UA-R-GC-1914-01-01-1984-02_Page-004

• 6 • • 7 • • Board Minutes -3- February 22, 1984 The appeal to the AUC Alumni for scholarship endowment funds (the Alumni Endowment Fund) is well underway. Plans are to raise $1 million from 200 alumni, each pledging $5,000 over a 5 year period. The current total is $180,000. An appeal is currently being prepared for the alumni annual giving campaign. In addition, funds for the Armenian Pavillion Fund are being sought among the Armenian alumni. $20,000 has already been raised, with an expectation of $300,000 in 5 years. Mr. Hedlund reported that the value of the University's endowment was now approximately $11 million and that while the pace of the campaign has slowed in the past year, it will improve. Report ~ the Government Relations Committee: Dr. Pedersen. Two issues were highlighted in the report of the Government Relations Committee: overhead on AID grants and attempts to develop an AID-sponsored endowment fund. On the first issue, perhaps as much as $.5 million is due from AID and steps are being taken to submit the necessary documentation to AID for overhead recovery. On the second, negotiations are underway with the U.S. Embassy and AID/Cairo for a LE 50 million endowment. In the latest meeting (February 21, 1984), discussions were held with the DCM and the head of AID/Cairo. The Embassy has shown some reluctance to come to grip with the issues and fears that OMB or the Egyptian government might object. Dr. Pedersen will provide t4e Embassy with the concept of the two potential sources for an AUC endowment: special currency account and the receipts of military sales. At the present time it is difficult to say how long it will take to get these issues addressed. It was felt that in order to be sure that AID is aware of AUC ne~ds, either Mr. Hedlund or Dr. Pedersen should meet with AID Director Mr. McPherson. Report ~ the Campus Planning & Housing Committee: Mr. Bacon. Mr. Bacon reported that the Committee has met with the architects of the Jameel building. The old press building will be torn down shortly. Double-glazed reflective glass will be used to make the building energy-efficient and, unlike the library, some of the windows will be able to be opened. The architects have agreed to modify the plans to allow for more ground-level space. Estimated cost for the building is $650 per square meter for construction and $250 per square meter for interior finishing and furnishings. The total building cost is estimated at $4 million. The building is expected to be completed in March, 1986