Proceedings of the Board of Regents (1914-1917)

NOVEMBER MEETING, 1916

605 -

known as The Alice Hosmer Preble Scholarship Loan Fund
for Women.
The fund is to be administered by a committee consisting of the President of the University, the Dean of the College of Literature, Science, and the Arts, the Dean of
Women, and Mrs. Charles L. Mix of the class of '94, and
Mrs. Charles H. Cooley of the class of '88. Should a
vacancy or vacancies occur in said committee by the inability,
at any time, of either or both of the last two named to serve,
such vacancies are to be filled by the remaining members of
the committee, it being understood that one person is to be
chosen fron among the alumnae residing in Ann Arbor and
the other to be selected from non-resident alumnae.
It is the desire of the donors that beneficiaries be selected
who have in view more than a merely selfish interest in
acquiring an education.
This fund is to be administered by said committee in
accordance with the spirit of the conditions expressed in a
statement presented to the contributors to the fund. The
essential provisions of this statement are herewith given:
"THE ALICE HOSMER PREBLE SCHOLARSHIP IOAN FUND
"The general plan of such a fund, as now in practice at
several of the universities, including Michigan, is as follows. With judicious management, not only the interest on
the unborrowed portion of the capital, but small parts of the
endowment itself may be loaned, not more than $Ioo.oo to
any individual in any one year, thus making it possible to aid
several students at the same time.
"On obtaining a paying position, after graduation, the
borrowers repay these sums in small, regular installments,
with five per cent interest, thus increasing the original
capital. Notes and other securities may be required of the
students, and further to safeguard the fund, the loans will
be restricted to juniors or seniors who have shown ability
and earnestness. This rule may be waived by the committee in exceptional cases, or after the endowment has
sufficiently increased. In case of death or other disability of
a beneficiary, the other beneficiaries will be called upon, at
the discretion of the committee, to make good the deficit.
"This fund is intended to encourage character and
ability, and is reserved for women."
The fundamental idea of this memorial was that the
money should aid whatever philanthropic or educational
cause the family of Mrs. Preble believed she would most