UA-R-GC-1914-01-01-1984-02_Page-042

• • MINUTES LE INVESTMENT COMMITTEE THE BOARD OF TRUSTEES AMERICAN UNIVERSITY IN CAIRO February 20, 1984 Trustees Room Tuesday 12:30 PM Attending: Mr. Hyde, Dr. Lamont, Mr. Snaith, Mr. Wadsworth, (Chairman) 1. The agenda was adopted. 2. The minutes of theNo~. meeting were approved with the addition of the following: (To replace the final sentence in number 7) "It was concluded that, should more of Mr. Snaith's time need to be devoted to the UEEF, the Committee should feel free to call upon up to 50% of his time and that this had met with the approval of Dr. Pedersen." (To replace number 8.) "It appeared that substantial funds were available for investment and it was suggested and resolv­ed that, as soon as possible, an approach be made to AID through proper channels to ascertain whether such approval as might be required could be secured from or through AID officials in Cairo rather than in Washington, thereby simpli­fying existing procedures and hopefully eliminating the delays inherent therein." (To replace number 9.) "Note was made of the existence of con­siderable funds available for reinvestment presumably without AID approval which was required only in the case of an original investment." The minutes were approved with these changes. 3. The Report on the 1983/84 budget was presented and accepted. 4. Report on UEEF investments: Zamalek 1 - Mr. Snaith recommended that in view of correspondence received from Chase Manhattan Bank concerning the sale of Zamalek-l, it would be in the best interest of the UEEF to move the approximately $600,000 on deposit with them LE Investment Committee -1- February 20, 198