The quad where the alumni clock tower stands has a new name.

The Board of Trustees approved the name “The Alumni Quad” for the area south of Booth Library and north of Lumpkin Hall at its first meeting on Friday.

“Funded in part through private gifts from our graduates, it would be a fitting tribute to all of our students-both past and present-to recognize them by officially naming this area the Alumni Quad,” said Jill Nilsen, vice president of external relations.

The Alumni Association’s donations helped construct the alumni clock tower, which stands in the center of the Alumni Quad, and will support future landscaping efforts, she said.

Bill Witsman, Enterprise Information System Enhancement project director, reported to the Board that the Banner project is on budget and on schedule.

The project will replace all of the university’s administrative and academic computer systems during the next several years.

“There have even been some improvements, some areas where we have saved some money,” he said.

However, he added that there are still challenges ahead.

Currently, the project teams are looking at how to migrate the current data into the new systems and improve its accuracy, he said.

“We’re just cleaning stuff up because over the period of years, data sometimes isn’t as accurate as you like it to be,” Witsman said.

Jeff Cooley, vice president for business affairs, reported a 13.5 percent increase in Eastern’s Endowment Funds Investment in his Deposit and Investment Report for the 2005 fiscal year.

“This is a very impressive return for an endowment pool the size of ours,” Cooley said.

Endowment funds are funds that are invested in institutions such as colleges, private schools, museums, hospitals and foundations.

Judging from preliminary estimates, Cooley said, Eastern’s endowment fund out-performed not only several of its peer institutions, but also many of the Ivy League schools and other institutions with much larger endowments.

The board also approved the purchase of group health insurance. The purchase will be made in four quarterly installments of $428,325 for a total of approximately $1.7 million.

This purchase is in response to former Gov. Ryan’s 2001 request to higher education to cover a shortfall in the State group insurance program.

“I don’t think we have a choice on this,” said President Lou Hencken. “They send us a bill and we pay.”