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Show -- . tr 4! The SaU Lake Tribune, Saturday, January 5, 1974 Fein Dalby, Dixie College Gets Rap from Auditor Teacher, Dies at 73 Defers Action on Tuition Increase Dixie College's 'accounting procedures were sternly criticized and the State Board of Higher Fducation chastized for failing to give proper guidance and direction Friday ir. a audit report on the Board to Defend Funds Request Continued From Page 15 mental appropriation of $2 6 million for LSI. Emphasizing that this ngure does not reflect USUs investment losses, Peter W. Billings said this amount would be necessary for the university to adjust its budget to the actual losses and to meet requirements of the new money management act the upcoming legislative session is expected to adopt. Mr. Billings was chairman ot a board ornrnittee investigating USUs investment prob'ems and served on a legislative committee which uevelopcd the proposed money bilr. It would require state instituions to turn over their appropriations and dedicated credits (tuition and other nonappropriated income) to the .Slate treasurer for investment Explains Figure figure, Mr. F.plaimng the $2 said $1,068,538 would cover Billings realized looses, $973,634 unrealized losses and 8K53.H35 the state's purchase of 70 percent of the equity in LSUs portfolio of investments In commenting on the latter figure. If the university is Mr. Billings said, asking the state for help in picking up its losses, its seems only fair to the taxpayers that the university assign to the state 70 percent of its portfolio and 70 percent of any funds recovered as a result of litigation concerning the investments. Portfolio Equity The amount stipulated for the portfolio equity was described as the actual value of the investments involved. Mr. Billings said the 79 percent figure was applied to the equity as it was also determined that 70 percent of both the realized ar.d unrealized losses were state funds. The balance of funds received were gifts and endowments, he said. For example, he said the realized loss was $1.4 million, of which 70 percent, or $1,068,538, was state funds. t'SU officials pointed out that of the $1.4 million, $564,709 was the actual loss. The balance was earlier earnings subsequently spent on campus developments. buildings and equipment. Mr. Billings said that without the supplemental appropriation to cover the losses, the university would go into the coming fiscal year with a budget deficit. L'SUs investment problems came to light about a year ago. When they were discovered, the university fired its investment officer and charged him with making false reports and unauthorized investments. The university was getting very bad legal advice, largely because there wasnt anything to base to good legal advice on," he said. suggested such problems from reoccurring. I The pertinent recommendation versial issue. "It might mean the demise of the bill, he added. Implementation of the measure would require state money initially, with federal funds expected later. Sen. Pettersson told the Council. He said a firm estimate of the state cost would be determined will carry and the bill its own appropriation. Mrs. Alice Lund, representative of the Womens Legislative Council on the task ' force, said that in meetings of womens groups in the state during the past year she has been informed there is an urgency in the need for protection of critical areas. Take Year Booth Wallentine,, executive-directo- r, Utah Farm Bureau, said it was a moot question" regarding interim protection since it will take a year to identify the areas intended for protection. Another member of the task force, Mrs. Gene Hatch, representing environmental interests, said: Solon Runs for Congress State Rep. my country; that I revere the Constitution and the freedoms it guarantees us, Rep. Hilton said. Right now the energy shortage claims a disproportionate share of our attention, he added. I hope we will not easily give up the progress we have made toward a cleaner environment, but balance the environment with our economic necessity. Lynn M. Hilton, Lake City, Friday became the third candidate seeking the Republican nomination for 2nd District congressman with a formal announcement at a State Capitol press conference. Rep. Hilton, 49, serving his first term in the House of representatives, of president DeBry and Hilton Rep. Lynn M. Hilton Travel Services, Inc. Other GOP contenders for the nomination are Robert B. Hansen, deputy attorney general, and Karl J. Bray, a metals dealer all seeking the seat expected to be vacated by Rep. Wayne Owens, Democrat, in his bid for the U.S. Senate. a general statement of my philosophy, 1 declare that I care deeply about As of natural causes. C was a 1971-7- 2 The report states flatly that records of the junior college in St. George fail to meet ac Dalby creative an arms-lengt- basis." h The audit report noted in both the flaws accounting way income and disbursements are handled. teach- - writing V cr at Jackson I rGw i i Jumor ' Miss Dalby HiSh School and South High School and taught at the of University Utah. At South she creative writing, taught Shakespeare and an advanced English class from the mid-40- s until her retirement in 1965. After her retirement she taught at the university in and 1967. She received a B.A. degree from the University of Utah. She also attended numerous summer English conferences at such places as Breadloaf, Vt and the University of ColShe was bom Jan. 10, 1900, in Levan, Juab County, daughter of Oliver C. and Frances Francom Dalby She survived is by JVC Model her JVC's Model 5414 4Channel receiver incorporates an SFCS MATRIX SYSTEM for playing all 4 channel records joO, OS, EV)ond by adding o demodulator JVC's own developed discrete Dent D. Dalby, Salt Lake City; Merk F. Dalby, Washington D.C., and a sister, Mrs. Charles (Olive) D. Squires, New York, N.Y. CD-- 4. The model 5414 is in complete control of the situation with JVC's exclusive (SEA) System. S.E.A. permits on amazing amount of control over lhe entire sound spectrum and compensates for the irregularities in room acoustics. The 5414 is a truly outstanding compatible stereo receiver. Add 4 STUDIOCRAFT Model 1 10, 2 way speaker system, GARRARD'S Model 42Ms and you hove a system unequalled for sound ot a truly remarkable Price. 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Conpmeirt, Recent & Tape Center Featuring The finest hi Audio Equipment apfeajj A former World War II Mr. Hilton holds bachelor bomber pilot, and masters degrees from the University of Utah, and a doctorate in educational administration 5414 120 Watt FMAM Stereo Receiver Garrard 42M mother; two brothers, Other than energy, there is a deeper and more pervasive problem facing the Republic; a problem that, in the long run, will have a far greater impact on the lives of our citizens: The irresponsible fiscal policy of the federal government, with its attendant problems of inflation, national debt and high interest rates, Rep. Hilton said. is operations issued by State Auditor David S. Monson. college's College. The report added that contrary to an attorney general's opinion, the college has continued to have a financial and management interest in a student dormitory being bought by the private Dixie Education Assn, (in collecting rents orado. reads: Because cf the danger of a rush to develop in propojea critical areas of more than local concern before the 1975 target date for methods of regulation, consideration should be given to placing power in the Land Use Commission to prohibit development. This power would be, used only after concurrence of the Governors Advisory Committee on Local Affairs. An automatic termination date of this power in January, 1975, should be written into the bill. Wfll I can support this bill as is. I would not like to see it defeated through attempts to make it stronger. I suggest we dont tamper with it. J. Clare Williams, representing transportation on the task force, said the question of a moratorium on development in critical areas until a regulation method is determined is "a very contro-- ' hospital I 1966 that the proposed money management act would prevent, He E. South a Salt iss Mr. Billings said Friday USUs problems were not solely due to the improvident actions of its investment officer but also to the fact that state statutes dealwere in a woeful ing with investments state. Bad Legal Advice 73. 839 Temple, died Friday in Lake L egisJative Council Backs Land Plan Continued From Page 15 present status of Utah land use legislation, as well as legislative paths taken by other states to solve the problem of land abuse. Mr. Sharp pointed to staff recommendations in the back of h.e publication in response to the council questioning. Placing of Power ; Fern Dalby, for DEA and on occasion, making mortgage payments for DEA). Dixie College should cease to handle the financial affairs of the DEA . . . (and) in the future we recommend that all transactions with DEA be on cepted accounting practices, and do not represent fairly the financial position and results of operations at Dixie .c SAIT LAKE II EAST BROADWAY OPEN Mon, and Fri. Nites 'Til 9 PHONE 359-- 1 938 from the University of Chicago. A guest of good taste The pleasure of style and comfort. The list is filled with a great selection of short and long sleeved shirts, regular or button-docollars. Perma fabrics in patterns pressed and solids of blue, navy, brown, burgundy, and rust. Sizes 14V2-- 1 7, Men's Furnishings, all stores. Comp, value Shirts in handsome prints and favorite colors, contemporary fashion collars. Stay sharp polyester-cotto- n and cotton blends. Burgundy, navy, brown, green in S,M,L,XL Men's w. 32-3- 5. 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