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[5]

Part of Minutes of the University of Kentucky Board of Trustees

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5 In conclusion Dr. Singletary again commended the Budget Office for the excellent job they had done in preparing the budget request and recognized in particular Mr. Kenneth Brandenburgh, a member of the staff who is leaving the University to become Business Manager at Transylvania University but who remained long enough to finish the budget. Mr. Clay joined President Singletary in expressing appreciation to Dr. Clapp and his staff on behalf of the Board of Trustees. He then indicated that the Budget Request must have Board of Trustees approval before submission to the Council on Public Higher Education and called for a motion to that effect. Mr. Palmer moved approval of the budget document and his motion was seconded by Mr. Griffin. A voice vote was taken and there being no dissent the motion carried. Mr. Kincaid questioned the wisdom of approving a budget when only a few members of the Board had had an opportunity to examine it in advance. It was pointed out that the budget document had been mailed to all members of the Board of Trustees on October 5 and at Mr. Sturgill's request a show of hands indicated that everyone present had received it in advance of the meeting. The budget document is not a part of the Minutes but a copy is included in the official files of the Board of Trustees. L. Audits for 1972-73 Accepted (FCR 1) Mr. Sturgill, Chairman, reported that the Finance Committee had reviewed the audit reports and related statements as submitted by the firm, Coopers & Lybraxd and had found them to be acceptable. He explained that copies of the reports and statements were mailed to members of the Board along with other agenda items on October 5 and were also included in the packets distributed to the Board members at the meeting. He then moved that the Board accept the University of Kentucky Summary Financial Report 1972-73, Uni- versity of Kentucky Detailed Financial Report June 30, 1973, University of Kentucky Housing and Dining System Financial Report June 30, 1973, Purchasing Letter 1972-73, and Cash Reconciliation June 30, 1973 as submitted by the firm of Coopers & Lybrand. Mr. Alverson seconded the motion and it carried without dissent. (FCR 1 is included at the end of the Minutes. The supporting financial reports and statements are not a part of the Minutes but are included in the official files of the meeting.) M. Report on Investments Accepted (ICR 1) Mr. Clay called for the quarterly report of the Investment Committee. Mr. Kincaid, Committee Chairman, said that the report was routine in nature and moved that it be accepted as presented in ICR 1. His motion was seconded by Mr. Sturgill and passed. (See ICR 1 at the end of the Minutes. )