UA-R-GC-1914-01-01-1959-12-19_Page-006

Bd-12/19/59-p.5 It was suggested that efforts be made to increase scholar-ship aid so that worthy but needy students would not be excluded by this increase. Sun Life Equalization Fund - After discussion, it was voted THAT the Board of Trustees authorize withdrawing from the Sun Life Assurance Company of Canada the accumulations in the Equalization Fund to date, and the transfer of $20,000 of this fund to the General Endowment Fund of the University for investment; the remaining balance to be held in a current reserve to meet the expenses of the existing retire-ment payments. It was noted that payments are now being made to Mrs. Lum and.M. Kiven; also that the trustees would have discretionary powers over the $20,000 as with other undesignated funds de-posited in the General Endowment Fund. Building Fund - At the meeting of the Board on June 20, 1959, it was voted that donors to the General Building Fund be notified and given opportunity to assert any objection to the transfer of funds in this account to the general endow- ,ment fund of the University. It was reported that seventyfour letters had been sent to surviving contributors to the Building Fund. Eight letters of approval were received; one requested return of a $100 gift because the donor is now aged an d in dire need of funds. This was done. The amount in the fund as of August 31, 1959, was $48,339, Book Value, with a market value on that date of $173,001. Upon motion, duly seconded, it was voted THAT the Treasurer be authorized to request the Union National Bank of Pittsburgh to close Trust Account #2862 and deposit the total funds in Trust Account #2801, Endow-ment Fund, of the American University at Cairo. Rockefeller Fund in Memory of Dr. Watson - The suggestion to close this account and transfer the total to the General En-dowment Fund was discussed fully. If transferred, the sug-gestion was made that it be designated within the endowment funds as "The Charles R. Watson Memorial Fund." However, since the holdings in this fund are entirely Standard Oil of New Jersey stock, it was felt that it was not wise to combine this with the General Endowment Fund under which the Investment Committee endeavors to keep diversified holdings. Since the income is now used for the current budget account , it was felt that nothing is lost by keeping the separate trust account (over which the Board has complete control, per statement from the donor.