Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 249]

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1969]

UNIVERSITY OF ILLINOIS

249

On motion of Mr. Grimes, this recommendation was approved.

ESTABLISHMENT OF T H E TRUST BENEFIT FUND (21) T h e present contract for hospital and medical insurance for students and staff provides that if the University claims are less than 95.S per cent of the premiums, the University will share in the savings. The company has also agreed to share with the University a savings resulting from a favorable claim experience in 1967-68. The Vice President and Comptroller recommends that all funds received from the insurance company be placed in a fund entitled "Trust Benefit Fund" and that such funds be invested and the income added to the fund until needed for expenditure, with both the principal and income to be used for student and staff medical and health programs. T h e specific uses of the fund will be approved by the President, and will include but not be limited to the following: 1. Studies and programs of a nonrecurring nature designed to improve staff hospital and medical benefits. 2. Assistance in individual cases of financial need of students and staff arising out of medical difficulties. 3. A reserve fund for the insurance program which might be used to "even-out" rate changes that might be required in the future. T h e Vice President and Comptroller also recommends that the balance (approximately $8,300) in the University of Illinois Mutual Benefit Hospital Fund be transferred to the Trust Benefit Fund. This fund arose from a voluntary program of hospital and medical services established many years ago.

On motion of Mr. Clement, these recommendations were approved.

PURCHASES (22) The President submitted, with his concurrence, a list of purchases recommended by the Directors of Purchases and the Vice President and Comptroller; also a list of purchases authorized by the President. T h e lists of purchases authorized and purchases recommended for Board approval were presented in two categories: purchases from appropriated funds (i.e., from state appropriations to the University) and purchases from institutional funds. The latter term designates funds received by the University under contracts with the United States government, contracts with private corporations and other organizations, funds from foundation grants, and grants from corporations and other donors, and University revolving funds authorized by law. The total amounts of these purchases w e r e : From Appropriated Funds Purchases Recommended $380 537 79 From Institutional Funds Purchases Recommended Purchases Authorized Grand Total $147 15 $162 $543 267 257 524 062 26 38 64 43

A complete list of the purchases authorized and purchases recommended, with supporting information, including the quotations received, was sent to each member of the Board in advance of the meeting, and a copy is being filed with the Secretary of the Board for record.

On motion of Mr. Clement, the purchases authorized by the President were approved, and the purchases recommended were authorized.

COMPTROLLER'S REPORT OF PURCHASES APPROVED (23) T h e Vice President and Comptroller also submitted a report of purchases approved by him on recommendation of the Directors of Purchases in amounts of $5,000 to $7,500. A copy of this report is filed with the Secretary.

This report was received for record.