Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 457]

EXTRACTED TEXT FROM PAGE:

1935]

UNIVERSITY OF ILLINOIS

455

in the amount of $350,000 for the construction and equipment of a building for the School of Journalism. A copy of the application is submitted herewith for record.

This report was received for record.

W O M A N ' S RESIDENCE HALLS RESERVE

(3) The surplus from the operation of the Woman's Residence Halls over and above current operating and maintenance expenses and a suitable reserve for maintenance and replacement is transferred to the general income account of the University. The Director of the Physical Plant Department reports that the specified reserves for repairs and replacements (Davenport House, $2,900 a year; Woman's Residence Hall, $14,100 a year), are adequate if the units are of the proper standard of operation to begin with. The residence halls on Nevada Street are in such shape but not the Davenport House, and as a result the reserve is not adequate. He estimates that funds in the amount of approximately $4,900 will be necessary to provide for capital improvements, in addition to the normal repairs and replacements. He therefore recommends that the reserve for Davenport House this year be increased to include all of the operating income this year and that thereafter the reserve be the same as during the past year, or $2,900 a year. Since the general University budget for 1935-1936 includes, on the revenue side, an estimated net surplus of $25,000 (after reserves for repairs and replacements), from the operation of the three residence halls, this involves an adjustment in the budget. Last year the surplus from the Davenport House was $3,394. I therefore recommend that the net surplus from the operations of Davenport House, but not to exceed $5,000, be appropriated from the general reserve fund for capital improvements in that house. This provision is for the current fiscal year only and is in addition to the usual reserve of $2,900 from the operations of that hall for normal repairs and replacements. On motion of M r . Barrett, this appropriation was m a d e as recommended, by the following vote: Aye, M r . Barrett, M r . Williams.

ATHLETIC ASSOCIATION RESERVE F U N D

(4) As a means of accumulating a reserve fund to protect itself against financial reverses, the Athletic Association proposes to use its surplus funds not needed for current operations to pay in advance as much as practicable premiums on the insurance policies it is carrying to provide retiring allowances and death benefits for members of its staff. Such payments will earn interest and dividends and will increase the cash and loan values of the policies on which the Association can borrow funds when needed. This would, in effect, be an investment of the surplus funds set aside as a reserve. The Athletic Association requests authority to set aside $50,000, or so much thereof as may be available as a surplus during the current fiscal year, for this purpose. On motion of Mr. Barrett, the creation of this reserve was authorized and the method of setting it up w a s referred to the Finance Committee for consideration and report.

CONTRACT FOR QUARRY TILE FOR W O M A N ' S GYMNASIUM TERRACE

(5) A report that the following bids were received after the meeting of the Board of Trustees on July 26 on the removal of concrete on the Woman's Gymnasium terrace and replacing it with quarry tile: Holder Hardware Company $2 639 Fred M. Manthei 3 800 F. E. Gates Marble & Tile Co 4 loo Peoria Stone & Marble Works 4 454