UA-R-GC-1914-01-01-1957-03-08_Page-010

872 REPORT OF THE FINANCE COMMITTEE 9 Mr. Harbison (Ralph W.) , chairman, reported that at the meet-ing of the Finance Committee held immediately preceding the Board meeting, action was taken to present the following items for consideration by the Board of Trustees: Discussion of the Pyramids Road property as possible source of income - the Board discussed the advisability of selling sec-tions of the suburban property on the Pyramids Road;'' xpressed the considered opinion that matters of property are matters for the decision of the President and Council in Egypt in con-sultation with the Finance Committee of the Board of Trustees. It was suggested that encouragement be given to the Administra-tion in Cairo to explore the matter of selling the city site to holding corporation and then leasing for a long term. This would release money for endowment and other needs which could be credited in America, and would reduce assets in Egypt. After discussion, upon motion duly seconded,the following recommendation was approved THAT the Board of Trustees authorize the Administration in Cairo, i.e., the President and Council, in consultation with the Finance Committee of the Board of Trustees, to buy and sell and generally to handle the property in Egypt, including the suburban development. Mr. Garrett called attention to agrement made with Mr. Jewett during his visit to Cairo in 1950 that no part of the city site would be sold for a period of fifteen years. Dr. Horton was requested to write to Mrs. Jewett requesting release from this agreement in the light of present unforeseen conditions in the Middle East. Upon motion of the Treasurer, duly seconded, it was voted THAT the borrowing capacity of the University in America be increased from 20%, as voted by the Board of Trustees at its meeting on October 21, 1927, to 30% of the book value of the total net assets. Advisability of selling unrestricted endowment funds in order to reduce the accumulated deficit was discussed; also the wisdom of holding the endowment funds intact and selling some of the stock in the Rockefeller Gift in memory of Dr. Watson, holding the original value of the gift; also suggested was the selling of investments in the general building fund in America which are held nt a book value of $39,871, but had market value on February 28, 1957, of $97,253, Upon motion, duly sec-onded, it was vote