Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 1295]

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1292

BOARD O F TRUSTEES

[March 20

REPORT OF FINANCE COMMITTEE ON INVESTMENTS

M r . Megran, for the Finance Committee, reported the changes in investments: Purchase Endowment Funds $20,000 Pacific Gas and Electric First 3% bonds due 1974, at ioij4

following

Current Funds Exchange $10,000 U.S. 2%% bonds due December I, 1953, for $10,000 U.S. 2 ^ % bonds due December IS, 1958 $30,000 U.S. 2ji% bonds due February 15, 1954, for $30,ooo U.S. iys% bonds due February 15, 1955 Special Fands Exchange $1,000,000 U.S. 2lA% notes due February 15, 1954, for $1,000,000 U.S. 156% notes due February 15, 1955 Student Loan Fmds Exchange $20,000 U.S. 2%% notes due February 15, 1954, for $20,000 U.S. iyi% notes due February IS, 1955 p , City of Chicago Escrow Account $10,000 U.S. 2$/2% bonds due December 15, 1958 Exchange $48,500 U.S. 2% notes due September 15, 1953. for $48,500 U.S. 2S/g% notes due September 15, 1954 p , Chicago Revenue Bonds Fund

$2,000 U.S. 2%% bonds due June 15, 1962/1959 Urbana Residence Hall Revenue Bonds Fund Purchase $67,000 U.S. 27/&% notes due March 15, 1957 „ , G. A. Miller Estate Purchase $40,000 Atlantic Refining Company 3^5% debentures due January 15, 1979, at 101 $40,000 Northern Illinois Gas Company First 3^4% bonds due January 1, 1979,

at 102

$75,000 U.S. Treasury bills due March 18, 1954 500 shares International Harvester Company common stock at 30 300 shares Charles Pfizer Company common stock at 347A 300 shares Standard Oil Company of New Jersey common stock at 765/2 Sale $70,000 U.S. Treasury bills due January 14, 1954 $48,000 U.S. certificates of indebtedness due August 15, 1954 $41,000 U.S. Treasury bills due March 18, 1954 This report was received for record.

REPORT OF F I N A N C E COMMITTEE ON EMPLOYMENT OF UNIVERSITY AUDITORS

M r . M e g r a n reported that the Finance Committee has reviewed the practice followed by the Board of Trustees since 1904 in employing a firm of public accountants to audit the financial records of the University. T h e Committee also reviewed the scope of the audit made by auditing firms employed by the Board. T h e Committee gave consideration to the fact that the State Auditor in 1953 also employed an auditing firm to audit the University.