UA-R-GC-1914-01-01-1983-11_Page-012

• November 9, 1983 River Club . MINUTES Meeting of the Finance Comrrd t t ee Board of Trustees THE AMERICAN UNIVERSITY IN CAIRO Wednesday 11:30 AM Attending: Mr. Crary (Chairman), Mr. Hannon, Dr. Lamont, Mr. McCloy, Mr. Snaith, Mr. Wadsworth, Mr. Winder 1. The agenda was approved. 2. The minutes of the last meeting were approved. 3. Mr. Harry Burn of McConnell & Miller Inc. reported to the Committee on the University Endowment funds they manage. At the end of the 3rd quarter, 1983 the value of the account was approximately $4.4 million and since its inception it has increased in value by $1 million, 70% of which is real· gain. ~U 4. Mr. Robert Smith and Mr. William Hay of Smith Affiliated Capital Corporation reported on the University endowment which they manage. The value of the account has~~eassed $510,000 since inception of which $210,000 is real ~ain. Of the funds managed by Smith Affiliated, 70% are in equities and the remainder in bonds. Because Smith Affiliated prefers, under ordinary conditions, to be more heavj1y invested in bonds, they were instructed to move to the mix with which they feel most comfortable. -5. Mr. Snaith reported on the preliminary 1982/83 fin a ncial statements. He noted that by the end of the fiscal year the budget deficit had been eliminated. This was primarily due to conservative budgeting in various departments, especially the Division of Management Development. Mr. Snaith noted that of the auxiliary enterprises the AUC Press continues to operate at a substantial loss. 6. Transfers - 1982/83 budget: Mr. Snaith requested the Committee's approval for the fol1owing: The Finance Committee -1- Nove mber 9, 198