UA-R-GC-1914-01-01-1986-11_Page-045

November 12. 1986 River Club MINUTES FINANCE COMMI'l.'TEE THE BOARD OF TRUSTEES THE AMERICAN UNIVERSITY IN CAIRO Wednesday 9:00 AM Attending: Mr. Crary (Chairman), Mr. Hannon, Mr. Hedlund, Mr. Kruger, Dr. Pedersen, Dr. Lamont, Mr. Snaith 1. Agenda: The agenda was approved. 2. Minutes: The minutes of the last meeting were approved. 3. Endowment Report: Mr. Crary presented the general performance of the University's endowment and plant funds through March 31, 1986. The current market values of the funds are: McConnell and Miller, $10,159,174; Smith Affiliated, $8,087,576; and The Common Fund, $6,465,047. These figures include market gains and new investments since September 1982, when the totals under management were $1,088.721; $2,029,388; and $2,689,559. The increases since September 1982 are: McConnell & Miller Smith Affiliated The Common Fund inc. since 9/82* Up 167.6% Up 128.1% Up l30.3% S&p· Up l30.2% Up 130.2% Up l30.2% Sol Bros n/a 95.4% n/a *Assumes reinvestment of dividends. For AUC accounts most income was transferred to another account, so actual growth was at a lower rate. 4. Preliminary Report on the 1985/86 Budget: During 1985/86 income increased 4% and expenses, after eliminating deferred projects transferred to plant fund in 1984/85. increased from 15 to 20 per cent over 1984/85. Mr. Crary noted that expenses for Buildings and Grounds markedly increased due to the many capital projects initiated in 1985/86. Dr. Pedersen noted, at the same time, that $2.4 million was being transferred to quasi-endowment as of the end of 1985/86, being comparable to the surplus above 5% being used from th