Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 663]

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660

BOA&D OF TRUSTEES

[August 10

Accordingly, the Vice-President and Comptroller recommends that $50,000 of the working cash fund, now held by the University Treasurer, be transferred lo the Bursar's Fund on deposit in the First National Bank in Champaign, raising that_ fund to a total of $150,000. The University is authorized by state law to retain in its treasury receipts to create the working cash fund. I concur in this recommendation. O n motion of Mr, Swain, this recommendation was approved,

CHANGE IN POLICY GOVERNING UNIVERSITY INSURANCE

(28) The Vice-President and Comptroller recommends that the policy of \\lt Board of Trustees governing the placement of University Insurance adopted on January 13, 1949 (Minutes, page 200), on recommendation of the Finance Committee be amended by deletion of Section C II which reads: "Fire and extended coverage on University risks shall be placed with stock and mutual companies at a ratio, as nearly as practicable, of 7S-2S per cent respectively, except that individual risks which are under $50,000 may be placed completely with either stock or mutual companies," This provision is not consistent with the "Regulations Governing Procurement and Bidding at the University of Illinois," adopted by the Board in \9% which require that purchases shall be made at the lowest possible cost, and stock and mutual companies are seldom equally low in bidding on University insurant The Executive Committee of the Board at a meeting held on July 25, 1%), approved this change but since it modifies a previous action of the Board, approval by the Board is also necessary.

On motion of Mr. Johnston, this amendment of the policy was unanimously approved.

JOHN WALLACE DALLENBACH FELLOWSHIP IN PSYCHOLOGY

(29) Dr. Karl M. Dallenlrach of the Class of 1910, and Mrs. Dailenbach, o£ m e Class of 1911, have established a fellowship fund iu psychology at the University in memory of their son, John Wallace Dailenbach, who died in the service of his country on June 11, 1944. They propose to endow this fellowship with a capital fund of $50,000; the first installment of $10,000 was received in June, 1960, at the time the establishment of the fellowship^ was reported to the Board of Trustee They have now decided that they wish to make the gift to the University oi Illinois Foundation, and in order to keep the fund as a unit, Dr. Dailenbach lias requested that the $10,000 installment given to the University be transferred in the Foundation to which the subsequent installments will be given. This transfer of funds will not affect the original purpose of the endowment. Authorization to transfer the $10,000 received in I960, plus the interest eartiiJ on it to the date of transfer, is requested.

On motion of Mr. Hughes, the transfer of these funds to tk Foundation was authorized.

PURCHASES

Purchases Authorized (30) The following purchases were authorized by the President's Office on thf recommendation of the Director of Purchases and the Vice-President and Comptroller. Unless otherwise specified, the purchase in each case was recommit*1 on the basis of the lowest acceptable bid. Chicago Colleges and Divisions

Item Furnish and install $2 sections 36 x iO jt T tt. 6 in. steel bookstacks, single and rfmlUd fat*, and 21 sections 36 x a n i 4 double f i ^ d l fern ! f j l n a ^ l i n n E i 'ZA -w 9 Hi x 42 in. book shelf units Library furniture consisting of one charging desk, one catalog cabinet. one index table, one cumulative book index table, six two*shclf steel book t r u c k s , four w o o d t h r e e - s h e l f book trucks, one section W in. hardwood library double face shelving

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