Minutes of the Meeting of the Executive Committee of
     the Board of Trustees, University of Kentucky,  for Wed-
     nesday, March 11, 1925c



     The Executive Committee of the Board of Trustees of the Uni-
versity of Kentucky met Wednesday, March 11, 1925, in the o-Lffice
of President MoVey with the following members present:   Judge R.
C. Stoll, Chairman, Senator H. Ia. Froman, and Superintendent
McHenry Rhoads.

     Upon motion duly seconded and adopted, the reading of the
minutes of the nrevious meeting was dispensed with.

     The Business Agent submitted the following report which was
ordered filed:

                                        March 11, 1925

   Dr. Frank L. HoVey
   University of Kentucky

   Dear Doctor MoVey:

   I am submitting herewith financial report for February 1925.

   This report shows receipts from State Treasurer of $479,513.62.
   On March 7 we received a check for February collections of
   $36,865.13,   That brings the total to $516,378.75, making
   the amount received to date $66,378 75 in excess of the
   amount budgeted.   The amount given above includes inheri-
   tance tax.   This surplus probably will be increased $30,0OO
   or more by further receipts, and a study of the budget in-
   dicates that the excess of receipts over expenditures for
   the current fiscal year will probably reach $100,0O.    A
   recent decision of the Court of Appeals relative to the act
   changing the tax rate may have some bearing on the receipts
   of the University.

   We have reduced the Louis des Cognets notes on the stadium
   to $21,500.

   Very truly,

   D. H. Peak
   Business Agent