<pre style="white-space: pre-wrap">xt7mkk948146 https://exploreuk.uky.edu/dips/xt7mkk948146/data/mets.xml Lexington, Kentucky University of Kentucky 19510718 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1951-07-sep18. text Minutes of the University of Kentucky Board of Trustees, 1951-07-sep18. 1951 2011 true xt7mkk948146 section xt7mkk948146 


Irregularities


     Minutes of the Meeting of the Board of Trustees of the Uni-
versity of Kentucky, September 18, 1951.


     The Board of Trustees of the University of Kentucky met in
the President's Office at 10:00 a.m., Tuesday, September 18, 1951,
The following members were present: Guy A. Huguelet, HR P. Hobson,
J. C . Everett, H-. D. Palmore, Ben S. Adams, Paul M. Basham, Harper
Gatton, J. Woodford Howard, Boswell B, Hodgkin, Herndon J. Evans,
George M. Cheek, Carl Dempewolfe, and Dr, W. M, Coffee.   Absent *
Governor Lawrence W. Wetherby and Mrs. Paul G, Blazer.   President
Donovan and Comptroller Frank D. Peterson met with the Board.


     A. Minutes Approved.

     The minutes of the Board of Trustees of June 1, 1951, and the
minutes of the Executive Coimriittee of July 21, 1951, were approved
as published,


     B. t~port of the Coptroller.

     The Comptroller made financial report for the months of July
and August, consisting of balance sheet of University funds, with
supporting statements of budget and fund operations for the period.


             1Is
UNIVERSITY %     OF KENTUCKY

            LEXINGTON


September 12, 1951


Dr. H. L. Donovan, President
University of Kentucky
Lexington, Kentucky


My dear Doctor Donovan:

     I submit hereto attached the financial report of the University
of Kentucky for the period July 1, 1951, through August 31, 1951.
The report consists of a balance sheet of University funds as of Au-
gust 31, 1951, together with supporting statements of budget and
fund operations for the period then ended.

     The statement of unrealized income shows income realized during
the period amounted to $2,409,132.73, which is 34.58% of the budget
estimate of $6,966,854.64.  The statement of departmental appro-
priations shows expenditures and encumbrances during the period
amounted to $1,226,049.18, which is 17.06% of the departmental ap-
propriations of $7,187,419.70.


    The unappropriated surplus as of August
the following:


Division
   of


Agr.Exper.
-Station


31, 1951, consists of


Agr. Ext.
Division


Total


General Fund
Plant Fund
  Total


  Colleges
$ 498,698.71  $ 253,902.94
   1,69,482.54       501.79*
               $ 253,401.15


$    2,619.96 $  755,221.61
                 168,980 75
$    2,619.S96 $ 924202.36


*Temporary deficit.

     Other fund balances on August 31, 1951, were as follows:


Restricted Funds
Loan Funds
Endowment Funds
Agency Funds
         Total


    prial        Income       Total
$             $1,718,955.12 $1,718,955.12
    62,797.61     22,879.10      85,676.:T
  200,228.18      2,630.42     202,858.60
                   68,111.23 68,111.23
  26.~       1:b2.


Respectfully submitted,


Frank D. Peterson, Comptroller.


University of Kentucky
   BALANCE SHEET
As of August 31, 1951

      A S S E T S


Agricultural
Experiment
  Station


Agricultural
Extension
Division


Current Funds:
General
Cash in Bank
Petty Cash Adv.
State Allotments
Current Year
Prior Year
Revolving Funds
Inventories
Deferred Charges
Unrealized Inc.


Total General

Restricted:
Cash in Bank
Petty Cash Adv.
Investments
   Total Re-
      stricted

Plant Funds:
Unexpended
Unrealized Inc.

Total Expended


  $ 63,oO05.1~
      946. 15

  416,431.50
  25,51 *.33
  1,1o5,(56.43
  504, 1'. .02
  111,76c .20
2,670,471.19

$5,076,977 .93


  624,446.25
    11,973.2U
    668,251.49


$1,524,673.02


$ 127,160.73
  251,760.50


$ 376,921.23


Investment in Plant:
Fixed AsseTs               . 52
Total Invest.  $2500; 431.7'2
Total Plant       , 5C.352-


$  73,523.26


   i96,211.35
   6,452.17
   311,405.00
   41,693.00

   7-7,22 6.97


$1,416,513.77


$  39,240.65
      400.00
    15,000.00


$  54, 640. o5


$ 145,005.63


$  145, 05.63


32711,576.99*
$2 ,7 11, 5 777* S7
$2,b 57,v3S2. b2


$ 374,074.29


    60,579.11
      765.78


   o48,261.25


$ 611,402.68
       946.15

   673,221.96
   34,736.26
 1,497,26i.43
   545,874.02
   111,76 .20
 4,305,961.41


$1 ,223,660.43 $7,7b1,172.13


$ 1461,271.57 $1,009,960.67
                   12,373.28
                   703,251 .4.9

$ 146,271.57   $1,725,585.44


$              $ 272,966.36
                  251,760.50

$              $ 524,726.86


    $ $~~31,v292, oo8 ,71
    $ $~~31 ,292,v003.71
    $         $~~~3ivbib,735 57


Other Funds:
Cash TH Bank
Notes Receivable
Investments

Total Other
    Funds


  Loan

$     4,42&6.66
      5,748*05
    75,500.00


$     5, 676.71


Endowment


Agency


$    3,276.64  $   53,111.23 $


60,816.53
5,74o .05


  199,581,96      15,000.00     290,0.1.96


$ 202,658.60   $   6O,111.23 $   356,646.54


Total Assets


$41,60, 139.68


*Change in Plant values for 1950-51 not recorded when this report was
prepared.


Division
   of
Colleges


Total


University of Kentucky
     BALANCE SHEET
As of August 31, 1951

L I A B I L I T I E S


Agricultural
Experiment
  Station


Agricultural
Extension
Division


Current Funds:
Reserve fo-rEn-
  cum brances:
  Current Year    $
  Prior Year
  Reserve for In-
  ventories
  Other Liabilities
  Unappro.Surplus
  Appro.Balance

  Total General $


  172,323.43
  140,408.66

  504,181.02
  111,768.20
  498,698.71
3,651,597.91


5,078,977.93


$


56,296.71
37,908.98


$


  41,693.00

  253,902.94      2,619.96
1,028,712.14 $1,2-81l,6o.47


$   228,620.14
    178,317.64

    545,874.02
    111,768.20
    755,221.61
  5,961,370.52


$ 1,418,513.77 $1,283,680.43 $ 7,781,172.13


Restricted:
Outstanding Chks.$
Restricted Bal.


    6,630.32
1,516,042.70


'p


54,640.85


$


146,271.57


$     6,630.32
  1,717,955.12


   Total Restrict.$ 1,524,673.02  $    54,640.85 $  146,271.57 $ 1,725,585.44

Plant Funds:
Unexpended:
Reserve for Encumb.:
  Current-YearF$                  $        72.00 $              $        72.00
  Prior Year           51,824.52       29,381.02                     81,205.54
  Surpluis Funds      169,482.54          501.79*                   168,90o.75
  Appro.Balances      157,614.17      116,854.40                    274,468.57
     Total Unex-
     pended      $   378,921.23  $   145,805.63 $              $   524,726.86


Investment in Plant:
Bonds PayablETe$2,871,500.00
Net Invested     25,708,931.72


Totai invest-
   ment
Total Plant


Other Funds:
Bal. as to
    Principal
Bal. as to
    Income

  Total Other
    Funds


128, 58o 431.72
$2b,959,352 95


    Loan

$    62,797.61

     22,879.10


4    85,676.71


$


$ 2,871,500.00


2,711,576.99 _28,420,508.'71

$ 2,711,576.99 $$31,292,008.71
   $ 265738262               Ui1,bib35-5T


   Endowment       Agency

$   200,228.18 $             $   263,025.79

      2,630.42     68,111.23      93,620.75


$   202,858.60     68,111.23 $   356,646.54


Total Liabil.
*Negative number.


$41,68,o139.68


Division
  of
Colleges


Total


- -


        University of Kentucky
    STATEMENT OF UNREALIZED INCOME
For the Current Fiscal Year which Began
July 1, 1951, and Ended August 31, 1951

             General Fund


Budget
Estimate


Division of Colleges:
Educational & General:
  State Appropriations
  Federal Grants (through
     the State)
  Student Fees
  Endowment Income
  Sales & Services
     and Rentals

     Subtotal


Auxiliary Enterprises:
  Res idence Halls
  Miscellaneous

     Subtotal

     Total-Colleges

     Less
  Income Allocated to
       Plant
 Net Colleges


$2,714,400.oo

   127,617.87
   893,670.00
     9,644.50


Realized
to Date


$ 888,750.00

    84,961.97
  317,031.17
    4,832.25


    19,700.13      2,482.21

$3,765,032.50  $1,98,4057.60
                 34.4b7,


$  327,`74.00 $    17,240.14
   116,930.50      1,350.07

$ 444 804.50  $    18,590.21
$4,2091.8o11.47.8
_$1,209,837.00  $1,316,7.8


L222,718.00 $
U3,9b7,1i9.00    13667l
                  33.027-


Unrealized
F. lance


$1,825,650.00

    42,655.90
    576, 638.83
    4,812.25

    17,217.92


$2,466,974.90


$ 310,633.86
   115,580.43

$ _426,214.29

$2,893,189.19


$ 2{22,718.00
$2, b70,471 77,


Agricultural Exp.Station:
State Appropriations
Federal Grants (direct)
Sales and services
Total-Agricultural Ex-
    periment Station


$ 382,600.00
   308,852.21
   490,141.00

$1,181,593.21


$  244,7418.oo
   76,876.60
   70,739.64


$  137,052.00
   229,975.61
   419,401.36

$  787,228.97


Agricultural Ext.Division:
State Appropriations     $   1400,000.00
Federal Grants (direct)   1,146,381.93
Total-Agricultural Ex-
    tension               $1,546,381.93


Total-General Fund


$6,715,094.14


                            Plant Fund

General Income Allocated  $  222,718.00
Stores Overhead               29,042.50


Total-Plant Fund
Combined Total


$ 126, 600.00
   571,520.68


$ 698,20.68
   45,1511
$2,409,132.73
   35.88%


$    . 3.

.     -.)o


$ 251,76o.50


$  273,400.00
   574,861.25

$ 848,261.25

$11,305,961.41


$ 222,718.00
    29,042.50
$_ 251,760.50
$4,,557,72i.91


$ 394,364.24
   33.3b7o


        University of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For the Current Fiscal Year which Began
July 1, 1951, and Ended August 31, 1951

             General Fund


                   Depart.
                   Appro.

Division of Colleges:
AdministFation &
   General Expese:
   Gen.Admin.Offices $ 205,075.00
   Student Welfare      60,660.60
   General Expense      841,497.00
   Subtotal       7  350,232.5u


Instruction and Research:
College of:
Arts & Sciences  $1,299,486.00
Engineering         362,719.00
Commerce            166,083.00
Agr. & Home Ec.     215,987.00
Law                  71,546.00
Education           297,404.00
Pharmacy             76,269.00
Graduate               9,430.00
Univ.Research         24,000.00
Library              227,518.00
Univ. Extension      115,150.00
Other Activities      23,734.00
  Subtotal        $2)b9,327M


Operation & Maintenance
of Physical Plant,etc.
General Appro.      . 683,518.00
Special Appro.        60,000.00
Work in Progress      25,000.00
General Stores,etc.   27 250.00
  Subtotal         T   7


Auxiliary Enterprises:
Residence Halls   $ 285,767.00
Miscellangous         79,725.00
  Subtotal         $ 3b5,492.


Expendi-
tures


$


$


$  


$


30,921.26
9,525.20
13,196.82
53, b43rn
     17.02%

178,754.29
46,635.16
23,931.53
32,520.62
  8,792.41
41,054.40
  5,360.31
  1,574.70
  1,418.30
  27 , 508.27
  9,441.02
  2,1L2.30
379,133.31
     14. bT,


Encum-
brances


$ 1,838.37
   1,308.08
   2,829 33
$ 5,975.7b


$ 12,332.01
  2,858.06
     243.54
     139.71
     16.60
   5,698.50
   4,544.93
     148.90
     231.22
  18,356.74
     291.89
     112.56
$ 44,9 74 * bb


121,163.29 $ 85,346.34
   217.71      932.76
12,036.47
5 835.85*
    -n b,275.10


$


12,767.59
3,771.46
b, 539.05
   14.13%;


$ 33,944.14
   1,149 75
$ 35:023.b9


Appro.
Balances


$ 172,315.37
   49,827.32
   68,470.85
$ 290,677.7T


$1,108,399.70
   313,225.78
   141,907.93
   183,326.67
   62,736.99
   250,651.10
   66,363.76
     7,706.40
     22,350.48
   181wi,652.99
   105,417.09
   21,479.14
$2,465,2ib.03


$ 477,008.37
    58,849.53
    12,963.53
    33,065.85
$ 5bl,907.2b


$ 239,055.27
   74,  03.79
$ 313, b59.0


Total-Colleges


$4,400,4818.60 $


576,897.26 $172,323.43


$3,651,595.91


*Negative number.


        University of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For the Current Fiscal Period which Began
July 1, 1951, and ended August 31, 1951

             General Fund


Depart.
Appro.


Expendi-
tures


Encum-
brances


Agr. Exper.Station:
Administration     $
Agronomy
Animal Husbandry
Animal Pathology
Creamery License
Dairy
Dairy Cattle. Improve.
Entomology & Botany
Farm Economics
Feed & Fertilizer
Home Economics
Horticulture
Markets & Rural Fin.
Poultry
Pub. & Library
Pub.Service Labs.
Regional Research
Robinson Substation
Rural Sociology
Seed Stocks
West Ky. Substation
1M..sc.-Social Security


150,473.00
202,454.00
78,490.00
60,050.00
  9,291.00
46,835.00
15,000.00
79,330.00
61,685.00
190,000.00
18,100.00
44,180.00
79,331.00
35,388.00
32,495.17
32,250.00
  8,325.00
  22,400.00
  32,242.00

  41,900.00


$ 11,643.12
30,279.62
12,957.44
  8,798.71
  1,368.52
  5,112.67
  2,410.98
  11,994.01
  9,731.89
  11,151.31
  2,011.93
  6,537.95
  13,063.72
  4,332.92
  1,994.09
  4,707.75
  1,250.54
  2,862.00
  4,753.23
  1,100.00
  5,472.12
  1,676.60


$ 4,366.80
2,678.73
10,105.62
    236.74
    239.90
 7,614.48
     94.52
   466.49
     7.30
 24,270.25

    139.30

  2,591.22
    235.24
    205.00

    798.72


  2,246.40


$ 134,463.08
  169,495.45
  55,426.94
  51,014.55
    7,682.58
    34,107.85
    12,494.50
    66,869.50
    51,945.81
  154,578.44
  16,088.07
  37,502.75
  66,267.26
  26,463.86
  30,265.84
  27,337.25
    7,074.46
    lc,739.26
    27,4088.77
    1, 100. 00*
    34,182.48
    1,676.60*


Total-Agricultural
Experiment Station $1,240,219.17


$155,210.32


$56,296.71


$1,028,712.14


17.05%


*Negative number.


Appro.
Balances


         University of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For the Current Fiscal Period which Began
July 1, 1951, and ended August 31, 1951


              General Fund


Depart.
Appro.


Expendi-
tures


Encum-
brances


Agr. Extension Div.:
Administration    $
Agr.Engineering
Agronomy
Animal Husbandry
Clothing
County Agents
Dairy
Farm & Home Conven.
Farm Management
Forestry


62,192.00
26,988.00
35,687.50
22,708.00
12,264.00
703,011.52
21,26;.00
  1,500.00
  14,904.00
  1o,436.oo


Foods                 11,632.00
Home Dem.Agents      421,575.98
Home Management       29,840.00
Horticulture          18,344.00
Junior Clubs          78,204.00
Markets                9,853.00
Poultry               21,444.00
Publications          13,o88.00
Public Information    19,296.00
Rural Sociology        5,620.00
Misc. Soc.Sce.
Admin. Reserve         3,725.93
  Total-Agricul-
  tural Ext.Div. 1,5546,381. 93


$ 9,441.52
  3,513.57
  5,838.30
  3,922.62
  1,788.26
124,466.90
  3,438.72

  2,404.64
  1,622.64
  1,721.36
  78,737.17
  4,488.75
  2,792.71
  11,620.24
  1,568.00
  ,133.87
     477.85
   2,951.45
   1,015.43
     377.46


$


$265,321.46   $


                                       17.1         _
Combined Total $7,187,419. 70 $997,429.04


$  52,750.48
   25,474.43
   29,849.20
   18,785.38
   10,475.74
   578,544.62
   17,829.28
     1,500.00
     12,499.36
     8,813.36
     0, 91o.64
   342,038.81
   25,351.25
   15,551.29
   66,583.76
     8,285.00
     18,310.13
     13,410.15
     16,344.a5
     4,604.57
       377.46*
     3,725.93


$1,281,060.47

$5,961,370.52


*Negative number.


Appro.
Balances


         University of Kentucky
   STATEMENT OF OTHER FUND TRANSACTIONS
For the Current Fiscal Year which Began
  July 1, 1951 and Ended August 31, 1951


                    Balance
                    July 1,1951

Restricted Fund Balances:
Div. of-CoieTges  $1,471738.78
Agr.Exp.Station       54,158.96
Agr.Exten.Div.       150 152.81
    Subtotal


Loan Fund:
PFrncipal
Income
    Subtotal


Endowment Fund:
Principal-
Income
   Subtotal

Agency Fund:
Balances


Combined Total


$   62,797.61
   22,3`5.19
$ 19,9b28.bo


$ 1019,92 .1.8
    2,645.67
$ 202,973.56


$  69,939.86


$2,033,747.09


Receipts


$267,206.88
  18,132.85
  22,589.94
$ 7,929.b79.


     493.91
  $  !. 49.y


$    300.00
      9.75
$    309-75


  64,303.13

$373,036 .46


Disburse-
ments


$220,902.96
  17,650.96
  26,471.21


Balance
Aug.31,1951


$1,518,042.70
    5)1,640.85
    146.271.57


2 5,.12.              _  
  na5 257.17  7l,71b 955.1


                62,797.61
                22 879.10
-    -      $   08)' t)(t..(I


      25$00
$     25.00


$ 66,131.76

$331,181.89


$ 200,228.10
    2,630.42
_ 202,65b.bO


$   68,111.23

$2,075,601.66


            University of Kentucky
STATEMENT OF COMBINED RECEIPTS AND EXPENDITURES
  For the Current Fiscal Period which Began
     July 1, 1951, and Ended August 31, 1951


Receipts and Transfers:
General Fund R eTepTs
Restricted Fund Receipts
Loan Fund Receipts
Endowment Fund Receipts
Agency Fund Receipts
       Total Receipts


$2,4o9,132.73
   307,929.67
       493.91
       309.75
    64,303.13


$2,782,169.19


Expenditures, Encumbrances & Transfers:
General Fund Expenditures
Plant Fund Expenditures
Restricted Fund Expenditures
Endowment Fund Expenditures
Agency Fund Expenditures
       Total Expenditures


$1,226,049.18
    66,558.56
    265,025.13
        25.00
    66,131.76


$1,623,789.63


             PRIOR YEAR
       University of Kentucky
   STATEMENT OF PLANT APPROPRIATIONS
      For the Period which Began
July 1, 1950, and Ended August 31, 1951

             Plant Funds


                    Dept.
                    Appro.

Division of Colleges:

P.W.A. First Bond
     Issue         $ 37,003-37
 P.W.A.Second
    Bond Issue       17,07&.47
Dorm. Rev .Bond
     Issue           23,019.25
Audit-Fieldhouse
     Issue          103,053-50
 Library & Service
    Bldg.Bond Issue 47,130.77
 Stadium Rev.Bond
     Issue           23,630.50
Dorm.Issue-Rose St.   2,554.17
Journalism Bond
     Issue           20,020.00
Dicker House An-
    nuity              363.01
 Fieldhouse          31,761.46
 Norwood Hall Fire
     Loss Balance     15,911.25
 Purchase of Land
    & Bldg.
 Service Bldg.Con-
     struction      122,207.96
 Fine Arts Build-
     ing              4,111.62


Dairy Center


2,031.04


Journalism         255,356.83
Add. to College
     of Education
 New Science Bldg.    10,800.00
 Dorm. Construction
     -Rose St.       74,500.00
Library & Service
    Bldg.Clearance   13,612.52
Dorm.Const.III       76,000.00
Sprinkler System      4,443.32
Rose St.Issue II
     (476)            2,932.14
Omicron Delta Kappa   2 550.00
     Subtotal       $b90,0711


Expendi-
tures


Encum-
brances


$ 36,996.1S


Free
Balance


$     7.19

      58.73


17,019.74

20,047.25

62,137.50

39,635.00


2,972.00

40,916.00

7,495.77

   110.00
     5.42


23,512.50
2,548.75


20,020.00


132.33
1,511.19


   230.6&
30,250.27


15,911.25


111,207.96


  1,952.15

  2,031.04

195,870.03


11,000.00


2,159.47


$51,624.52


7,500.00

74,500.00


76,ooo.oo


  2,635.00
  2,550.00
p$ybub ,(ZC.7


7,662.28


3,300.00


  13,612.52

  4,443.32

     297.14

EGG44.o


w51,d24.52


        University of Kentucky
    STATEMENT OF PLANT APPROPRIATIONS
July 1,1951, and ended August 31, 1951


               Plant Funds


                    Dept.
                    Appro.

Division of Colleges:


Expendi-
tures


P.W.A. First Bond
       Issue
P.W.A. Second Bond
       Issue
Dorm.Rev. Bond
       Issue


$ 36,470.00

  16,723,00


$


8,390.00


$ 36,470.00

   6,390.00


20,552.00


20,552.00


Audit-Fieldhouse
       Issue
Library & Service
       Bldg.Bond Is.
Stadium Rev.Bond
       Issue
Dorm.Issue-Rose St.
       1
Dorm.Issue-Rose St.
       2


61,732.50

39,042.50

23,156.00

4,103.00

4,216.00


Journalism Bond Issuel6,723.00
Dicker House Annuity
Service Bldg. Con-


       struction
Libr.& Service Bldg.
       Clearance


50,793.75


10, 938 .75

39,042.50

23,156.00

4,103.00

4,216.00
16,723.00


7,302,81


7,302.1*


1,382.73


Subtotal


*Expenditures and encumbrances in excess of appropriation or negative
figure.


Encum-
brances


Free
Balance


$bb,46b-.56


         University of Kentucky
    STATEMENT OF PLANT APPROPRIATIONS
For the Current Fiscal Period which Began
July 1, 1951, and Ended August 31, 1951


               Plant Funds


Dept.


Expendi-
tures


Encum-
brances


Agricultural Experiment
     Station:


Animal Path.Bldg.


Repairs & New Equip.

West.Ky.Tobacco Barn

West.Ky. Water System


$ 1,880.75


$


$


8,481.03

  360.00


$ 1,880.75

   8,481.03

     360.00


200.00


200.00


Agr.Engr.Bldg.


75,000.00


75,000.00


Sheep Barns


Brooder House


Miscellaneous


Subtotal


   2,500.00

   17,856.00

   10,648.62

$li6,926 .4o


2,500.00

17,856.00


     72.00

$    72.00


  10,576.62

$116,854 .140


Free
Balance


14


     The report was examined by members of the Board, and after
due consideration, upon motion duly made, seconded and carried,
the report was authorized received and made of record.


     C. Investment of Funds of the College of Pharmacy.

     The Comptroller reported to the Board some of the revenue bonds
dated July 1, 1946, proceeds of which were used for the construction
of the Men's Residence Hall known as "Bowman Hall", had been offered
at a discount.  He stated that part of the bonds were issued at an
interest rate of 2% and a part at 1-3/4%, and that the bonds offer-
ed for sale were of the 1-3/4% interest rate.  The price asked
was 87* net.  The Comptroller suggested the use of part of the funds
available to the College of Pharmacy, for the purchase of these
bonds.  Members of the Board discussed the question of purchasing
revenue bonds of self-supporting units of the University.

     After a thorough discussion, motion was made, seconded and
carried that the Comptroller be authorized to purchase $5,000.00
of revenue bonds offered at a price of 87*, and that the President
and Comptroller be further authorized to purchase any of the revenue
bonds issued against revenue producing units of the University,
if any of the bonds become available, and when the President and the
Comptroller feel that it is to the best interest of the University
to do so.


     D. Proposed Budget for the Biennium 1951-53.

     President Donovan presented to the members of the Board a bro-
chure, "Your University".   The contents of the bulletin were ex-
amined in detail.   They included the proposed budget for the en-
suing biennium.   President Donovan recommended that the Board au-
thorize the administration to request the 1952 Legislature for
the appropriations for the following purposes and amounts:


                       PROPOSED BUDGET

    1951-52 Appropriations and 1952-53 Proposed Budget

(The 1953-54 budget request is the same as the one for 1952-53)


Budget Items &                       1952-53 Pro-    1952-1953 Pro-
Reasons for Increases                posed Changes   pose: Budge

Division of Colleges                 $2,300,000      $3,630,000
  Deficiency from Veterans' Fees      1,000,000
  Increase in Cost of Living - 10%      330,000


15


PROPOSED BUDGET (Continued)


Budget Items & Reasons                    1952-53 Pro-       1952-53 Pro-
  for Increases                           posed Changes    posed Budet

College of Agriculture                    $ 60,ooo         $   215,987
  Deficiency in Current Appropriation      155,987

Summer School Session                       16,500              18,150
  Increase in Cost-10%                       1,650

Repairs to Buildings                        60,000             100,000
  Deficiency in Current Appropriation       40,000

Strawberry Marking & Labeling Act            1,500               1,650
  Increase in Cost-10%                         150

Library Equipment                           12,500              62,500
  Steel Shelving, Library Annex             50,000

Scientific Laboratory Equipment             50,000              75,000
  Increase in Cost-50%                      25,000

Engineering Equipment                       27,500              27,500

Exp. Sliation-Incl.Tobacco,Bloat Research   75,000             125,000
Deficiency in Current Appropriation       50,000

University Research-Including Coal,
  Engineering Experiment Station            60,000               60,000

Geological Survey                           37,900             100,000
  Expansion of Work                         62,100

College of Pharmacy                         50,000              76,269
  Deficiency in Current Appropriation       26,269

Service Laboratories                        27,500              30,250
  Increase in Cost-10%                       2,750

Nursery Inspection                           5,000                5,500
  Increase in Cost-10%                         500

Princeton Sub-Station                       22,400               24,640
  Increase in Cost-10%                       22,240

Robinson Sub-Station                        22,400               24,640
  Increase in Cost-10%                       2,240

Agricultural Extension                     4oo,ooo              600,000
  Increase in Cost-50%                     200,000


16


PROPOSED BUDGET (Continued)


Budget Items & Reasons
  for Increases

Horticulture
  Increase in Cost-10%


1952-53 Pro-
posed Changes

$     11,500
       1,150


1952-53 Pro-


$   12,550


Dairy Cattle Improvement
  Increase in Cost-10%


Hope-Flannagan Act


Totals


15,000
1,500


16,500


195,300


   195,300

$ 5,401,536


*Includes totals of proposed
increases.


     The Board members evidenced considerable interest in the Pro-
posed Budget request submitted and the recommendation of the Presi-
dent, and upon motion duly made, seconded and carried, concurred in
the recommendation and directed that the budget request submitted
to the Legislature include the proposed budget, and that the bro-
chure be made a part of the minutes.


     E. Dormitory Revenue Bonds and Coupons Burned.

     President Donovan read the following letter from the Comptroller:


                                          September 14, 1951

     Dr. H. L. Donovan, President
     University of Kentucky

     My President Donovan:

          Pursuant to the direction of the Board of Trustees at
     the April 3, 1951 meeting, the paid bonds and paid interest
     coupons of the 1936 University of Kentucky Building Revenue
     Bonds were burned September 4, 1951.   The list of the bonds
     and coupons with the signatures of the witnesses is attached
     hereto for the records of the Board.


17


          The March 11, 1949 Executive Committee authorized a
    bond issue in the amount of $47,500.00, to be named "Uni-
    versity of Kentucky Dormitory Revenue Bonds (456 Rose
    Street)".   The amount of the issue was found to be
    inadequate, and the issue was called by the November 11,
    1949 meeting of the Executive Committee, Volume 27, page
    214.   When the called issue was received at this office,
    it was found that coupon #1 of Bonds 40, 41, 42, 43, 52,
    53, 54 and 55, in the amount of $8.12 each, had not been
    cashed by the owner or owners (unknown) of the bonds. The
    Comptroller was authorized by the March 17, 1950 meeting
    of the Executive Committee to cash these coupons and deposit
    the proceeds to a restricted account, pending further au-
    thorization of the Committee (page 378, Volume 27).    The
    proceeds $64.96, were accordingly deposited to Account
    3318, Receipt 9065, March 20, 1950.

          This is to report that all coupons and bonds, paid and
     unpaid, of the first1 456 Rose Street bond issue, in the
     amount of $47,500.00 were burned September 4, 1951, pursuant
     to the direction of the Board of Trustees at the December
     13, 1949 meeting.   A list of the bonds and coupons, with
     the signature of each witness is attached hereto for the
     records of the Board.

                                      Respectfully submitted,

                              (Signed) Frank D. Peterson,
                                       Comptroller.


     The President stated that it was the desire of the Comptrol-
ler that the minutes contain a record of what was done, and recom-
mended that the list of bonds and interest coupons burned in the
presence of the Comptroller, Mr. Ed Gabbard, and Mr. J. Y. Peck,
be made of record in the minutes.

     On motion duly made, seconded and carried, the President's
recommendation was concurred in.


     F. State Property and Building Commission Authorize Issuance
of Revenue Bonds for Buildings.

     President Donovan reported that the State Property and Build-
ing Commission, under date of September 7, 1951, authorized the
issuance of revenue bonds for the construction of a women's resi-
dence hall and a science building.

     Upon motion duly made, seconded and carried, the information
was received and ordered filed.


     G. Cooperative Agreement with the Kentucky Division of' Forest-


     President Donovan presented Cooperative Agreement and plan
for providing technical services to private forest landowners
and operators and processors of primary forest products.    He
stated that, for several years, the Agricultural Extension Divi-
sion of the College of Agriculture and Home Economics has been
operating free farm-forestry projects in cooperation with the
United States Forestry Service.   Half the cost of the operation
of these projects has been paid by the Extension Division, the other
half by the Federal Government.

     Under the Cooperative Forestry Management Act, Public Law 729,
the United States Forestry Service can cooperate only with state
foresters or equivalent officials after July 1, 1951.    Mr. H. B.
Newland, Director of the State Division of Forestry, has requested
our cooperation in continuing the cooperative work in forestry
farm management heretofore carried on with the United States Forest
Service.

     Dean Frank J. Welch, director of the Experiment Station, re-
ports that they are desirous of cooperating with the State Division
of Forestry and of continuing this important work in forestry
management, and he recommends approval of the Cooperative Agree-
ment.

     The provisions of the Agreement were explained to members of
the Board, and upon motion duly made, seconded and carried, it
was authorized executed on behalf of the University of Kentucky.


     H. Revised Agreement for Metallic Telephone Circuit at Robin-
son Forest

     President Donovan reported that Dean Cooper recommended an
Agreement with the State Division of Forestry for the construction
of metallic telephone circuit on the Robinson Forest.    The Agree-
ment was approved by the Board of Trustees on April 3, 1951.
Some of the provisions contained in the Agreement, authorized as
of that date, were not acceptable from the standpoint of the
State Division of Forestry.    He presented a new Agreement for the
construction of a metallic circuit on the Robinson Forest, which
meets the approval of Frank J. Welch, Dean and Director of the
College of Agriculture and Home Economics and Agricultural Experi-
ment Station, and Mr. H. B. Newland, Director of the State Forestry
Division, which Agreement provides (1) that a telephone circuit
may be constructed on Robinson Forest; (2) that all costs shall
be borne by the Division of Forestry of the State Division of Con-
servation; (3) that the Division shall have the privilege of using
fire towers on Clements Fork, the telephone equipment and lines
mentioned in the Agreement, the right of ingress and egress, and


19


the use of any roads extending to towers referred to in the con-
tract; (4) that the Division shall pay the salaries for-lookout
duty; and (5) that the Agreement shall continue for a period of
20 years, but either party shall have the right to terminate it
upon twelve months written notice, with certain reimbursement
provisions to the Division in the event the Agreement is cancelled
before termination.

     Members of the Board being thoroughly advised, upon motion
duly made, seconded and carried, the Agreement was authorized exe-
cuted on behalf of the University.


     I. Restricted Fund Budgets Approved.

     The President submitted two restricted fund budgets which
were not submitted by the Experiment Station at the time other
budgets were considered:

     (1) Experiment Station Animal Husbandry reappropriation of
         fund balances received from Swift & Company;

     (2) Grant from General Education Board to improve forestry
         practices and the processing and marketing of</pre>