This agreement, the original of which I have before me,
ready to be executed, provides for the setting up of an Alumni
Fund as a restricted fund in the custody of the University. It
provides that all gifts which may be received by the University
from or through the Association or as a direct result of its
efforts will be placed in that Fund and that the University will
continue to give budgetary support to the Association and will
make available to the Association a portion of the money
raised by the Association in order to make it possible for the
Association to carry on and expand its work on behalf of the
University and particularly its efforts to raise money for the
University. The agreement contemplates that the Association
will employ an Alumni Fund Director and that the terms of his
contract and the selection of the individual for the position
will both be subject to approval by the University. I might add
that an outstanding young man has already been employed, sub-
ject to your approval of the basic agreement which I now present
to you, and which I recommend that you -authorize to be executed.
* * *
Now that you have approved the agreement, I should like
to make an additional recommendation. The Alumni Associa-
tion is changing the title of its Executive Secretary to "Director
of Alumni Affairs" and has requested that this same title be
used by the University. I recommend approval of this change
of title and further recommend that the title of "Alumni Fund
Director" be approved for the position of the director of the an-
nual fund-raising campaign which the Association will conduct.
* * *
I should like to request that the Executive Committee
delegate to the President of the University the authority to
approve, on behalf of the University, a contract of employment
of an Alumni Fund Director by the Alumni Association and the
selection of Mr. James A. Beazley for that position.
D. Financial Report.
Vice President Peterson submitted financial report for the period July
1, 1955, to February 29, 1956, inclusive.
Mr. Peterson made a detailed statement concerning the financial re-
port explaining various sections of the balance sheet.
Members of the Board being advised, upon motion duly made, seconded
and carried, the financial report was authorized received and made a part of the