Finance Committee Report
                                     February 17, 1970





Members, Board of Trustees:


         ACCEPTANCE OF 'MANAGEMENT LETTER"
         FROM EXTERNAL AUDITORS FOR 1968-69

Recommendation: that the Board of Trustees accept the Management
Letter dated September 2, 1969, from the firm of Peat, Marwick,
Mitchell and Co., Certified Public Accountants, for the fiscal year
ended June 30, 1969.

Background: During the examination of the financial statements of
the University of Kentucky and its affiliated corporations for the year
ended June 30, 1969, Peat, Marwick, Mitchell and Co. made certain
observations and recommendations relating to internal and adminis-
trative controls and fiscal procedures.





The Management Letter from Peat, Marwick, Mitchell and Co. is not
included in the Minutes but is in the official files of the February 17,
1970 meeting.



Action: Approved



_X    Disapproved



Date:    February 17



Othe r



, 1970