6
FCR 5. Mr. Williams seconded the motion, and it carried without dissent. (See FCR 5 at the end of the Minutes.)
K.      Repair, Upgrade, Improve Building Systems Hospital - Upgrade Elevators (FCR 6)
Mr. Branscum said that FCR 6 requests approval to upgrade eight elevators in the Kentucky Clinic and Medical Plaza. This project is expected to cost $1 million and will be funded by the UK HealthCare Enterprise. On behalf of the Finance Committee, he recommended approval of FCR 6. Mr. Shoop seconded the motion, and it carried without dissent. (See FCR 6 at the end of the Minutes.)
L.      Renovation of the Thomas Hunt Morgan Biological Sciences Building (FCR 7)
Mr. Branscum said that FCR 7 involves a capital construction project which will convert space to teaching and research labs in the Thomas Hunt Morgan Biological Sciences Building. This project is part of the plan developed by the new Biology Department Chair, Dr. Vince Cassone, to improve and grow the department. Dr. Cassone is recruiting new faculty, and this project will consolidate the class labs to the ground floor and renovate space on the upper floors for use as research labs for two additional faculty members. The relocation of these labs will also make space available for a future project to construct labs for four other faculty lines. This project is estimated to cost approximately $2.9 million and will be funded with university unrestricted fund balances. Provost Subbaswamy spoke at the Finance Committee meeting and expanded on the needs for that department. On behalf of the Finance Committee, Mr. Branscum recommended approval of FCR 7. Mr. Montell seconded the motion, and it carried without dissent. (See FCR 7 at the end of the Minutes.)
M.     Authorization for Disposal of Surplus Property (FCR 8)
Mr. Branscum said that FCR 8 recommends that the Board of Trustees authorize the sale of equipment to Southern Illinois University at a price of $41,025.50. Kentucky Revised Statute 164A.575 requires that the Board of Trustees approve the disposal of any surplus property owned by the University of Kentucky. General authorization from the Board of Trustees for the disposal of properly with a value of less than $25,000 is granted annually; however, disposal of surplus properly having a value greater than $25,000 per item must be approved by the Board. A departing faculty member has requested certain items pertaining to her research be transferred to Southern Illinois University, and one item has a value in excess of $25,000.
This sale request has been approved by the department chair, the dean of the college, and the vice president for research. Consistent with university practice, the sales price of equipment to another educational institution is the university's net book value. On behalf of the Finance Committee, he recommended approval of FCR 8. Mr. Dawson seconded the motion, and it carried without dissent. (See FCR 8 at the end of the Minutes.)