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M. Deletion of Degree — College of Education (AACR 4)
Ms. Brown said that AACR 4 asks the Board to approve the deletion of the Master of
Arts in Education degree with a major in Education — Distributive Education, effective fall 2011
semester. Ms. Brown moved acceptance of AACR 4. Mr. Dawson seconded her motion, and it
passed without dissent. (See AACR 4 on the Board of Trustees website, www.uky.edu/Trustees
under agenda.)
N. Proposed Amendment to Goveming Reggglation Part X (Entrepreneurial Leave)
and Administrative Regulation 3:1 (University of Kentucky Retirement Plan) (AACR 5)
Ms. Brown gave the second reading of AACR 5, a proposed amendment to Goveming
Regulation X which would establish for faculty employees an Entrepreneurial Leave. In order to
implement the revision to GR X, after the initial reading it was further recommended that the
Board of Trustees approve a revision to Administrative Regulation 3:1 (AR 3:1). The revision
adds entrepreneurial leave as a type of leave for which a faculty employee may make up his/her
retirement contributions following the leave. In addition, Section HI.D of AR 3:1 is being
amended to include the 457(f) plan as another plan option for Excess Limits or Contributions.
Ms. Brown moved acceptance of AACR 5. Mr. Stuckert seconded her motion, and it passed
without dissent. (See AACR 5 on the Board of Trustees website, www.uky.edu/ Trustees, under
agenda.)
O. Finance Committee Report
Mr. Stuckert, chair ofthe Finance Committee, reported that the committee met that
moming, and most ofthe Board members attended the meeting. At that meeting, details of the
proposed FCRs were vetted. He briefly reiterated the consent items which were FCR’s and
moved on to FCR 4.
P. Fiscal Year 2011-2012 Operating and Capital Budget (FCR 4)
Mr. Stuckert explained that at the moming meeting Vice President Angie Martin had
explained in detail the features ofthe Operating and Capital Budget. He moved approval of FCR
4. Dr. Gannon seconded the motion, which passed without dissent. (See FCR 4 on the Board of
Trustees website, www.uky.edu/ Trustees, under agenda.)
Q. Acceptance of Interim Financial Report for the University of Kentucky for the
Nine Months Ended March 31 2011 (FCR 5)
Mr. Stuckert introduced FCR 5, which includes the financial activities ofthe University
of Kentucky and its affiliated corporations, consisting of the University of Kentucky Research
Foundation, The Fund for Advancement of Education and Research in the University of
Kentucky Medical Center, University of Kentucky Athletic Association, University of Kentucky
Mining Engineering Foundation, University of Kentucky Humanities Foundation, University of
Kentucky Equine Research Foundation, University of Kentucky Center on Aging Foundation,