put, although the decision may be delegated to the Board of Trustees. Gifts may be received and accepted with the condition that the principal sum thereof may be either held intact or expended upon authorization of the Board of Trustees, or the University may transfer other funds to the endowment to be invested and only the income expended. Such funds are designated as "Funds Temporarily Functioning as Endowment." The terms of an offer of a gift to create an endowment shall be reviewed by the department concerned, the Legal Counsel, and the Business Office. The President may accept offers of endowment funds, reporting the gift, when received, to the Board of Trustees. No endowment fund money may be accepted if it is restricted as to use on racial or religious grounds. (d) Non-monetary Gifts. Every offer of a non-monetary gift shall be reported by the department involved to the President, who is authorized to accept it on behalf of, and report it to, the Board of Trustees. No object of art shall be accepted until its artistic quality has been determined. Loans of property (non-monetary) are accepted subject to the condition that the University will take all reasonable care of the property but it will not be responsible for loss or damage thereto, unless otherwise agreed to in writing. Routine loans of equipment may be accounted for and administered by the department involved, without reference to the President. However, receipt of equipment which could result in questions of University policy should be referred through established administrative channels.