Board of Trustees approves contracts
The Board of Trustees of Illinois State University gave approval to an agreement with the Town of Normal for fire protection services and authorized 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 FY2019 at a cost of $578,175. 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. Funding for the fire services agreement comes from general revenue and auxiliary facilities system operating revenues.
The extension of a contract with the Illinois State University Foundation provides for development and fund-raising services for FY 2019. The contract stipulates that services will be provided for cash and in-kind consideration not to exceed $2,675,000, a 3 percent increase over the contract for FY 2018. 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. Funding for the Foundation contract comes from general revenue resources.
Trustees also authorized the University to purchase property insurance for FY 2019 at a premium not to exceed $600,000. Illinois State owns and maintains property valued at approximately $1.8 billion. Through its membership in the Midwestern Higher Education Compact, the University is able to purchase coverage from Lexington Insurance Company and Zurich Insurance Company, through the insurance broker Marsh USA, Inc. Funding for the property insurance contract comes from general revenue and auxiliary facilities system operating revenues.
The 2019 Board of Trustees meeting calendar was approved. Scheduled meetings will take place on February 22, May 10, July 26, October 18, and November 6-8.