UA-R-GC-1914-01-01-1979-05-31_Page-005

' • -5- Finance Committee. 1979/80 - Mr. Hedlund summarized the attached budget summary and noted that the Finance Committee is recommending that the Board approve the preliminary budget for next year at this meeting inasmuch as the fiscal year (September 1-August 31) will have begun when the Board next meets (in October). He said the Finance Committee approved the administration's salary recommenda­tions (with the exceptions discussed above) after lengthy consideration. A MOTION was made, seconded, and passed approving the addition of LE 153,000 to this year's budget for new construction, special salary bonus for custodian/non-professional AUC personnel to offset the high cost of living and additional expenditures for part-time faculty. A r~OTION was made, seconded, and passed approving the preliminary budget for 1979/80, including the recommended salary actions subject to the exceptions noted. d. LE Investment Committee- Mr. Stone, Chairman. The Committee feels that the position of the Fund vis-a-vis AID is greatly improved and the best it has been in. three years. The book is closed on past inquiries and no new investigations are underway nor contemplated, so far as we know. Concrete evidence of improved relations are the fact that the LE 8.75 million Endowment replenishment is being released by AID to the Trustees; and that LE 10 million in new funds has been recommended by AID and endorsed by m1B and will be comi ng to the Trustees next · year. It is un­certain what kind of Congressional action will be involved. Draft guidelines for the use of these Egyptian pounds have been forwarded by AID, and it is not clear how strictly they will be interpreted or to what degree they may be modified. The Committee believes that the guidelines leave room for interpretation and is guardedly optimistic that w