In FCR 4, the university received a $5.5 million commitment from the Curry Stone Foundation to create and support the Curry Stone Chair in Design and the Curry Stone Design Prize. In addition to an endowed position, the gift will fund an annual $100,000 international prize that rewards great design. The Curry Stone Foundation was established by UK alumnus Clifford Curry and his wife H. Delight Stone of Oregon.
President Todd asked former dean of the College of Design David Mohney to stand and be recognized because he had worked on this commitment from the Curry Stone Foundation and would be assuming the endowed position. He thanked Professor Mohney for his great work, and the Board gave Professor Mohney a round of applause.
Mr. Branscum reported that the Lexington Herald-Leader had a nice article earlier in the week regarding the gift and pledge.
M. College of Medicine Internal Transfer for Spinal Cord and Brain Injury Chair No. 6 and 7 (FCR 5 and FCR 6)
Mr. Branscum said that he would refer to FCRs 5 and 6 together as they address the same topic. They are for the College of Medicine Internal Transfer for Spinal Cord and Brain Injury Chairs No. 6 and No. 7. Both FCRs relate to an internal transfer of $500,000 each from the College of Medicine to create and endow Spinal Cord and Brain Injury Chairs No. 6 and No. 7 Quasi-Endowments for the Spinal Cord and Brain Injury Research Center. These internal transfers will match two $500,000 gifts from the Kentucky Spinal Cord and Head Injury Research Trust established by the Kentucky General Assembly in 1994.
On behalf of the Finance Committee, he moved approval of FCRs 5 and 6. Dr. Sachatello seconded his motion, and it carried without dissent. (See FCR 5 and FCR 6 at the end of the Minutes.)
N. Acceptance of Interim Financial Report for the University of Kentucky for the Nine Months Ended March 31, 2008 (FCR 7)
Mr. Branscum said that FCR 7 is a review of the interim financial report for the university for the nine months ending March 31, 2008. As of March 31, the university has realized 80 percent of the revenue estimate and expended 70 percent of the approved budget. The balance sheet is strong with assets of $3.3 billion and liabilities of $975 million. Fund balances of $2.1 billion represent a nearly 65 percent equity position in the total assets. Revenues and appropriated fund balances have exceeded expenditures to date by $205.8 million, creating a very strong cash position as of March 31, 2008.
Mr. Branscum said that the university's financial condition is excellent for the nine months ending March 31. On behalf of the Finance Committee, he moved acceptance of FCR 7. Mr. Dawson seconded the motion, and it carried without dissent. (See FCR 7 at the end of the Minutes.)