Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 179]

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UNIVERSITY OF ILLINOIS

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representatives of the University appeared and explained the effect on the University's budget of increasing the number of scholarships and supplied other information. As a result an amendment was offered to the bill putting all General Assembly Scholarships, including the proposed two additional scholarships for 1935-1936 on a competitive basis. This bill is still before the Senate. 2. House Bill 598, which provides for three scholarships in each county annually instead of one. These scholarships are now on a competitive basis. A hearing on this bill was had by the House Committee on Education on April 9 at which representatives of the University appeared and explained the effect on the University's budget of increasing the number of scholarships and supplied other information. T h e Committee recommended that the bill do not pass and it has been tabled. 3. There has recently been introduced another scholarship bill, viz.: Senate Bill 324. This is practically the same as House Bill 598 and would increase the number of County Scholarships from one to three each year. Letters have been written to the author of the bill and to the Chairman of the Senate Committee on Education, to which it has been referred, giving them the same information which was presented to the House Committee on Education.

This report was received for record. At this point, President Williams appointed Mr. Mayer to be a member of the Special Committee on the Revision of the Statutes, in place of Mr. Armstrong.

I N S U R A N C E ON UNIVERSITY P R O P E R T Y (7) At the meeting of the Board on April 20 the question was raised informally concerning the policy of the University with respect to insurance on University buildings. In general, it has been the policy of the University to carry such insurance on buildings and structures which are distinctly non-fireproof. The largest item of this insurance is found in the old buildings in Chicago. Such insurance was necessary while there were bond issues against certain of these buildings, but the insurance has been carried on the Pharmacy Building which was not subject to bond issue the same as on the other buildings, and it has been continued on the other buildings since the bond obligations were paid. T h e general procedure covering this insurance is covered by action of the Board of Trustees on October 20, 1926 (Minutes, page 152), in which the following recommendation was approved: "that the Comptroller be authorized to renew the insurance policies on the non-fireproof buildings and contents in Chicago which expire during the current fiscal year, and to increase or decrease the insurance as may be found necessary to keep it on an 80 percent basis, based on valuation of buildings and contents to be determined by the Supervising Architect. . . ." The annual premium cost on policies carried on general University funds is approximately $595. The only loss of consequence the University has ever suffered on property covered by insurance was that resulting from a serious fire in the Dental Building in 1926, in which the insurance realization covering the complete loss was $35,06745. T h e Comptroller submits a statement showing all fire and tornado insurance now in force. Certain of the policies will expire on May I, 1935, but since the question of policy has been raised by the Board the Comptroller requests definite instructions as to whether he should renew them. Funds are available in the budget for the current year to cover the premiums.

F I R E AND TORNADO INSURANCE

Coverage Dental Building 1832-1840 West Harrison Street Fire insurance 8 0 % Co-insurance Medical Building 508 South Honore Street Fire insurance 8 0 % Co-insurance $120 000 133 000

Five-year premium $852 00 938 00