university of illinois - UIHistories Project

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. For 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.
To 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: Esti-
New mated
Agent Company Expiring Present Proposed Amount Cost
Boggs & Cogdal.. Hartford Fire 4/15/52 1 S59 648 #98 602 #158 250 $ 975
C. A. Atwood... .First National 4/15/49 63 600 None 2 63600
Monier &
Morrissey Phoenix 4/15/5 21 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 amount of
$63,600, It is recommended that a five-year policy for $94,650 be placed with Monier &
Morrissey. The selection was made by lot from the 10 companies quoting identical rates.
a This company does not care to accept insurance in addition to the present amount of
$39,753-