265 MEETING OF THE EXECUTIVE AI-JD FINANCE GOMivJlTTEE OF THE BOARD OF TRUSTEES OF THE
'~ TRUSTEES OF PURDUE UI-JIVERSITY
Executive Bunding .    . January 17, 1950
is. BOLL CALL.
President Stuart called to order at 2:05 p.m., Tuesday, January 17, 1950, a meeting of toe Executive and Finance Committee of toe Board of '•trustees of The Trustees of Purdue University in toe Trustees' Room of toe Executive Building of toe University. An members of toe Committee except one were present as follows: Mr. Stuart, Mr. Sherwood, and Mr. Lynn (pro tern member of toe Committee)^ The absence of Mr. Hanley because of urgent business else- \ihere was excused ty consent. Also present were President Hovde, Treasurer Stewart, CcHnptroller Ket-tler, Mr. B. A, Devol, legal counsel, Secretery Hockena, and Assistant Secreteiy Skinner.
II. REPORT HE HOLLENSBE DEFALCATIONS.
Mr, Harold Wmiams, Internal Auditor, entered the meeting.
President Stuart presented a letter from Mr. Otto K, Jensen, Stete Examiner, and toe accompanying report of toe State Board of Accounts con¬ cerning examination of W. W. Honensbe, Cashier of Purdue University, also a letter from Mr. Jensen, dated December 30, 1949, to Mr, R. B. Stewart as Vice President and Controller of Purdue University. (Report and letters filed -vd.to toe Secretary) President Stuart silso presented a memorandum prepared by University officers summarizing toe defalcations of Mr. Honensbe.
During toe discussion of toe defalcations of toe former University Cashier it was pointed out toat toey (toe defalcations) were found in toe first instance ty officers and employees of toe University vho promptly re¬ ported toeir findings to toe Stete Board of Accounts. The attention of toe Committee was furtoer directed to toe definition of toe term Controner as contained in toe University ty-Laws prior to toe stated meeting of toe Board held October 19, 1949, and it was agreed toat toe ty-Law respecting toe Controller's duties as existing prior to October 1949 was directive and : did not contemplate the personal performance of toe duties of toat office ty toe Controner himself, and toat toe duties of that office, so far as toe Controller was concerned, were intended to be and were of a general administrative character. Mr. Jensen's letters were considered carefvOly.
At 4:20 p.m. Messrs. Olvey, Boyer, and Moore, Field Examiners for toe State Board of Accounts, entered toe meeting ty in-vitetion. The memorandum referred to above was read and toe Examiners agreed toat it was a fair summary of toe facts up to date.
On behalf of toe Board of Trustees, President Stuart offered toe repre- ; sentetives of toe State Board of Accounts office any assis-tance toe Board might be able to give.
* Article III, Section 4, ty-Laws.