UA-R-GC-1914-01-01-1980-05-29a_Page-001

THE 1;'V.ERICf\~ UNIV SlTY IN CAIRO Min~tes of the A~n~al M 2 e~ing of the Finance Co~nittee ~:ay 29, 1980 The Ri ve-r Cl u'b, New York City Present: Messrs. Hannon, Hedlund, O'Connor, Pedersen, Robinson, Stone, Winder. 1979/80 Budget--Stewardship Report. Mr. Robinson summarized the written report (attached) noting that there are no major changes to report since the February meeting. The ~mportance of timely financial reports was stressed by the Committee. Dr. Pedersen said that computerization is the key here and he will make it a top priority. He predicted that it would take 1 1/2 years to accomplish thi-s. There was a discussion of transfers to quasi endowment and working capital and the distinctions between them. It was confirmed that the administration does not have the authority to spend away working capital without Board approval. The Committee decided for 1979/80 to make an exception to the standing • policy that all operating surplus should be transferred to quasi endowment, and agreed that $300,000 of surplus could be transferred during 79/80 to working capital. There was a discussion of the performance and fees of Arthur Andersen. Mr. Robinson said that he and Mr. Snaith had looked into alternatives in Cairo and had concluded that they do not recommend switching at this time. Consequently the Committee decided that Arthur -Andersen should be retained for next year. The 1980/81 budget materials (attached) were reviewed in some detail and the Committee's attention was directed to the more significant changes an