UA-R-GC-1914-01-01-1975-02-17_Page-005

J I -5- 8. LE Endowment Fund - Mr. McCloy gave the background and recent history of the University Educational Endowment Fund (Fund). He noted that in his opinion and that of the LE Endowment Committee, the Fund has been operating with diligence and energy and should receive the full support of the Trustees and the University. He noted that the kinds of activities undertaken by the Fund must be treated confidentially and that detailed reports are therefore difficult. Moreover, such activities typically require heavy initial investment of time and money in order to produce results, said Mr. McCloy. To this end the Board accepted the recommendation of the Executive Committee to the effect that the Fund be financed separately, in both dollars and Egyptian pounds, from the Uni­versity for 2 years with a review at the end of the first year. The Board approved an Egyptian pound funding of LE 30,000 and a dollar level of $23,000 for 1975/76. It was understood that the pounds would be drawn from the LE Endowment and that the dollars would come from the general University budget. 9. Auditors' Report - Mr. James R. DePauw of Arthur Andersen & Company pre­sented to the Trustees the Financial Statements as of August 31, 1974 together with Auditors' Report