UA-R-GC-1914-01-01-1950-11-24_Page-069

• 178 REPORT OF FINANCE COMMITTEE 1949-50 MDetings were held on January 30, February 20, Maroh 21, April 13, May October 23, 1950. 10, and Salaries for three-year instructors. The Committee gave repeated consideration fo the question of salary for the short-term teachers who had requested in- creases due to devaluation. The matter was referred to Mr. Craig who, fortu-nately, was in Cairo early in March and reached agreement with Dr. Badeau that these teachers should receive, in addition to travel, room and board, the following; For the current year, as from October 1, 1949, L.E.300 for the first year of service, L.E.333.333 for the second year of service, and L.E .366.666 for the third year of service; and no bonus for high cost of liv-ing. This basis was Trade to apply also to new appointees. It was understood that future short-term contracts would be decided by the Finance Committee after Mr. Craig's return. Audit of Treasurer's accounts. The Committee is happy to report that, after negotiation, it was able to obtain reduction in the cost of the annum, audit of the Treasurer's accounts from $800 to tip400. Cash advances to staff. As a result of an advance to a member of the staff that involved two currencies, the Committee voted that in future financial trans-actions advances be returned in the currency in which made and that there be no transfer to anot}:.er currency until it becomes a cash transaction, with the undo* standing that any emergency be met by special action taken with the approval of the President. New building plans. In the light of Mr. Jewett's offer, the Committee considered the plans submitted by Council for new buildings in Cairo and recommended further oonsideration along the lines of developing both the city and suburban sites. Budgets for 1950-51. Following the special meeting of the Board held in April, Í950, the Committee approved the Cairo and Philadelphia budgets for 1950-51. Summary of these budgets appears in the attached statement of Combined Budget. Financial statements. In addition to the material presented in the Report of the Treasurer, the Committee submits herewith statements showing 1. Endowment Fund as at 15 June 1950 2. Building Fund as at 15 June 1950 3. Investment account, Rockefeller gift in memory of Dr. Watson, as at 15 June 1950. Loans for current expenses. During the year the collateral loan was reduced from $250,000 to ;210,000. The interest rate is 2% on $99,500 secured by Gov-ernment bonds and 2 on $110,500 secured by various stocks. A loan of $15,000 was authorized in October 1950, but thus far has not been needed. The bank overdraft in Cairo was L.E.35,000 on September 14, 1950. 2