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in Quail Roost. This, together with the previous deed, gives the University a one-third undivided interest in this property.

The appraised value of the Quail Roost property consisting of Tracts A, C and D as described in the deed anddesignated on a plat attached to the first deed for one-sixth interest, is $375,000. The University's one-third undivided interest may, therefore, be valued at $125,000.

This most recent gift is a part of a planned program of giving by Mr. and Mrs. Hill which will ultimately convey to the University the entire ownership of Quail Roost Farms. By their generosity, the University has been granted full use of the Quail Roost House prior to the conveyance of full ownership.

The acceptance of this gift has been approved by the Trustees' Committee on Real Estate.

Mr. Hill absented himself from the meeting during the discussion of this gift. Mr. Bryant moved that the gift of Mr. and Mrs. Hill be accepted with thanks. The motion was unanimously approved.

President Friday made a brief oral report on University matters.

The meeting then adjourned.

Arch. T. Allen [signature]
Secretary