Board of Visitors minutes June 12, 1933 | ||
III.
Mr. W. J. Branch, First Cousin.
Mrs. Helen F. Guthrie, First Cousin.
Each of the foregoing items requiring discussion was taken up separately
and discussed in detail, and it was agreed that the following recommendations
should be made to the Board of Visitors at its next regular or special meeting:
1st. That the action of the Executor in selecting the National Bank & Trust
Company of Charlottesville as the depository of the Estate's funds be approved.
2nd. That the action of the Executor in not undertaking to immediately force
collection of past due obligations to the Estate be approved.
3rd. That the Executor be instructed not to make payment of delinquent
taxes upon any of the real estate encumbered by deeds of trust securing notes
or bonds to Dr. Seward.
4th. That the action of the Executor in paying insurance premiums upon
policies of insurance upon properties encumbered by such deeds of trust be
approved, and that he be instructed to continue this practice whenever absolutely
necessary so that the security of the Estate shall be properly maintained.
5th. That the Executor be requested to proceed with the final settlement
of the Estate as soon as may be possible after the expiration of the six months
period provided by law.
6th. That the Executor be requested to communicate with Mr. William J.
Branch and Mrs. Helen F. Guthrie, and say to them that in the opinion of this
Committee any action with reference to their respective proposals for the
settlement of their indebtedness to the Estate would, at this time, be premature,
but at the proper time the matter will be taken up with the Board of Visitors
and given careful and sympathetic consideration.
Mr. Newcomb then called the attention of the Committee to the following
situation.— Mr. Randolph B. Turnbull, of Lawrenceville, Va., is now a fourth
year medical student at the University. During the years 1931 and 1932 Dr.
Seward lent young Mr. Turnbull the sum of $483.00 to enable him to stay in the
University and Dr. Seward had promised Mr. Turnbull to lend him such additional
money as he might need to complete his medical course. Mr. Turnbull, an
exceptionally good student, will graduate this year and has already received
an appointment as interne in the University Hospital. There is undoubtedly a
moral obligation upon the estate to carry out Dr. Seward's promise. The
matter was fully discussed and the Executor was requested to make a loan of
$450.00 to Mr. Turnbull, taking his note therefore, payable three years after
date, with interest at 6%, said note to be endorsed by Mr. Turnbull's father,
Dr. F. R. Turnbull, of Lawrenceville, Va., by his sister, Miss Elizabeth
Turnbull and by his cousin, Irby Turnbull. The Committee will request the
Board at its June meeting to ratify and approve this loan.
Compensation to me. | Face value | Probable Actual value |
Ida Wesson | 4,000.00 | 2,000.00 |
Chambliss | 60.00 | 40.00 |
Walter J. Branch | 4,200.00 | |
Isla S. Chambliss | 74.20 | 39.20 |
Herman Avents | 200.00 | |
Helen F. Guthrie | 6,500.00 | |
N. L. High | 150.00 | |
15,184.20 | 2,079.00 | |
2,079.00 | ||
13,105.20 | ||
Total Estate as per appraisement | 278,212.96 | |
Deduct for bad debts | 13,105.00 | |
Deduct for possible shrinkage in bond value | 5,000.00 | |
18,105.00 | 278,212.96 | |
18,105.00 | ||
Fair valuation of whole estate | 260,107.96 |
I think to be absolutely on the safe side we may certainly count on the Estate
showing a value of $250,000.00
I will collect about $6000.00 in interest during the six months period of
administration, so the total of sound values which will pass through my hands will
be about $256,000.00
3% of $256,000.00 is — | 7680.00 |
Pay upon settlement — | 6500.00 |
Balance | 1180.00 |
Pay monthly @ $66.66 per month, for eighteen months, and we will accept this
in full of any service rendered by us during said eighteen months, EXCEPT in case
of suit to set will aside.
REPORT OF THE SPECIAL COMMITTEE
Your Committee, which was appointed by the Rector with reference to the
recommendations made by Mr. W. Allan Perkins, as Executor of the Will of Walter
M. Seward, having carefully considered said recommendations, report and recommend
as follows:
1st. That the action of the Executor in selecting the National Bank and
Trust Company of Charlottesville as the depository of the Estate's funds be approved.
2nd. That the action of the Executor in not undertaking to immediately force
collection of past due obligations to the Estate be approved.
3rd. That the Executor be instructed not to make payment of delinquent taxes
upon any of the real estate encumbered by deeds of trust securing notes or bonds
to Dr. Seward.
4th. That the action of the Executor in paying insurance premiums upon
policies of insurance upon properties encumbered by such deeds of trust be approved,
and that he be instructed to continue this practice whenever absolutely necessary
so that the security of the Estate shall be properly maintained.
5th. That the Executor be requested to proceed with the final settlement of
the Estate as soon as may be possible after the expiration of the six months period
provided by law.
6th. That the Executor be requested to communicate with Mr. William J. Branch
and Mrs. Helen F. Guthrie, and say to them that in the opinion of this Committee
any action with reference to their respective proposals for the settlement of their
indebtedness to the Estate would, at this time, be premature, but at the proper time
the matter will be taken up with the Board of Visitors and given careful and
sympathetic consideration.
7th. Your committee further recommends that the compensation to the Executor
shall be as follows:
$6,500 to be paid upon settlement and the balance, to-wit, $1200, in monthly
installments of $66.66 per month for eighteen (18) months, which shall be in full
payment of all services heretofore rendered and of any service rendered by the
Executor during the eighteen months, except in case of suit to set aside the will.
Your committee also asks the Board to ratify and approve authority given by
the committee to the Executor to make a loan of $450 to Mr. Randolph B. Turnbull,
of Lawrenceville, Virginia, carrying out an oral promise of Dr. Walter M. Seward,
the Executor to take Mr. Turnbull's note payable three years after date with
interest at six per cent, said note to be endorsed by Mr. Turnbull's father, Dr.
E. R. Turnbull, of Lawrenceville, his sister, Miss Elizabeth Turnbull, and by his
cousin, Irby Turnbull.
Resolution covering agreement between the Rector and Visitors of the University and
the Virginia Public Service Company, for the purchase of electric current, as follows:
RESOLVED, by the Rector and Visitors of the University of Virginia,
That the Rector be and he is hereby empowered to sign the contract between
the Rector and Visitors of the University and the Virginia Public Service
Company, covering the purchase of electric current by the University.
Resolution covering collection of debts due the Virginia Quarterly Review:
RESOLVED, by the Rector and Visitors of the University, that the
Managing Editor of the Virginia Quarterly Review be and he is hereby authorized
and empowered to act as agent for the Rector and Visitors of the University of
Virginia in all cases of assignment of copyrights and in all matters connected
with the collection of debts due said Virginia Quarterly Review by bankrupt
individuals or corporations.
And, as such agent, said Managing Editor of said Virginia Quarterly
Review is hereby empowered to sign the name of the Rector and Visitors of the
University of Virginia, by himself as agent, to any and all assignments of
copyrights, and to any accounts, statements, proofs of debt, or other instruments
that may be required to be signed in order that money due said Virginia Quarterly
Review may be collected, provided such instruments are not of a contractual nature.
Resolution requesting the Governor to transfer any Capital Outlay carried over at
the end of the fiscal year to EXPENSE OF OPERATION was adopted, as follows:
RESOLVED, by the Rector and Visitors of the University, that the Governor
and the Director of the Budget be requested to transfer any balance remaining from
the CAPITAL OUTLAY appropriation at the end of the fiscal year to EXPENSES OF
OPERATION.
Recommendation from Acting President and Chairman of the Board Committee on
Buildings and Grounds assigned the quarters now occupied by Professor Chanutin, on Monroe
Hill, to Professor Jesse W. Beams, was approved.
Application of Dr. Robert V. Funsten for a loan of $12,000 to be secured on his
real estate "Ivy Cottage", located on the Old Barracks Road, was considered, and a loan of
$6,000 was approved, to be secured by first mortgage on the property, on terms to be arranged.
Application of Dr. Frank W. Hoffer for a loan of $6,000 to be secured on his
residence property on Rugby Road, was considered, and a loan of $5,500 was approved, to be
secured by first mortgage on the property together with assignment of certain life insurance
policies, as may be approved by the Finance Committee and Acting President.
Application of the Sigma Nu Fraternity for a loan of $3,315 to make repairs and
improvements to its chapter house, located on the grounds of the University, was considered
and approved, as follows:
1st. That they get the general fraternity's share of the amount necessary to
make the contemplated repairs and improvements before any work is done
guaranteeing that no mechanic's lien will run against the building.2nd. That a minimum of at least $600 a year shall be applied annually to the
reduction of the principal.
It was brought to the attention of the Board that the State of Kansas had condemned
a small strip of land belonging to the University, located in Peabody, Kansas, for the
purpose of constructing a State highway, the said land being part of the John W. Richard
bequest. The following action was voted:
This Board being apprized that the State of Kansas has condemned for
highway purposes in connection with the establishment of Kansas state
highway 50S-25-FA357A a tract of land 17 feet in width lying along the
South side of lots 10, 11, 12 and 13 Block 16 Highland addition City of
Peabody, containing .06 of an acre more or less, also a tract of land
beginning at the South-west corner of lot 6, block 5, Stoner's addition
City of Peabody thence north 20 feet thence in an Easterly direction to a
point on the East line 28 ft. north of the South-east corner of said lot
6, thence South 28 feet, thence West 150 feet to the place of beginning,
containing .08 of an acre more or less, for which two parcels of land
aggregating .14 of an acre more or less, the State of Kansas has awarded
the University of Virginia the sum of $25,
BE IT RESOLVED, That the Rector be and he is hereby authorized to
execute a deed on behalf of the Rector and Visitors of the University of
Virginia conveying to the City of Peabody, State of Kansas, the parcels
of land aggregating .14 of an acre more or less, as described in the
foregoing preamble.
A communication was read from Prof. Harry R. Pratt, Director of the School of
Drama in the University, stating that in 1928 the Virginia Players turned over to the
University the sum of $885 to start a fund to erect a Little Theatre, that due to the
necessity of purchasing scenery and other necessary equipment they were in debt practically
to the amount of the fund turned over to the University, and requested its return that said
debts be duly cancelled. The return of the original gift of $885, together with any accrued
interest, was voted.
Nominations for Instructors, Student Assistants, Scholarship and Fellowship holders,
including the appointment of Ryan Scholars, were considered and approved, and will be found
spread in detail on the Payroll and Scholarship books.
The question of making such change in the road at the Cobb Chemical Laboratory as
would permit of its being widened at that point, was referred to the Buildings and Grounds
Committee with power to act.
The University's financial budget for the fiscal year 1933-34 was presented,
considered and adopted, as set forth in the following summary - the detailed printed budget
being filed in the office of the Bursar:
Income Estimates | Page | Estimate 1931-32 |
Net Basis 1932-33 |
Estimate 1933-34 |
FROM ENDOWMENT INCOME & GIFTS | ||||
I. Endowments-Unrestricted | 3 | $ 235,512 | $ 160,060 | $ 153,285 |
Endowments-Restricted | 3 | 232,791 | 193,455 | 182,745 |
II. Student's Loan Notes | 4 | 23,600 | 25,600 | 12,800 |
III. Gifts | 5 | 175,650 | 128,765 | 91,413 |
IV. Carnegie Foundation | 6 | 16,000 | 19,614 | 18,015 |
V. Institute Public Affairs | 6 | 11,900 | 10,000 | 7,000 |
VI. Miscellaneous | 6 | 9,600 | 16,700 | 10,300 |
Total Endow. & Gifts | $ 705,053 | $ 554,194 | $ 475,558 | |
FROM PUBLIC FUNDS | ||||
I. Students fees and rents | 6 | $ 514,800 | $ 556,100 | $ 525,950 |
II. Summer Quarter | 7 | 56,800 | 54,000 | 35,000 |
III. Hospital | 7 | 240,100 | 210,750 | 210,750 |
IV. Commons | 7 | 68,670 | 70,000 | 70,000 |
V. Blandy Farm | 7 | 10,500 | 7,100 | 7,100 |
VI. Pantops Farm | 7 | 5,250 | 4,000 | 2,040 |
VII. Lectures & Entertainments | 7 | 7,800 | 8,000 | |
VIII. Athletic fees | 8 | 36,000 | 33,000 | 33,000 |
IX. Miscellaneous | 48,980 | 51,334 | 66,734 | |
Total Public Funds | $ 988,900 | $ 1,016,934 | $ 950,574 | |
Total Revenues | $1,693,953 | $ 1,571,128 | $ 1,426,132 | |
FROM STATE | ||||
Appropriation | $ 499,620 | $ 348,555 | 331,953 | |
Total Available Income | $2,193,573 | $ 1,919,683 | $ 1,758,082 | |
Total Estimated Expenses | $2,199,057 | $ 1,910,686 | $ 1,742,947 | |
Estimated Deficit | $ 5,484 | |||
Estimated Surplus | $ 8,997 | $ 15,135 |
Code No |
Departments | Page | Budget 1931-32 |
Net Basis 1932-33 |
Allowed 1933-34 |
I. | Administration | 9 | $ 76,235 | $ 67,536 | $ 67,350 |
II. | College & Graduate | 11 | 466,160 | 398,175 | 364,702 |
III. | Medicine | 17 | 190,963 | 167,906 | 165,323 |
IV. | Engineering | 20 | 57,175 | 42,408 | 40,190 |
V. | Education | 21 | 48,895 | 36,213 | 30,996 |
VI. | Law | 23 | 51,685 | 40,853 | 38,441 |
VII. | Physical Education | 24 | 24,947 | 20,232 | 19,126 |
VIII. | Summer Quarter | 25 | 99,450 | 70,045 | 68,700 |
IX. | Library | 27 | 77,187 | 70,792 | 69,732 |
X. | Extension | 30 | 58,010 | 48,449 | 44,178 |
XII. | Buildings & Grounds | 32 | 149,650 | 129,758 | 113,709 |
XIII. | Power Plant | 34 | 53,941 | 48,572 | 43,400 |
XL. | Interest & Sinking Fund | 46 | 50,220 | 50,220 | 50,220 |
XV. | Publicity & Publications | 35 | 7,050 | 7,050 | 7,050 |
XVI. | Providing Annuities | 35 | 28,762 | 32,014 | 30,745 |
XVII. | Scholarships, Fel & Prizes | 36 | 166,003 | 132,620 | 111,735 |
XIX. | Lectures and Concerts | 38 | 12,396 | 12,481 | 4,125 |
XX. | Commons | 39 | 68,670 | 69,798 | 69,798 |
XXI. | Laundry | 40 | 11,750 | 9,820 | 9,474 |
XXII. | Institute for Res. S.S. | 41 | 30,000 | 30,900 | 16,000 |
XXIII. | Blandy Experimental Farm | 42 | 20,249 | 17,660 | 16,757 |
XXV. | University Press | 43 | 5,800 | 5,160 | 5,160 |
XXVI. | Institute Public Affairs | 43 | 15,400 | 15,000 | 10,500 |
XXVII. | Athletic fees | 44 | 36,000 | 33,000 | 33,000 |
XXVIV. | Pantops Farm | 44 | 4,860 | 3,609 | 3,149 |
XXXI. | Hospital | 47 | 326,699 | 297,120 | 269,956 |
LXXXIII. | Drug Addiction Research | 49 | 19,600 | 19,600 | 19,600 |
XXVIII. | Mt. Lake Biol. Station | 45 | 5,700 | 4,995 | 4,280 |
XLV. | Making Loans to Students | 49 | 26,600 | 28,700 | 15,500 |
Total | $2,199,057 | $ 1,910,686 | $ 1,742,947 | ||
1,742,947 | |||||
Net Decrease 1933-34 | $ 167,739 |
The meeting then adjourned
Rector
Secretary
Board of Visitors minutes June 12, 1933 | ||