2



                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
record.