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Caption: Board of Trustees Minutes - 1948
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322 BOARD OF TRUSTEES [March 27 The Board referred the petition to the President of the University. The Manager of the Illini Union Building has reported on a study made of all possibilities of expanding the food service in that building. A copy of the full report is submitted herewith for the information of the Board and is given to the Secretary for record. It shows that a great deal has already been done during the past year to expand the food service in that building. For example, it is significant that the number of meals served has increased from approximately 3,000 a day in March of 1946 to over 7,500 a day in March, 1947. All logical possibilities for expansion have been considered. Any further expansion would require taking over areas in the building used by students for other purposes. All students pay the Illini Union Building service charge, but many of them do not eat in the building and their only use of it is for social and other extracurricular activities. It would not be fair to deprive them of the only facilities they use. This report was received for record, and the Secretary was instructed to send a copy to Mrs. Snell. REPORTS OF THE FINANCE COMMITTEE Mr. Williamson presented the following reports of the Finance Committee. INSURANCE ON NOYES CHEMISTRY LABORATORY A. F o r a number of years, in accordance with action of the Board of Trustees, fire and extended coverage insurance has been carried on the Noyes Chemistry Laboratory. The insurance, totaling $318,000, is distributed among six agencies and companies, and distributed between stock and mutual companies in accordance with Board policy. Policies are for five-year terms, staggered so that a uniform amount expires each year. Additional insurance of $164,000 is carried on contents. Since this insurance carries the 80% co-insurance clause, a recent appraisal was secured in order to determine whether the insurance is adequate. This report indicates a current replacement cost, less depreciation, of $1,112,000. Accordingly, it is necessary to increase the amount of insurance by $526,000, making a total of $844,000. One of the policies expires April 15, 1947. A request for quotations was submitted to all agencies which had requested an opportunity to quote on this insurance. The lowest offer is submitted by Boggs & Cogdal, of Urbana, for Hartford Fire Insurance Company, who now have this policy. On renewal, it is proposed to increase this policy from the present $59,648 to $158,250. T o secure the increased insurance necessary to adjust the present replacement costs, it is proposed to increase the policies for the unexpired period as per the following schedule: EstiNew mated Agent Company Expiring Present Proposed Amount Cost Boggs & Cogdal.. Hartford Fire 4/15/52 1 S59 648 #98 602 #158 250 $ 975 2 C. A. Atwood... .First National 4/15/49 63 600 None 63600 Monier & 21 Morrissey Phoenix 4/15/5 None 94650 94650 935 Frank Terry Hardware Dealers 4/15/50 39 753 None 8 39 753 United Mutual.. .United Mutual 4/15/50 35 703 135 544 171 247 800 George Franks. . .Century 4/15/51 59 648 98 602 158 250 780 C. H. DeLong. .. Westchester Fire 10/1/51 59 648 98 602 158 250 875 Total #318 000 $526 000 #844 000 $4 365 In the future the annual premium for this insurance will be about $2,000. The Finance Committee recommends approval. No additional appropriation is required. 1 New. 2 This company does not care to accept insurance in addition to the present $63,600, It is recommended that a five-year policy for $94,650 be placed with Morrissey. The selection was made by lot from the 10 companies quoting identical a This company does not care to accept insurance in addition to the present $39,753- amount of Monier & rates. amount of
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