UA-R-GC-1914-01-01-1978-08-22_Page-004

-4- 7. The Committee approved payment of Arthur Andersen's charges for auditing the University as described in the memorandum of August 14th sub­mitted to the Committee. 8. The Fund Manager and the Executive Secretary were asked to investigate the willingness of Price Waterhouse to act as auditors for the University and the Fund and to accept payment in Egyptian pounds. 9. The Committee approved the transfer from operating accounts to plant fund of money designated for construction but unspent at the end of the fiscal year (as proposed in the memorandum to the Committee of August 4th). 10. The Committee approved the transfer of $75,000 from European-American savings account #046-005160-0 to Citibank checking account #0873 1764, the purpose of the transfer being to cover University operating expenses and the purchase of certain equipment including theatre lighting. 11. Fund Salaries - The adjustments in Fund salaries proposed by the LE Investment Committee were approved. 12. Fund Protocol - The Committee feels that this matter should be pursued directly by the Trustees, specifically Messrs. Stone and Hedlund. 13. Indemnity and/or Insurance for Trustees - The Executive Secretary was asked to pursue the matter of commercial insurance and also to obtain the by-laws of Arab Aluminum Company as they may pertain to indemnification . ... /