UA-R-GC-1914-01-01-1976-10-20_Page-048

\. I I I -2- Trustee participation in dollar fund ralslng has been strengthened through the addition of regional vice chairmen The idea of utilizing the U.S. showing of the Tutankhamun exhibit to help the visibility of AUC has been raised. Mr. Devine read to the Trustees a letter he wrote on behalf of Mrs. Lila Acheson Wallace to Mr. Thorne (copy attached) - the letter stresses Mrs. Wallace's continuing great interest in the University and conveys another very generous donation to the University by Mrs. Wallace. The Trustees expressed their deep gratitude to Mrs. Wallace and asked Mr. Devine to convey the same. 4. a. Report of Mr. Aldrich on His Visit to Cairo - Mr. Aldrich noted that Chairman Thorne encouraged him to visit AUC in his capacity as Chairman of the Academic Committee. Mr. Aldrich's recommendations are contained in a written report which is attached. A motion was duly made, seconded and passed adopting Mr. Aldrich's first recommendation (see report) for the establishment of "visiting commi ttees". It is possible that the U.S.I.A. will be willing to p~y the travelling expenses of outside participants. Dr. Byrd said he very much favors the establishment of visiting committees and it is anticipated that eleven would be formed. The Faculty a'lso strongly supports this recom­mendation and has expressed an interest in playing a role in the selection of the outside members. At this point Chairman Thorne announced that he had asked Mrs. Culbertson and Messrs. Hannon and Bell to serve as members of the Finance Committee. 5. Report of the Finance Committee - Mr. Hedlund - A. LE Fund - (Mr. Stone reported in the absence of Mr. McCloy). (1) History - The Trustees were granted LE 25 million in 1969 by AID for the purpose of investment, the income to support the University's operating expenses. It was not until approximately two years ago that such investment became politically and economically feasible and not until eighteen months ago that investment became actually possible. (2) Structure - This is in the process of being changed on advice of American and Egyptian counsel. There are three objectives: and the U.S. (a) To protect the Trustees from personal liability, (b) To have a vehicle for operations outside Egypt (c) To insulate the University from U.S. tax on non­related business income, and from the consequences of doing business i