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7 > Image 7 of Minutes of the University of Kentucky Board of Trustees, 2011-05-03

Part of Minutes of the University of Kentucky Board of Trustees

-7- P. Proposed Amendment to Goveming Reggglations: Faculty Entrepreneurial Leave gAACR 6) The proposal in AACR 6 creates entrepreneurial leave for faculty employees who wish to take time off from their university position to pursue entrepreneurial activities. Because the university encourages faculty employees to engage in entrepreneurial activities and supports the efforts of faculty who wish to commercialize their discoveries, the pursuit of entrepreneurial endeavors is a valid reason for establishing entrepreneurial leave. Establishing this type of leave requires alteration of Governing Regulation Part X, which is presented for first reading. Ms. Brown invited questions and then recommended approval. Her motion was seconded by Mr. Stuckert. The first reading passed without dissent. Dr. Brockman explained that upon passage ofthe second reading ofthis proposal at the next board meeting, it would become final. (See AACR 6 at the end of the Minutes.) Q. Finance Committee Report Mr. Stuckert, chair ofthe Finance Committee, reported on the moming meeting ofthe committee. He made a point to thank Mr. Warren Rosenthal, a long-time supporter ofthe University of Kentucky, for his million-dollar pledge in FCR l, a consent item. R. Proposed 20ll-l2 Tuition and Mandatoy Fees Schedule (FCR 4) Mr. Stuckert thanked Ms. Angie Martin, Vice President of Financial Operations and Treasurer, and Mr. Frank Butler, Executive Vice President for Finance and Administration, for making a trip to northem Kentucky the previous Friday where they explained to eight trustees the background and rationale ofthe changes. There was additional discussion in the mornings Finance Committee meeting. And, using the newly instituted procedure to Petition to Address the Board, Mr. Derek Hall from Flemingsburg, Kentucky and Ms. Amy Oliver from Princeton, Kentucky, two law school students, addressed the Finance Committee about the tuition increases for the College of Law, Law Dean David Brennen also spoke to that point. Mr. Stuckert summarized the proposal for the 20l l-l2 tuition and mandatory fees schedule. At its April 28 meeting, the Council on Postsecondary Education authorized these criteria for research institutions (University of Kentucky and University of Louisville): maximum six percent increase for undergraduate, resident tuition and mandatory fees maintains the current floor for nonresident, undergraduate tuition and mandatory fees of two times the resident undergraduate rate market competitive tuition and mandatory fee rates for graduate and first-professional students. The rates in FCR 4 comply with the CPE criteria. Mr. Stuckert moved approval of FCR 4 and indicated his willingness to answer any questions that the Trustees might have. Mr. Mobley seconded the motion.