University of Virginia Library

BURSAR'S FUND

Mr. Gay, Chairman of the Finance Committee, stated that the Bursar's Current Fund had
been growing very rapidly and now approximated $2,000,000. When it was established in 1947, prior
to Mr. Carruther's retirement, only about $300,000 of short term securities were held in this fund.
Mr. Gay raised the question of whether this amount of money should be kept in this fund

He was asked what comprised the source of these funds. He stated that he would have to
secure that information from the Bursar of the University.

Mr. Gay stated that $800,000 in short term government notes in this fund had fallen due
and that the following investment program had been recommended.

• $200,000 of 2-1/8% notes due 12-1-53

• $200,000 of 2% notes due 12-15-54/53

• $200,000 of 2-5/8% Federal Land Bank

In addition, the Peoples National Bank has offered to take $200,000 on certificates of deposit at
2%, payable thirty days after notice. A resolution was adopted, approving the proposed investment
program.

Mr. Gay was asked to investigate the source of the funds held in this account and to
present the matter at the next meeting of the Board.

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On motion the meeting was then adjourned.