Office of the President
                                           October 17, 1978

                                             FCR 3



Members, Executive Committee, Board of Trustees:


      ACCEPTANCE OF AUDITS FOR THE FUND FOR ADVANCEMENT
      OF EDUCATION AND RESEARCH IN THE UNIVERSITY OF
      KENTUCKY MEDICAL CENTER, THE UNIVERSITY OF KENTUCKY
      RESEARCH FOUNDATION, UNIVERSITY OF KENTUCKY ATHLETIC
      ASSOCIATION, HEALTH CARE COLLECTION SERVICE, INC.,
      AND UNIVERSITY OF KENTUCKY CREDIT UNION


Recommendation: that the Board of Trustees accept the audited
financial statements of The Fund for Advancement of Education
and Research in the University of Kentucky Medical Center,
The University of Kentucky Research Foundation, University of
Kentucky Athletic Association, Health Care Collection Service,
Inc., and University of Kentucky Credit Union for the fiscal
year ended June 30, 1978.

Background: The annual financial reports of the affiliated
corporations of the University have been audited by the firm
Coopers & Lybrand, Certified Public Accountants, and are
presented to the Board for its acceptance. These reports will
be submitted to the Boards of the above affiliated corporations
at the next scheduled meeting.



Note: The Audits are not included in the Minutes of the
      meeting, but are included in the official files.












 Action taken:  Approved  xx     Disapproved      Other



October 17 , 1978



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