Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 783]

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BOARD OF T R U S T E E S

[July 25

REPORT O F T H E EXECUTIVE COMMITTEE

The Secretary of the Board presented the following reports of the Executive Committee:

Paul V. Galvin Scholarship Fund Distributors of Motorola products have offered the University $13,285 to establish the Paul V. Galvin Scholarship Fund. The fund is to honor Paul V. Galvin, President of Motorola, Inc. The fund shall be an endowment fund, the principal to be invested in accordance with the usual investment practices of the University and only the income to be expended. The income shall be used for a scholarship or scholarships for worthy, undergraduate students in the University of Illinois, each student to be selected in accordance with usual practices of the University but must be a student who is in need of financial assistance. Additional gifts to this fund will be for the purpose of increasing the number of scholarships rather than the amount of the original scholarship. On recommendation of the President of the University, the Executive Committee of the Board of Trustees at a meeting held in Urbana, Illinois, on May 15, 1953. authorized acceptance of this offer. The action of the Committee is being reported at this time because the donors requested that no public announcement of their offer be made until after July 1, 1953. Special Appropriations for Nonrecurring Expenditures On recommendation of the President of the University, the Executive Committee of the Board of Trustees on July 8, 1953, authorized assignments from the General Reserve Fund for the following expenditures: Interior painting of the Auditorium $13 700 This project is highly desirable because of the unsightly appearance of the interior resulting from recent construction work. Replacement of the dry vacuum system in Noyes Chemical L a b o r a t o r y . . . . 4 000 This system is required for laboratory and research work and has reached a precarious state. Replace copper on roof of east arch of Armory 18 500 A large area of this section of the roof was blown off during a recent windstorm and requires early replacement. T h e Physical Plant Department was in a position to begin work on these projects immediately and since this would permit re-employment for a period of some of the personnel the Department had been obliged to lay off, it was the judgment of your Committee that these expenditures should be authorized promptly instead of waiting until the present meeting of the Board.

A. J. JANATA HERBERT B. MEGRAN FRANCES B. W A T K I N S P A R K LIVINGSTON, Chairman

Clerk REPORT OF FINANCE COMMITTEE ON INVESTMENTS

Mr. Megran presented the following report of the Finance Committee on transactions involving securities:

Purchases: Endowment Funds $15,000 Ohio Edison Company First Mortgage 3 % bonds due 1974, @ 93, plus interest $ 14 106 25 Fourteen units of script, with exchange value to December 8, 1954, of 1/40 of a share each, of Dow Chemical Company common $5 par stock, redeemable for cash from December 9, 1954, to December 8, 1958 14 09 One share Dow Chemical Company common $5 par stock 42 92