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8 > Image 8 of Minutes of the University of Kentucky Board of Trustees, 2011-03-29

Part of Minutes of the University of Kentucky Board of Trustees

-g- 2004 in associate degree programs approved by the UK Board of Trustees and who complete the associate degree program on or before August 31, 2010 shall have their degrees conferred by the UK Board of Trustees. She moved approval of AACR 2. Dr. Brockman asked for a second, which was given by Mr. Dawson. AACR 2 passed with no dissent. (See AACR 2 at the end of the Minutes.) M. Audit Subcommittee Report Dr. Brockman asked Mr. Stuckert to give the report ofthe Audit Subcommittee. Mr. Stuckert, chair of the Finance Committee, under which the Audit group is a subcommittee, reported that the Audit Subcommittee met that moming. The subcommittee discussed the auditing comments and statements for the fiscal year ending June 2011 as contained in the pre- audit report provided by BKD. They retained BKD LLP, the universitys auditor, as a continuation of a five-year contract that was initiated in 2008. Joe Reed, senior director of Intemal Audit, proposed revisions to the Audit Subcommittee charter and to the Intemal Audit charter, both of which were accepted by the Audit Subcommittee. N. Finance Committee Report Mr. Stuckert reported that the committee considered three resolutions at that momings meeting after discussing each one thoroughly. O. Acceptance of Interim Financial Report for the University of Kentucky for the Six Months Ended December 31 2010 (FCR 1 ) Ms. Angie Martin, Vice President, Office ofthe Treasurer, explained the financials and reviewed assets and liabilities found in the attachment to FCR 1. Mr. Stuckert invited specific questions about the content ofthe report, then moved approval of FCR 1. Mr. Shoop seconded his motion, and there was no opposition to its adoption. (See FCR 1 at the end ofthe Minutes.) P. A Resolution Providing for the Authorization Issuance and Sale of Approximately $19,000,000 General Receipts Obligations (Upgrade Student Center Infrastructure) of the University of Kentucky Pursuant to the Trust Agreement Dated as of November 1 2005 {FCR 2) Mr. Stuckert stated that the substance of FCR 2 was approved, in effect, at the last board meeting, and this resolution is a specification of terrns involved in the issuance ofthe municipal bonds. He made it clear that although FCR 2 states that "The Upgrade Student Center Infrastructure Project will not result in an increase in tuition, upon subsequent questioning the Finance Committee found that such an increase would be incurred. As a result, Student Govemment on behalf ofthe students voted that a $24 per student per semester fee would be initiated to cover the cost of this expansion. Mr. Stuckert moved approval of FCR 2. Mr. Smith seconded the motion. It passed without dissent. (See FCR 2 at the end of the Minutes.)