Caption: Board of Trustees Minutes - 1976
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272 BOARD OF TRUSTEES [April 16 REGULAR MEETING RECESSED FOR BOARD COMMITTEE MEETINGS Mr. Neal announced that the regular meeting would be recessed for meetings of the Committee on Student Welfare and Activities and the Finance Committee. MEETING OF COMMITTEE ON STUDENT WELFARE AND ACTIVITIES The Committee on Student Welfare and Activities convened to provide an opportunity for the Chairman, Mrs. Nina Shepherd, to report briefly on her plans for the work of the Committee in the coming months. MEETING OF FINANCE COMMITTEE The Finance Committee convened to consider a number of subjects, including consolidation of University endowments into one portfolio and one management. In the course of the discussion of the latter subject, Mr. Lenz presented a motion and, by agreement, it was determined that the motion should be presented to the Board of Trustees in regular session for their consideration and action. Accordingly, the Board was reconvened. OPEN MEETING RECONVENED When the Board was reconvened in open session, the same members of the Board were present as recorded at the beginning of these minutes. CONSOLIDATION OF UNIVERSITY ENDOWMENTS Mr. Lenz presented the following motion: That the Comptroller be authorized to consolidate the two endowment trust accounts (presently held with the Continental Bank of Chicago and the First National Bank of Chicago) into a single account to be administered by the First National Bank of Chicago. Mr. Lenz's motion was approved by roll call vote as follows: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Lenz, Mr. Livingston, Mr. Neal, Mrs. Rader, Mrs. Shepherd, Mr. Velasquez; no, none; absent, Governor Walker. RECESS AND EXECUTIVE SESSION Following a short recess, the Board reconvened in executive session and considered the following items of business. The same members of the Board were present as recorded at the beginning of these minutes, with the exception of Mr. Livingston who had left the meeting. Acquisition of 1112 West Illinois Street, Urbana (35) The President of the University, with the concurrence of appropriate administrative officers, recommends that the University of Illinois Foundation be requested to purchase the property at 1112 West Illinois Street, Urbana, at a price of $42,000 and to lease the property to the University at a rental sufficient to enable the Foundation to pay the interest on the loan secured to finance the acquisition.
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