Board of Trustees approves fire service, insurance, Foundation contracts
The Illinois State University Board of Trustees has approved an agreement with the Town of Normal for fire protection services, authorized the purchase of property insurance, and approved the renewal of a contract with the Illinois State University Foundation.
The intergovernmental agreement between the Town of Normal and Illinois State provides fire protection services for the University for FY2016 at a cost of $549,558. The agreement is modified each year to require a new reimbursement rate that reflects the higher municipal costs associated with providing fire protection services. The Town of Normal uses a price index to calculate the new reimbursement rate that is determined by the Illinois Municipal League and used in other university communities across the state.
The Board of Trustees authorized the University to purchase property insurance for FY2016 from the Lexington Insurance Company at a premium not to exceed $510,000.
Illinois State owns and maintains property valued at approximately $1.56 billion. Through its membership in the Midwestern Higher Education Compact the University is able to purchase coverage from Lexington Insurance Company, through the insurance broker Marsh USA, Inc.
Board members also authorized the extension of a contract with the Illinois State University Foundation for development and fundraising services for FY2016. The contract stipulates that services will be provided for cash and in-kind consideration not to exceed $2.5 million. The Foundation, a private corporation, works to solicit, secure and manage private gifts, and other resources to support Illinois State’s educational and research mission.