UA-R-GC-1914-01-01-1950-11-24_Page-004

Board Minutes Page 2. 11-24-50 6 60 . REPORT OF THE In Mr. Steele's absence, Mr. Madison presented. this Re- TREASURra port (page 4 through 9 of the docket) and expressed Mr. Steele's greetings and his very keen regret that he could not attend the meeting. The financial statements were reviewed as presented. In response to a question by Mr. Thornton, Mr. Gillespie reported for the Sub-committee on Investments that about 60% of the University's funds were invested in preferred stocks and equities and about 40;0 in bonds, and that our current yield for 1949-50 was 4.3. It was suggested thnt in view of present conditions it might be advisable to invest more heavily in ,_ ;o od. cor-mon stocks. After discussion, it was voted THAT the Finance Committee be and is hereby authorized to invest the funds of the University in common stocks and similar investments from time to time without re-striction or limitation as to the proportion such in-vestments ny bear to the total fund. Question was raised as to the current loans and the wis-dom of continuing them. It was noted that the loans in this country had been reduced from $250,000 to $210,000 and that bank overdrafts in Cairo were L.E.35,000 in September 1950 (docket, page 22). Suggestions were made as to ways to take care of our borrowings and it was voted THAT this entire matter of loans be referred to the Finance Committee. 661. REPORT OF THE EXECUTIVE SECRETARY 662. REPORT OF THE FIELD DIRECTOR On motion, the Treasurer's Report was accepted with ap-preciation. Mr. Madison presented. this Report (page 10 of the docket) and called attention to one or two items. On motion, the Report was accepted with many thanks. This Report, pages 11 and 12 of the docket, was read. by Mr. Kelley who added several explanations and presented a plan for a capital funds campaign for $300,000. The Board voted THAT the Chairman be authorized to appoint a com-mittee of three or more members to deal directly with the Field Director in order to ;give supervisory support to a campaign for capital funds in an ef-fort to raise $300,000; and r