5

increased the amount of work to be done in the Business Office.
That office has been able to secure the two rooms below its first
floor rooms,   These basement rooms have materially increased the
space for working purposes.   A review is being raade in the opera-
ti'ons of the office to find the points at which its work can be
speeded up, and I presume some procedure may be worked out that
would increase the efficiency of the office.   I must say, however,
the Business Agent, or. D. H. Peak, has carried a heavy load in
a conscientious and effective way, and has given the University
through his own efforts and those of his office an effective and
able service.

     It might be well to point out that the retirement plan which
the University has operated since 1929 has worked very well. How-
ever, I think it would be well to review the procedure and restate
the possible liabilities that may fall upon the plan.   When it
was set up, the American Mortality Tables were used to ascertain
the probable load.   During the eleven years the plan has been in
force, 17 men and women have been und r the plan; five have died.
Today there are 12 persons carried under the plan.   I have faith
that the plan will stand up, and thini: the University did well to
ado-t it, though it may be necessary to make changes later on.
Certainly the University would have beer unable to take care of
these persons by the Joint plan with the Carnegie Foundation for
the Advancement of Teaching Under that plan the University
would have had to pay over p35,000-$50,000 annually in addition to
what the persons on the list would have paid.   At the nresent
time, the retirement plan has not cost the University any consid-
erable sum.


     3. Financial Report.

     The Business Agent filed financial reports for months of
January and February, 1940, respectively.    The reports being curn-
ulative, the February report was ordered recorded in the minutes.

     A special statement of income and expenditures made by the
Business Agent showed estimate of a small eccess of income over ex-
penditures in general fund for remainder of fiscal year.



             Statement of Income and Expenditures
                     Month of February 1940

                                                            Fiscal
                              Previously     Current       Year
                              Reported       Month          to Date

General Fund Income
  Fed. Appro.-IMorrill-Nelson 31,062.17     6,443.33     37,505.50
  Vocational Ed. Board       19,909.86      1,018.10     20,927.96
  Fed.Appro.-Bankhead-Jones  23,524.95      4,704.99     28,229.94
  State Appro.-Sum.School     8,000.00                    8,000.00
  Special Agr, Appro.        14,000.00      2,000.00     16,000.00
  State Appro.-General      437,751.99     65,095.20    502,047.19