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STATE UNIVERSITY OF IOWA Office of the Vice President for Business and Finance

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• Jolliffe

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of he n in s ro o co ctio , I um e pr e u r i l follow din the sal of othe r it ms of quipment, which is to secure the approval of the Financ e Committe • hatever ount i r lized co d lieve, ith the a rov of the Finance Committee , be placed in a Current Restricted Fund for purchaae of painting& or ot r art obj ct for our c ollection, or placed in the Ranney Endowment Fund - th income to b used for pure se of rt obj cts . Th fact that th painting under consider tion for 8.1e wa not acquired from stat funds seems to me ufficient justification for this fr edom in th us of the proceed • Likewiae, I think this same fr edom ould also p rmit m in a ift of the painting, or p r oc eeds of the sale th re o£, to th Old Gold Development Fund or th SUI Found tion. However, I do ott this o b u met od would b necessary. y advice is without ben fit of 1 gal counsel, and r f r thia q stio to r. Clifford D via .

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01-31-1962 Letter from Virgil M. Hancher to Elwin T. Jolliffe