University of Virginia Library


341

LYNCHBURG ALUMNI LOAN FUND

The President laid before the Board a letter from the President of the Lynchburg Chapter of the
University of Virginia Alumni Association, together with the Bursar's Balance Sheet for the
Lynchburg Alumni Loan Fund, as follows

Mr. W. D. Johnson, Assistant Bursar
University of Virginia
Charlottesville, Virginia
Dear Mr. Johnson

You will recall that I have, in the past, had some correspondence with you in reference to the
Lynchburg Chapter of the University of Virginia Loan Fund, and as of September 30, 1953, you
forwarded to me a statement not only of the assets, but of the notes receivable. At one
of our Lynchburg Alumni Meetings of recent date, we unanimously passed a motion to the effect
that we desire that the Lynchburg Alumni Loan Fund be returned to our Chapter for deposit in one
of Lynchburg's banks in order that we may earn interest on the money when it lays idle as it has
in the majority of years since 1924, and we believe that by having it in a local bank we can use
this money to help students through University in many more cases, for as I informed you in past
correspondence, for so many years we did not realize that this fund was still in effect at your
office, therefore, would you please be so kind as to inform me as to the manner in which I
should approach you for the release of such funds to our chapter

Thanking you for your kind consideration of this letter, and with best wishes and kindest
regards, I am

Sincerely yours,
/s/ William E. McBratney, Jr.
President

Lynchburg Alumni Loan Fund
Balance Sheet

At March 31, 1954

             
Cash  $1,102.62 
Notes Receivable  650.00 
Total Assets  $1,752.62 
Reserve for Delinquent Notes  450.00 
(Due Prior to January 1, 1930) 
Principal of Fund  1,302.62 
Total Reserve and Principal  $ 1,752.62 

The Board adopted the following resolution

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the comptroller of the University be and he is hereby authorized to return to the
Lynchburg Chapter of the University of Virginia Alumni Association the balance of the Fund
advanced by the Chapter to the University for making loans to needy students, it being
the understanding of this Board that the Fund will continue to be used for the purpose for
which it was created.