UA-R-GC-1914-01-01-1948-11-19_Page-028

REF03T OF TIE PIïTArCE COI:iJITTEE 1947-48 Your Finance Committee presents herewith statements showing: 1. The Combined Budget for 1948-49 2. The 1948-49 Budget in America 3. The Investment Account for Building Funds, as at June 15 and November 8, 1948 4. Analysis of Assets in the Endowment Funds as at June 15 and November 8, 1948 During the year 1948 the Committee met on February 24, March 18, June 29, and September 29. The Sub-committee on Investments met frequently as occasion required. There were no meetings of the Sub-committeeson Fund Raising and Buildings Fund. In September, an interim Sub-committee on Buildings and Grounds was appointed with Mr. Harrison Garrett as Chairman, to function until the election of the Standing Committee on Buildings and Grounds at the 1948 Board meeting. Also in September, a Sub-committee on Salaries and Allow-ances was set un, with Mr. Craig as Chairman, to report to the Finance Committee immediately prior to the 1948 Board meeting. Reviewing the Finance Committee Minutes for the past year, we find continuing discussion of the problems involved in financing and constructing the new campus as well as the current problems of income production in this country. At the special meeting of the Board held in March 1948, the Trustees approved the recommendation of your Finance Committee that steps be taken to finance and construct the new campus. Actual progress in this plan has been postponed due to developments in the Middle East that made it impossible for the University's lawyer to come to America during the spring. However, your Committee took the following action in September: THAT the initial amount - not to exceed $25,000 - required to begin the building program on the new campus be borrowed in this country in dollars,using as collateral such securi-ties in the endowment or building funds as the Committee on Investments may select, the purpose being to get the road and work bridge under way this winter, and the village re-moved as soon thereafter as practicable; repayment of this loan to be made out of sale of land in Egypt. The schedule contemplated for the next two years, as worked out by our President and Executive Secretary in conference with the Architect, Mr. Larson, is as follows