UA-R-GC-1914-01-01-1989-03_Page-033

March 2, 1989 Trustees Room Trustees Attending: MINUTES MARCH 2, 1989 Meeting of The Executive Committee The American University in Cairo (Edited: Wednesday, April 12, 1989) Thursday 8:00 AM Mr. Crary, Mr. Devine, Mr. Hedlund (Chairman), Dr. Lamont, Dr. Pedersen, 1. The Agenda was approved as presented. 2. The minutes of the last meeting were approved. 3. The Revised 1988/89 Budget was approved as presented. 4. Long Range Finances - The President briefed the members of the Executive Committee on plans to bring the value of the Endowment Fund held for AUC in trust by the U.S. Embassy to $50 million, as was originally intended. He said that Ambassador Wisner had spoken to Director of USAID, Mr. Woods, about increasing AID/asha's dollar allocation to AUC to $1 million. The President intends to meet with U. S. Government officials and members of Congress when he visits Washington, DC, this spring. 5. Plant Fund Authorizations - Dr. Pedersen advised the members of the Executive Committee that the Finance Committee would be recommending in­creasing the amount authorized for the purchase of a DPS building from LE1.35 to LE1.4 million and transferring LE1 million from Plant Funds for renovation and replacement expenses. 6. Indirect Cost Rate - Dr. Pedersen briefed the committee on the AID audit and the ongoing discussions concerning the handling of AID's base grant. AID has said that the University owes roughly $250,000 in uncollected over­head charges, but Dr. Pedersen said that the real liability was in the area of $100,000.