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[4]

Part of Minutes of the University of Kentucky Board of Trustees

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4 approval was the acceptance of the interim financial report for the seven-months' period ending January 31, 1970. Mr. Hillenmeyer said before action was taken he wished to call attention to the slighltly different format of the report before the Board. This and future reports will include prior year data for purposes of comparison, a Statement of Changes in Fund Balances-Current Funds, and the Schedule of Unexpended Plant Funds has bcen revised to include amounts approved by the Board of Trustees. estimated project costs, and sources of funds. Mr. Hillenmeyer then moved that the interim financial report for the period ending Januarv 31, 1970 be acceite.d. His motion was seconded by Mr. Alverson, and passed. (See FCR 1 at the end of the Minutes.) L. Approval of External Auditors for 1969-70 (FCR 2) Mr. Hillenmeyer said th.at the University has followed the practice of employing 'outside" auditors to perform an independent audit of the financial statements of the Uniiversity of Kentucky and affiliated corporations. It has also followed the practice of using the same firm for several years and the Finance Committee recommends to the Board of Trustees that the firm of Peat, Marwick, Mitchell and Comnany again be engaged to perform the necessary audits for the fiscal year ending June 30, 1970 for a fee, including expenses, of not more than $40, 000. He put this recommendation in the form of a motion which was seconded by Mr. Bell, and passed without discussion.. (See FCR 2 at the end of the Minutes. M. Authorization to Prepare Contract Documents--Ashland and Madisonville CommuniLy Colleges (FCR 3) Mr. Hillenmever called attention to the recommendation in FCR 3 and moved that it be approved. Hi. mot.ion. was seconded by Mr, Pence, and passed. (See FCR. 3 at the end of the Minutes. ) N. Authorization to Cremate Cancelled Bonds and Coupons (FCR 4) On motion bv M.. Hillenmeyer, seconded by Mrs. Blazer, and passed without dissent, FCR 4, authorizing Mr. Clay Maupin, Assistant Treasurer, ani Mr, William W-esner, Assistant to Actilng Vice President--Business Affairs and Treasurer: to burn -.n the incinerator in the Medical Center the paid and cancelle9' bonds and coupons returned from Paying Agents, was approved. (See FCR 4 at the end of the. Minutes. 0. Resolut.ion Authori.zinig issuance of $16, 300, 000 Bond Anticipation (Renewal) Notes, In-vitation to Submi-nt Proposal and Official Statement Relating to the Issuance and Sale of the Notes (FCR 5) Mr. Ruschell, speaking for the Finance Committee, e-xplained that the