Repository: UIHistories Project: Board of Trustees Minutes - 1994 [PAGE 76]

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64

BOARD OF TRUSTEES

[September 15

district will offer multicultural and "English as a second language" programs, which will benefit residents in University housing. In addition, the school district will cooperate, assist, and provide access to the College of Education for educational research activities, including programs for educating students who have limited English-speaking abilities. The funding for the agreement will be solely derived from increased rental charges in the family housing units, and will not involve State appropriated funds. The agreement will run from July 1, 1994, through June 30, 1997, and provides for payments of $158,000 in 1994-95, $317,000 in 1995-96, and $317,000 in 1996-97. Auxiliary funds are available from the operating budget of the Urbana Housing Division. The vice president for academic affairs concurs. I recommend approval.

On motion of Mr. Grabowski, this recommendation was approved by the following vote: Aye, Mr. Boyle, Mrs. Calder, Dr. Gindorf, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Lopez, Ms. Reese; no, none; absent, Dr. Bacon, Governor Edgar. (The student advisory vote was: Aye, Mr. Didato-Castillo, Mr. Rose; no, none.)

Establishment of Banking Services with Bank One, Springfield (Payroll and Accounts Payable Disbursement Accounts)

(18) The University has solicited proposals relating to banking services for the following disbursement activities: A Chicago and an Urbana payroll account used to disburse payroll checks and direct deposit items to employees at the respective campuses. An accounts payable disbursement account used for the general disbursement activity of both campuses. A main account to facilitate the daily funding of disbursement activity in the other three accounts. Responses were received from ten banks and several of these proposals offered significant cost savings to the University. Business Office personnel thoroughly examined the proposals and conducted interviews with the vendors who submitted the best proposals. Bank One, Springfield, submitted the proposal that best met the University's established criteria and offered the greatest economic and technological advantages. The proposal will provide several services which the University does not get from its current banking arrangements and is renewable for additional fiscal years. One noteworthy change in service requested by the University will be a daily reconciliation product called Positive Pay that will greatly enhance the University's ability to prevent check fraud. The annual cost is estimated to be $65,000 compared with a current annual cost of approximately $122,000. Accordingly, the vice president for business and finance recommends that authority be given to establish these bank accounts for the purpose described above with Bank One, Springfield, that the following resolution be adopted and that the comptroller be authorized to renew this agreement with Bank One on an annual basis subject to the availability of funds. The accounts would become active on January 1, 1995, or as soon as all necessary documentation can be completed and filed. Upon conclusion of all business in process with the current processors of these activities, those accounts will be closed. I concur.