UA-R-GC-1914-01-01-1949-11-28_Page-046

REPORT OF FINANCE COMMITTEE 1918-49 Meetings were held on January 5, March 15, July 7 and November 11 and 22, 1949. Two legacies received during the year wore reported. One was a payment by Mrs. Dluon p of Mason City, Iowa, upon settlement of the estate of her sister, Miss Gertrude M. Decker, who had named A.U.C. in her will but whose b o quest had not been paid in full because the will had been contested. The gift of $2500 from Mrs. Dunlop was applied to the current budget. A be-quest of $5000 was received from the estate of Henry C. Wallace and was also applied to the current budget, but it was noted that, as soon as the Committee is able to do so, it would like to have this amount put into the endowment fund. Three loans for current expenses were authorized during the year: $10,000 in January, $25,000 in March and 012,000 in July, 1949. The total collateral loan is now $250,000. Of this amount, $99,500 is secured by Government Bonds and the interest rate is 2%. The balance of the loan, $150,500, is secured by various stocks and the interest rate is 2 . Budgets. The Philadolphia budget for 1949-50 was approved and the Cairo budget for 1949-50 was studied at length. The Committee fait it could not see its way clear to approve a budget more than last year's and the In-vestment Committee warned that wo were nearing the capacity of the borrowing value of our collateral. Sale of land as a means of securing money in Egypt was discussed. The entire matter was referred to the Board for final action. Reduced foes. As recommended by Council, the Committee voted that reduced fees may be allowed to the children of members of tho local staff under certain conditions. New salary schedule. As directed by the Board, the Committee com-pleted its study of a now salary schedule for the permanent staff, effective January 1, 1949. This was adopted and made a part of the minutes of the previous annual meeting of the Board. In accordance with this schedule, the Committee approved salary for bliss Wilma M. Rauschart as permanent secretary to the President, beginning approximately April 1, 1949, with certain oxcop-tions in allowances. In the case of Mr. Louis H. Edmondson, who had been appointed by the Committee on Education as teacher of journalism beginning in September, 1949, the Committee approved a special contract providing trav-el. to Cairo and return at the end of three years, board and room at Univer-sity rates, and a cash salary of $2000 a year payable in Egyptian pounds. Salo of land and borrowing in Egypt. In the face of our extremely critical financial situation, the Conuuittee considered it imperative that land in Egypt bo sold promptly and word was, therefore, sent to President Badeau to place emphasis on disposing of land, especially the country land first if convenient, and to go ahead and make whatovor sales are possible. Authorization was also given to the President and Bursar to make arrangements to secure money in Egypt up to the $,32,000 needed during the summer of 1949 for current expenses. This action was necessitated by lack of funds and borrowing power in America. (A supplementary authorization of j 50,000 was voted by the Board in September, 1949.) 2