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10 Ohio University
Athens, Wednesday, August 4, 1847

The following members of the Board of Trustees
convened at the time and place appointed, to wit.
Rev. James Hoge, D.D, Rev. William Aikin, Rev. William Cox,
Hon. J.H, Keith, V.B. Horton Esq, A.G. Brown, Secy.
There not being a quorum present, the members in
attendance proceeded, informally, to business, as pre-
scribed by the Standing Rules and Orders of the Board.

Our motion, Hon. J.H. Keith was chosen President
pro tempore.
A communication was received from Rev. A.
Williams, Principal of the Academical Department,
Which, on motion was referred to Messn, Hoge,
Aikin & Horton as a Committee to report there on.

Our motion, Messn, Keith, Cox and Brown,
were appointed a committee to report on the
state of the finances etc.
A Recess was then taken till 1 O'clock P.M.

Afternoon Session
Present as in the morning with Mr. Amos Miller
The committee on the finances made a
Report in writing, which was adopted, as follows;
"The Committee to whom was referred the Financial
condition of the University, Report;
That as appears from the Annual Report to the Le-
gislature, the total indebtedness of the University on the 1st of
January last, was $15,206.95 of which $7,100.00 was due to the
State Sinking Fund, and that the amount of outstanding
funded orders, at that date, was $7,453.49 from the best
estimates your Committee are able to make, it is believed
the amount of Funded Orders may be reduced by the end
of the year to less than $5,000.00, besides the payment of the
first instalment to the Commissioners of the Sinking Fund,
under the arrangement heretofore made, and besides
leaving a considerable amount of dues of the University out-
standing sufficient to meet current expenditures, and to
provide for a still further reduction of the general indebtedness.
It is believed that at the end of one year from this time, when
it was contemplated a reorganization should take place, the
indebtedness of the University may be reduced to some $5,000.00
beyond the amount of claims which may then remain due
to the University. (?Your?) committee in view of a reor-
ganization at the time contemplated, and in order that