UA-R-GC-1914-01-01-1968-10-24_Page-001

.. ' I ~ I The American University in Cairo Meeting of the Board of Trustees / Thursday, 24 October 1968 vr The Board of Trustees of the American University in Cairo met for its fall meeting at me Recess Club, 60 Broad Street, New York City, Thurs-day the 24th of October 1968 at 10:00am. Present were: Mr. Payne, Chairman of the Board, Mr. Barco, Dr. Bartlett, Mr. Crary, ~4r. Dohm, Mrs. Hammond, Mr. Newsom, Mr. Roper, Mrs. Sanders, Dr. Simpson, Mrs. Weyerhaeuser, Mr. Crnic Assistant Treasurer, Mr. -, Thoron Executive Secretary, and Mr. Schieren Development Coordinator. Following the adoption of the Agenda the Board approved the minutes of the meeting on the 19th of April. Mr. Payne welcomed Dr. Simpson to his first meeting since his election to the Board. Mr. Payne reported that the Honorable Eugene Black, former President of the World Bank, had been approached about joining the Board and that Mr. Black had indicated a willingness to do so. Mr. Black was proposed and elected to the Board by unanimous vote. Mr. Payne announced that Mrs. Wallace had presented for the second time a gift of $100,000 to the University. The Board was unanimous in its gratitude to Mrs. Wallace which Mr. Payne said he had already conveyed to Mrs. Wallace. Mr. Payne then reported that the Universitypcrtfolio's current valuation was about two million dollars with no outstanding debt. This contrasted with the position one year ago when the portfolio was valued at 1.8 million dollars against an outstanding debt of $500,000. The Vice Chairman, Mr. Barco, then reported on the latest develop-ments with regard to the proposed Egyptian pound endowment fund. He said that as of t~io weeks -ago the prospec~ for the immediate establishment of the fund appeared somewhat dismal. There were a number of reasons for this, .