<pre style="white-space: pre-wrap">xt7pvm42s10j https://exploreuk.uky.edu/dips/xt7pvm42s10j/data/mets.xml Lexington, Kentucky University of Kentucky 19350212 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, 1935-02-feb12-ec. text Minutes of the University of Kentucky Board of Trustees, 1935-02-feb12-ec. 1935 2011 true xt7pvm42s10j section xt7pvm42s10j 


     Minutes of the Meeting of the Executive Committee of the
Board of Trustees of the University of Kentucky, February 12, 1935.


     The Executive Committee of the Board of Trustees of the Uni-
versity of Kentucky met in President McVey's office at the Univer-
sity February 12, 1935, at 10:30 a.m.   The members of the Commit-
tee present were R. G. Gordon, who was named acting chairman in.
Judge R. C. Stollts absence, M ller Holland and James Park.   Pres-
ident Frank L. McVey and Secretary D. H. Peak were also present.


    1. The Minutes of the meeting of the Executive Committee of
January 16, 1935, were approved as published.


     2. Financial Report.

     The financial report for January was filed and ordered to be
recorded in the Minutes.   It reads as follows:


                                                EXHI3IT "B"


             Stqtenient of Income and EXopenditures
                    IMonth of January 1935


                               Previously
                               Reported

General Fund Income
  Federal Appropriation      21,375.00
  Int. on Endowment Bonds     2,162.50
  Int. on Liberty Lomid Bonds   850.00
  Vocational Education Board 10,063.78
  State Appro.-Back Salaries 71,100,00
  State Appropriation - Re-
    pairs to Bldge.             451.421
  State Appropriation - Sum.
    School                    9,000.00
  Special Agri. Approb       12,371,72
  State Appro. - General.   332,336,58
  Student Fees              101,643.86
  Student Fees - Suim.Sch.   40, 1'25.99
  Student Fees - U.H.S.       4,490.00
  Student Fees - El. Tr. Sch. 3,489,00
  Student Fees - Un. Exten.   l,590.69
  Miscellaneous Receipts      5,597,66
  Rentals                      1,575.60
  Men's Dormitories           8.364.85
         Total              636,388.65


Current
Month


7,125,00
4,325.00

   76,59


1,403.14


3,233,38
2,432.56
  262.50
  630.00
  80,00
1,633.51
   356,48
   258.50
   639.75
22,511.41


Fiscal
Year
To Date


28,500.00
6,487,50
   850 00
10,140.37
71, 100 t 00

1,854,56

  9,000,00
12,371,72
335, 574,96
104,076,42
40,388,49
  5,?L20,00
  3, 569,00
  13,074,20
  5, 954,14
  1,834,10
  9,004.60
658 900.06


2.


Expenditures
  Instruction
  Administration, Exp. &
    M'aintenance
  Additions & Betterments
          Total


359,898.27

137,301.37
  7,119.04
504,318.68


78,805,61

23,808,84
   1,296.25
1103,910.70


438,703,88

161,110,21
8,415.29
608,229.38


  Excess of Income over Ex-
  penditures              132 069.9                   50 6   68

Patterson Hall Income
  Board                     22,078,89        626.24    22,705,13
  dMisoellaneous Receipts     136,25                     136,25
  Room Rent - Summer Sch.    1,326.00              _    1,326.00
          Total             23,541.14        626.      24,167.38


Expenditures
  Expense
  Additions and BetterA
          Total
  Excess of Income over Ex-
    penditures


13,828.16
    25.50
13,853.66

9,687.48


Gerneral Fund Income       659,929.79
General Fund Expenditures  518,172.34
  Excess of General Fund
  Encoine over Expendi-
  tures                   141,757,45
  Accounts Payable - lioui-
  dated                   (71,100.00)
  Excess of Expenditures
  over Receipts for Gen-
  eral Ledger accounts    (42,198.79)
  Excess of Expenditures over
  Receipts for the fiscal
  yeaih to date - General
  Fund                     28,458.66
  Excess of Expenditures over
  Receipts for the fiscal
  year to date - General
  Fund
  Cash in Bank July 1, 1934 -
  General Fund
  Cash in Bank January 31, 1935 -
  General Fund


Experiment Station Income
  Hatch - Federal Appro.'
  Mz1ilk and Butter - Cash
  Receipts
  Beef Cattle Sales
  Dairy Cattle Sales
  Sheep Sales
  Swine Sales
  Poultry Sales


7,500.00

4, 815. 44
  304.89
  373,06
  191.11
  253.67
  695.23


3,328.50    17,156.66
                  25.50
 3,328.50    17,182.16

 (2,702.26)   6,985.22

 23,137.65   683,067.44
107,239.20   625,411.54


(84,101.55)   57,655,90

             (71, 100.00)


 25.176.78   (17,022,01)


 (58,874.77)  (30,466.11)


(30,466,11)

(4,289,95)


(34,756.06)


3,750.00    11,250,00


1,566.12
  105,24
  25,00
  119,40
  141.68
  225.08


6,381,56
  410,13
  398,06
  310, 51
  395.35
  920.31


3.


Fafm Produce Sales         626,85
Horticultural Sales        309.35
Seed Test                  972.32
Seed Inspection          3,299,54
Rentals                  2,817.02
Miscellaneous              913.61
Fertilizer - Fees        5,762,25
Public Service - State
  Appro.                10,198.41
Public Service - Misc.
  Receipts                  10.00
Feeding Stuffs - Fees   14,481,31
Adams - Federal Appro.   7,500.00
Serum - Sales              376.17
Serum - Virus Sales         35.65
Serum - Supply Sales        60,55
Serum - iliisc. Receipts    22,25
State Appropriation     24,993,95
Creamery - License Fees 6,249,05
Creamery - Testers' Lic.  1,986.02
Creamery - Glassware       .389.45
       Tested
Robinson - State Appro,  5,8lO.12
Robinson - Misc, Rec,    1,956,12
West Ky. - State Appro.  6,999.42
West Ky. - Misc. Rec.    3,8.45.16
Purnell - Federal Appro.3D,000.00
Nursery Inspectsion
  State Appropriation      750,00
Nursery Inspection - Fees ,277,42
Blood Test                  20.75
             Total     145,801.14


  535,31
  19.50
  162,55
1,106.92
2,194,67
   13.85
1,554.96

  213,67

  10,00
2,678,25
3,750,00
  127.89
  16.95
    5.75
    .15

    65.00
    79.00
    38.69

  605,06
3,362,14
  991.45
  836.69
15:000.00

   227.42
   32,58

39,560.97


1,162 .16
   328,85
 1,134.87
 4,406,46
 5,011,69
   927.46
 7,317.21

 10,412,08

    20,00
17,159,56
11,250.00
   504.06
   52.60
   66,30
   27,40
24,993, 95
6,314,05
2,065.02
   428,14

 6,415,18
 5,318,26
 7,990.87
 4,681.85
 45,000,00:.

    977,42
  1,310,00
     20.75
185,362.11


Expenditures
  Expense                135,637,94     24,611,16     160,249,10
  Additions and Better-
    ments                  5,170.19        989.08       6,159.27
               Total     140,808.13     25,600.24    166,408.37
  Excess of Income over
    Expenditures           4.993.01     13,960.73      18,953.74
  Excess of Expenditures
    over Receipts for Gen-
    eral Ledger accounts (12,994.38)     4,267,89_     (8,726.49)
  Excess of Receipts over
    Expenditures          (8,001.37)    18,228.62      10,227.25


Excess of Receipts over Ex-
penditures for the fiscal
year to date - Experiment
Station
Cash in Bank July 1, 1934 -
Experiment Station
Cash in Bank January 31, 1935 -
Experiment Station


10,227,25

13,586.85


23,814.10


4.


Extension Division Income
  Federal Smith-Lever
  Federal Additional Co-op.
  Federal Supplementary
  Federal Capper-Ketcham
  State Smith-Lever
  County and Other
            Total


Expenditures
  Expense


74,154,38
15,500,00
26,545,52
18,400,49
62,899,94
  1-929.74
199,430.07


192,877.08


Excess of Expenditures over
  Income                      6,552.99

Excess of Expenditures over
  Income for the fiscal year
  to date a Extension Division
Cash in Bank July 1, 1934 - Ex-
  tension Division
Cash in Bank January 31, 1935 -
  Extension DIvision


Trust Fund Income
  Student Loan Fund
  Student Notes Paid
          Total Receipts


Expenditures
  Expense
  Student Notes
          Total Expenditures


800.73
1,844.48
2,64-5.21


4,162.22
   15.00
4,177.22


Excess of Expenditures over
  Receipts


         74,154,38
         15,500.00
         26,545,52
         18,400.49
         62,899,94
868.02    2,797.76
868.02  200.298.09


34,306.55  227,183.63


(33,438.53) (26,885.54)


(26,885,54)

   (585.04)


(27 a470.58)


292.30
522.72
815.02


1,093,03
2,367.20
3,460.23


          4,162,22
             15.00
        _ _4,177.22


815.02     (716.99)


Excess of Expenditures over Re-
  ceipts for the fiscal year to
  date - Trust Fund
Cash in Bank July 1, 1934 -
  Trust Fund
Cash in Bank January 31, 1935
  - Trust Fund


(716,99)

3,823.72


3. 106,73


5.


Summary
  general Fund Income
  Experiment Station Inc.
  Extension Division Inc.
  Trust Fund Income
              Total


   659,929,79
   145,801.14
   199,430,07
        00.73
41,005,961,73


23,137.65   683,067,44
39,560.97   185,362.11
   868,02  200,298,09
   292.30    1,093.03
63,858.94 1,069,820.67


General Fund Expend. .
Experiment Sta. Expend.
Extension Div. Expend.
Trust Fund Expend.
          Total


518,172,34
140,808,13
192,877.08
  4,16. 22
856,019.77


107,239,20
25,600.24A
3,4, 306, 55


167.145.99


625,411,54
166,408,37
227,183,63
   4,162.22
1.023,165.76


Excess of Income over Ex-
penditures


149,941.96


(103.287.05)


Accounts Payable liqui-
dated


(71,100.00)


(71,100.00)


Excess of Expenditures over
Receipts for General Ledger
accounts                 (55,193.17)


Student Loan Fund - Notes


1.829 .48


Excess of Receipts over Ex-
penditures for the fiscal
year to date - Co-mbined
Fund                      25, 418.2i7

Excess of Receipts over
Expenditures for ihe fiscal
year to date - Combined Fund
Cash in Bank and on hand July
1, 1934 - Combined Fund
Cash in Bank and on hand January
31, 1935 - Combined Fund


29,444.67


(25,748,50)


522.72    2,352.20


(7'3,319.66)  4b4.39)


(47,841,39)

14.535.58


(33,305,81)_


Abstract of item shown on Statement
of Income and Expenditures as "Excess


46,654.91


6.


           Abstract of item shown on Statement of
           Income and Expenditures .,,s "Excess of Ex-
           penditures over Receipts for General Ledger
           accounts 825,748. 50"i


                                      Debit         Credit

    Accounts Receivable          824,113.62

    Insurance Paid in Advance      1,021.87

    Sundry Accounts                  &1~.0l

                                  $25,748. 50


     3. Widening Limestone Street North of Euclid Avenue.

     The Board of Trustees of the University of Kentucky at the
meeting of December 14, 1933, accepted the proposal of the City
of Lexington, Kentucky, to widen Limestone Street and, by resolu-
tion, authorized the grant of a strip of land twenty feet wide
along the bqindary of the University property on the east side of
that street.   Pursuant  to that resolution, conveyance, recorded
in the Minutes of the Executive Committee of February 24, 1934,
was made to the City of Lexington for the purposes aforesaid of a
strip 20 feet wide along the east side of Limestone Street extend-
ing from Euclid Avenue to the south boundary of the University
campus at the De Hore property, and the work was completed over
that boundary.   At that time the project to vriden the street
north of Euclid Avenue was abandoned because right of way over the
Woolley property had not been secured.

     The City of Lexington, Kentucky, has renewed its request for
right of way over University of Kentucky property, extending from
Euclid Avenue north to the Woolley property and adjoining east
side of Limestone Street.   On motion and second the following res-
olution was passed.

     The proposal of the City of Lexington, Kentucky, to widen
South Limestone Street from Euclid Avenue north to the Woolley
property over property of the University of Kentucky is hereby
approved, and the Chairman of the Executive Committee of the Uni-
versity of Kentucky is hereby authorized to convey to the City of
Lexington, Kentucky, for said purpose, provided there is legal
right of the University of Kentucky to make such conveyance, the
following described property:

          Beginning at the intersection of the east line of
     South Limestone Street with the north line of Euclid


7.


    Avenue; thence in a northerly direction along the east
    line of South Linestone Street and the line of the Uni-
    versity of Kentucky property 462.7 feet to a point;
    corner to the Woolley property; thence in an easterly
    direction with the line of the Woolley property 20.6
    feet; thence in a southerly direction and parallel to
    South Limestone Street 462.7 feet to a point in the
    north line of Euclid Avenue; thence in a westerly direc-
    tion with the north line of Euclid Avenue 23 feet to the
    point of beginning, and being a part of the same proper-
    ty conveyed to the party of the first part in three
    tracts, one by deed of James K. Patterson, and others,
    to the party of the first part herein, under the name,
    Agricultural & M.iechanical Oollege of Kentucky, dated
    September 16th, 1902, and recorded in the office of the
    Clerk of Fayette County Court in Deed Book 128, Page
    101, and by deed of James E. Pepper, and others, to the
    party of the first part herein under the name, Agricul-
    tural & Mechanical College of Kentucky, dated September
    20th, 1902, and recorded in said clerk's office in Deed
    Book 129, Page 134; another by deed of Margaret klvcLaugh-
    lin, and others, to the party of the first part under the
    name, State University, Lexington, Kentucky, dated Miarch
    1st, 1910, and recorded in said clerk's office in Deed
    Book 161, Page 247; and the other by deed of Rebecca
    Calvert to the party of the first part herein under the
    name, State University, Lexington, Kentucky, dated MIarch
    1st, 1911, and recorded in said clerk's office in Deed
    Book 162, Page 588.

    The conveyance is to be made on the same terms and conditions
as set out in thq, onveyance by the University of Kentucky to the
City of Lexington, in deed executed February 21, 1934, recorded
in Minutes of Executive Committee of February 21, 1934, for the
strip of land south of Euclid Avenue, adjoining east side of
Limestone Street, with these additional conditions that a stone
wall along the Patterson Hall property Land extending full length
of the terrace south of that property,shall be constructed, the
wall so built to be in all respects as good as the wall now stand-
ing along the boundary of Patterson Hall property, the entrance
to be likewise restored and rebuilt.   All the work, changes, .
renewals and restorations are to be on approval of the Chairman
of the Executive Committee, the President and the Superintendent
of Buildings and Grounds of the University of Kentucky.


8.


     4. State Fair Exhibit.

     President MoVey presented a proposed plan for and estimated
cost of State Fair Exhibit for 1935, offered by Mr. Sulzer. Ref-
erence is made to the Minutes of the January meeting of the Execu-
tive Committee, further action on State Fair exhibit being deferred
for consideration at a later meeting, if necessary.


     5. Report of Department of University Extension.

     President MlcVey presented a report of the Department of Uni-
versity Extension.   The report was received and the following sum-
mary was ordered inserted in the Minutes:


                    UNIVERSITY ECTENSION

     Financial Summary, M   15, 1934, to December 31, 1934


                          I. Receipts
                                                          Totals
1. From Correspondence Courses:
      Total receipts for the period (covered
        by Business Office receipts) ......... $6,910,75
      Outstanding items to be collected by
        Feb. 1 .812.05..
        (Includes $371.50 carried over from
        previous semesters)
                         Total ......   ...................  $7,722.80

2. From Extension Classes:
      Total receipts for the period Ally 15 to
      January 15, 1935 ...................$6,553.72
      Collections for previous semesters.....    306,00
      Outstanding items to be collected by
        2-1.35 .....                             728.75+
                         Total        .   ....... $7,588.47

3. From Miscellaneous items (see Table 7)
      Walp's  book - League of Nations .....$      5.08
      Films - rentals.                .      .    37.20
      Tests sold (Rural School) ..........  ..    70.54
      Interscholastic League Fund    .     ....  354.74
      Other miscellaneous Items     .      ....  203.79
                          Total         ..................   671.35
                          Total Income ..............n.   $15,982,62
                          -&- Outstanding accounts          1,540.80
     Net Income for the Semester                          1441....44.82


9.


                     II.  Disbursements

Instruction in correspondence courses ...... $3,764,69
Instruction in extension classes .7,101.20
Revision and preparation of courses ...........    200.00
Secretaries and organizers of classes .........     95.00
Miscellaneous items:
    Interscholastic League Fund .....   ........  533,23
Refunds (correspondence and extension class).:     605.20
Cold checks to be collected ......     ............  129.50

                                 Total ..........l2.428.82

Total net income over disbursements for the semester...    2,013.00


                     ENROLLUENT SUMII ARY

                  First Semester, 1934-1935


Type of Courses


Enrollments


Individuals


Enrolled in


correspondence courses - College
             Men.               259
             Women ..... ....   405
                 Total......    664


Enrolled in high school


Enrolled in


courses:
Men...........
women ......
     Total.....


non-credit courses:
             Man.... ....
             Women ........
                  Total....


Total inrollments in correspondence courses:
                         Men.
                         Women ........
                              Total....      _


25
18
43


1
0
1


285
423
708


Enrolled in


Extension Classes - credit:
             Men ..........
             VW'omen.  ...  
                  Total....


Enrolled in extension classes - non-credit:
                         Men...
                         omen .....
                               Total


102
584
6&6


  0
121
121


134
341
475


20
12
32


  1
  0
  1


155
353
508


66
465
531


  0
121
121


10.


Total enrolled in extension classes: .........
                           M1en .   ...........   95       59
                           Women .   ......... 712        593
                             Total *.._                   652

Total  enrollment in extension classes and
     correspondence courses for semester:
                           Men      ..... 380             214
                           Women.                         946

Total enrollments and individuals for semester 1,515    1,160


     6. Report of Campus Book Store.

     President McVey presented the semi-annual report of the
Campus Book Store by Manager Morris and a special report made by
a sub-coihmittee appointed by the Campus Book Store Committee for
that purpose, covering the period of Mr. Morris' management of
the Book Store.   The reports were ordered inserted in the Minutes.


                Report by Manager James Morris

                      Campus Book Store

              July 1, 1934, to December 31, 1935

                            Sales

     July -----$1,941,66
     August ----------------------------------    361,90
     September --------------------------------26,218,88
     October ---------------------------------- 4,457,23
     November . ------------------------------ 2,496.45
     December ---------------------------------1,739.82

                                                         $37,215.94


11.


                     Commission Applied

Gross Sales Commission                        -$3,72'.59

Exemptions and deductions                       -

   Law Textbooks ------------------ 48,71

   American Library Association---- 35,37

   Dr. W. W. Jennings -      --------- 77,83

   Dr. M. M. White -a      ------ 63.50

   * Inventory Adjustments ---------- 99.54


     Net Cash Return to University             $3


* Itemized account of these adjustments follows:

     20 -- Tres Comedias Mhlodernas  /.88  17.60

     8 -- Ramband's Civilization Francaise
                 1.18                       9.44

      Chest of Drawers                      52.50

      Changing Window                       20,00

                                             99.54


292.95

,428.64


                   Report of Sub-Committee

To the Bookstore Committee of the University of Kentucky Senate:

     Your sub-committee, Messrs. James Mlorris and Robert D. Haun,
delegated at your meeting December 12, 1934, to examine and report
on the Campus Book Store operations under the management of 1..Z.
Morris submits the following:


12.


  THE CAtIPUS BOOK STORE OF THE: UNIVERSITY OF KENTUCKY

Summary of Operations under Mr. James Morris -- January 1, 1931
                   to December 31, 1934


                           SALES


Books and Supplies
to Students


1931


1932


1933


1934


January
February
March
April
May
June
July
August
September
October
November
December


2,793,54
17,490,99
3,504,81
2,675,71
2,366.57
7,601,96
3,886,74
   750,79
32,633.43
5,847,10
3,342,42
2,095.73
84,989.79


2,486,28
15,620.40
3,705,44
2,305.15
2,012,34
4,623,40
2,404,38
   190,53
22,525.74
3,936,90
2,254.11
1,257.71
63,322.38


2,081,81
9,270,68
2,080;35
1,677,62
1,710,13
4,009,41
1,773,98
   309.81
21,314,51
3,153,22
2,024,41
1,207.30
50,613.23


2,360,01
11,308,55
2,379,95
1,906,71
1,621,93
3,251,58
1,941,66
   361, 90
26,218,88
4,457,23
4,496,45
1,739.82
.60,044.67


$258, 970.07


Proceeds to store
from cap and gown
rentals           1,452.00


Total Sales to
Students and Store
1/2 cap and gown
rentals          86,441.79


10% on above


8,644.17


529.88

Total   $1,981.88


63,322.38


51.143.11


60 .044. 67


             Total   $260,951,95

6,332.24    5,114.31    6,0o4147
             Total $26,095.19


Less 10% not
allowed on
consignment items    86.50


401.91


Total $944.27


Total


191.71


264.15


13.


Net of 10% due
University

Allowances to
Mr. Morris for
new inventory
to replace items
removed


Net amount due


Cash remitted
to Business
Office


Amount due
University


8,557.67


5,930.33


4,922.60  5,740.32


Total 825,150.92


4,970.93    1,280.00


3,586.74    4,650.33


3,586.74     4,650..33


  -0-           -0-


     379.60     116,14

Total $6,746.67

   4,543.00   5,624.18

Total 918,404.25


    -4.467.93  2,006.21

Total $14,711.21


        75.07  3.617.97


Total $3,693.04


Sales to University
Divisions not includ-
ed above:


Departmental
requisitions


  IAr. Curtis


Reduction in
inventory ac-
countability
of Mr, Morris


4,330.55


536.47


-0-


357.22


2,690.20


             Total

2,889,47   q14,546,25


274.48     1,168.17


-0-        -0-


                                    Total 82,690.20

     The above summary of operations shows the results with which
the store has been operated.   On January 1, 1931, when r. Morris
assumed the duties of management the inventory with which he was
charged was, as you will recall:


Books
Student Supplies
University Supplies
Novelties
Fixtures
Caps and Gowns
Flood Stock
          Total


$13,128,55
14, 395,53
  3,626.24
  4, 646,24
  3, 132,05
  2, 575,00
    150.00
$41,653.61


14.


     This inventory represented a deduction from the figure at
which the University investment in the Book Store was carried on
the University books Decembher 31, 1930, at $4,544.88.  It was
based upon an actual count and an agreed valuation between the
University and Mr. Morris.   Mr. Morris assumed the obligation
of returning to the University upon termination of his contract
with the University, an inventory of equal value subject to normal
wear and tear.   In event of reduction of the inventory through
sale, in the meantime, he agreed to pay the University for such
decrease, thus decreasing the extent of his responsibility.

     On sales, other than to.University departments and of con-
signed goods, Mr. Morris agreed to pay the University 1Q% of the
sale price as its commission.   This sales figure was to include
the one-half allowed Mr. Morris on cap and gown rentals.

     During.the four years under management of Mr. Morris sales
and his one-half of cap and.gown rentals have amounted to
$260,951.95.   Sales of consigned goods amounting to.$9,442.70
are included in this figure.. The amount accruing to the Univer-
sity-under the 10% provision of the contract with Mr. Morris has
in this time totaled $25,150.92.   This constitutes a return of
$6,282.73 annually on the average as a return on the original in-
vestment of $41,653.61.

     The $25,150.92 given above has not been a net return to the
University, however.   During the four years under consideration
it has been found desirable to reduce the value placed upon certain
elements in the inventory with which Mr. Morris was charged. Such
reductions total $9,436.87 making a total of 2l3,98l.75 by which
the carrying yalue of $45,198.49 at the Book Store was carried
December 31, 1930, has been cut to provide for unsalable or over-
stocked goods.   However, the University investment in the Book
Store has not been decreased by this amount.   Mr..Morris has been
authorized to retain $6,746.67 of the commission accruing to the
University for purposes of adding to the inventory.    Thus the
actual cash return to the University during the four years has
been $18,404.25, of which Mr. Morris now owes the University
$3,693.04 which is commission principally for the last six months
of 1934.   This does not include the University's one-half of cap
and gown rentals, mention of which is made below.

     Considering the net return to the University and disregarding
depreciation on fixtures and caps and gowns there has been an av-
erage annual return of $4,601.04 on an original investment of
$41,653.61.   This amounts to approximately 11%.    In addition,
the inventory has been cleared of nearly $7,000 in old stock and
new, salable stock placed in its stead.

     In addition to the above, the University has during the past
four years, from its one-half of cap and gown rentals,.entirely
recovered the balance at which they were carried December 31, 1930,
and now has a net return on them of approximately 8400.    This
amounts to a total return of nearly 83,000 from this source.


15.


     Mr. Morris was accountable December 31, 193A, for an invento-
ry of merchandise.of $33,256.36, fixtures $3,132.05, and capsanad
gowns 82,575.00.   This is a total of $38,963.41.   This is a re-
duction of 82,690,20 from the original inventory charged him and
is due to approved mark-downs in inventory not replaced by com-
missions withheld.   The University on December 31, 1934, was
carrying the book store, including merchandise and fixtures at
$25,256.98.  Upon final settlement for 1934 by Mr. Morris this
will be reduced to $21,563.94.

     This report has not taken into account the cap and gown rent-
als accruing to Mr. Morris since the last settlement on this ac-
count in the summer of 1934.   It is otherwise complete to Decem-
ber 31, 1935, and assumes the acceptance by the Book Store Com-
mittee of the report of Mrr. IMorris for the last six months of 1934.


     7. Report of Athletic Council.

     President McVey presented a copy of the annual audit of the
.acounts of the Athletic Councilfor the year ending December 31,
1f4, made by Howard Kroehl and Company of Chicago.    The following
summary is copied from the report of audit:
          ATHLETIC COUNCIL - UNIVERSITY OF KENTUCKY
                    Lexington, Kentucky

    CASH RECEIPTS AND DISBURSEIENTS FOR THE YEAR ENDING DECE]1'BER
                           31, 1934


BAIANCE, JANUARY 1, 1934 .

  Receipts:
  Students:  activities - less refunds..... ,$15,233,76
  Faculty ...    .............................  2,944,95
  Football ..    ............................. 64,290,05
  Football programs     ...                 3,970,00
  Basketball ..    ...................       2,604,20
  Basketball tournament .................. 5,088.25
  Track......................-.         .      550,00
  Baseball ..............................      200.00
  Refund of traveling expenses .     ....,     217,60
  Miscellaneous sales and refunds        ........  101.49
  Federal tax collected (faculty, etc.)..          598.46
     Total Receipts and Balance
Disbursements:
   Football (opponentst guarantee and other
     expense)....,.,,, . . .. ....4131424
   Basketball (opponents' guarantee and
     other expense).4,..,,,..   -.-... e. ....       384,84
   Football programs ......... 2,332.41
   Basketball tournament ................... 4,393,64
   Baseball ...., 888,19
   Track .........                            3,190.10
   Golf..                    .......     ,       24.00


$ 6,253.15


  95,798.76
$102,051.91


16.


   Tennis................................
   Rifle range.............................
   Conference expense......................
   Auditing................................
   Stationery and supplies.................
   Interest paid...........................
   Federal taxes...........................
   Salaries:
     Secretary............................
     Office...............................
     Football coaching staff...............
     Basketball coaching staff.............
     Track.................................
     Trainer...............................
     Ground custodian.....................
     Gymnasium custodian...................
     Publicity.............................

BALANCE, DECEMSER 31,1934..................

ACCOUNTED FOR AS FOLLOWS:
   First National Bank and Trust Corapany...
   Due from University.....................
   Post dated check not yet deposited......


   370.58
   32.06
   374. 20
   95.67
   179.32
   872.50
 5,078.45

 3,300.00
 1,200.00
22,105.66
3,603.00
   725.00
 1,830.00
 1,092.00
   600.00
   500 00


3,441.65
   34.40
   4;0.00


98, 535. 86

* 3,516.05


$ 3,516.05


8. Room Rent, I-en's Halls.

Statement by Dean Jones:

     Room rent from the men's halls for the first
semester of last year was 7)6221 51; for the first
semester of tais year the rent was ;8419.97 with
small balances still to be collected..  The rule
requiring freshmen to live in the halls or in fra-
ternity houses does not work so well since we do not
have enough rooms to mnake it operative for all.   Con-
sequently we must rely on salesmanship and strees thie
reasonable price of the rooms, convenience of loca-
tion of the halls, the heat, light, baths and service,
including medical attention.   At present the halls
are filled to capacity.

     As you lknow,, the quarters in Kinkead Hall are
in suites of two rooms each and are much preferred
by students.   Next year we slhould like to charge
Y50 per man (two in a suite) per semester for tGese
quarters.   This is relatively about the right price,
and boys will be less displeased at not securing the
rooms if the price is .igher,


17.


     On motion and second the Dean of Men was authorized to fix
the rental of the suites of rooms in Kinkead Hall after the close
of this semester at $50.00 per man (two in a suite) per semester.


     9. Investment of Student Loan Funds.

     Statement by Dean Jones:

          On February 1st we had 93136.73*in the Student Loan
     Fund. This plus the 89200 in State Warrants makes a
     good beginning for our new loan fund.   For the investment
     of this money I merely suggest that you consider Lexington
     Water Works 5.1% bonds of 1940.  The investment rating of
     these bonds has greatly improved with the new valuation
     put upon the Company by appraisers.

     On motion and second the Treasurer and Business Agent were di-
rected to invest as far as possible the amount of uninvested Stu-
dent Loan Funds in bonds of the Lexington Water Company.


    10. Comment on Registration System.

    The Registrar in a letter to President MoVey presented some
phases of the system of student registration that need attention
for revi</pre>