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Image 12 of Minutes of the University of Kentucky Board of Trustees, 2011-12-13

Part of Minutes of the University of Kentucky Board of Trustees

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-12- President Capilouto concluded his remarks by expressing appreciation for the opportunity to give the Board an update. He thanked the Board for honoring him with what has been the privilege of a lifetime. The University of Kentucky is an incredible university. He wished all of Board members could have been with him when he traveled around the country and state to hear the affection and appreciation that he experienced minute by minute. He said he would be happy to answer any questions. Dr. Brockman thanked President Capilouto and Vice President Martin. He said the Board is extraordinarily pleased and happy with what it is seeing and what President Capilouto is doing. He told President Capilouto that he had 100 percent of the Board’s support of this plan. K. Candidates for Degrees {AACR l) Dr. Gannon, chair of the Academic Affairs Committee, said AACR l recommends that the president be authorized to confer upon each individual whose name appears on the attached list the degree to which he or she is entitled, upon certification by the university registrar that the individual has satisfactorily completed all requirements for the degree for which application has been made and as approved by the elected faculty of the University Senate and the Academic Affairs Committee of the Board of Trustees. On behalf ofthe Academic Affairs Committee, he moved approval of AACR l, and it passed without dissent. (See AACR l on the Board of Trustees website, www.uky.edu/Trustees, under agenda.) L. Change in Degree — College of Health Sciences {AACR 2) Dr. Gannon said that AACR 2 recommends that the Board of Trustees approve a change in the name ofthe Bachelor of Health Sciences degree with a major in Clinical Laboratory Sciences to Bachelor of Health Sciences with a major in Medical Laboratory Science (CIP Code: 5l.l005, PROG: BHS MLSC), effective in the Fall 20ll Semester. On behalf ofthe Academic Affairs Committee, he proposed AACR 2, and it passed without dissent. (See AACR 2 on the Board of Trustees website, www.uky.edu/ Trustees, under agenda.) M. Approval of Investment in Coldstream Laboratories Inc. (FCR lg Mr. Stuckert, chair ofthe Finance Committee, said the first item for adoption by the Board is FCRl which involves the approval of an investment in Coldstream Laboratories, Inc. (CLI). The recommendation is that the Board of Trustees authorize the President to approve the transfer of up to $4,000,000 to the University of Kentucky Research Foundation (UKRF) to be used for investment in Coldstream Laboratories, Inc. to fund operations and capital improvements. In addition, it is recommended that the Board of Trustees authorize the President to transfer up to $3,000,000 to UKRF to be used as a line of credit to CLI for working capital. The sales in 20ll have increased more than 50 percent from the sales volume of 20l0. Approximately $2,000,000 ofthe $4,000,000 investment will be used to improve systems, build redundancy, and implement a risk reduction strategy. CLI will use $2,000,000 to fund operations due to planned reduction in plant capacity while these strategies are being implemented. As previously