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Part of Minutes of the University of Kentucky Board of Trustees

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Minutes of the Regular Quarterly Mee ting of the Board of Trustees of the University of Kentucky f or Friday, April 4, 1982* . The Board of Trustees of the University of Kentucky met in regular quarterly session in the President's office at the Uni- v:ersity on Friday, April 4, 1924, at 11:30 a. m. The following Mlemrbers were present: R. C. Stoll, R. G. Gordon, Frank Mc~ee, I. P. Ing'els, Lewis M. Lebus, R. J. Bassett, J. I. Lyle, J. M. Turrner, MdcHenry Rbads, 1W. H. Grady, and H. M. Froman. Presidert IFran I,. McVey and Wellington Patrick, Secretary of the Board, were-. also present. The minutes of the December meeting of the Board of Trustees and the minutes of the Executive Committee since that time were aLpproved as published. 1. Report of Business Agent. The report of the Business Agent was read and ordered incorporated in the minutes. The re- port was as follows: April 3, 1924 Dr. Frank L. McVey University of Kentucky Lexington, Kentucky Dear Doctor McVey: You may wish to present to the Board of Trustees some of the following suggestions: Financial Reoort. Please present the financial repor t for February. The March report cannot be completed in time for the meeting, O7erdraft. The Business Office estimates the over- draft of combined funds as of June 30, 1924, to be $110,000. This results from the following facts: falling off of rev- enu.e from the Veterans' Bureau; payment of no-es, $9,000 on Smith Hall and 58,000 on Peabody notes; payment of $40,000 on basketb&ll builiing and the further fact that no balance is conteinplated in Ext-ension Division Fulnds. This will make it necessary to borrow money, and I suggest that an order be made, authorizing the borrowing of funds not to exceed $150,000.to meet overdrafts arising this fiscal year. Fqtimates of Receipts and. Bxnend iturns. I submit an estimate of receipts and expenditures i.n Xeneral Lund. This report shows that no further appropriations may be made.