UA-R-GC-1914-01-01-1977-10-26_Page-003

There was a discussion of the extreme inflation in the housing market in Cairo and the possibility was raised of the Fund placing part of the LE endowment in buildings to be acquired or constructed for faculty and/or student housing. It was noted that the Fund has already begun a study of the possibilities and that the Acting President and Business Manager will pursue the matter with the Fund. The Executive Secretary will continue to pursue the possibility of a capi'tal grant with AID. At this point there was a discussion of the fire in the new library. The administration hopes that the building can be completed by the end of 1978 and within the monies available under the AID grant. There was a discussion of the new theatre which was severely damaged by the library fire. Mr. Hedlund stated that the Finance Committee recommends that the theatre be rebuilt using University funds, and the Board passed a motion approving this recommendation. The AID funding situation was described by Mr. Hedlund. There are no Egyptian pounds in this year's AID bill. Mr. Hedlund explained that the University and the Fund have been caught in the middle of a dispute between Congress and AID. This dispute has caused the audit situation to drag on and was responsible for the cutting of Egyptian pounds from this year's bill. It may be possible to obtain a supplemental appropriation although this is regarded as difficult and unlikely. It is more probable that the University will be forced to use its own endowment to make up the pound operating deficit during this fiscal year, and that these funds will be restored by an AID grant next year