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[2] > Image [2] of Minutes of the University of Kentucky Board of Trustees, 1951-03-apr3.

Part of Minutes of the University of Kentucky Board of Trustees

UNIVERSITY OF KENTUCKY LEXINGTON Office of Comptroller March 29, 1951 Dr. H. L. Donovan, President University of Kentucky Lexington, Kentucky My dear Doctor Donovan: I submit herewith the financial report covering the University fund transactions for seven months ended February 28, 1951. The current general income received from all sources during the period covered amounted to $5,729,069.17 or 79.6% of the budget esti- mate of $7,181,674.51. The current general fund expenditures and en- cumbrances totaled $4,567,601.31. This sum equals 62.2% of the de- partmental appropriations of $7,338,722.86. The difference between current general fund expenditures and encumbrances and current general fund income received represents.a carried forward balance as of July 1950. Plant fund expenditures and encumbrances amount to $644,445.17 during the period or 62.6% bf the $1,028,802.59 budget estimate. It is difficult to presefft the financial report of the University of Kentucky as a combined statement. It is necessary in an education- al institution to do "fund accounting". Current, restricted, plant, loan, endowment and agency funds are recorded separately and accounted for as separate funds, hence the various sections of the report pre- sented. The balance sheet for the Division of Colleges, Agricultural Experiment Station and Agricultural Extension records current, re- stricted and plant funds, and investment in plant. There is nothing unusual about the balance sheet and for detailed information, you are referred to the statement of assets and liabilities. The total ap- praised value of the plant, excluding the value of the Journalism Building, is: Buildings $20,356,295.09 Land 1,073,218.83 Equipment 6,780,403.69 Total $28,209,91'7.60 There are outstanding serially maturing bonds amounting to $2,815,000 including $225,000 bonds of the Journalism Building which is in process of construction. The net investment in buildings, land, equipment, and other fixed assets, after adjustment for outstanding bonds is $25,619,917.60. University properties are insured thrqugh the State