university of illinois - UIHistories Project

1957] UNIVERSITY OF ILLINOIS IC67
ships are intended to assist the student while he pursues his educational
objective; they are not awarded for carrying on specific research, and no
services shall be required of a fellow by the University.
The President is authorized to accept funds for scholarships and fellowships.
He generally delegates the authority for accepting scholarships to the
Special Committee on Undergraduate Scholarships and authority to accept
fellowships to the Dean of the Graduate College. At the Chicago Professional
Colleges, the Associate Dean shall act in this capacity for the Dean of the
Graduate College.
Funds for scholarships and fellowships shall not be accepted where the
terms require that they be awarded on the basis of race or religious affiliation.
When funds are received from a donor for fellowships or scholarships,
neither the University nor the student recipients shall be obligated to the
donor in any way, except to see that established academic requirements are
met. The recipient of a scholarship or fellowship shall be chosen by appropriate
University agencies, in accordance with established criteria based upon
scholastic attainment and financial need.
The Vice-President and Comptroller may receive and disburse funds for
a donor who wishes to designate the recipient of a grant for financial assistance.
In this event, the University acts only as the agent for the donor; the
funds thus received are not University funds; and the grant thus administered,
although perhaps designated as a scholarship or fellowship by the
donor, has no official University status.
(c) Endowment Gifts. The conditions of the gift as stated by the donor
ordinarily specify the use to which the income shall be put, although the
decision may be delegated to the Board of Trustees. Gifts may be received
and accepted with the condition that the principal sum thereof may be either
held intact or expended upon authorization of the Board of Trustees, or the
University may transfer other funds to the endowment to be invested and
only the income expended. Such funds are designated as "Funds Temporarily
Functioning as Endowment."
The terms of an offer of a gift to create an endowment shall be reviewed
by the department concerned, the Legal Counsel, and the Business Office. The
President may accept offers of endowment funds, reporting the gift, when
received, to the Board of Trustees. No endowment fund money may be
accepted if it is restricted as to use on racial or religious grounds.
(d) Non-monetary Gifts. Every offer of a non-monetary gift shall be
reported by the department involved to the President, who is authorized to
accept it on behalf of, and report it to, the Board of Trustees.
No object of art shall be accepted until its artistic quality has been
determined.
Loans of property (non-monetary) are accepted subject to the condition
that the University will take all reasonable care of the property but it will
not be responsible for loss or damage thereto, unless otherwise agreed to in
writing.
Routine loans of equipment may be accounted for and administered by
the department involved, without reference to the President. However, receipt
of equipment which could result in questions of University policy should be
referred through established administrative channels.