UA-R-GC-1914-01-01-1920-10-26_Page-015

S40 Appendix F-2 with items inserted in its budget in behalf of the University, the University, the Finance Committee approved, as a just and legitimate claim, the payment by the University of this amount, in so far as it should be called for, and the Treasurer was authorized to make pay-ments as would be necessary. It was agreed that the basis for this action was to be found in the action taken by the Trustees on October 3, 1919, where they definitely sanctioned an approach to the cooperat-ing Boards for the purpose of allocating the University budget tothe denominational budgets of these Churches; such action naturally involved meeting the conditions of such allocation. It was agreed that these payments should be duly reported to the Trustees. A somewhat similar situation existing in connection with the Reformed Church in America to the extent of $500, it was agreed that this action should cover that situation likewise of payment if desired, but word has been re-ceived from the Foreign Board of the Reformed Church in America that such payment will not be required. (g) On May 27, 1920, Dr. ? 9.tson presented a statement received from Egypt, showing that the total amount paid up to that date for the property secured by the University at Cairo amounted to E. E. 73,166. Subtracting money received from America, or derived from other sources, the borrowings in Egypt on account of the property were E. E. 23,762.762. It was pointed out that at prevailing rate of exchange, there would be a saving of almost $25,000 if this amount could be remitted to Egypt at once, in addition to some saving on the interest charges. Dr. Watson reported that Dr. W. B. Hill expressed his willingness to make borrowings up to $35,000 with a view to ad-vancing the money required for the transfer of the loan from Egypt to America. Mr. J. H. Lockhart consented to serve the University in asimilar may to the amount of $$35,000. Mr. Walter P. Fraser also generously offered to endorse a note of the University to Mr. John A. Bell for $25,000. It was agreed to borrow the sum indicated. It was agreed also that such borrowings should be paid off at the earliest opportunity, that formal notes should be executed where desired, and that the interest charges should fall upon the University. This was done and the money was remitted to Egypt. Dr. Watson has reported the very great advantage which accrued to the Univ-ersity in its financial standing through these remittances. On the other hand a study of the total remittances made onaccount of the Building Fund up to the end of June 1919 reveals a gain on exchange as compared with pre-war rate of exchange, amounting to approximately $45,576. As to the present financial situation and future plans, the Finance Committee presents its report under the following headings: (1) From the report of the Treasurer, it veil l be noted that during the year from October 1, 191%, to September 30, 1920, the total receipts from living donors amounted to $93,572.25, and the receipts from investments, interest, and so forth (other than loans) amounted to $1,159.43. There were also received Liberty Bonds with face value amounting to $5,350. The expenditures upon the current expense account amounted to $85,047.96 and for the Building Fund the expenditures amount-ed to $117,500