PROCEEDINGS of the BOARD OF TRUSTEES of CORNELL UNIVERSITY INCLUDING THE MINUTES OF CERTAIN STANDING COMMITTEES July 1, 1961 - June 30, 1962 4095 CORNELL UNIVERSITY PROCEEDINGS OF THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE Meeting held Friday, August 18, 1961, 9*30 a.m., Faculty Room, Cornell University Medical College, New York City PRESENT: Vice Chairman Donlon, Trustees Levis, Littlewood, Malott, Scheetz, and Syme. Provost Atwood, Vice President Burton, Controller Peterson, Budget Director McKeegan, and Secretary Stamp. ABSENT: Trustees Cisler, Dean, and Severinghaus. Vice Chairman Donlon called the meeting to order in executive session at 9 :30 a.m. The meeting was reconvened in regular session at 11:15 a.m. 1. APPROVAL OF MINUTES: Voted to approve the minutes of the Executive Committee meeting held June 11, 1961, as previously distributed. 2. PHYSICS-ARPA CONSTRUCTION AUTHORIZATION AND APPRO­ PRIATION: Voted to authorize the Administration to proceed with the following projects as initial stages of the total project to construct the Physics-ARPA building complex: (l) To construct the analytical facility for the Materials Science Center in some 11,000 sq. ft. of Baker Laboratory basement, at an estimated cost of $400,000, of which $220,000 is presently available in ARPA funds, leaving $180,000 to be financed from other University funds; 4096 8/18/61 Ex> com. (2) To construct temporary space In Rockefeller Hall court to house technical operations, stock room, machine shop, student shop, and increased low temperature facilities to be in continuous operation while the new building is being built (at which time the northeast shop wing of Rockefeller Hall will be demolished)— at an estimated cost of $70,000. Voted further to appropriate the cost of these two projects in the amount of $250,000 as an advance from current fund balances, subject to reimbursement from future project funds when financing for the complete Physics-ARPA project has been worked out* Voted further to instruct the Administration to bring to the September meeting of the Committee a comprehen­ sive report concerning advances from current funds, indicat­ ing amounts authorized, amounts actually advanced to date, together with schedules for repayment of such advances. 3. RETENTION OF COUNSEL FOR BUILDING LOAN NEGOTIATIONS: Voted to authorize the Administration to retain the law firm of Hawkins, Delafield, and Wood to serve as bond counsel and to perform other appropriate legal services in connection with arranging financing for the Physics-ARPA building through the New York State College Buildings Authority. Voted further to authorize the Administration to retain Mr. Cushman McGee of R. W. Presspritch & Company in New York City as fiscal counsel to the University in connec­ tion with this loan project. 4. APPROPRIATIONS AT MEDICAL COLLEGE: Voted to appro priate $25,000 from 1960-61 current income of theMedical College toward the Medical College share of the cost of the fund-raising campaign at the Medical Center (making a total appropriation for this purpose of $50,000). Voted further to appropriate $95*000 from 1960-61 current income of the Medical College to finance the follow­ ing deferred maintenance items: fl) New roofs in the E and A Buildings (2) Repainting E and A Buildings (3 ) Replacing floor tiling - E Building (4) Replacing drain lines (5; Air Conditioning - Pharmacology Teaching and Research Laboratories (6 ) Expansion, alterations and air con­ ditioning Administrative Offices and Faculty Room Ex. Com. 8/18/61 4097 5. GEORGE L. GENUNG FUND: Voted that an unrestricted bequest from the estate of George L. Genung (Class of 1905) in the amount of $50,582.99 he capitalized for the production of income to be known as the George L. Genung Fund (classified A-3 )> with income to be used for the general support of the University. Additional funds in the approximate amount of $18,000 are expected from this estate. 6 . PHILIP ISLES FUND: Voted that an unrestricted be­ quest in the amount of $50,000 under the will of Philip Isles (Class of 1935) be credited to the existing Philip Isles Fund (classified A-3 ), as established by the Executive Com­ mittee on April 13, 1956. 7 . HEMINGWAY SCHOLARSHIP FUND: Voted that a bequest in the amount of $10,000 under the will of Gertrude C. Hem­ ingway (Class of 1907) be capitalized for the production of income as the Hemingway Scholarship Fund (classified A-1,3 ), and that the income therefrom be awarded annually as a schol­ arship to "some deserving young woman student majoring in the French, Spanish, or Greek language.” 8. WEYLAND PFEIFFER BEQUEST: Voted that an unrestrict­ ed bequest in the amount of $1,000 under the will of Weyland Pfeiffer (Class of 1916) be credited to the 1916 Class Fund. 9. JOSEPH L. EASTWICK PROFESSORSHIP FUND: Voted to reclassify the professorship fund given by Joseph L. Bastwick (Class of 1918) to the extent of $300,000 from ’A-1,3" to 1C", and that such amount be transferred for use toward the construction of a library in the proposed building for the Graduate School of Business and Public Administration, in accordance with the donor's request--leaving $25,571.56 in the original professorship fund. 10. GEORGE A. RUMSEY BEQUEST: Voted that a bequest under the will of George A. Rumsey (Class of 1893) in the amount of $5,000 given "to defray expenses of the Psi Chapter of Zeta Psi Fraternity" be credited to the Zeta Psi Group Housing Fund, to be used toward the cost of capital improve­ ments in the University-owned Group Housing unit. 11. FINAL BUDGET REPORT FOR THE YEAR 196O-6I: Mr. McKeegan presented the final budget report tor the fiscal year ending June 30, 1961, as follows: 4098 8/18/61 Ex. Com. a * Endowed Colleges at Ithaca Original Budget: Estimated Income $15,320,000.00 Estimated Expense 15,671,804.00 Estimated Deficit 351,804.00 Increase in Income Over Original Estimate: Previously Reported $795,000.00 Additional Income 35»246.46 $ 830,246.46 Realized Savings in Lapsed Appropriations: Previously Reported 650,000.00 Additional Lapses 6/30/61 189,260.60 839,260.60 / 1,559,507.Ob Additional Appropriations: Previously Reported 969*764.00 699.743.06 Excess of Income Over Expenditures - Credited to General Reserve 347.939.06 General Reserve Balance June 30, i960 959.464.07 General Reserve Balance June 30, 1961 $1,307,403.13 ******************************** b , Medical College at New York Original Budget: Estimated Income $2,326,884.00 Estimated Expense 2,378.796.00 Estimated Deficit 51,912.00 Increase in Income Over Original Estimate: Previously Reported $110,500.00 Additional Income 23,072.48 133,572.48 Realized Savings in Lapsed Appropriations: Previously Reported 61,000.00 Additional Lapses 6/30/61 126,054.88 _ 187,054.88 320,627.36 Additional Appropriations: Previously Reported 141,000.00 Exec. Comm. 8/18/61 120,000.00 261,000.00 59;627.36 Excess of Income Over Expenditures Credited to Medical College Reserve 7,715.36 Medical College Reserve Balance June 30, i960 51,005.6ft Medical College Reserve Balance June 30, 1961 $ 58,721.0/1 *********** *******************41. A, Ex. Com. 8/18/61 4099 c • Final Report on Unrestricted Gifts 1 . Receipts: Alumni Annual Giving $786,010.82 Parents Program 41,179.65 Corporate Program 298,059.00 Miscellaneous 35,400.00 $1,160,649.47 2 . Expenditures: Alumni Secretary 101,425.57 Council Expense 14,958.64 University Development 225,485.71 341,869.92 3. Excess Receipts Over Expenditures $ 818,779.55 ******************************* Receipts Goal Receipts Excess or 1959-6Q 1960-61 1960-61 Deficiency $ 775,426.78 Alum.Ann. Giving $ 850,000 $ 786,010.82 $- 63,989.18 45,287,90 Par.Progr. 30.000 ' 41,179.65 11,179.65 384,212.35 Corp.Progr. 350,000 298,059.00 - 51,941.00 49,200.00 Misc. 20.000 35,400.00 15,400.00 $1,254,127.05 $1,250,000 $1,160,649.47 $- «9,350.53 ******************************** d. Fund for Development of the University 1. Balance in Fund - Previously Reported $ 18,383.43 2 . Proposed Additions: Sixth Install .Paymnt. on Elec.. System Adv. (Bal. $8,256.62) $ 1,270.24 George H. Rogers Fund 622.20 Proceeds fr. sale of 1M sh. Mohawk Airlines Stock 7,010.19 Multiple Resident Law Fds. Allocated but Not Used 9,927.64 1 18,«30.§7 3. Commitments: Closing Expenses - Robinson Property 151.10 18,679.17 4. Balance in Fund - Uncommitted $ 37, 062.60 ******************************** 4100 8/18/61 Ex. Com. e . Unrestricted Income (l) Endowed Colleges at Ithaca Estimated Realized Excess or Income Income Deficiency Tuition and Fees $10,700,000 $10,681,581.57 $-18,418.43 Endowment Income 1,265,000 1,499,^23.51 234,423.51 Gifts 1,250,000 1,160,649.47 -89,350.53 Federal Funds 130,000 130,760.29 760.29 Research Indirect 945,000 1,236,457.14 291,457.14 Expense Recovery Salary and Expense 500,000 513,733.57 13,733,57 Recoveries Current Fund Income 165,000 484,756-59 319,756.59 Service Charge- 115,000 134,269.06 19,269.06 Invested Funds Miscellaneous Income 250,000 308,615.26 58,615.26 Total $15,320,000 $16,150,246.46 $830,246.46 (2) Medical College at; New York Tuition and Fees $ 495,000 $ 487,207.00 $- 7,793-00 Endowment Income 718,051 773,192.55 55,141.55 Gifts 68,000 93,959.01 25,959.01 Research Indirect 230,000 314,071.82 84,071.82 Expense Recovery Teaching Grants Indirect — 26,526.29 26,526.29 Expense Recovery Photography 18,000 27,491.18 9,491.18 Full Time Fees 294,283 211,644,50 -82,638.50 New York Hospital 458,550 431,756.49 -26,793 .5! Real Estate Income 45,000 94,471.18 49,471.18 Miscellaneous - 136.46 136.46 Total $ 2,326,884 $ 2,460,456.48 $113,572.48 Ex.