UA-R-GC-1914-01-01-1978-05-11_Page-004

-4- - President Pedersen reported that there may be a possibility of exchanging Egyptian pounds into U.S. dollars in Cairo through AID under the Commodity Export Program. He will be pursuing this in Washington and Cairo. Approval of Budget - Upon the recommendation of the Budget and Audit Committee, a MOTION was made, seconded and passed by the full Board approv'ing the University's preliminary budget for 1978/79 as presented by the Committee (summary attached). 6. Report of the LE Investment Committee - (Mr. McCloy announced his resignation as Chairman of the Committee for reasons he said would become clear in the report to follow, to be made by the new Chairman, Mr. Stone.) Mr. Stone's Report - a. Current Operations - The Fund is on budget this year in both dollars and pounds and as to both income and expenses. The loans it has made are all current as to principal and interest. Current financial information covering all aspects of the Fund is available to any Trustee who is interested and is provided on a regular basis to members of the LE Investment Committee. b. Future Operations - Since the report of the Committee in Cairo in March there have been two developments . - The Fund has made a commitment to invest LE 45,000 in a project with Colgate-Palmolive and has so far paid in LE 11,000. The balance will be paid when called for. Although this project is smaller than the Fund's in­vestment criteria call for, the decision to proceed was made because of the excellent, worldwide reputation of Colgate-Palmolive and the benefits to the Fund of associating with the company. - The Committee approved a capital increase, pari passu, in Arab Aluminum Company. This increase had been contemplated from the formation of ... /