Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 1153]

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BOARD O F T R U S T E E S

[March

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plus expenses for travel and subsistence of staff assigned to the audit, and with the understanding that aggregate charges will not exceed the following amounts: University of Illinois (all divisions) $18 700 University of Illinois Foundation (including its retirement system) I 200 University of Illinois Athletic Association (including its retirement system) I 000 Alumni Association (including its retirement system) 500 University Retirement System of Illinois 2 000 Under the present state law the Auditor-General of Illinois is responsible for auditing, or causing to be audited, the records of the University. In previous years the Auditor of Public Accounts has had this statutory authority and responsibility. The new Auditor-General, Mr. F r a n k Whitney, has expressed his willingness to follow the practice of the University and the State Auditor of Public Accounts of previous y e a r s ; namely, he will be consulted concerning the employment of an auditing firm, and the firm employed by the University wil! submit copies of its report directly to him as well as to the Board of Trustees. Any additional work which the Auditor-General may require will be at the expense of his office. Mr. Whitney, who was present, stated that he was pleased with the arrangement for the employment of an auditing firm which would report directly to him as well as to the Board of Trustees, and that the firm of Ernst and Ernst is acceptable to him.

On motion of Mr. Swain, this recommendation was approved.

R E P O R T O F F I N A N C E COMMITTEE ON INVESTMENTS

The Finance Committee reported the following changes in investments of trust funds.

r- . Endowment Funds — General $80 00 One share National Cylinder Gas 4^4 per cent Pfd

Exchange $10,000 U. S. Treasury Ctf., 3 ^ per cent due February 14, 1958, for 10,000 U. S. Treasury Ctf., 2J/2 per cent due February 14, 1959. Purchase $12,000 American Telephone and Telegraph, 5 per cent, due November 1, 1983 $12 945 00 10,000 American Telephone and Telegraph, 5 per cent, due November 1, 1983 10 925 00 2,500 U. S. Treasury bonds, 2I/i per cent, due June 15, 1962 (optional, 1959) 2 470 31

Current Fmds Urbana-Champaign Exchange $1,000,000 U. S. Treasury Ctf., •$/% per cent, due February 14, 1958, for 1,000,000 U. S. Treasury Ctf., 2^4 per cent, due February 14, 1959. Chicago Sale Eighty shares Sears, Roebuck & Co. common $2 139 82 Purchase $2,000 U. S. Treasury bonds, 2% per cent, due June 15, 1962 $1 969 7°

R e p o r t of t h e C o m p t r o l l e r T h e Comptroller reports the following changes in investments over which he has authority as shown. Urbana-Champaign Men's Residence Halls Revenue Bond Fund of 1956 (Authorized by Board of Trustees resolutions dated March 23, 1956, minutes page 982, and September 18, 1956, minutes page 49)