UA-R-GC-1914-01-01-1966-09-30_Page-001

I t I THE AMERICAN UNIVERSITY IN CAIRO Board of Trustees Executive Committee Meeting 30th September, 1966 The Executive Committee of the Board of Trustees met for its regular monthly meeting on the 30th of September, 1966 at 12:30 P.M. in the University office in New York, 866 United Nations Plaza, New York, N. Y~ 10017. Present: Messrs. Barco, Crary, Newsom, Payne, Thorne and Thoron, as Secretary. The meeting received a report from Mr. Barco on the progress of discussions with the Agency for International Development and the State Department on the project for a pound investment fund, prospects for an increase in the AID grant for fiscal year 1967 and the possibility of obtaining for the University a more favorable rate of exchange for the Egyptian pound. Mr. Thoron reported on the University's current financial position and on the work of the New York office, particularly with respect to the services of NEtA. He said there were two factors which had arisen and might warrant reconsideration of the University's relationship with NECA. First, a member of the NECA accounting staff for whose ability he had come to have great respect was planning to leave NECA and had indicated his interest in working directly for AUC. Second, Mr. Brookings had informed him that NECA would be planning to raise its overhead charges wl·thln the near future from the current 10% of direct salary costs to possibly as high as nearly 50% of direct salary costs. He suggested, therefore, the ,Executive Committee consider the possibility of the New York office assuming resp~sibillty for.. accountjng and personne