UA-R-GC-1914-01-01-1983-11_Page-038

I • November 9, 1983 River Club MINUTES LE INVESTMENT COMMITTEE THE BOARD OF TRUSTEES AM ERICAN UNI VERSI TY IN CAIRO Attending: Mr. Hyde, Dr. Lamont, Mr. Snaith, Mr. Crary, Mr. Wadsworth (Chairman), Mr. McCloy 1. The agenda was adopted. 2. The minutes of the May meeting were approved. Wednesday 12:30 PM 3. The Report on the 1982/83 budget was presented and accepted, but it was observed that gross budget figures should be presented along with net. 4. The revised budget for fiscal year 1983/84 was approved as presented. 5. Report on UEEF investments: Colgate - Mr. Snaith reported that no Board meeting has been held since the Annual General Meeting on June 26, 1983 in Alexandria. Accordingly no information on the company's most recent progress is available. No changes for Colgate's trading and financial position are expected. Cairo Beverages - Mr. Snaith reported that the audited financials for 1982 have at last appeared with numerous auditor's qualifications. Observations focus on poor or non-existent inventory controls, doubts about the collectibility of receivables of more than LE 3 million, and inability to obtain bank confirmations on balances and letters of credit. The reported loss of LE 3 million for the twelve months of operations ending December 31, 1982 must therefore be considered an absolute minimum, and a net loss of nearly double that amount is probably a more accurate representation of the year's trading. The first capital and interest instalment on the UEEF's rescheduled debt fell due for repayment on July 15, 1983 and was settled with one week's delay. The next payment falls due LE Inve stment Committee -1- November 9, 198