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Caption: Board of Trustees Minutes - 1958
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340 BOARD OF TRUSTEES MINUTES APPROVED [April 18 The Secretary presented the minutes of the meeting of the Board of Trustees of January 16, 1957, press proof copies of which had been sent to all members of the Board in advance. On motion of Mrs. Watkins, the minutes were approved as printed on pages 181 to 247, inclusive. EMPLOYMENT OF AUDITORS The Finance Committee recommends employment of Haskins and Sells, Certified Public Accountants, Chicago, to audit the University accounts for the year ending June 30, 1957. The fee for these services will be based on per diem rates and expenses, with the understanding that the aggregate charges will not exceed the following amounts: University of Illinois (all divisions) $15 800 University of Illinois Foundation (including its Retirement System) 1 000 University of Illinois Athletic Association (including its Retirement System) 1 100 The report of Haskins and Sells will be issued to the Board of Trustees and to the State Auditor of Public Accounts. This is agreeable to the State Auditor. The working papers of Haskins and Sells will be made available for examination by the State Auditor's staff. If any work beyond the scope of the audit is requested by the Auditor of Public Accounts, it will be done at his expense. It has been the University's practice to employ a firm of auditors for a period of five years and then to change to another firm. This will be the fifth year for Haskins and Sells. The firm has also agreed to make audits for the Alumni Association for a fee not to exceed $400 and for the University Retirement System of Illinois for a fee not to exceed $2,000. On motion of Mr. Swain, the employment of Haskins and Sells, as recommended above, was approved. INVESTMENTS T h e Finance Committee reports the following changes in investments of trust funds: , Endowment Funds — General n Purchase $ 4,000 U. S. Treasury 2 ^ per cent notes due June 15, 1958, $ 3 988 75 4,000 U. S. Treasury 2% per cent bonds due September 15, 1959 3 003 75 4,000 U. S. Treasury 2J4 per cent bonds due September 15, 1061 3 932 50 4,000 U. S. Treasury 2% per cent bonds due November 15, i960 3 872 50 4,000 U. S. Treasury 2% per cent bonds due June 15, 1962 3 832 50 1 2,000 U. S. Treasury 2 /; per cent bonds due August 15, 1963 1 897 50 55,000 Household Finance Corporation 4% per cent sinking fund debentures due January 15, 1977 55 137 50 Exchange $10,000 U. S. 27/s per cent Treasury notes due March 15, 1957, for $10,000 U. S. iVi per cent Certificates of Indebtedness due February 14, 1958 TrUst Funds Purchase (Chica9°) $2,500 U. S. Treasury 2 ^ per cent bonds due August 12, 1963 $ 2 402 71
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