Update April 30, 2008: New container, same location. No longer room for anything other than a piece of folded weatherproof paper as the log... bring your own pencil and write small.
Previous Update April 15, 2007: After having this cache go missing the last three times I have replaced it, I finally decided to relocate. The new location is not as optimal, but will be a ton better if it doesn't get pinched anymore. The container is small... room for the piece of log paper and one or two hotwheels... bring your own pencil. I've included a hint since signal seems to be bouncy at the new spot. 
There are many monuments and memorials located on U of M's campus, which I have always liked to find and read. This multi is a tour through some of those monuments. I am not a historian, so unfortunately don't know much more about these memorials than what appears on the plaques, but maybe one or more of them will have significance to you in some way. I have listed the coordinates for each stage, since they are located within a small area and aren't exactly secret or hard to find. But you will need to collect information from each one to calculate the coordinates to the cache.
Stage 1: (N42 16.769, W083 44.286) "Sunday Morning in Deep Waters". I've always loved this fountain. There are two plaques here. Locate the one that includes two dates, and record the numerals of the dates as "ABCD" and "EFGH" (i.e. 2005 => A=2, B=0, C=0, D=5, etc). Also be sure to check out the nearby Burton Memorial Tower to the west.
Stage 2: (N42 16.761, W083 44.230) "Rampant Unicorn". This sculpture is located in a quiet, out of the way place, which is especially nice in the spring and summer. Record the date on the plaque as "IJKL". Enjoy the area and also see the nearby "Nymph" fountain to the south. I believe this area is accessible 24/7, so please let me know if you experience otherwise.
As you walk to the next stage, you will pass close to a benchmark. If you have never found one, check it out...Benchmark NE0655. It is located near a monument commemorating the Michigan Chapter of 'Scabbard and Blade' founded in 1923.
Stage 3: (N42 16.579, W083 44.327) The Tappan Oak. This tree dates back to the early times of the University (see photo below, which is the view facing North, circa 1910). It was dedicated to then University President Tappan by the Class of 1858, and each member of the graduating class planted an oak seedling in circles around it. I imagine that the older Oaks around the Diag are from this group. Record the number of members of the graduating class as "MN".
Also see many other memorials in this area including:
- Cannon honoring the UofM Men who fought in the War with Spain, gift of Class of 1899. (see photo below, circa 1909)
- Stone bench gift from Class of 1901.
- Stone bench commemorating the founding of Xi Psi Phi Dental Fraternity in 1889.
- 1966 Monument honoring the founder of Sigma Rho Tau fraternity.
- A granite cube "The Haven Elm" from the Class of 1867.
- 1929 Acacia Fraternity tablet, commemorating the 25th anniversary of the founding of the fraternity, which occurred at UofM.
Last Stage - Cache. Signal will likely be bouncy in the cache area... but hey, you're good at this... you can project the location even if your GPSr can't. The cache is also adjacent to a heavy traffic area so please be stealthy... while people might not take notice of you wandering around looking for it, please be sure to carefully replace and camouflage it to ensure it isn't discovered.
Calculate the coordinates as:
Latitude = N42 16.DKH
Longitude = W083 44.XCN [where X = L+E]