Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 1165]

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1162

BOARD OF TRUSTEES

[November 20

Action on these matters was deferred until the Board could receive the formal presentation by Messrs. M a r c C. Norton, Executor, and J. G. Thomas, Attorney for the Miller Estate, who were to appear before the Board later at this meeting. The executive session having been concluded, the Board recessed.

O P E N SESSION

BUSINESS PRESENTED BY T H E PRESIDENT OF T H E UNIVERSITY

T h e Board reconvened in open session and took up consideration of the following reports and recommendations from the Acting President of the University.

AUDIT OF UNIVERSITY ACCOUNTS (4) Haskins and Sells, Certified Public Accountants, Chicago, submit the report of their audit of the accounts of the University of Illinois for the fiscal year ended June 30, 1953. They are also making separate reports on the examination of accounts of the Athletic Association, the Alumni Association, and the University of Illinois Foundation. Mr. Ralph S. Johns, Resident Partner of Haskins and Sells, appeared before the Board to present this report in person. Copies of the report had previously been sent to all members of the Board. Mr. Johns discussed the work of his firm, the scope of the audit, and answered questions. T h e following is.the Accountants' Certificate: T o the Board of Trustees of the University of Illinois: W e have examined the balance sheet of the University of Illinois as of June 30, x9S3i the related summaries of current income and expenditures and changes in unappropriated current surplus, and the related summaries of changes in funds balances for the year then ended (Exhibits A to G, inclusive). Our examination was made in accordance with the generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. W e have also examined the financial statements of The Athletic Association of the University of Illinois, The University of Illinois Alumni Association, and the University of Illinois Foundation, and have rendered separate reports thereon. In our opinion, the accompanying balance sheet, the related summaries of current income and expenditures and changes in unappropriated current surplus, and the related summaries of changes in funds balances present fairly the financial position of the University of Illinois at June 30, 1953, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. H A S K I N S & SELLS October 15, 1953 T h i s report w a s received for record. GEORGE A. MILLER ESTATE (5) I t will be recalled that the late Dr. George A. Miller, Professor of Mathematics, Emeritus, who was a member of the faculty of the University of Illinois from 1906 until his death on February 10, 1951, made the following bequest to the University of Illinois: "In the event that my said wife, Cassandra A. Miller, shall not survive me, then and in that event all the rest, residue and remainder of my estate, real, personal and mixed, of whatsoever kind and character and wheresoever situate, of which I am seized or possessed at the date of my death, I give, devise and bequeath unto the University of Illinois, a public corporation of the State of Illinois, to be by said University of Illinois held and invested, the income and the principal, or any part thereof, to be used by said University of Illinois for educational purposes, in such manner as the Board of Trustees of said University of Illinois shall determine; provided, however, that the use of said trust estate, or the income therefrom, shall be for other than current general operating expenses." Mrs. Miller having predeceased him and there being no children and no other