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[2]

Part of Minutes of the University of Kentucky Board of Trustees

UNIVERSITY OF KENTUCKY LEXINGTON April 2, 1957 Dr. Frank G. Dickey, President University of Kentucky Lexington, Kentucky Dear Doctor Dickey: I submit herewith the balance sheet and its relating fi- nancial statements of operations of the University of Kentucky for the eight-months period ended February 28, 1957. The income realized for general fund purposes totaled $9,577,677. 87 for the period, which is 84. 03% of the budget estimate of $11, 397, 539. 64. The expenditures and encumbrances outstanding for the same period amounted to $7, 115, 364. 35, or 63.40% of the departmental appropriations. On November 21, 1956, a temporary investment of $500, 000 was made in U. S. Treasury Notes from available restricted fund monies. These notes matured on March 15, 19 57, realizing an additional income of $4,447. 5 1. Then or March 14, 1957, the University again invested temporarily $500, 000 of inactive restricted fund monies in U. S. Treasury Notes at the interest rate of 3-1/4%, maturing June 24, 1957, and yielding approximately $4, 000. Respectfully submitted, Frank D. Peterson Vice President Business Administration