University of Virginia Library

REPORT OF FINANCE COMMITTEE

In the absence of Mr. Gay, Chairman of the Finance Committee, The Rector presented the report
of the Finance Committee as set forth below.

"There is submitted herewith the annual report of State-Planters Bank and Trust Company,
fiscal agent, of its management of the Consolidated Endowment Funds of the University for the period
January 25, 1951, to January 25, 1952. I submit the following brief resume of this interesting
report.

The original book value of the General Endowment Fund was $4,566,051.82 when taken over by
the Bank in January of 1947. As of January 25, 1952, the adjusted book value is $5,775,187.36. There
was realized from sales and redemption of securities during the past fiscal year $429,643.38, resulting
in a net capital gain of $37,543.69, which is reported in the above mentioned adjusted book value of
$5,775,187.36. Purchases of and subscriptions to securities during the year amounted to $607,452.14.

The gross adjusted income turned over by the Bank to the Bursar of the University aggregated
$261,984.96, which when related to the average book value during 1951 (weighted average by months)
represented a yield of 4.61%. The latter compares with an average yield of 4,26% for the year 1949,
and 4.77% for the year 1950. The slightly lower average yield for 1951 is attributable largely to the
decrease in the year-end extra dividends paid by Du Pont on the 5,688 shares owned by the University.

It is to be noted that the cost to the University in the handling of the Consolidated Funds
(together with the three subsidiary accounts - Lalla Gresham Ball Scholarship Fund, McMurdo Loan Fund
and the Doherty Foundation Fund) was approximately 19/100ths of 1% of the average book value and included
custody of all securities, collection of all income, continuing supervision and review and
monthly statements to the Bursar and the Finance Committee."

A resolution was adopted approving the Report of the Finance Committee.