Financial Statements, 1897-1908

The position of treasurer of the Trustees of the Illinois Industrial University was established on March 13, 1867. ¹ The Laws of Illinois required that the Board of Trustees elect a treasurer along with establishing the Board. ² Seven ballots were taken before a treasurer was finally elected.³

In 1978, the amended duties of the treasurer were to be the custodian of funds and securities, to provide a bond of not less than $5,000 for the performance of his duties, and to make detailed reports of his activities when required. The treasurer has no power to invest permanent funds, convert securities, pay out any funds except as directed by the Board, and may not vote upon the awarding of University contracts or the selection of a bank for transactions.⁴

1. Board of Trustees Transactions, 1st Report, 1867-68, March 13,1867, pp. 22-25.

2. Ibid, p. 6.

3. Ibid., p.25.

4. Board of Trustees Transactions, 59th report, 1976-78, April 12, 1978, p. 589.