Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 370]

EXTRACTED TEXT FROM PAGE:

1977]

UNIVERSITY OF ILLINOIS

359

$12,241 4.65/sq. ft. 18,000 2.37/sq. ft.

McHenry County Farm Bureau 2,635 sq. ft. Morgan County Extension Education Building Association 7,606 sq. ft.

$9,215 3.50/sq. ft. New building — not previously leased

Funds are available in the County Extension Trust Fund. Present Payment, Proposed Payment, Ltssor/Sq. Ft. Annual/Sq.Ft. Annual/Sq. Ft. Illinois Central College $14,300 $17,600 4,400 sq. ft. 3.25/sq. ft. 4.00/sq. ft. Funds are available in the state appropriations to the University for FY 1978. The vice presidents for academic affairs and administration concur. I recommend approval.

The student advisory vote was: Aye, Miss Conlon, Mr. Overstreet; no, none; absent, Miss Winter. On motion of Mrs. Rader, these recommendations were approved by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Livingston, Mr. Neal, Mrs. Rader, Mrs. Shepherd, Mr. Velasquez; no, none; absent, Mr. Lenz, Governor Thompson.

Estate of Ralph O. Hunter

(40) The will of Ralph O. Hunter, deceased, established a trust to provide income for his wife, Mabel F. Hunter, during her lifetime. The will provided for the transfer of the trust, upon the death of Mrs. Hunter, to the University of Illinois: 1. T o establish a scholarship fund to be known as THE RALPH O. AND MABEL F. H U N T E R S C H O L A R S H I P F U N D . 2. To use the income from the said scholarship fund for scholarships for worthy agricultural students, undergraduate or graduate, attending the University of Illinois College of Agriculture in Champaign-Urbana, Illinois. The amounts of said scholarships and the method of selecting the person or persons to receive the same shall be determined by the dean of the College of Agriculture and the president of the University of Illinois at Champaign-Urbana and shall be in accordance with their usual practice and customs in such cases. The persons charged with selection are to bear in mind the nature of the agricultural interest of the testator and shall, other considerations being equal, give any preference to deserving students from the central area of Illinois. Mrs. Hunter is now deceased, and the trust is being transferred to the University by the trust department of the Springfield Marine Bank. The value of the trust (including 526 acres of farmland) is $1,201,729. The vice president for administration and the chancellor of the Urbana campus, after consultation with appropriate University personnel, have recommended acceptance of the Ralph O. Hunter Trust for administration in accordance with the terms of the will. In accord with board policy, the assets, other than farmland, will be transferred to the Endowment Investment Pool at the First National Bank of Chicago. It is recommended that the farmland be managed by the College of Agriculture. I concur.

On motion of Mr. Livingston, these recommendations were approved.