university of illinois - UIHistories Project

340 BOARD OF TRUSTEES [April 18
MINUTES APPROVED
The Secretary presented the minutes of the meeting of the Board of
Trustees of January 16, 1957, press proof copies of which had been
sent to all members of the Board in advance.
On motion of Mrs. Watkins, the minutes were approved as printed
on pages 181 to 247, inclusive.
EMPLOYMENT OF AUDITORS
The Finance Committee recommends employment of Haskins and
Sells, Certified Public Accountants, Chicago, to audit the University
accounts for the year ending June 30, 1957. The fee for these services
will be based on per diem rates and expenses, with the understanding
that the aggregate charges will not exceed the following amounts:
University of Illinois (all divisions) $15 800
University of Illinois Foundation (including its
Retirement System) 1 000
University of Illinois Athletic Association (including
its Retirement System) 1 100
The report of Haskins and Sells will be issued to the Board of
Trustees and to the State Auditor of Public Accounts. This is agreeable
to the State Auditor. The working papers of Haskins and Sells
will be made available for examination by the State Auditor's staff. If
any work beyond the scope of the audit is requested by the Auditor
of Public Accounts, it will be done at his expense.
It has been the University's practice to employ a firm of auditors
for a period of five years and then to change to another firm. This will
be the fifth year for Haskins and Sells. The firm has also agreed to
make audits for the Alumni Association for a fee not to exceed $400
and for the University Retirement System of Illinois for a fee not to
exceed $2,000.
On motion of Mr. Swain, the employment of Haskins and Sells,
as recommended above, was approved.
INVESTMENTS
The Finance Committee reports the following changes in investments
of trust funds:
n , Endowment Funds — General
Purchase
$ 4,000 U. S. Treasury 2^ per cent notes due June 15, 1958, $ 3 988 75
4,000 U. S. Treasury 2% per cent bonds due September 15, 1959 3 003 75
4,000 U. S. Treasury 2J4 per cent bonds due September 15, 1061 3 932 50
4,000 U. S. Treasury 2% per cent bonds due November 15, i960 3 872 50
4,000 U. S. Treasury 2% per cent bonds due June 15, 1962 3 832 50
2,000 U. S. Treasury 2 1 /; per cent bonds due August 15, 1963 1 897 50
55,000 Household Finance Corporation 4% per cent sinking fund debentures
due January 15, 1977 55 137 50
Exchange
$10,000 U. S. 27/s per cent Treasury notes due March 15, 1957, for $10,000 U. S.
iVi per cent Certificates of Indebtedness due February 14, 1958
Purchase TrUst Funds ( Chica 9°)
$2,500 U. S. Treasury 2^ per cent bonds due August 12, 1963 $ 2 402 71