University of Virginia Library

DELINQUENT LOAN FUND NOTES CHARGED OFF

Chancellor Simpson reported that a total of $8,902.35 in old delinquent state
loan fund notes of the 1920's and 1930's had been charged off. In the early part
of 1957, it was called to our attention that delinquent state loan fund notes
should be turned over to the State Treasurer for collection. This was done. At a
later date we wrote the State Treasurer asking for a statement of his progress
regarding the collection of these notes. He replied that the notes were
uncollectible and recommended that permission be obtained from the Governor and
the Attorney General to charge off the notes. The Appropriation Act states that
permission must be obtained from the Governor and the Attorney General and the
State Treasurer to charge off uncollectible state loan fund notes. The Attorney
General wrote on December 16 and the Governor wrote on December 23 authorizing the
college to charge off the notes with the understanding that we will continue to
hold them in a suspense file and make an effort to collect them. Since
authorization to charge off the notes, they have been carried in a suspense file
and approximately $234.00 has been collected.