xt76ww76td08 https://exploreuk.uky.edu/dips/xt76ww76td08/data/mets.xml Lexington, Kentucky University of Kentucky 19350116 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, 1935-01-jan16-ec. text Minutes of the University of Kentucky Board of Trustees, 1935-01-jan16-ec. 1935 2011 true xt76ww76td08 section xt76ww76td08
Minutes of the Meeting of the Executive Committee of the
Board of Trustees of the University of Kentucky, January 16,
1935.
The Executive Committee of the Board of Trustees of the Uni-
ve-csity of Kentucky met in President MloVey's office at the Uni-
versity January 16, 1935, at 10130 a.m. The members of the
Committee present were Judge R. C. Stoll, chairman; Miller Hol-
land and J. B. Andrews. President Frank L. McVey and Secretary
D. H. Peak were also present.
1. Minutes Approved.
The Minutes of the meeting of the Executive Committee of
October 23, 1934, were approved as published.
2. Financial Repor.
The financial report for 5ecember was filed and ordered to
be recorded in the Minutes, It reads as follows:
EXHIBIT "Bit
Statement of Income and Expenditures
Month of December 1934
Previously
Reported
General Fund Income
Federal Appropriation 14,250.00
Int. on Endowment Bonds 2,162.50
Int. on Liberty Loan
Bonds 850.00
Vocational Ed. Bd. 7,892.97
State Appro,-Back Sal-
paries 71,100,00
State Appro, - Repairs
to Bidgs, 276,42
State Appro,-Sum.Sch, 9,000,00
Special Agr. Appro. 12,371,72
State Appro.-General 258,152,68
Student Fees 100,015,25
Student Fees - Sum.Sch,40,105.99
Student Fees - U.H.S, 4,370,00
Student Fees - ElTr.
School 3,489,00
Student Fees - Un.Ext, 9,497.52
Misc. Receipts 2,996,67
Rentals 1,339.60
Men's Dormitories 8,082.85
Total 545,953.17
Current
Month
Fiscal
Year
To Date
7,125,00 21,375.00
2,162.50
850*00
2,170.81 10,063.78
71,100.00
175.00
74,183.90
1,628.61
20.00
120.00
1,893 17
2,600.99
236,00
282.00
90.435.48
451,42
9,00000
12,371,72
332,336,58
101,643.86
40,125* 99
4,490,00
3,489,00
11,390.69
5,597,66
1,575,60
636,388.65
2.
Expenditures
Instruction
Aidm. Exp. and Maint.
Additions and Better.
Total
Excess of Income over
Expenditures
Patterson Hall Income
Boa-rd
Misc. ReceiDts
Room Rent - Sum.Sch.
Total
288,900.84
116,686.07
5.26.i33
70,997.43
20,615.30
1.852.71
359,898,27
137,301.37
7,119.04
410,853.24 93,465.44 504,318.68
135,099.93 (3,029.96) 132,069.97
21,602.01 476.88 22,078,89
65.00 71.25 136.25
1,326.00 1,326.00
22,993.01 548.13 23,541.14
Expenditures
Expense
Additions and Better.
Total
Excess of Income over
Exoenditures
General Fund Income
General Fund Expend.
Excess of General Fund
Income over Ex-oendi-
tur es
7,731.63
25.50
7,757.13
15,235.88
568,946.18
418,610.37
150,335.81
Accounts Payable - lioui-
dated (71,100.00)
Excess of Expenditures
over Receipts for
General Ledger accounts(35,506.63)
Excess of Receints over
Expend. for the fiscal
year to date - Gener1.
Fund 43,729.18
Excess of Recei-ts over
Exp-ond. for the fiscal
year to date - General
Fund
Cash in Bank July 1, 1934
- General Fund
Cash in Bank December 31,
1934 - General Fund
6,096.53
13,828.16
25.50
6,096.53 13,853.66
(5,548.40) 9,687.48
90,983.61 659,929.79
99,561.97 518,172.34
(8,578.36) 141,757.45
(71,100.00)
(6,692.16) (42,198.79)
(15,270.52)
28,458.66
28,458.66
(4.289.95)
24,168.71
Exneriment Station Income
Hatch - Federal Appro.
Milk and Butter - Cash Rec.
Beef Cattle Sales
Dairy Cattle Sales
Sheep Sales
Swine Sales
Poultry Sales
Farm Produce Sales
Horticultural Sales
Seed Test
Seed Inspection
Rentals
Miscellaneous
Fertilizer - Fees
Public Service - State Ap.
Public Service - Misc,Rec.
Feeding Stuffs - Fees
Adams - Federal Apopro,
Serum - Sales
Serum - Virus Sales
Serum - Supply Sales
Serum - Misc. Rec.
State Appro.
Creamery - License Fees
Creamery - Testers' Lic.
Creamery - Glassware Test.
Robinson - State A-pro,
Robinson - Misc. Rec,
West Ky. - State Appro,
West Ky. - Misc. Reck
Purnell - Fed. Apnro.
Nursery Inspection - State
Aporo.
Nursery Inspection - Fees
Blood Test
Total
7,500.00
,001.72
239.89
357.75
61.11
230.67
564.75
315.41
263, 35
876.90
3,266.05
2,722,35
889.11
7,290.01
6,804t80
5,00
12t196.25
7,500.00
320.24
31.00
48,80
8,75
24,590,70
6,238.55
1,928.02
327.75
4,567.51
1,751.91
6,314.88
3,646.79
30, 000e00
600,00
1,147,42
20.75
136.628.19
7,500.00
813,72 4,815,44
65.00 304,89
15.31 373,06
130.00 191,11
23.00 253.67
130,48 695,23
311,44 626.85
46.00 309,35
95,42 972,32
33.49 3,299,54
94.67 2,817,02
24,50 913,61
(1,527.76) 5,762,25
3,393,61 10,198,41
5.00 10,00
2,285,06 14,481,31
7,500.00
55.93 376.17
4*65 35.65
11,75 60,55
18.50 27,25
403.25 24,993.95
10.50 6,249.05
58.00 1,986.02
61.70 389.45
1,242.61 5,810,12
204,21 1,956,12
684.54 6,999.42
198.37 3,845.16
30,000.00
150.00 750,00
130.00 1,277,42
20.75
9.172.95 145,801.14
Expenditures
Expense 111,528,07
Additions and Better. 4,973.70
T tal 116,501,77
Excess of Income over Ex-
penditures 20,126.42
Excess of Expenditures over
Receipts for General
Ledger accounts (20,502,54)
Excess of Expenditures over
Receipts (376.12)
Excess of Expenditures over
Receipts for the fiscal
year to date - Experiment
Station
Cash in Bank July 1, 1934 -
Ex eriment station
Cash in Bank December 31, 1934 -
Experiment Station
24,109,87
196.49
24,306.36
135,637,94
5,170.19
140.808.13
(15,133.41) 4,993.01
7,508,16 (12,994,38)
(7,625.25) (8,001.37)
(8,001.37)
13,586.85
5,585.48
Extension Division Iiicome
Federal Smith-Lever
Federal Add. Co-op.
Federal Supplementary
Federal Capper-Ketcham
State Smith-Lever
County and Other
Total
Expenditures
Expense
Excess of Income over
Expenditures
74,154a38
15, 500 00
26,545.52
18,400.49
61,830.60
_ 1,589.35
1,069,34
340.39
74,154,38
15,500,00
26,545,52
18,400,49
62,899,94
1.929.74
198,020.34 1,409.73 199,430.07
159,404.71 33,472.37 192,877.08
38,615.63 (52,062.64) 6,552.99
_... _. _. . 6 4 ). _ 5
Excess of Income over Hx-
elenditures for the fiscal
year to date - Extension
Division
Cash in Bank July 1, 1934 -
Extension Division
Cash in Bank December 31, 1934 -
Extension Division
Trust Fund Income
Student Loan Fund
Student Notes Paid
Total Receipts
568,45
1,426.65
1,995.10
6,552.99
(585.04)
5,967.95
232.28
417.83
650.11
800,73
1,844.48
2,645.21
Expenditures
Expense 4,162.22
Student Notes 1.5.00
Total ExDenditures 4,177.22
Excess of Exoenditures over
Receints (2,182.12)
Excess of Expenditures over
ReceiDts for the fiscal
year to date - Trust Fund
Cash in Bank July 1, 1934 -
Trust Fund
Cash in Bank Decemfber 31, 19341
- Trust Fund
4,162,22
15.00
4,177.22
650.11 (1,532.01)
(1,532,01)
3,823,72
2,291,71
Summary
General Fund Income
Experiment Sta. Inc.
Extension Div. Inc.
Trust Fund Income
Total
568, 946.18
136,628.19
198,020.34
568.45
90415.,16
90,983.61
9,172.95
1,409 73
232.28
101,798.57
659,929,79
145, 801, 14
199,430,07
800.73
1.005.961.73
4i.
5.
General Fund Expenditures
Expoeriment Sta. Expend.
Extension Div. Expend,
Trust Fund Expend.
Total
Excess of Income over Ex-oend-
itures
4_-8,610.37
116,501,77
159,404,71
4,162.22
698,679.07
205,484.09
99, 561, 97
24,306.36
33, 472,37
157.340.70
(55,542.13)
518,172,34
140,808,13
192,877 08
4,162.22
856X019.77
149,941.96
Accounts Payable - liqui-
dated
Excess of Extend. over Rec.
for General Ledger ac-
counts
(71,100.00)
(56,009.17)
(71,100.00)
816,00 (55,193.17)
Student Loan Fund - Notes
1,411 .65
Excess of Receipts over Ela-
penditures for the fiscal
year to date - Combined Fund 79,796i57
Excess of Receipts over EXAM
penditures for the fiscal
year to date - Combined Fund
Cash in Bank and on hand July
1, 1934 Combined Fund
Cash in Bank and on hand December
31, 1934 - Combined Fund
Abstract of item shown on State-
ment of Income and Expenditures
as "Excess of Expenditures over
Receipts for General Ledger ac-
counts $55,193.17"
Debit
Accounts Receivable
Insurance Paid in ad-
vance
Sundry accounts
417.83 1,829&48
(54, 308,30) 25,478,27
25,478,27
14,535e58
40,013.85
Credit
49,906.53
1,016.53
4,:270.11
55,193.17
6.
3. Estimate of Income and Expenditures.
An estimate of income and expenditures for the year ending
June 30, 1935, compiled by L. H. McCain, accountant, was present-
ed. The estimate shows that the University must receive the to-
tal of State appropriations and must keep expenditures within the
unexpended balances of departmental budgets, In order that the
budget may be balanced for the fiscal year.
4. Allotments - State Board of Finance.
The Business Agent presented the statements of condition of
University accounts as of December 31, 1934, made by State Budget
Officer, Nat B. Sewell. He also presented statement by Sam S.
English, Executive Secretary of State Board of Finance of Allot-
ments to the University of Kentucky for the period from January
1, 1935, to March 31, 1935.
Statement of IM. English is copied as follows:
At a meeting of the Board of Finance and Budgetary Control
held.January 8th, 1935, the Board made allotments for the
first three months of the last half of the ensuing fiscal
year. Your allotment was for the amount of the follow-
ing:
Allotment Balance from
last semester
College Division $ 164,500.00 1,435.18
College of Agriculture 6,250.00 378.28
Experiment Sta,,Lexington 12,500.00 6.05
Experiment Sta.,Quicksand 3,000.00 1,826.65
Experiment Sta.,Princeton 3,500.00 233,61
Experiment Station,Analysis 5,000.00 199,19
Nursery Inspection 250.00 422.58
Agricultural Extension 27,000.00 100,06
We wish to call to your attention the fact that the allot-
ments were made for a three months period of time, with the
view of keeping all departments within their budget. We
must impress on the heads of the departments that it is im-
perative that they should curtail all expenses possible;
as it is absolutely essential that all live within their
budget appropriations.
If your department shows a balance to your credit, as of
December 31st, 1934, that amount is automatically added to
the three months allotment."
7.
The total of allotments and balances for the period ending
March 31, 1935, is shovwn by the following table:
Allotments to the University of Kentucky
3.934-1935
Appropriation
Allotment for
First Six
Months
Allotment D
March 31st
College Division
679,000.00
339,500.00
164,500.00
College of Agri-
culture
Summer School
Repairs
Experiment Station
Experiment Station
Analysis
Princeton Sub-Sta-
tion
Quicksand Sub-Sta-
tion
25,500.00
9,000.00
9,000,00
50, 000 00
22,000.00
15,000.00
15,000.00
Agricultural Extension
Division 126,000.00
Nursery Inspection
2,500.00
Unpaid Salaries
71,100.00
1,024,100.10
71,100.00
556,600.00
222,000.00
5. Gross Receipts Tax.
The Business Agent made the
law as app)lied to the University:
following report on sales tax
Under a recent decision of the Court of A'neals 4f
Kentucky, it seemas that the University is req'uired to col-
lect sales tax in certain instances. The University has
the following sources of income in addition to direct state
and federal appropriations
Fund
12,750,00
6,250.00
9,000,00
9,000.00
25,000.00
11,000.00
7,500.00
7,500.00
63,000.00
1,250.00
12,500.00
5,000.00
3,500.00
3,000.00
27,000.00
250.00
S.
College:
Student fees
Rents
Interest on bonds, etc.
Iiscellaneous income
Miscellaneous sales
Meat sales
Cafeteria sales
Room rent Men's Dormitories
Room rent and board Girlsi Halls
Experiment Station !
Sales - milk, etca
Sales - live stock
Sales - farm produce
Sales - serum, virus, etc.
Fres under state laws
Test and inspection charges under state laws
Rents
Miscellaneous income
Miscellaneous sales
I consulted Attorney General Wootton, and he said he
had given an opinion that the schools were not required
to collect the tax, hovover, that, under the decision re-
ferred to above, in certain instances the ta;x should be
passed to the consumer and collected b,,- the schools. He
mentioned specifically the cafeterias. He also mentioned
admission to athletic events, etc. He said that he will
five a Rwritten opinion on request.
The following is quoted from Chapter twxenty-five, Acts
of 1934, Section 2. "The term, 'Sales at retail , is here-
by defined for the purposes of this act as sales of tangi-
ble personal property not intended for resale. The term,
showever, does not include casual sales by a person not
regularly engaged in makings sales; seles by farmers of com-
modities which they or their tenants or employees have pro-
duced on their farms,.
Section 5, Every charitable and educational institution
in the State of Kentucky and institutions thereof wehen
engaced in activities .iade taxable by this act shall be
completely exempt from its -o)rovisions."
In determining liability under and putting into appli-
cation the law, I call attention to the following:
1, Shall the Attorney LGeneral be asked for an opinion?
2, Is payment of tax retroactive; th;at is, shall we
pay tax on collections l-a-ce Drevious to the decision?
9.
3. The facts so far as known have been passed on to
Mr. Soles of the Athletic Council and to Mr. Fowler of
the Guignol Theatre.
4. The cafeterias are now charging the sales tax. It
is necessary, however, to make application to the Tax Com-
mission and to make report thereon. Shall one or more ap-
plications be made? Shall the Business Office make reports?
5. It seems that no other college collecti ns are
subject to the tax, unless it be sales of meats; that is,
sales of meats of animals butchered for class instruction.
6. I am of the opinion that room rent in Men's Dormi-
tories and room and board collections in Girls' Halls are
not subject to the tax. In support of this, I quote the
following: "The term, 'places of amusement and ror enter-
tainment , is hereby defined for purposes of this act as
including hotels and restaurants (as defined in Carrollts
Kentucky Statutes, 1930 Edition, Section 2059), theatres,
dance halls, ball parks, and other athletic exhibits or con-
tests, etc."
Carroll's Statutes referred to above says, Section 2059:
"Hotels and Restaurants Defined - Every building or structure
kept, used as, maintained or advertised as, or held out to
the public to be a place where sleeping accommodations are
furnished to the public whether with or without meals, shall
for the purpose of this act be deemed a hotel.
"Every building or structure, and all buildings in con-
nection, kept,used or maintained as, or advertised as, or
held out to the public to be a place there meals and lunches
are served without sleeping accommodations, shall for the
purposes of this act be deemed as a restaurant and the per-
son and persons in charge thereof, whether as owner, lessee,
manager or agent, for the purpose of this act shall be
deemed the proprietor of such restaurant and whenever the
vord 'restaurane shall occur in this act it shall be con-
strued to mean such structure as herein described."
7. It seems that no Experiment Station collections are
subject unless it be sales of serum, virus, etc., this being
bought and resold, I have submitted the question to Dean
Cooper.
After considering the above report, it weas the opinion of the
members of the Committee that the liability of the University for
collection and report of sales tax applies only (if at all) to
Cafeteria sales and admittance fees to gamies, entertainments, etc.
The Business Agent was authorized to make further inquiries in
regard thereto and to set uD collection of tax according to the
ruling of the State Tax ComlVission.
10.
6. Investments.
The Business Agent made the following report:
I have not been able to invest in state warrants the
prodeeds of sale of Liberty Bonds, the Brent fund on hand
and Student Loan fund on hand for the reason that since
the December meeting of the Board of Trustees, I have
received no state warrants from Frankfort and it now
seems likely that state warrants will not be issued for
January payments. I know o no other satisfactory in-
vestment for these funds. If the Committee desires that
other investment be made, I shall appreciate directions
and information in regard thereto,
Liberty bonds have not been sold. I consulted isrn'.
Courtney of the First National Bank and Trust Company and
he advised leaving the bonds until the warrants could be
secured. He says that the bonds will sell at any time
at a premium and that perhaps the amount of premium will
increase rather than diminish. However, as the time for
turning the bonds in is approaching, should the sale be
made and funds held for investment?
He was authorized to Lake further investigation of suitable
investments and the question of sale of Liberty Bonds. If it is
found desirable to act either on investment of funds.or sale of
Liberty Bonds, he is directed to confer with President McVey and
the Chairman of the Executive Committee, R. C. Stoll.
7. Burglary, Hold-up Insurance, and Bonds of Employees in the
Business Office.
On motion and second the Business Agent was authorized to take
out additional burglary and hold-up insurance to the extent of prob-
able loss. He was further authorized to have employees in his
office bonded, the blanket form of bond being suggested.
8. Change of Rate of Interest on Time Deposits in Banks.
A letter from the First National Bank and Trust Company show-
Ing change of interest rate from 3 to 21 per cent, effective Jan-
uary 1, 1935, on time and savings deposits, was presented. Under
the present national bank lawns, no interest can be paid on daily
balances, and the University has not received interest thereon
since June 16, 1933.
11.
9. Accounting in State Offices under New Fiscal Laws.
The following statement made by the Business Agent was order-
ed inserted in the Minutes:
Under the new fiscal laws, for each of the University
appropriations and revolving funds, credit is given on the
records of the Auditor's office. All orders for purchas-
es, requisitions for salaries and wages and contracts are
charged to the proper accounts in that office. It is,
therefore, necessary that all such orders, etc., be sub-
mitted to the Auditor before June 30th of the fiscal
year and that the estimated expenditures do not exceed
the amount of appropriations. Bills for such orders,
etc., may be paid on or before September 30th following
the end of the fiscal year. Any balance in the appropri-
ations or funds, if not expended by that date, will re-
vert to the State but no new orders may be submitted after
June 30th.
This means that any bills made ana charged before
June 30th of the fiscal year,, not on orders, etc., sub-
mitted to the Auditor before that date, will not be paid.
It also means that unless our estimated cost is accurate,
there will be a balance or overdraft in each of the ap-
propriations. That there will be a small difference
one way or the other is unavoidable for it is almost im-
possible to accurately estimate the cost but I think the
difference will be negligible if we exercise a fair de-
gree of care in making the estimates.
10. Payment of Bills Dated before June 30 of Fiscal Year.
State Journal 3ills.
The Business Agent stated that under the newrs fiscal laws no
purchase made or bill dated prior to June 30 of any fiscal year
may be paid from funds or appropriations of the ensuing fiscal
year, except on contracts properly approved by state officials.
All funds not expended before the end of the fiscal year revert to
the general fund of the State. Therefore, it is necessary that
all orders be made and entered on the books of the State Auditor,
together vith the actual or estimated cost thereof, before June
30. The books are not closed for payment of bills on such orders
until September 30, following.
In this connection he mede report on State Journal bills as
follows:
12.
In October the State Journal Company sent to the Uni-
versity bills for nrintinp;: orders made before June 30, 1934;
College, $903.15; ExDcriment Station, $740.50. The Business
Office did not receive these bills until October and each
of the bills is stamped by the State.Printing Commission as
of date after June 30, 1934. There seas no possibility of
paying them out of last year's funds. With these facts
in mind, I submitted to the State Auditor, requisition for
the amount due from College funds, charging it to College
Revolving funds and requisition for the amount due from
Experiment Station funds, charging it to Experiment Station
Revolving funds. Each of these requisitions was approved
by the Auditor, In due time, vouchers were made up as
required by the Auditor and submitted to his office for
payment. Payment Was refused because bills were dated
prior to June 30, 1934. I stated on the requisitions
and vouchers the facts ih regard to date of bills, time
of receipt by this office and approval by the Printing
Commission.
I then consulted air. Sam English, Executive Secreta-
ry of the Board of Finance, and he said the question had
been discussed in a Board meeting and the prevailing
opinion was that the bills can not be paid and, in all
probability, they will have to be submitted to the next
session of the Legislature for action. It seems that the
State Journal Company has such unpaid bills, due by other
state departments and institutions,
I can not see that it is any fault of the University
that these bills have not been paid but it may be that
some action should be taken by the University in regard
thereto.
There may be other such bills of the State Journal
Company that have not yet been -resented to the Universi-
ty.
No action was taken, there apparently being nothing to do,
but to await further action, if any, by the State Finance Board.
11. Fire Insurance.
Report by Business Agant:
I submit the correspondence of Klair and Scott which
was presented at the December meeting of the Board of
Trustees in regard to fire and tornado insurance. In
connection with this, I submit letter received today from
Messrs, Klair and Scott, written at my suggestion.
13.
All fire insurance policies will have to be renewed
by M4darch 14th. I think it is desirable to write the
insurance for three years and, if possible, fix the date
of expiration on July 1st. Perhapssthe whole question
can be left as it is for further investigation and report
at the next meeting of the Committee.
Klair and Scott's suggestion:
With reference to the fire insurance on the Universi-
ty schedule which expires March 14th, vie again wish to
call to the attention of the Executive Committee the large
amount of saving in writing this for a three year term.
As stated by you, it Neil]. be more preferable if the in-
surance could be arranged to be dated July 1st, so we
wish to offer the following plan. To write the insurance
from Mlarch 14th, for a period of one year and then on July
1st, 1935, to cancel,pro rate and write one-third for a
term of one year, one-third. for a term of two years, and.
one-third for a term of three years, and then after the
first period, all to be written for terms of three years.
This plan will distribute the insurance cost approximately
even after the first year, and wve believe you will be
greatly pleased with this plan should you deem it advisable
to put it in force.
While we are on the subject of insurance, we again
must call to your attention the fact that approximately
all insurance companies interested in the windstorm insur-
ance on the University properties, are very much discon-
certed over the very low insurance to value carried and it
is extremely hard to get the companies to remain on the
various risks as they feel any windstorm insurance on less
than valuation of 50% is unprofitable and they would pre-
fer not to have it, We trust that when your Executive
Committee will upon investigation and study of this situa-
tion to be able to authorize fire insurance written as
above outlined and also they will view the windstorm in-
surance situation in a manner more satisfactory to the
insurance companies.
Bhould there be any further information regarding
your insurance which you may desire, we will be pleased
if you will call upon us.
Yours truly,
Klair & Scott
(Signed) Per Thos. S. Scott.
The 3usiness Acent was authorized to make further investi-
gation and to report to the February meeting of this Committee.
14.
12. Tornado Insurance.
Report of Business Agent:
.I call your attention again to the question of tor-
nado insurance which is mentioned in letter from Klair and
Scott. I do not believe it best to pay a large amount
of premium on tornado insurance or any other insurance out
of this year's funds. However, it may be advisable to
restore insurance on the Administration building to the
original amount before the recent loss and also to insure
such buildings, including the gymnasium, as have no torna-
do insurance, in some amount, and that should be done with-
out delay.
The Business Agent was directed to place tornado insurance on
the gCymnasium building and on such other buildings not now insured
as the President and Business Agent may decide proper to insure,
and to have the insurance on Administration building restored to
amount it was before the reductions caused by the losses in year
1934.
13* Service Building - Indebtedness.
The Business Agent made the followiing statement regarding the
indebtedness on lease of Service Building:
The lease on Service Building with the Central Dis-
trict Warehousing Corporation calls for five more payments
of $10,000 each; due respectively on the.fivst day of
July for the next five years and the interest thereon at
six per cent per annum from July 1, 1934. In addition
to this, the University pays city, state and county ta:es.
and nremiur;k on insurance, the combined amount of the pay-
raents at the beginning of this fiscal year being $2287.68.
It has been suggested that this debt may be refinanced at
an interest rate of four and one-half per cent. Such
refinancing may make a saving in interest, taxes and ix-
surance premiums of probably 82,000,00,
The Business Agent was authorized to iaake further investiga-
tions, and to get the opinion of the Attorney General as to the
manner in which such refinancing may be done.
14. Out-of-State Travel.
Report of Business Agent:
At the December uoeotinr of the Board of Trllstees, I re-
norted the fact that the State Board of Finance had held
up all requests for out-of-state travel exi)ense. I con-
sulted her. San English, Executive Secretary of the State
Board of Finance, since that date, and he informed me that
15.
he expects some opinion from the Attorney Generalts office
at an early date. He sais that Assistant Attorney Gen-
eral Hogan had the matter in hand at the time Mr. Hogan
died and that it had been transferred to Assistant Attorney
General Brown. He said that the Board of Finance will
probably rely on the opinion of the Attorney General and
the question may not be taken into the courts.
Memorandum by President McVey:
MEMORANDUM RELATING TO OUT-OF-STATE TRAVEL IN CON-
NECTION WITH THE UNIVERSITY OF KENTUCKY.
December 15,1934
There are three phases of out-of-state travel that I
call attention to in this memorandum. The first of these
relates to attendance upon various national associations
in which the University of Kentucky holds membership. These
associations are in many instances standardizeng agencies
in which membership is a distinct recognition of a univer-
sity's standing. The meetings held by these associations
take place at different times of the year, and are attend-
ed by representatives of institutions that hold membership
in them.
NATIONAL ASSOCIATIONS:
I am giving under this heading a list of different
national organizations in which the University as an insti-
tution has membership:
American Association of Colleges of Business and
Commerce
American Council on Education
Association of American Colleges
Aseociation of American Law Schools
Association of Land Grant Colleges and Universities
Association of Teachers Colleges
National Association of Business Agents and Executives,
National Association of Registrars
The second group of organizations are largely learned
societies devoted to the development of specific fields of
science, literature and art, These associations deal with
problems of teaching in their fields, material that is now
very important, and the general drifts, educational and
scientific, that are essential to the intellectual welfare
of the membership, The policy of the University in regard
to these associations has been to give a moderate aid to
those attending who appear on the programs of the associa-
tions. The yniversity, therefo