UA-R-GC-1914-01-01-1974-04-17_Page-026

-4- 7. a. Report on Egyptian Pound Endowment - Dr. Byrd noted that the University Educational Endo~~ent Fund has received permission of the Egyptian government to invest although th' word has not yet been formally received. No investments have yet been made, but a number of possibilities exist and ~1r. Nichols is hopeful t.hat the Fund will soon become active . Mr . O'Connor reported on developments with regard to AID funding and noted that the American Schools and Hospitals Abroad program still expects to encounter severe funding difficulties which, per forcR, would affect AUC . b. Report of Development Committee - Mr . Thorne reiterated the serious financial situation of th: University due to AlD is uncertain future . He drew the attention of the Trustees to the proposal (attachment No . 2) to engage a full time develon­ment officer. It was the sense of the Board that the University has to take whatever steps it can to develop alternate sources of fundinq and in this spirit the proposal was accepted . Mr . Tamraz noted that it would be unrealistic, in his vie~, for the University to look to the Arab oil producinq countries in the near future for substantial dollar support . The Chairman expressed the hope that Mr. Tamraz would work closely with Dr . Byrd in designing University programs to meet specific needs of the oil producinq countries . 8. Report on Exhibition of Egyptian Treasures - Mr . McCloy summarized negotiations and progress to date, noting that the Egyptian government has agreed to release a major collection o