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I I I -5- The President said that AUC had reduced its dependence on AID and intends to continue this trend. However, for the fore­seeable future AUC will continue to need AID support in order to sustain the present level of operations. Mr. Nichols noted that any drawdowns by the LE Endowment Fund from the University operating budget should be in the form of loans in order to avoid possible legal and tax problems. Mr. Thorne said that a recommendation to this effect should be brought to the Board from the partners. 8. President's Report - Dr. Byrd first reported on the matter of the new Dean of the Faculties. He noted that Thomas Lamont was the unanimous choice of the Faculty and received praise from all quarters. Upon motion duly made and seconded Dr. Lamont was confi~~ed . by the Board as Dean of the Faculties of the Univer­sity. Dr. Byrd reported that 18 new American families arrived in Cairo in September and that it had been one of the easiest recruiting years ever for AUC. The President stressed however that all staff at the University are being hit hard by the high inflation in Cairo and that we are losing key personnel as a result. There are presently 32 vacancies at the staff level. Dr. Byrd noted that AUC cannot compete with embassies and other foreign enterprises in Cairo given present AUC salary scales, and that under no circumstances can we compete with companies located outside Egypt