UA-R-GC-1914-01-01-1939-01-27_Page-079

z4s Appendix D REPORT OF THE FINANCE COMMITTEE To THE BOARD OF TRUSTEES Of THE AMERICAN UNIVERSITY AT CAIRO During the year 1937-38 meetings of the Finance Committee were held in Pittsburgh on March 24 and on September 23, 1938. After considerable negotiation, Mr. Lum was able to make a satisfactory financial arrangement with Dr. Russell Galt who resigned as a member of our University staff. This arrangement was unanimously approved by the Committee and we ask the Trustees to approve the action of the Finance Committee in making this arrangement with Dr. Galt: THAT Dr. Russell Galt's salary be paid to June 30, 1938; and in case he has not secured a position by June 30, that his salary be continued up to and ending September 1, 1938. THAT, in connection with the Retirement Fund, the full amount of the annual payments made by the University from the time the fund was first started to the present time, together with interest, be paid to Dr. Galt. This amounted to $1435.85 on June 30, 1938. THAT a cash settlement of $400 be made to Dr. Galt in full payment for the freight allowance for the return of his household goods to America, thus releasing the University from all further claims on this account. Upon recommendation of the Council in Egypt $500 was added to the Univer-sity budget for 1938-39 for the purpose of increasing the enrollment in the College. The full resolution is presented for approval: THAT the Trustees approve the action of the Finance Committee in adding to the University budget for 1938-39, a fund of $500 for promotion in Egypt to be used to increase the enrollment in the College department. The Committee presents the following budget for your approval, the only increases being the $500 'promotion fund mentioned above, and the unavoid-able increase in the maintenance account of the suburban property: THAT the Trustees approve the action of the Finance Committee in voting a total budget of G99,763.33 . for the year 1938-39, consist-ing of $72,580 to be raised in America for the regular budget in Egypt; A500 as a special allowance for promotion in Egypt; $20,160 for interest charges, retirement fund, administration and promotion in America; $3,190 for the maintenance account of the suburban property; and $3,333.34 for the improvement and development of the suburban property (see Appendix D-1 and D-2) . THAT the budget for 1939-40 be based on that for 1938-39, viz., a total of approximately $96,240, consisting of $72,580 to be raised in America for the regular budget in Egypt; $500 as a special al-lowance for promotion in Egypt; $20,160 for interest charges, retire-ment fund, administration and promotion in America; and approximatel