UA-R-GC-1914-01-01-1948-11-19_Page-064

MINUTES OF SPECIAL MEETING OF THE BOARD OF TRUSTEES THE AMERICAN UNIVERSITY AT CAIRO New York City, September 17, 1949. 62 613. ORGANIZATION 614. REPORT OF PRELIM-INARY C ONFERENC E A special meeting of the Board, oalled at the suggestion of the Finance Committee, was held at The Town Hall Club beginning at 10:05 a.m. Dr. Horton led in prayer referring to "the institution we love". There were present: D. Horton, Chairman, E. E. Calverley, E. M. Craig, H. Garrett, R. W. Harbison, G. F. Jewett, G. D. Lockhart, R. W. MoClenahan, J. R. Sizoo, S. L. Thornton, and Miss A. Lister and W. N. Madison. The Chairman introduced and welcomed Mr. Stanley L. Thorn-ton who was attending his first meeting as trustee. Dr. Horton reported that several trustees had met with him, Miss Lister and Mr. Madison the previous evening for pre-liminary disoussion of the present emergency in the affairs of the American University at Cairo. The discussion moved through financial and budget items to the matter of Lincoln School and other educational questions, with the various interlati onships . It was noted that the total requested from America for the 1949-50 Cairo budget was 4147,428.71, whereas it had been 4110,004.38 in 1948-49. However, in 1948-49 the total deficit was $57,182.38, of which 0997.17 was incurred _!n Egypt. During that year a total of 419,097.68 was ; eecived in Amerioa from bequests, honoraria, and credits in Tr,ypt that would not be repeated through 1949-50, thus revealing that the deficit anticipated in the beginning of 1948-49 was 472,280.06. In general, it was felt that some solution to the problem must be found between President Badeau's alternatives of (a) reducing the work by half and (b) continuing approx-imately the requested budget by selling land to meet the deficits until income increases. Dr. Horton presented to the Board as the result of the previous evening's discus-sions a series of conclusions that, if acted upon, would gradually reduce the expenses to the level of hoped-for income at the end of five years, namely 4112,000, with borrowings in Egypt and sale of land as intermediate sources of funds. 615. FUTURE OF LINCOLN SCHOOL The question of the future of Lincoln School came to the Board in a recent action taken by Council in Egypt