UA-R-GC-1914-01-01-1986-02_Page-032

, • • Mr. Crary voiced the opinion that establishing such a fund could not well be justified without an initial $50,000 - $75,000 in the pool. He went on to explain that a pooled income fund does for a group what an annuity trust does for an individual. Returning to Mr. Crary's minimum start-up investment, Mr. Hedlund said he felt the University has a good chance of attracting funds on that scale for the purpose. Mr. Crary added his hope of raising $]00,000 from the Trustees themselves. Dr. Pelowski suggested that certain former faculty members be approached in this regard. Dr. Pedersen expressed concern that the project might generate more administrative paperwork than the University's own staff could reasonably handle. He concluded that the fund should not be administered by the University. Mr. Reed concurred. There was a brief exchange regarding the pooled income fund of the Nature Conservancy, its scale and success, after which Mr. Hedlund suggested the University calIon Joseph Van Vleck's brother as a prospective investor. Mr. Snaith volunteered that convertible bonds would be perfect for the University. Mr. Crary then turned the meeting's attention to the brochure and the guidelines themselves. In an effort to expedite the project, Mr. Crary suggested the committee approve the guidelines so that active solicitation could begin at once. Dr. Pedersen voiced an objection to the number of administrators accorded authority to negotiate planned-giving agreements with prospective donors. The committee agreed that the order of authority in this matter should be Chairman, President, Chief Financial Officer and Executive Secretary to the Board of Trustees. Mr. Hedlund asked that all comments and suggestions regarding the brochure be forwarded to Mrs. Desforges in N.Y. by the end of February. He also suggested that Mr. Crary and Mrs. Desforges attempt to solicit board members while they are in Cairo. Dr. Pedersen asked Mr. Crary to look into the workability of such a fund in both Canada and the United Kingdom . (R-3/25/6-D