Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 1330]

EXTRACTED TEXT FROM PAGE:

1954]

UNIVERSITY OF ILLINOIS

1327

$400,000 respectively. At the close of each month, amounts approximating expenditures for that period on the contracts involved are promptly transferred from these special accounts and deposited in the C. W . Weldon, Treasurer of the University, account in the same bank. Reimbursement vouchers against the government for the exact amount of the expenditures for the period, plus indirect costs, are prepared at this time by the Business Office, when information is available, and are then audited by government auditors, and checks in payment thereof are prepared by government finance officers. These checks are deposited in the special accounts described above. Such procedure speeds up the reimbursement process by several weeks and thus provides working capital to the University to finance such research programs. Although these special accounts are in fact made up of government funds and the University has no direct financial interest in them, the procedure, as set up, provides that checks drawn in favor of the University are deposited in them. In order to give the First National Bank of Chicago authority to accept checks in favor of the Board of Trustees for deposit in the special bank accounts, University Treasurer Weldon has suggested the execution of a resolution and a power of attorney by the Board of Trustees, authorizing the bank to accept these deposits in such accounts. The Comptroller recommends that this authorization be given and that the following resolution and power of attorney, the form of which has been approved by the Legal Counsel, be approved: Resolution Resolved, that the Board of Trustees of the University of Illinois does hereby name the First National Bank of Chicago as attorney for and on behalf of this Board of Trustees to receive, indorse, and collect and to give full discharge for such checks as are payable to the order of this Board of Trustees, are drawn on the Treasurer of the United States, and are issued in connection with research work in which the University of Illinois is engaged for the Department of the Navy and the United States Air Force, provided, however, that this authority is limited to checks on which, or on the vouchers accompanying which, there is indicated the special bank account of the University of Illinois with said attorney in which such checks are to be deposited. Be It Further Resolved, that A. J. Janata, Secretary, and H . O. Farber, Comptroller of this Board of Trustees, are empowered to execute in the name and on behalf of this Board of Trustees a power of attorney substantially in the form attached hereto, appointing said the First National Bank of Chicago as such attorney for the purpose above expressed. This Board of Trustees hereby ratifies and confirms all that may be lawfully done by virtue hereof. Power of Attorney

KNOW A L L M E N B Y T H E S E PRESENTS, that the Board of Trustees of the

University of Illinois, Urbana-Champaign, Illinois, does hereby appoint the First National Bank of Chicago, of 38 South Dearborn Street, Chicago, Illinois, as attorney for this Board of Trustees, to receive, indorse, and collect and to give full discharge for checks payable to the order of this Board of Trustees drawn on the Treasurer of the United States, issued in connection with research work in which the University of Illinois is engaged for the Department of the Navy and the Department of the Air Force; provided, however, that since on each such check or on the voucher accompanying the same there is indicated the bank account with said bank in which such check is intended for deposit, the indorsement which our said attorney is hereby authorized to place on such checks is limited to whichever of the following indorsements is indicated and each such check shall be deposited in the bank account specified in such indorsement: Pay to the order of

T H E F I R S T NATIONAL B A N K OF CHICAGO

For deposit in University of Illinois Navy Special Pool Bank Account The Board of Trustees of the University of Illinois Pay to the order of

T H E F I R S T NATIONAL B A N K OF CHICAGO

For deposit in University of Illinois Air Force No. 1 Special Bank Account The Board of Trustees of the University of Illinois