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      Ms. Sparks announced that the Committee is continuing its quest for information in
Academic Affairs. The Committee has a meeting tentatively scheduled for December 2 at 9:30 a.m.
The Committee has several items to look at and then bring to the Board's attention. She noted that
it could be a two-hour or possibly a three-hour meeting. She invited all Trustees to attend the
meeting. The Committee will be receiving information about the Direct Federal Loan Program that
UK uses for financial aid and the effects of enrollment growth on classroom size which has gotten
some publicity lately.

      Mr. Hardymon said that it is good that the Committee is taking the time to separate from
normal administrative duties and look into these things. He said he thinks that this is the way for it
to work. The committees should look hard at these items and then bring them to the Board after a
number of people have researched them. He called upon Ms. Wickliffe for the Finance Committee
report.

      Ms. Wickliffe, Chair of the Finance Committee, thanked the staff for all the background
materials they supplied the Committee prior to the meeting. It is helpful to understand the items
before the Committee meeting.

      H.    Gifts and Pledges (FCRs 1 through 8)

      She reported that FCRs 1 through 8 were on the consent agenda. The gifts and pledges in
those items total $3,342, 500. Of that amount, $1,757,500 was cash gifts, and $1,585,000 was
pledges. She noted that FCRs 5, 6, 7, and 8 are eligible for matching by the state's Research
Challenge Trust Fund (RCTF), and they total $1,750,000. (See FCRs 1 through 8 at the end of the
Minutes.)

      I.    Fit-Up 4th Floor of the Biomedical/Biological Sciences Research Building (FCR 9)

      Ms. Wickliffe said that FCR 9 is the Fit-up of the 4th floor of the Biomedical/Biological
Sciences Research Building (BBSRB). On behalf of the Committee, she asked for approval of
$7,963,250 for the fit-up of the 4th floor of the BBSRB building. Of this amount, $3,685,000 will
be in the form of a federal grant from the National Center for Research Resources Extramural
Research Facilities Improvement Program. The University of Kentucky Research Foundation will
fund the remaining amount. On behalf of the Finance Committee, she recommended the approval
of FCR 9. Ms. Tobin seconded her motion, and it carried without dissent. (See FCR 9 at the end of
the Minutes.)

      Mr. Harydmon noted that this is a big project on top of a big project. The project is going as
planned, and researchers are ready to use the new building as soon as it is finished, which is always
good when you put a facility together.

      J.    Renovate Football Practice Fields (FCR 10) and Renovate Commonwealth Stadium
Locker Room (FCR 11)

      Ms. Wickliffe requested that she be allowed to present FCR 10 and FCR 11 as one item.
FCR 10 is to renovate the football practice fields, and FCR 11 is to renovate the Commonwealth