xt72ng4gn218 https://exploreuk.uky.edu/dips/xt72ng4gn218/data/mets.xml Lexington, Kentucky University of Kentucky 20080122 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 2008-01-22. text Minutes of the University of Kentucky Board of Trustees, 2008-01-22. 2008 2011 true xt72ng4gn218 section xt72ng4gn218 

Meeting of the Board of Trustees University of Kentucky 1:00 P.M. January 22, 2008 18 th Floor Patterson Office Tower
Roll Call
Approval of Minutes - (Consent)
Minutes - December 11, 2007
President's Report and Action Items
PR 1       President's Report to the Trustees
Commercialization and Economic Development Report - Len Heller PR 2       Personnel Actions (Consent) PR 3      Appointment of Dean of the College of Design PR 4      Report of Results of Alumni Member Election
Academic Affairs Committee Report
AACR 1    Change in Name of a Degree
Audit Subcommittee Report
Finance Committee Report
FCR 1     Authorization for Disposal of Surplus Property
FCR 2     Approval of Ground Lease to Kentucky Farmhouse Association, Inc. for 454
and 456 Rose Lane, Lexington, Kentucky FCR 3     Capital Projects
FCR 4     Lease/Purchase of Eguipment and Information Technology Items
FCR 5     Authorization to Convey 15 Acres at Southeast Kentucky Community and
Technical College to the Kentucky Community and Technical College
Human Resources Committee Report
HRCR 1   Proposed Revision to Administrative Regulation:  University of Kentucky Retirement Plan
Student Affairs Committee Report


University Health Care Committee Report Other Business
Athletic Association Board of Directors Report - Dermontti Dawson Adjourn


Minutes of the Meeting of the Board of Trustees of the University of Kentucky, Tuesday, January 22, 2008.
The Board of Trustees of the University of Kentucky met at 1:00 p.m. (Lexington time) on Tuesday, January 22, 2008, in the Board Room on the 18th Floor of Patterson Office Tower.
A. Meeting Opened
Ms. Mira Ball, chair, called the meeting to order at 1:00 p.m. and asked Ms. Barbara Jones, Assistant Secretary and General Counsel, to call the roll.
B. Roll Call
The following members of the Board of Trustees answered the call of the roll: Mira Ball (chair), Stephen Branscum, Penelope Brown, Dermontti Dawson, Jeff Dembo, Ann Haney, James Hardymon, Billy Joe Miles, Sandy Bugie Patterson, Phillip Patton, Nick Phelps, Erwin Roberts, Charles R. Sachatello, Frank Shoop, Myra Leigh Tobin, JoEtta Wickliffe, Billy Wilcoxson, Russ Williams, and Ernest Yanarella. Absent from the meeting was Pamela May. Ms. Jones reported that a quorum was present.
The university administration was represented by President Lee T. Todd, Jr., Provost Kumble Subbaswamy, Executive Vice President for Finance and Administration Frank Butler, Executive Vice President for Health Affairs Michael Karpf, and General Counsel Barbara W. Jones.
The university faculty was represented by Chair of the University Senate Council Kaveh Tagavi, and the university staff was represented by Chair of the Staff Senate Kenneth Blair.
Members of the various news media were also in attendance.
C. Consent Items
Ms. Ball called attention to the following consent items on the agenda and asked if there were any questions about the items:
Minutes - December 11, 2007 PR 2 Personnel Actions
Ms. Haney moved that the consent items be approved. Mr. Dawson seconded the motion, and it carried without dissent. (See consent items at the end of the agenda.)


D.      President's Report to the Trustees (PR 1)
President Todd reported that the National Institutes of Health awards, as well as other awards, had increased in the College of Nursing. He applauded Dean Jane Kirschling, College of Nursing, for her efforts in increasing the awards for the college. He noted that the College of Nursing is not only doing well in the size of its program, but it is also doing well in research.
University of Kentucky Advocacy Network (UKAN)
President Todd reported that the university had the UKAN annual luncheon in Frankfort to kick off the legislative session. During the morning, university officials talked to the committees about the university's priorities for the legislative session, and legislators were invited to attend a luncheon. Nick Phelps did a great job of moderating the luncheon. Dean Jane Kirschling talked about doubling the size of the nursing program since that is important to the legislators and the state as a whole. UK student Andrew Lynch, who is from Whitley County, did a tremendous job speaking about undergraduate research and his experience at UK. There were 109 of the 138 legislators in attendance, which was a phenomenal turnout and served the university well. President Todd noted that he also spoke to the legislators.
UK Pharmacy Residency Program Wins Top National Honor for Training UK HealthCare's pharmacy residency program has been awarded a top national honor in the training of pharmacy residents. The program had been ranked 3rd previously; however, it is now ranked 8th due to its current situation with facilities. The new pharmacy building is now underway, and Dean Kenneth Roberts says that it is going to be the largest academic pharmacy building in the world when it is finished. The new facility, along with the other programs in the college, will put the college back up in the ranking.
SEC Names Jacob Tamme Its Scholar-Athlete of the Year
UK football team tight end Jacob Tamme has been named SEC Scholar-Athlete of the Year. This is the second consecutive year a Wildcat has been chosen SEC Scholar-Athlete of the Year, which is quite a commendation to the university's young people. Mr. Tamme had also been selected by the National Football Foundation as one of 15 scholar-athletes. Although he did not win the award, he was chosen to speak on behalf of the 15 athletes at the event in New York City, and approximately 3,000 people were in attendance. He is an outstanding young man and will do well in life.
UK Opera Singers Advance in Metropolitan Opera Regional Auditions President Todd said that it is phenomenal for UK to have regional competitions on campus. Vocalists from UK Opera Theatre sang their way to the top of district auditions for the Metropolitan Opera in November. There were several UK students highlighted in the competition, and First Lady Patsy Todd attended the event.


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UK Jazz Ensemble Is Selected for 2007 Midwest Clinic Concert The UK Jazz Ensemble traveled to Chicago to perform at the 2007 Midwest Clinic 61st Annual Conference. The School of Music Jazz Ensemble continues to do well under the leadership of Miles Osland. They were one of only seven jazz ensembles of any level selected from worldwide applicants to perform recently at the international band and orchestra conference.
President Todd encouraged the Board to read the other interesting items in PR 1.
Commercialization and Economic Development Report
President Todd introduced Dr. Len Heller, vice president for commercialization and economic development, and expressed pleasure in having him at the university. He noted that Dr. Heller was with the university previously. He was also with the secretary of health and human resources under Governor Brereton Jones. He took a real leadership role in setting up the Bluegrass Angle Network and the Bluegrass Angel Venture Fund. He became an investor and then provided leadership to others. He said that Dr. Heller was a great choice for the vice president of commercialization and economic development position and asked him to give his report.
Dr. Heller said the purpose of his presentation is to give the Board some highlights to get acquainted with commercialization and economic development accomplishments the past year. The Office of Commercialization and Economic Development was created by the Board of Trustees in October 2005. The joint goal was to move research into the marketplace and drive statewide economic development. He explained that the intellectual properties disclosures start with this office. They move it into incubators, find investments, create businesses, and create jobs.
Dr. Heller said that his major philosophy to be competitive against Massachusetts Institute of Technology, Stanford University, or any other university is to realize that everyone is working in the same intellectual properly domains. The way to be successful is to get there with UK's Intellectual Property faster than others. The university's goal is to get good business transactions signed as fast as possible.
Dr. Heller provided the following update on royalties and licenses for the 2007 fiscal year:
24 new licenses and options, including 11 to UK startups 109 active licenses $1,385,780 in royalties
He noted that his goal is to increase these numbers substantially.
Dr. Heller talked about a new state match program that helps UK faculty with commercialize innovations. The faculty now can write SBIR or STTR grants which go to the major federal agencies, like NIH and the National Science Foundation. During the


first year of the new program, 14 faculty members received awards with SBIR or STTR grants.
He explained that a Phase One awards are worth $100,000, and the state match is $100,000. Phase Two awards are up to $500,000 each year, and the state's match is $500,000. Several faculty received these awards. He noted that the university has done very well with faculty start-up companies getting these types of awards. Several companies have decided to locate in Kentucky to take advantage of the state matching program.
Dr. Heller showed a slide highlighting press releases about LevTech and Allylix and talked about each business. He reported that LevTech was sold January 11 for $27 million to ATMI, which is a $400 million company. This is a good example of the university's intellectual property starting a business and then selling it to a larger corporation.
Allylix is a company that started at Coldstream and is now in its third round of venture capital. It just raised $3.7 million. The interesting thing about this company is it involves national venture funds including the Tech Coast Angels in California, and the company that manufactures Splenda.
Dr. Heller talked about the university's business development activities. He reported that there are 55 early stage companies in the Bluegrass region. It is important to note that 32 of the companies have UK research behind them. Nearly 40 percent of these companies are high tech or biotech and healthcare. From 2005 to 2007 the number of people hired at these companies has increased to 402 people with 162 people hired this year. This is about 35 percent a year in creating new jobs with new early stage companies in Lexington. The average full time salaries were $60,000.
Dr. Heller called attention to the university's statewide mission and talked about their work throughout the state. He specifically mentioned a company in Falmouth, Kentucky that has 40 employees. It is anticipated that the number of employees for that company will increase to 500 employees. He also mentioned a company in Middlesboro, Kentucky that has 15 employees. Not only does UK promote companies, it also tries to preserve jobs and keep companies alive and viable.
Dr. Heller pointed out that UK is training individuals how to be strong business people in the community. This year 893 veterans, 917 minorities, 86 Hispanics, and 3,077 women have participated in the training sessions.
Dr. Heller pointed out that state funding plays a critical role in seed funding and helps leverage private investments. He displayed a slide showing the impact on 55 early stage companies in the Bluegrass Region. He said that the 2007 source of funds amounts to $64 million and noted that $3 million is in state dollars, $4 million is federal money, but the remainder is strategic partners and private equity.


Dr. Heller reported that the university started the Bluegrass Angels in 2004. That is 50 business people in the community who want to invest in startups and other businesses in the Bluegrass Region, in Louisville, and throughout the state. This is the only organized angel group in Kentucky to date. The Angels also created a side car venture fund so when individual Bluegrass Angels invest in a company the venture fund joins in the investment. This venture fund has UK dollars, state dollars, and private dollars in it. The Bluegrass Angels have networked with five angel groups in the surrounding states. The investment terms are agreed upon, and the angels can move very fast in the decision-making process.
Dr. Heller referred back to the Allylix business because it is a very important story. His slide demonstrated that Bluegrass Angels investment occurs at early stages and is replaced by venture capital as the companies require larger investment. Companies begin with state incentive dollars and angel investors, and then moves into the equity market.
Kentucky Technology Inc. (KTI) is the for-profit company of UKRF. KTI has three major missions. If there is a need to convert an academic program to a new business, KTI can manage the process. The most recent example is Coldstream Laboratories that was taken out of the College of Pharmacy as an academic unit and created as a for-profit business. KTI also invests in real estate development that supports UK's mission, primarily those investments on the Coldstream Research Campus. KTI also invests in UK businesses.
There are two campus incubators for faculty startups. They are the Advanced Science & Technology Commercialization Center (ASTeCC) and the Agriculture Technologies Commercialization Center (AgTeCC). ASTeCC has 12 startups with seven startups on the waiting list. There are 24 faculty research groups located in the incubators. Thirty three (33) companies have "graduated." The goal is to graduate companies within a three-year period so they can locate in the business community or Coldstream. AgTeCC has 3 plant biotech-related companies and is housed in the Kentucky Tobacco Research and Development Center.
Dr. Heller concluded his presentation by talking about the university's Coldstream Research Campus. He said that Coldstream is a wonderful resource and is a diamond in the rough. We are creating a new vision for Coldstream that will transform it from an industrial park design to a high tech city.
He gave several illustrations explaining the size of the Coldstream Research Campus and said there should be 20 high technology buildings built within the next 20 years. Currently, there are 770 jobs and 47 companies at Coldstream. It has 600,000 square feet developed and occupied and another 332,000 square feet under construction. There is also 45,000 square feet under contract. He noted that the city is moving its Emergency Operations Center to Coldstream in spring 2008.


President Todd asked if there were any questions. He said that it is interesting to look at the state investment going down while private investment is going up because that is how you build an economy as well as increase the number of jobs. He thanked Dr. Heller for his presentation and said he appreciated the manner in which Dr. Heller is developing Coldstream.
Before continuing with PR 3, President Todd mentioned that the UK cheerleaders won the 16th national championship and would be recognized at the basketball game that evening.
E. Appointment of Dean of the College of Design (PR 3)
President Todd said that PR 3 is the appointment of the dean of the College of Design. He asked Provost Subbaswamy to speak about the recommendation.
Provost Subbaswamy said that he was proud to ask for approval of the appointment of Dr. Michael Speaks as dean of the College of Design, effective February 1, 2008. He reminded the Board of the wonderful job that Dean David Mohney did with the College of Architecture first and then with the merger and inevitable transitions of interior design and historic preservation to form the College of Design. After 13 years of serving as dean, Dean Mohney wanted to return to his professional and scholarly interests, which he had put on the back burner for such a long time.
A national search was conducted for the well known, promising College of Design. There was a lot of interest, and Dr. Michael Speaks was the top choice. He is a very well known young critic and commentator on contemporary design concept theories and practices, and he has a nationally and internationally network. He will bring a lot of energy and new focus into contemporary design concepts and the future of design to the students and the community. Unfortunately, he could not attend this meeting; however, he will attend the March Board meeting.
On motion made by Mr. Branscum, seconded by Dr. Yanarella and carried, PR 3 was approved. (See PR 3 at the end of the Minutes.)
F. Report on Results of Alumni Member Election (PR 4)
President Todd reported that Myra Leigh Tobin's term as an alumna member will expire June 30, 2008, and an election among the graduates of the University of Kentucky had been held. The leading vote receiver is Thomas Taylor Hammond. John Cain came in second, and Jo Hern Curris came in third. The recommendation is that the Secretary of the Board be authorized to certify to Governor Steve Beshear the names of the three persons receiving the largest number of votes. Governor Beshear will make an appointment from the three names submitted.
Mr. Dawson moved approval of PR 4. Ms. Wickliffe seconded the motion, and it carried without dissent. (See PR 4 at the end of the Minutes.)


G. Update on Vice President for Institutional Diversity Search
President Todd reported that there are two finalists for the position of vice president for institutional diversity on campus, and they are extremely pleased with the two candidates that visited campus. He and Provost Subbaswamy will proceed to close that position in the very near future.
H. Budget Comments
President Todd said that everyone was anxiously awaiting the Governor's budget address next week. He said that he had several people on his staff working on white papers regarding some things that have been done on campus to reduce health care cost for retirees and thoughts that Bob Lawson, Barbara Jones, and others have on corrections cost. He said that he would like to position the university with the Governor and the legislature as a source of solutions rather than a source of cash in solving some of the budget problems. He does not doubt that there are issues. It is a very good time for the state to look at some of the places where money is spent. It is a shame that the state has to throw money down holes that have existed for a long time. Corrections, health care, and other systems need to be fixed so that money can be used to apply toward education which, in his opinion, is the true solution to Kentucky's problem.
President Todd reported that the university's budget has already been cut $10 million or 3 percent. It was necessary to cover $5 million of the budget cut out of reserves to try to reduce the effect on the colleges. The provost is working with the deans and vice presidents to allocate the remainder of the $5 million cut. As in past situations with budget cuts, less of the cut will be proportioned toward the academic side in order to try to reduce the problem with the colleges because they are doing so well and have such momentum now.
President Todd said that the first section of his white papers binder will have 13 national articles that have been written about the University of Kentucky. These articles have been in The Chronicle of Higher Education, New York Times, The Atlanta Constitution, The Capital Times (Madison Wisconsin), and others about the momentum at the University of Kentucky. This momentum brings candidates such as Michael Speaks to campus as well as diversity candidates to the campus.
Provost Subbaswamy has put together a book of the university's first-year faculty. Because of the funding UK received in the last budget session, 60 new positions were created, and there were approximately 200 new hires in total. Many were from the benchmark institutions, and many were from private universities that are in the top 10 to top 20 positions. This will be highlighted in the white papers to try to continue to impress on the governor and the legislature that in times like this the state needs a Top 20 university. If Kentucky had a Top 20 university now, it would not have some of the economic problems in revenue generation. In this difficult budget time, the university needs to be a potential solution to some of the issues.


The university has a lot of recruits in progress, and many of them are on the bubble. They send their resumes because they hear that UK is on the move, and then they hear of a potential $50 million budget cut in the base allocation. Some of the university's people get nervous about even asking others to come to campus until the budget issue is resolved. Creating the impression that the university was only funded for one year of the business plan creates fear that the university will not recover from this for a long time because it cannot hire the people that are interested right now. Hopefully, the Governor and legislature will deal with the issue speedily.
The university's first priority for this session is operating dollars because that is what pays the salaries, hires the people, and does the things that need to be done to keep the fundamental operations on the move.
The second priority is construction because, as Mr. Hardymon has pointed out, that will be the long-term hindrance for the institution. Currently, the university has "Bucks for Brains" positions that cannot be filled because there is no research space for recruits to occupy. You cannot hire people without a startup package or without facilities.
The university needs the new Carol Martin Gatton building and another research building. A new research building will generate $54 million per year when it is built. The BBSRB building was constructed a few years ago, and it is generating approximately $23 million now. A research building is one of the best economic development moves the state can make.
The third priority for the university is "Bucks for Brains." It is a fascinating program that has served the university very well. Ideally, if you want to build research institutions and you have plenty of money, you should have a parallel track where you have funds such as "Bucks for Brains" available to bring in faculty. In parallel to that, you are making a commitment to space. In a state where you have to make choices, you have to have an alternating scheme. With the billion dollar campaign and the number of endowed positions created, the university has to have more space. If the "Bucks for Brains" program comes back and the state puts some money into it, the university needs some flexibility to use some of that money for capital. UK has requested funds for two buildings in this session.
President Todd concluded his budget remarks by stating that it is a challenging time. It happens every two years. The university received tremendous support during the last session, and it has a lot of positive support now. He said that he and his staff are talking to many legislators, and he will keep the Board informed.


I.       Change in Name of a Degree (AACR 1)
Ms. Tobin, chair of the Academic Affairs Committee, said that AACR 1 recommends that the Board approve a change in the name of the Bachelor of Science in Family and Consumer Science to Bachelor of Science in Family Science, effective in the spring 2008 semester.
The proposed change eliminates the ongoing confusion between whether students are majoring in FCS education or FCS (non-teaching option). The proposed title reflects the home department's name, the faculty expertise, and the research and teaching mission of the department. It has the approval of the Undergraduate Council, Senate Council, and University Senate. Provost Subbaswamy supports this recommendation.
Ms. Tobin moved approval of AACR 1. Her motion was seconded by Dr. Yanarella and carried without dissent. (See AACR 1 at the end of the Minutes.)
Ms. Tobin reported that Dean Scott Smith, College of Agriculture, and Ann Vail, director of Human Environmental Sciences, met with the committee and gave an informational update on the goals that they have set in the next five-year plan. The committee members were very pleased to have them at the meeting.
J.       Audit Subcommittee Report
Ms. Wickliffe, chair of the Audit Subcommittee, reported that the Audit Subcommittee met in closed session to interview the finalist in the External Auditor Request for Proposal (RFP) process. Following the closed session, the Audit Subcommittee met and voted on a recommendation to the Purchasing Division to enter into contract negotiations with the selected firm. Because their commendation is preliminary, and the contract negotiations have not been concluded, the committee cannot disclose the name of the firm at the present time.
K.      Finance Committee Report
Mr. Branscum, chair of the Finance Committee, reported that the Finance Committee met that morning and had nearly full participation from the entire Board. There were two reports and five action items on the agenda.
Executive Vice President for Finance and Administration Frank Butler presented the first report on the recent meeting of the University Debt Committee. The committee reviewed the status of the debt capacity of the institution and the proposed lease/purchase acquisitions that will be presented in FCR 4. The university is in a good financial position and has sufficient debt capacity for the foreseeable future.
Treasurer Marc Mathews presented the second report on the draft consolidated financial statement as of December 31, 2007. The financial operations are on target. For


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the first six months, revenues and appropriated fund balances have exceeded expenditures to date by $176.2 million. The final audited financial statements will be presented at the Board meeting in March for approval.
L.      Authorization for Disposal of Surplus Property (FCR 1)
Mr. Branscum said that FCR 1 is the Authorization for Disposal of Surplus Property. The recommendation is that the Board authorize the disposal of surplus property consisting of the floor from the 1996 NCAA men's basketball national championship. The method of disposal will be from sealed bids to be received in February 2008. The sale will be made to the highest bidder and could exceed $10,000. On behalf of the Finance Committee, he recommended that FCR 1 be approved. Mr. Dawson seconded his motion, and it carried without dissent. (See FCR 1 at the end of the Minutes.)
M.     Approval of Ground Lease to Kentucky Farmhouse Association, Inc. for 454 and 456 Rose Lane, Lexington, Kentucky (FCR 2)
Mr. Branscum said that FCR 2 recommends that the Board of Trustees authorize the executive vice president for finance and administration to negotiate and execute a ground lease between the University of Kentucky and Kentucky FarmHouse Association, Inc., for 454 and 456 Rose Lane, Lexington, Kentucky. The term of the lease is expected to be 99 years.
The Vi acre properly is located within the Greek Park area north of the W. T. Young Library. The Farmhouse Fraternity proposes to construct a new 20,000 sq. ft. fraternity house on this site. This use and construction is consistent with the 2002 Physical Development Plan. Any building constructed on the properly must be approved by the university's Design and Review Committee and comply with all applicable zoning, licensing, permitting, and certifications required by any Governmental Authority having jurisdiction over the construction or property. On behalf of the Finance Committee, he recommended approval of FCR 2. His motion, seconded by Mr. Phelps, carried without dissent. (See FCR 2 at the end of the Minutes.)
N.      Capital Projects (FCR 3)
Mr. Branscum said that FCR 3 recommends that the Board approve the initiation of two capital projects which will be funded by the UK HealthCare Enterprise. Both projects have been authorized by the 2006 Kentucky General Assembly.
The Renovate Outpatient Clinic project involves 13,300 square feet on the first floor of the main campus Kentucky Clinic and will create outpatient space for the Neurology, Neurosurgery, and Physical Medicine and Rehabilitation clinics. This project is expected to cost $2.93 million.


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The Expand Ophthalmology Clinic project will renovate and expand the Ophthalmology Clinic to approximately 12,500 square feet. The clinic is located in the main campus Kentucky Clinic. The project will provide upgraded and additional space to improve efficiency and customer service. This project is expected to cost $3.1 million.
On behalf of the Finance Committee, he recommended approval of FCR 3. Ms. Wickliffe seconded the motion, and it carried without dissent. (See FCR 3 at the end of the Minutes.)
O.      Lease/Purchase of Equipment and Information Technology Items (FCR 4)
Mr. Branscum said that FCR 4 recommends that the Board approve the acquisition of seven major equipment and information technology items totaling $26.88 million using a lease/purchase method of procurement. The University Debt Committee has reviewed these acquisitions and determined that they are consistent with the Debt Policy. The items include:
1. UK HealthCare Enterprise Equipment Lease Pool - $10 million
2. Markey Cancer Center Facility Equipment - $8 million
3. Picture, Archiving, and Collection System (PACS) - $7 million
4. Cone Beam CT - $250,000
5. Dental Vacuum System - $880,000
6. Disk Storage-$350,000
7. IBM P-Series Server - $400,000
Items 1 through 5 are for UK HealthCare, and a description of each item was provided in the Board packet. On behalf of the Finance Committee, he recommended approval of FCR 4. Mr. Shoop seconded his motion, and it carried without dissent. (See FCR 4 at the end of the Minutes.)
P.      Authorization to Convey 15 Acres at Southeast Kentucky Community and Technical College to the Kentucky Community and Technical College System (FCR 5)
Mr. Branscum said that FCR 5 recommends that the Board authorize the executive vice president for finance and administration to convey 15 acres of unimproved university property at the rear of the Southeast Kentucky Community and Technical College (SKCTC) Cumberland Campus in Harlan County to the Kentucky Community and Technical College System (KCTCS) for the development of a Scholar House program.
The Scholar House program is a grant program of the Kentucky Housing Corporation intended to provide transitional housing for single parents with young children who wish to further their education. SKCTC President Bruce Ayers, the SKCTC Board of Directors, and KCTCS President Michael McCall support the program and request this properly donation. This property is now surplus to the needs of the university, and this proposed conveyance is in the best interest of the Commonwealth.


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On behalf of the Finance Committee, he recommended approval of FCR 5. Mr. Dawson seconded his motion, and it carried without dissent. (See FCR 5 at the end of the Minutes.)
Q.      Proposed Revision to Administrative Regulation: University of Kentucky Retirement Plan (HRCR 1)
Judge Patton, chair of the Human Resources Committee, said that HRCR 1 deals with the retirement plan. It was considered at the December 11 Human Resources Committee meeting and adopted by the Board later that same day. However, it was realized that the version that was contained in our agenda book was not the same version that was passed by the committee or explained at the Board meeting. Therefore, it needs to be addressed again to correct that deficiency.
HRCR 1 provides for a transition to online enrollment, offers greater flexibility and designation of executive officers, permits hardship withdrawals, addresses excess contributions consistent with IRS regulations, and designates the executive vice president for finance and administration to execute plan documents. On behalf of the Human Resources Committee, he moved the adoption of HRCR 1. Mr. Williams seconded his motion, and it carried without dissent. (See HRCR 1 at the end of the Minutes.)
R.      Student Affairs Committee Report
Ms. Haney, chair of the Student Affairs Committee, reported that the Student Affairs