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15
Wednesday November 17, 1847
Our motion, Resolved that in case Dr. Davidson
should decline the Presidency, that Rev. Aldred Ryors
be and hereby is appointed provisionally to act as Presi=
dent until the vacancy shall have been filled by the
Board.
Our motion, Resolved that Mr. Welch be appointed
a member of the acting Committee in place of Mr. Morris
removed to Cincinnati.
Synopsis of the Report of the Committee on Financial affairs.
Total indebtedness of the University Jan. 1, 1847 $15206 95
Probable amount of available claims due the University 7585 00
Bal. against the university at said date say 7621 95
Estimated expenditures for the year 1847 1800 00
Which deducted from $4100, annual income leaves bal. 2300 00
Which will leave the bal. of indebtedness Jan. 1, 1848 5321 95
Estimated expenditures for 1848 2600 00
Which would leave applicable to debt 1500 00
Which would leave the bal. of debt Jan 1, 1849 3821 95
After which it is believed a Sinking fund of 500 00
per annum would be sufficient.
A reorganization it is believed might safely take place next
Fall, on a scale, at first, requiring not more than $2500 to $2800,
from the permanent income. After the first year if successful
considerable aid might be relied upon from Tuition. The aim
should be in any and every contingency to guard carefully against
expenditures beyond the reliable yearly income.
Lots remain to be disposed of which at a future day and in
favorable times, would probably bring from $1000 to $1500 and would
add something besides to the permanent income.
Our motion Adjourned
Attest. A.Brown Secy