Minutes of the Regular Meeting of the Executive Committee of
the Board of Trustees of the University of Kentucky, July 25, 1941.


     The Executive Committee of the Board of Trustees, University
of Kentucky, met in the President's Office, University of Kentucky,
Friday, July 25, 1941, convening at 10:30 a.m.   The members of the
Committee present were Judge Richard C. Stoll, Chairman; Lee Kirk-
patrick, Robert P. Hobson and H. L. Cleveland.  President H. L.
Donovan, Secretary D. H. Peak and Comptroller Frank D. Peterson were
present.   The President presented agenda of business to be con-
sidered, stating that he was following the practice of his pre-
decessor,   He stated that in the future he expects to submit with
the agenda a statement explaining the items thereon to be presented
to the Board of Trustees.


     1. Approval of Minutes.

     The minutes of the meeting of the Executive Committee of June
20, 1941, were approved as published.  All actions of the Committee
taken and motions made and carried at that meeting were ratified and
approved.


     2. Financial eports

     D. H. Peak, Business Agent, submitted a statement regarding the
financial report for June,   It was ordered copied in the minutes as
follows:


                                   July 25, 1941

    President H. L. Donovan
    University of Kentucky

    Dear President Donovan:

    I regret that I aum unable to submit the Financial Report
    for the year 1940-41 due to the fact that the books of
    the Business Office have not been closed.   All the
    vouchers, especially those for traveling expense in the
    Agricultural Extension Division, have not yet been audited.

    However, all state appropriations -Ind federal funds in
    the general fund are in balance as nearly as possible,
    There will be a small balance in the Revolving Funds and
    Restricted Funds subject to use for general expense.