Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 30]

EXTRACTED TEXT FROM PAGE:

1942]

UNIVERSITY OF ILLINOIS

27

"2. Therefore, I now give, will and bequeath unto the Board of Trustees of the University of Illinois located at Urbana, Illinois, the sum of Five Thousand Dollars ($5,000.00) the income from said sum hereby bequeathed to be used by said Board of Trustees as a Lecture Fund for the Department of H o m e Economics in said University. T h e subject of the lecture is, briefly, 'The Philosophy of Home Economics' or, stated in another way, these lectures are to deal with the scientific, economic, esthetic, and social aspects of home and family life, in order that the woman so trained may be enabled to apply this knowledge in her daily tasks in her home, family, and community life in accordance with the finest intellectual and spiritual ideals. "3. Provided, nevertheless, that the income from the above mentioned fund may be used by the Board of Trustees of the University of Illinois for the purpose or purposes which, in its judgment, most closely approximate the purposes and objects described above, if, at any time, due to changed conditions, it shall appear to the Board of Trustees to be impracticable to apply such income exactly as above herein directed. "4. T h e said Board of Trustees shall use its best judgment in selecting investments for the fund hereinabove given, but it shall not be restricted to the type of investments in which trust funds may be invested under the laws of the State of Illinois." There is nothing in these provisions which is contrary to the regulations and policies of the Board of Trustees in accepting such bequests, and I have therefore authorized acceptance of payment from the executor. O n m o t i o n of M r s . G r i g s b y , t h e a c t i o n o f t h e P r e s i d e n t of t h e U n i v e r s i t y in a c c e p t i n g t h i s b e q u e s t w a s a p p r o v e d a n d c o n f i r m e d . CONTRACTS EXECUTED BY THE COMPTROLLER JUNE 11 TO JULY 1 7 , 1 9 4 2 (27) A report of minor contracts executed under general regulations of the Board of Trustees:

With Whom United States War Department (Special Service) Office of Emergency Management Office of Emergency Management Men's Residence Hail, Student Organization Purpose University agrees to furnish certain extension courses to men in service at stated fees per course Confidential Contract (O.E.M. SR-469) Confidential Contract (O.E.M. SR-318) Lease of Room 34 in basement of Clark House, to be used to operate a store, January i, 1942, to May 23, 1943. Amount to be paid to University Fees £6,000 £18,000 £15 Date July 8, 1942 June 12, 1942 April 7, 1942 May 8, 1942

This report was received for record.

POLICY GOVERNING PLACEMENT OF INSURANCE WITH MUTUAL AND STOCK COMPANIES (28) T h e Attorney General of Illinois has rendered an opinion that the Board of Trustees of the University of Illinois may purchase insurance from mutual companies under certain conditions. T h e Comptroller has submitted the following statement which is presented to the Board for instructions: "In connection with this entire matter, I am in need of instruction from the Board as to the general policy which should be followed in writing this insurance. In all instances the cost of insurance which can be secured from responsible mutual companies, allowing for estimated dividends from these companies, is less than the cost of the same insurance from stock companies. Consequently, on the basis of cost alone, all insurance would go to mutual companies. In the case of properties that a r e under mortgage, the mortgages ordinarily specify that the mortgagee (or trustee) reserves the right to approve insurance, and in some cases these parties may require insurance in a stock company. "In general, I do not myself favor placing all insurance with mutual companies. I believe it is more desirable to distribute the insurance and, if a reasonable diversification is followed, a substantial portion of the insurance would