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[2]

Part of Minutes of the University of Kentucky Board of Trustees

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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