University of Virginia Library

GARI MELCHERS ENDOWMENT TRANSFER

The Chancellor reported that final arrangements had been concluded for the acceptance of the
principal and the division of the income of the Gari Melchers Memorial Endowment Fund. The securities
representing the principal have been delivered to the State-Planters Bank of Commerce
and Trusts to be added to the Consolidated Endowment Fund of the University.

In order that the transfer might be officially concluded, the Chancellor proposed and the
Board adopted the following resolution

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the University accepts $112,707.53 in securities and $2,558.14 in cash representing the principal
of the Gari Melchers Memorial Endowment Fund, as determined by the State Treasurer and the
Auditor of Public Accounts and as approved by the Finance Committee of this Board and the Virginia
Museum of Fine Arts, and that the University agrees to the distribution of income which on 31
December 1960 amounted to $23,829.03