4:762 Investment recommenda tions MINUSES OF THE MEETING of the FINMCE COMMITTEE November 15, 1962 The Finance Committee convened at the Student Center, Michigan State University-Oakland at 6:30 p.m. for dinner. The following members were present: Messrs. Harlan, Huff, Merriman, Smith, Stevens, Vanderploeg; President Hannah, Treasurer May and Secretary Breslin Absent: Dr. Bartlett 1. Investment recommendations from Scudder, Stevens & Clark and Mr. Cress, as follows: Albert Herman Case Fund Amount Security Recommend selling: Approx. Price Principal Income Present Yield 270 shs. Texas Gulf Sulphur 0.40 12 $3,240 $108 3-3$ Recommend purchasing: 100 shs. National Steel (holding 300 shs) 1.60 32 3,200 160 5.< On motion by Mr. Stevens, seconded by Mr. Merriman, it was voted to approve Item 1. 2. Request that the Board authorize the sale of 5,000 shares of stock in the Clark Equipment Company received from Mrs. Matilda Wilson in accordance with her commitment to pay over a period of years $2,000,000 used in the construction of the first building at Michigan State University-Oakland. Right of way granted City E.L. for sever lines on Univ. property Purchase of Morton property approved. On motion by Mr. Huff, seconded by Mr. Vanderploeg, it was voted to approve the above request. 3. Request that the Board authorize the approval of an easement conveying to the City of East Lansing the necessary right-of-way for sewer lines on land owned by the University. On motion by Mr. Harlan, seconded by Mr. Merriman, it was voted to approve the above request. k. It is recommended that the Board authorize the purchase of property owned by George G. Morton and Mildred D. Morton on East Cavanaugh Road, numbers 306l, 3079, 30&5 and 3091 "Cavanaugh Road at a total purchase price of $80,000. This property is one of the remaining pieoies in the area that we have been in the processof trying to acquire for the past several'years. Purchase of McGinnis property approved. 5. It is recommended that the Board authorize the purchase from Stella S. McGinnis the property at 3^35 College Road for a total purchase price of $18,000 and a lot adjacent to this property owned by Edwin D. Eelton and Forma B. Felton for $3,500. These are adjacent pro perties formerly owned by Mrs. McGinnis and are one of the remaining pieces in the property we have ^eeh acquiring over a period of years. Porchase of Hazen farm in Augusta approved Assignment certain leases re: Kellogg con solidated school $5,500 approp for new documentary film Contract awarded for superinten dent's house Hidden Lake On motion by Mr. Stevens, seconded by Mr. Harlan, it was voted to approve Items k and 5- 6. Report on negotiations covering the acquisition of the Hazen farm and adjacent property for the expansion of the Kellogg Biological Station near Augusta. The Kellogg Foundation has indicated a willingness to reimburse the University for the cost of this property. On motion by Mr. Harlan, seconded by Dr. Smith, it was voted to approve the purchase of the Hazen farm. 7. A report that the University Attorney, acting for the Board of Trustees, has filed with the Gull Lake Community schools consent in writing to the assignment of certain leases executed by the Kellogg Consolidated School because the lessee has been consolidated into the Gull Lake Community Schools, Kalamazoo, Barry, and Calhoun Counties. On motion by Mr. Merriman, seconded by Mr. Vanderploeg, it was voted to approve Item 7. 8. When.- the budget for the current year was prepared, through an oversight funds were not budgeted for the annual documentary film. It is recommended that the Board appropriate $5,500 for this purpose, which with $500 remaining from the previous year will make available $6,000 for this purpose. On motion by Dr. Smith, seconded by Mr. Vanderploeg, it was voted to approve the above appropriation. 9. On November 13 the following bids were received for alterations to the superintendent's residence at Hidden Lake Gardens: E & D Construction Company Irish Hills Construction Company M. H. Theilan Company $5,266.40 5,360.00 6,217.52 It is recommended that a contract be awarded to the E & D Construction Company for this work. Finance Committee Items, continued: November 15, 1962 4763 10. Report of an action taken by the Council of Deans with the recommendation that the tenure rules "be amended as follows: Faculty members serving abroad with one of Michigan State University !s projects shall be treated for tenure action as if they were serving the University on campus, except that: a. A member without tenure whose initial appointment to the Michigan State University faculty is to an overseas assignment of six months or more shall have his probationary appointment extended by a period equal to the duration of his overseas assignment. b. The probationary period of any other faculty member who serves abroad on a Michigan State University project may be similarly extended only with the concurrence in writing of the faculty member involved and the approval of his department chairman, his dean and the President's Office, Such agreement normally would be reached prior to the member !s departure for the overseas assignment. On motion by Mr. Merriman, seconded by Mr. Vanderploeg, it was voted to approve the above recommendation. 11. On November 13 the following bids were received for the stripping of topsoil on approximately 21 acres of land in connection with the development of the science area: Andersen Excavating Company Angell Construction Company Blue Water Excavating Company Brown Brothers Company $3,990 5,040 :5,250 It is recommended that a contract be awarded to the Andersen Excavating Company for this work. On motion by Dr. Smith, seconded by Mr. Huff, it was voted to approve Items 10 and 11. 12. It was originally intended to completely renovate, remodel and refurbish Olds Hall to provide a permanent headquarters for the Department of Psychology and possibly other departments in the College of Social Science. A grant of $300,000 was received from the National Science Foundation to be matched with University funds to pay for these alterations. It has been increasingly evident that this would be a waste of money and it would be vastly preferable to make minimal changes in Olds Hall and to use the grant and matching funds for construc tion of the first unit of a building to provide permanently satisfactory quarters for Psychology and Social Science. It is now recommended that the Board approve the immediate undertaking of changes in Olds Hall to make it possible to move the Department of Psychology into this building by January 1. It is estimated that the total cost of the alterations and changes on the ground floor, the first, second, and third floors m il be approximately $75,000. It is also recommended that the fourth floor be altered to provide quarters for the School of Police Administration at a cost of not to exceed $20,000. On motion by Mr. Stevens, seconded by Dr. Smith, it was voted to approve Item 12 13. The President informed the Trustees of a request by the officials of Delta College for a meeting with Trustees and officials of Michigan State University on Tuesday, November 20. Messrs. Merriman, Smith and Stevens indicated that they would be able to attend. Adjourned. \ Amendments to tenure recommenda- <" tions approved Contract awarded for stripping topsoil on 21 acres of land in con nection with development of science area j; $75,000 appropriated j to remodel and: alter Olds Hall for j; Psychology !'. Police Adm. to be provided? quarters ii-th floor Olds Hall Meeting with Delta College officials to be Nov. 20 [ MINUTES OF THE MEETING of the BOARD OF TRUSTEES November 16, 1962 Present: Dr. Smith, Chairman; Messrs. Huff, Merriman, Stevens, Vanderploeg; President Hannah, Treasurer May and Secretary Breslin Absent: Mr. Harlan, Dr. Bartlett The meeting was called to order in the Student Center at Michigan State University-Oakland at 9 a*m* The minutes of the October meeting were approved. SPECIAL MISCELLANEOUS 1. Approval of the Finance Committee items on the previous pages. On motion by Dr. Smith, seconded by Mr. Merriman, it was voted to approve the Finance Committee items. Finance Committee Items approved