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[9]

Part of Minutes of the University of Kentucky Board of Trustees

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9 and members of their staffs for the outstanding job done in preparing the budget. Mr. Smith made the following motion: that the 1966-67 operating budget as sub- mitted be approved and ordered recorded as an integral part of the University's fi- nancial system with the necessary fiscal control being exercised for the collection and appropriation of income and for the expenditure of departmental appropriations in accordance with authorized fiscal policies and procedures and accepted as a basis of maximum expenditures for the year 1966-67. The Board of Trustees or the Execu- tive Committee is empowered to make such changes in the budget as may from time to time be deemed necessary upon recommendation of the President. The motion was seconded by Mr. Ezelle and passed without dissent. H. Authorization to Engage External Audit Firm for University Hospital The University Hospital has now been in operation for several years and it is the judgment and desire of the Board of Trustees' HospitalCommittee and the Uni- versity Administration that an audit be performed for the constructive purpose of examining and evaluating University Hospital fiscal policies and procedures and the rendering of a report to the Trustees thereon. On motion by Mr. Ezelle, seconded by Mr. Smith, and carried, the Vice President-Business Affairs and Treasurer was authorized to enter into a special contract with the University's external audit firm for the purpose of causing an ex- ternal audit of University Hospital fiscal policies and procedures and that the audit firm be requested to make specific recommendations. I. University of Kentucky Development Council Established and Membership Named (PR 7) Dr. Oswald called the attention of the Board to PR 7, Establishment of Uni- versity of Kentucky Development Council, and said it gave him much pleasure to recommend the establishment of the Council and called particular attention to the calibre of the men who have agreed to serve should the Board approve of the es- tablishment of the Council. Mr. Smith suggested that Mr. Smith Broadbent be added as a Trustee Member of the Council. On motion by Dr. Denham, seconded and passed, the University of Kentucky De- velopment Council was established to serve in an advisory capacity to the President and, through him to the Board of Trustees, for all private fund development for the entire University; and approved the membership of the Council as shown in PR 7 with the addition of Mr. Smith Broadbent as a Trustee Member. (See PR 7 at the end of the Minutes. ) Dr. Sparks said that historically this action will be one of the greatest things that has ever happened at the University of Kentucky.