Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 269]

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266

BOARD OF TEUSTEES

[February 14

tile for the ceilings. This work was omitted from the original contract because of the shortage of funds. T h e Department of Mathematics has requested that this work be done. Sufficient funds are now available and have been released by the Governor from the contingency item in the state capital appropriations for 1955-57. I concur in this recommendation and recommend that the Comptroller be authorized to execute the contract change order. O n m o t i o n of M r . S w a i n , the C o m p t r o l l e r w a s a u t h o r i z e d to execute t h i s c h a n g e in t h e c o n t r a c t . RACHELLE S. YARROS SCHOLARSHIP F U N D (14) In 1948 Mr. Victor S. Yarros of La Jolla, California, gave the University $1,000 in support of a scholarship as a memorial to his wife, the late Dr. Rachelle S. Yarros, who was a member of the faculty of the College of Medicine for many years. In 1949 he established a trust, administered by the First National Bank of Chicago, from which the University has received annual contributions of $300 for the Rachelle S. Yarros Scholarship Fund which now totals $3,100. Mr. Yarros died on October 30, 1956. The trust indenture provides for termination of the trust upon his death and distribution of the assets among various beneficiaries, including the University of Illinois which is to receive one-sixth of the residual balance after certain payments to beneficiaries named in the trust indenture. T h e funds received by the University are to be added to the Rachelle S. Yarros Scholarship Fund. The Bank is now proceeding with the dissolution of the trust and requests adoption by the Board of Trustees of a resolution accepting the University's share of the trust estate under the terms specified under the trust indenture and authorizing the Comptroller to execute and deliver to the Trustee a receipt for the University's share of the trust and the release and discharge of the Trustee from any further obligation to the University. It is estimated that the amount the University will finally receive will be between $30,000 and $40,000. The Dean of the College of Medicine and the Vice-President in charge of the Chicago Professional Colleges recommend, and I concur that: 1. The funds now held by the University in the Rachelle S. Yarros Scholarship Fund and funds to be received from the trust estate be set up for the present as an endowment, the income to be used for scholarships to be awarded to deserving and needy students in the College of Medicine; 2. Scholarships be awarded on recommendation of the Committee on Awards and Scholarships of the College of Medicine; and that 3. Scholarships be awarded annually in varying amounts but that not more than $500 be awarded to any one student in one year. I also recommend adoption of the following resolution and that the Comptroller of the Board of Trustees be authorized to take such actions and to execute such documents as may be required by the First National Bank of Chicago in conveying to the University of Illinois the residual balance of the trust established by Mr. Yarros. Resolution WHEREAS, the First National Bank of Chicago, is Trustee under a trust agreement with Victor S. Yarros, dated October 7, 1949, as amended; and WHEREAS, Victor S. Yarros, departed this life on October 30, 1956, and Article 1 P a r a g r a p h ( D ) of an amendment dated October 14, 1950, to said trust agreement reads in part as follows: "Upon the death of the Donor, the Trustee shall pay and distribute the T r u s t Estate as follows: (5) T h e University of Illinois Medical School (now located at Chicago, Illinois) as an addition to the Rachelle S. Yarros Scholarship Fund, one-half (J4) the balance thereof, including any portion not distributable under ( a ) and ( b ) . " Now, therefore, be it resolved that the distribution made by the foregoing provisions be and the same hereby is accepted by the Board of Trustees of the University of Illinois for use in the College of Medicine of the University u > accordance with the purpose therein set f o r t h ; and