UA-R-GC-1914-01-01-1957-03-08_Page-004

i 3 856 REPORT OF THE The Chairman introduced Mr. Robert E. Culbertson, Vice President, VICE PRESIDEIIT who had assured his duties in the International Office in New York in December 1956 after serving for two months in Cairo. Mr, Culbertson rend and enlarged upon portions of the attached statement outlining plans for large-saa,le fund raising involving every trustee and staff member, and reouesting appointment of ra fund raisin; committee. It wa.s decided to leave this report open for discussion on Saturday morning. 857 ADJOURNMENT Tho meeting adjourned .at 5:15 p.m. At 6 p.m. on March 8, the annual Cairo Dinner was held at the IIational Arts Club on Gramercy Park with Dr. Horton as Master of Ceremonies. There were 144 guests. Dr. Howard introduced the various groups represented; Dr. Aziz Attiya, visiting professor a.t Union Theological Seminary, gave a warm appreciation of the Univer-sity as representing an expression of American friendship for Egypt; Dr. McLain reported on the activities of the evacuated staff in Geneva, and the relief program carried on at the University. (See Minute 864 also) . 858 BOARD RECONVENES Lt 9:15 a.m. on Saturday, March 9, ,1957, the Board reconvened with Dr. Horton in the Chair, and trustees and staff members at-tending as listed in Minute 852. 859 REPORT OF THE EDUCATIONAL SECRETARY Report of the Educational Secretary was read by Dr. Howard (copy attached) . One question raised with reference to relationship of the University to the churches led to discussion of the question of Christian influence and activities. The Chairman suggested that this be left in the hands of the Administration in Cairo in ac-cordance with the charter of the University. The report of the Ed-ucational Secretary was accepted and ordered placed in the Minutes. 860 REPORT OF THE C OMPTROfLEP Miss Lister presented financial statements (see attached copies) from the New York office and from Cairo and added explanations of various items. It was noted on the Balance Sheet that loans from the Union National Bank of Pittsburgh amounted, on August 31,1956, to $385,000; also that present borrowings approximate the maxim= authorized by the Board of Trustees. This authorization, original-ly adopted October 21, 1927, limits borrowings to 20% of the total net assets of the University. additional borrowings can be arranged only through a new resolution modifying existing authorizations. Securities held by the Union Ilational Bank of Pittsburgh (Ps shown on the Balance Sheet) are carried a t a book value of $608,760, while the present market value On February 2e, 1951, was $1,180,867 (en-dowment and trust funds). Book value on building funds in America amounts t