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Q.      Approval of the 2007-08 endowment Match Program Annual Report (FCR 9)
Mr. Branscum said that Ms. Martin presented FCR 9 to the committee. It recommends acceptance of the 2007-08 Endowment Match Program Annual Report, also known as "Bucks for Brains." Pursuant to the Council on Postsecondary Education's guidelines, the university is required to submit an annual report, approved by the Board of Trustees, on UK's participation in the program. As of June 30, 2008, the market value of the endowments created through the Endowment Match Program totaled $412.3 million.
The university has fully matched all available funds from the first three rounds of the Endowment Match Program. The university has received $202.2 million of state funds and $177.5 million of cash gifts. The university has $24.5 million of outstanding pledges, representing only 12.1 percent of the matched state funds.
The university has created 83 endowed chairs, 210 endowed professorships, and 240 endowments to support fellowships, research, and the William T. Young Library. On behalf of the Finance Committee, Mr. Branscum recommended approval of FCR 9. Mr. Dawson seconded the motion, and it carried without dissent. (See FCR 9 at the end of the Minutes.)
R.      Patent Assignment Report (FCR 10)
Mr. Branscum said that Vice President of Research Dr. James Tracy gave a detailed explanation and review of the research projects and the Patent Report for the quarter ending September 30, 2008 to the committee. To date, the university has filed 15 patent applications, had 5 patents issued, and has received $397,928 of patent income.
On behalf of the Finance Committee, he recommended acceptance of FCR 10. Dr. Sachatello seconded the motion, and it carried without dissent. (See FCR 10 at the end of the Minutes.)
Dr. Sachatello requested that President Todd invite Dr. Sylvia Daunert, whose name was on five patents submitted, to attend the next Board meeting for formal recognition by the Board.
President Todd agreed to invite Dr. Daunert to the next Board meeting. He noted that she is an outstanding undergraduate mentor and special professor who teaches, does research, gets patents, and takes time to mentor undergraduate students.
S.      Capital Construction Report (FCR 11)
Mr. Branscum said that Mr. Wiseman presented the lengthy Capital Construction Report to the committee. The report was for the three months ending September 30, 2008. During that period, there was 1 new contract, 2 contracts completed, 2 contracts amended, and 24 change orders greater than $25,000.