Proceedings of the Board of Regents (1960-1963)

July Meeting, 1960
THE UNIVERSITY OF MICHIGAN
ANN ARBOR, JULY 14 AND 15, 1960
The Regents met at "Radrick," Regent Matthaei's farm at 4895
Geddes Road, Ann Arbor. They convened in the garden house at
10:20 A.M., July 15. Present, the President and Regents Kennedy,
Thurber, Matthaei, McInally, Eckert, Power, and Murphy. Vice-Presidents Pierpont, Lewis, Stirton, Sawyer, and Nelson, Dean Robert L.
Williams, and the Secretary were also in attendance. Regent Brablec,
Superintendent of Public Instruction Bartlett, and Vice-President
Niehuss were absent. Vice-President Niehuss, who is President of the
Michigan Health Council, was attending a joint meeting of the Council
of the Michigan State Medical Society and the Michigan Health Council at Mackinac Island.
The President extended to Regent Matthaei the best thanks of the
Regents and the executive officers for his gracious hospitality in entertaining them at "Radrick."
The President offered congratulations and best wishes to Vice-President Lyle M. Nelson on his election as President of the American
College Public Relations Association.
The minutes of the meeting of June 10 were approved with certain
specified changes.
The report on investment transactions, which was accepted and Investment
placed on file, is summarized below (R.P., 1957-60, p. 1261): Transactions
Bonds Purchased Cost
U. S. Treasury issues........................ $ 54,617.51
Others (nongovernment)................................. 8,800.00
Total....................$ 63,417.51
Stocks Purchased
Common............................................. $ 137,156.44
Bonds Sold Net Proceeds
U. S. Treasury issues.............................. $1,496,026.38
Stocks Sold
Common.................................... $ 72,268.64
Real Estate Sold....................................... $ 1,220.00
Total Amount
Loaned
Mortgage Loans.......................................... $ 122,300.00
The following project budgets were reported (R.P., 1957-60, Project Budgets
p. 1261):
Budgets in the total amount of $5,094,620.32 have been initiated since the
meeting of June 10. These budgets have been grouped into the categories listed
below:
1. Instructional programs.................... $1,443,558.30
2. Research grants and contracts.............. 2,879,592.88
3. Student aid (fellowships, scholarships, and grants) 664,668.36
4. Student activities....................... 4,457.85
5. State and public services.................. 40,433.33
6. Administrative and service activities........ 57,929.60
7. Annuitants.............................. 3,980.00
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