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The recommendation was approved. F. Pursuant to its discussions at the October Board meeting, the Finance Committee recommended that the endowment funds currently managed by Brown Brothers Harriman be transferred to the Common Fund and requested the authority to come to an agreement with them. In doing so, the Committee would follow the guidelines previously approved by the Board, with up to approximately 70% of the endowment monies placed in stocks and with the remainder in fixed income securities, with the performance target being at least keeping up with the annual inflation rates in the U.S. Pursuant to that transfer, the the attached resolution was approved, authorizing Board officers to act on the University's behalf in this regard. The Board approved these recommendations and resolutions and asked the Committee to review current guidelines and to report on these and other relevant matters at the May Board meeting. 8. Report of the Campus Planning and Housing Committee: Dr. Bacon. A. The Committee reported on the status of the new library saying that it was essentially complete and would be a striking addition to the University's facilities. There were some areas where improvements could be made. Principal among these were the adequacy of the lighting, the absence of a railing on the library steps, the mooring of the bookstacks, and the height of the stairway railings inside the library. B. The old library, Hill House, has been surveyed and a consensus reached that two floors should be reserved for student use and four floors for classrooms. The Committee informed the Board that a request has been made to the Weyerhauser family to provide the $750,000 to $1,000,000 necessary for its renovation. C. The Committee reported that LE 590,000 had been spent thus far on securing new faculty housing. This represented 9900 sq. ft. of housing space consisting of 7 apartments. D. The Committee also reported that 2.5 acres of beach land had been purchased in the EI Arish area for recreational purposes. 9. Report of the Engineering Committee: Mr. Baird. The Committee reported that there were currently 110 students in the new Mechanical Engineering program, of whom 75% were Egyptian and 80J male. The space needs of the program were Board Minutes -4- February 16, 198