Repository: UIHistories Project: UI Library School Alumni Newsletter - 9 [PAGE 2]

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The amended report was finally adopted to read as follows: Use of Income from Endowment Funds 1. That the income from the Endowment Funds (as soon as sufficient funds accrue to permit) be used for scholarships. 2. That each scholarship be awarded on a basis of merit: i.e., that it be given to a person who possesses a high scholarship record during his undergraduate and library school courses and who also possesses the best qualifications for a successful career in the profession of librarianship. 3. That any person who meets the requirements for admission to the Graduate School at the University of Illinois as a candidate for the master's degree in library science may be considered eligible for the scholarship. 4. That this scholarship shall be awarded by the University on the recommendation of the Library School faculty. 5. That no awards be made until the principal with interest, shall have reached a sum sufficient to yield $200 or more, annually. 6. That the amount of each scholarship shall be $200 or more. 7. That the amount of the scholarship (when awards shall begin) be paid by the trustees of the Endowment Funds to the University Comptroller and be disbursed by him according to University rules. 8. That the principal remain for investment in the hands of the trustees of the Endowment Funds. 9. That continued effort be made to increase the number of life members .and that contributions to the Endowment Funds from other sources (special gifts, bequests, transfers from the loan fund, etc.) be encouraged. 10. That Sec. 1 shall remain in force until changed by a threefourths vote of the members present and voting at two consecutive annual meetings. Harriet E. Howe, '02, moved that the first scholarship be called the Katherine L. Sharp Scholarship. The motion was carried. The following report of the nominating committee was read and accepted :

President—Ruth E. Hammond, Public Library, Wichita, Kansas. First Vice President—Nellie M. Coats, Indiana State Library, Indianapolis Second Vice President—Anita M. Hostetter, A. L. A. Curriculum Study Chicago Secretary-Treasurer—Josie B. Houchens, University of Illinois Library Urbana Trustees. d: Endowment Funds-Harriet E. Howe, 1927-28; Margaret Hutchins, 1927-30; J. S. Cleavmger, 1927-29.

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After sending a telegram of greeting to the faculty of the Library School, the meeting adjourned.

REPORT OF THE SECRETARY-TREASURER

RECEIPTS—OCTOBER 1 TO JUNE 22, 1927

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Cash balance brought forward Receipts—Life memberships Receipts—Annual members Interest Loan repaid Total [2]

$1807.39 635.10 110.00 30.51 100.00 $2683.00