UA-R-GC-1914-01-01-1979-05-31_Page-003

-3- initiate any new action except in the area of salaries (previously noted) and U.S. dollar accounts will be consolidated with a view towards simplification, increasing earnings, and increasing the quasi endowment as much as possible. c. Finance Conmittee- t1r. Hedlund, Chairman. The Trustees had asked AID for LE 28 million, which would have been adequate to put the Uni­versity on a self-sustaining basis. AID recommended LE 10 million, which is expected to come to the University next yea~. This, in addition to LE 8.75 million in the "pipe1ine" (appropriated and allocated, but not yet dis­persed by AID) plus amounts already invested by the Fund and deposited in University bank accounts make a total of approximately LE 28 million. If this sum is simply spent to cover operating deficits it should carry the University for six to eight years. It is AlDis concept that the LE 10 million should be a terminal grant to be spent to cover operations. The Trustees have not accepted this viewpoint, Mr. Hedlund said, and feel that it is necessary to persuade the Government that the best long-term interests of both the Government and the University lie in AUC's having an Egyptian pound endowment for investment. It is felt that now is not the best time to make this case as AID is under­going a major reorganization and changes in leadership. On the dollar side, AID has provided $500,000 for this year and is expected to provide the same next year. Presumably, the Government will have soon dispensed all surplus Egyptian currency and therefore amounts coming to AUC in the future will be in dollars. It is very important for the Trustees to get out and raise as much as possible, both for the income and for the symbolic importance with AID and Congress, Mr. Hedlund stressed