UA-R-GC-1914-01-01-1960-07-15_Page-005

s I Appendix C I Appendix D I· Exec .. Com 7/15/60-p.2. the Dummer the efforts of the President. Mr. Pott~r. and Mr . Holt' who had been appointed Vice Presidont ~ Financial DevelopBent at the last meeting of the Board of Trustoes .. Status ot Land Sale _ Mr . Holtz reviGwed the aevel­opl! l.an1. of the sale of the Pyrall.id& Road site a~ 80+ forth in Appendix C. The University holds full possession ot the land until payment of all the nots8 hils beon completod. Kr. Ga.rrlttt 8uggas-&.od thnt a complete accountl.ll& be propared showing the .full cost of the subu' ban property to the UniV8i's1ty. and urgad tha.t pl·' cEled trom t he sale be used first tor paymant of Ob:Ll._ gat.ions on the propertY' includ.ing loans fro. th61 endowment fund. Mr. Holtz axpla1ned that the proceeds are being u60d in Egypt in pounds tor ourrent expenses thus reloas­ing dollars in the U.S.A. tor re~ayrn8n~ of bank loana trom the Union Uational Bank of Pittsburgh. $35 . 000 ha. be.n paid during 1959-60. por th3 budgeted statement. Proposed now tax demands affecting U. A.R. personnel wel'e reported by Dr .. HoLa.1n. The proposed t.ax lj-ou'.d requ1r$ the University to pay 16~ of salaries to U oA..R. C'it1zens, the employee to pay an additioilal 6'" into the same fund. However. this 13 not yet laY and fUl"thar report \111l. be made if' it is passed Proposed retira~ent progrArJ for proto5sional porsonn6' (Appendix D) was read and disoussed fu117, The Pre3~ dent was requested to r~view the dooument adopted b) thC!l Board at ita la!lt '11oeting I incorporate ch&.n!es suggested at thi.s meeting, and hava the 3tatemOn"i;. prl!.­eented to the Board in Noventber. Mr GarrC!tt 8Ug-' gas ted that e certain percentage of andowment tunds be set aside, as is done in stJnila'" organiza.tions, to meet eme.rgenciea llnd inequities cpCJn ?etircnlont of staft. This could be !.ncluded in ~t,e campugn tor endowment. funds and might be caneidered sympatheti'3a.' Y' by certain Func"a or !<'ollndat1oml. It was augglll5t.e1 that the Statoment on Tonure &1&0 approved at the last meeting of the Board be ~.nC'lud8 in thi8 study at the retireMent program