May 29, 1972

SPECIAL MEETING OF THE BOARD OF TRUSTEES OF WESTERN CAROLINA UNIVERSITY

Conference Room of Bird Administration Building          May 29, 1972

The Board of Trustees of Western Carolina University met in a special-call meeting at 1:30 p. m. Monday, May 29, 1972, in the Conference Room of Bird Administration Building.

The following members were present:

Dr. Wallace N. Hyde, Chairman
Mr. Thomas L. Mallonee, Vice-Chairman
Mr. Jack E. Abbott
Mr. C. Jack Arrington
Mr. Robert L. Edwards
Mr. Arnold Hyde
Mr. Ted Jordan
Senator Clyde M. Norton
Mr. Boyce Whitmire
Mr. E. J. Whitmire
Mr. H. Dwight Nelson

Open Meeting Act At the conclusion of a closed executive session, Dr. Hyde requested Mr. Frank H. Brown, Jr. and Mrs. Virginia Molinatto to join the business session.

It was brought to the attention of the Board that Dr. Van Gorder was absent because of professional obligations at the hospital in Andrews and Mr. F. Carl Harman had prior commitments which could not be cancelled. Upon motion of Senator Norton, seconded by Mr. Arrington, it was unanimously approved by the Board to excuse these absences.

Dr. Hyde presented a letter he had received from Mr. Doyle Dillard with respect to the Endowment Fund, which stated a letter had been received from Wachovia Bank & Trust Company concerning the investment.

"May 9, 1972

Mr. William R. Sanderson, AVP
Manager
Wachovia Bank& Trust Company, N.A.
P. 0. Box 495
Sylva, NC 28779

Dear Bill:

On May 31, 1971, the Endowment Fund of Western Carolina University was a little over $125,000. Undoubtedly this sum will be up substantially on May 31, 1972. It is all invested in our Balanced Common Trust Fund except for some U. S. Plywood -Champion Paper stock, which was a gift. Frank H. Brown, Jr. did not think we should sell.

"Enclosed is a booklet on our Balanced Common Trust Fund. Please note on page 18 that on October 31, 1971, it was invested 64.6 in common stocks and 36.6 in bonds. As you know, today the average stock on the New York Stock Exchange pays out in cash only about 2.6%; however, they go up in value. Let me call to your attention the charts on page 8, 9, and 10. The investment performance is as follows:

1967          1968          1969          1970           1971     Compounded Annual Rate of Return
09.0%        9.6%      (1. 4%)         5.7%         21.77%                      8. 7%

"We would appreciate your interest; and if the college would like, we would be glad to talk to them about their account.

Very truly yours,

Murry A. Miller
Assistant Vice-President . . ."

After some discussion it was moved by Senator Norton that this matter be referred back to the Endowment Fund Committee; seconded by Mr. Arrington, and unanimously carried.

Dr. Hyde stated that the Endowment Fund Committee should meet prior to the next meeting of the Board, possibly within the next two weeks.

Dr. Hyde also presented a letter prepared for Dr. Alex S. Pow with respect to the agreement concerning his educational leave of absence.

"May 4, 1972

Dr. Alex S. Pow
P. 0. Box 76
Cullowhee, NC 28723

Dear Dr. Pow:

Dr. Charles 0. Van Gorder and I sponsored at yesterday's meeting of the Board of Trustees the resolution proposing that you be given the education leave -of absence as set out in your letter of May 2. 1 am happy to report to you that the Board did pass a resolution to this effect, with changes in detail which I believe will affect your interests positively rather than adversely.

1. The Board decided that the beginning date of the leave should be May 1, 1972 rather than July 1, 1972. Thus, the approved leave is for the period May 1, 1972 through June 30, 1973. (Note: see minutes of the Board of Trustees' meeting held June 14, 1972.)

2. It was reported to the Board that you plan to take advantage of the disability insurance policy provided all University faculty members through Pilot Life Insurance Company; and it is the understanding of the Board that change in the leave's beginning date from July 1 to May 1 will not in any way limit your taking advantage of this policy.

3. The Board elected not to avail itself of your offer to pay the University's share of your continued participation in retirement and insurance programs. The Board appreciates your offer, and you will be allowed to continue participation in this program; but the University will pay its share.

4. The Board took no specific action on this matter, but the consensus seemed to be that you have no specific obligation for specific service to the University because of salary payments to you made during the current year. At the same time, the Board understands that your plan is to return to the University at the expiration of the leave to undertake such administrative or teaching duties you and the new President may agree; and you should make arrangements in this regard with the new President. It is the understanding of the Board that you must be in active University service at the time you take advantage of your right to retire under the North Carolina Teacher Retirement System on or after July 1, 1973; and it is the earnest hope of the Board that the University will be able to avail itself of your knowledge and experience as the University continues to develop in the future.

All members of the Board join me in expressing appreciation for the leadership that you have given in bringing the University to its present state of growth and improvement, and in sincere good wishes for the continued improvement of your health.

Cordially yours,

Wallace N. Hyde
Chairman Board of Trustees . . .

Mr. Brown stated he had received a letter from Mr. Miller of the State Retirement Board and the educational leave was approved. Mr. Jordan moved that the above letter be forwarded to Dr. Pow, seconded by Mr. Boyce Whitmire, and carried by the Board. Mr. Arrington gave the only dissenting vote.

There being no further business, the meeting adjourned at 4:00 p. m. upon motion of Mr. Jordan, seconded by Mr. Edwards, and unanimously carried.

Respectfully submitted,


____________________________
Wallace N. Hyde, Chairman

____________________________
Frank H. Brown, Jr., Acting Secretary

 

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