UA-R-GC-1914-01-01-1949-11-28_Page-047

J14 Finanoe Committee - 2 Adjustment of the account of 1:,r. Joseph R. Bailer was considered by the Finanoe Committee at the request of President Badeau. It was found that Bailer owes the University, in a000rdanoe with the By- Laws, something over 2800 for transportation of household goods to Egypt over and above the eight ocean tons provided by the University, also that iv1r. Bailer owes 489.93 on his personal account with the Bursar in Cairo. University exohange rate. The Committee gave repeated considera-tion to the problems raised by devaluation of the Egyptian pound and its effect on the revision of the budget for 1949-50, espeoially the question of rate of exchange. It was finally deoided that, effective October 1, 1949, a University exohange rate of w3 to L.E.1 should be used in all oaloulatione between the Bursar and the Philadelphia of-fice; that a gain-or-loss-in-exchange acoount should be oarried to cover fluctuations in actual cost of exchange; and that, also ef-fective October 1, 1949, the allowance for high-oost-of-living for permanent American staff should be terminated. Salary for short-term teachers . Acting on the request of the short-term teachers, addressed to the Board of Trustees, for increases in eal-ary in order to offset the losses from devaluation when dollars are pur-chased with pounds, the Committee voted to reply to the President that the request was refused. Since the oontraots with the short-term teachers are in pounds, it was reoognized that the establishment of the University exohange rate of 3:1 would affect the short-term teaohers ad-versely, and it was therefore voted to add 5% to their high-cost-of-living allowance, making the total 25%, effeotive Ootober 1, 1949. SaIe of suburban land. In view of the Presidents report of an offer tor the purchase of a small portion of the oountry land in the near future, the Committee voted that the total profits therefrom be applied to the current defioits and that the cost of this land be re-turned to the funds from which the purchase originally was made. Dr. Georges A. Misrahy. In reoognitior of many services rendered, the Committee took action authorizing the payment of x;200 a month to Dr. ::israhy at his address in New York, starting November 1, 1949. Revised budget. With reference to the revision of the Cairo Budget for 1949-50 as requested by the Board at its special meeting held in September last, the Committee expeoted to have additional in-formation from the President on which to make further report at the annual meeting. Two financial statements are attached: 1. Combined Budget (as presented) for 1949-50 2. (a) Endowment Fund as at 15 June 1949 (b) Building Fund as at 15 June 1949 (o) Investment Account, Rockefeller gift in memory of Dr. Udats on, as at 15 June 1949. 2