01/05/1917

  

UCCSN Board of Regents' Meeting Minutes
January 5-6, 1917
 



01-05-1917
Volume OE - Pages 7-10

                         Reno, Nevada
                       January 5, 1917

The meeting was called to order at 10 A.M., January 5.

Present:  Regents Curler, Baker, O'Brien, Abel and President
Hendrick.  Absent:  Regent Sullivan.

President Hendrick read the following communication from Mr.
C. H. Gorman:

                                       Reno, Nevada
                                       January 5, 1917

    Mr. A. W. Hendrick, President
    University of Nevada

    Dear President Hendrick:

    Balances on the State Funds as of December 31, 1916 are as
    follows:

              90,000 Acre Grant Interest Account

    Income for the biennial ending
        December 31, 1916                 $11,117.06
    Expenditures for the biennial ending
        December 31, 1916                  10,430.13
            Balance, December 31, 1916                 $   686.93

              Contingent University Fund

    Income for the biennial ending
        December 31, 1916                 $ 5,219.25
    Expenditures for the biennial ending
        December 31, 1916                   4,058.23
            Balance, December 31, 1916                 $ 1,161.03

              Public Service Tax Fund

    Income for the biennial ending
        December 31, 1916                 $25,919.54
    Expenditures for the biennial ending
        December 31, 1916                  21,924.96
            Balance, December 31, 1916                 $ 3,994.58

    University State Tax

    The voucher record shows an overdraft of $29,864.61, as of
    December 31, 1916.  This includes all bills to date, includ-
    ing the University Revolving Fund of $10,000.  Valuation of
    the State for the year 1916, is approximately $172,000,000.
    The University tax on this valuation is 6.7 per $100 which
    should yield for the maintenance of the University for the
    year 1917, approximately $115,240, of which sum approximately
    $62,000 should be available for the use of the University for
    the period ending June 30, 1917, leaving for the period end-
    ing December 31, 1917.

    The income from the 90,000 Acre Grant should yield for the
    period ending June 30, 1917, $2,850 and a like amount for
    the period ending December 31, 1917.  The Contingent Account
    should yield for the period ending June 30, 1917, $1,400 and
    for the period ending December 31, 1917, a like amount, so
    that the funds available for the year 1917, by half year
    periods, are as follows:

              Period Ending June 30, 1917:

        University State Tax                    $62,000.00
        University 90,000 Grant Account           2,850.00
        University Contingent                     1,400.00
            Total valuation for first period    $66,250.00

              Period Ending December 31, 1917:

        University State Tax                    $53,240.00
        University 90,000 Grant Account           2,850.00
        University Contingent                     1,400.00
            Total valuation for second period   $57,490.00

            Grand total for the year           $123,740.00

    From this account the overdraft of $19,864.61 must be taken
    off.

    Inasmuch as the State Comptroller carried University State
    Tax funds, Contingent University Fund, and the Public Service
    State Tax Fund in one and the same account, and inasmuch as
    these funds have all been appropriated by the Legislature for
    the use of the University, I can see no reason why the sur-
    plus in the Public Service Fund should not be used to help
    out the University State Tax Fund.

    When the books are finally posted to date it is possible that
    a few minor corrections in the above figures will be neces-
    sary, but they will not be of sufficient magnitude to make
    any material difference in these figures.

                             Respectfully submitted,

                         /s/ C. H. Gorman

    CHG/HM

                                  Reno, Nevada, January 5, 1917

    A. W. Hendrick, President
    University of Nevada

    Dear President Hendrick:

    On posting the Regents' checks since July 1 against the
    various government funds, the following expenditures were
    shown:

              A & M Fund

    Receipts for the year ending
        June 30, 1917                     $50,000.00
    December 31, 1916 expenditures         23,739.78
            Balance                                    $26,260.22

              Hatch Fund

    Receipts for the year ending
        June 30, 1917                     $15,000.00
    December 31, 1916 expenditures          8,175.04
            Balance                                    $ 6,824.56

              Adams Fund

    Receipts for the year ending
        June 30, 1917                     $15,000.00
    December 31, 1916 expenditures          7,641.44
            Balance                                    $ 7,358.56

              Smith-Lever Fund

    Receipts for the year ending
        June 30, 1917                     $11,527.06
    December 31, 1916 expenditures          7,492.15
            Balance                                    $ 4,034.91

    All other cash funds come under the head of Department Ex-
    penditures and will be concluded in the report promised for
    Monday morning.

    At this time it might be well to call your attention to the
    following conditions in the above funds:

    First, the A & M Fund is not over-expended.  The Hatch Fund
    and the Adams Fund appear on the face of the report to be
    over-expended, but it is usual in these funds to replace
    laboratory material and supplies at the beginning of the year
    and consequently the expenditures in the first half of the
    year are much heavier than in the second half.  In the Smith-
    Lever Fund it appears that all claims have been filed against
    the Government Fund and none against the State Fund.  As the
    Smith-Lever budget is approved by the projects for a definite
    amount from each fund, viz:  the Government and the State, it
    is very evident that some of the projects are at this date
    over-expended, which will necessitate the transfer of a num-
    ber of claims to the State Fund to adjust these funds to the
    approved budget.

                             Very truly yours,

    CHG/HM

The Board then continued its discussion of the finances of the
University.

The Board adjourned to meet at 2 o'clock P.M.

The Board met at 2 P.M., all members being present, also Presi-
dent Hendrick.

After a discussion of the financial affairs of the University,
at the suggestion of Chairman Abel, it was moved, seconded and
carried that the Board go into executive session.  President
Hendrick withdrew and the Board entered executive session