Minutes of the Meeting of the Executive Committee of the Board
of Trustees, University of Kentucky, May 3, 1945.


     The Executive Committee of the Board of Trustees of the Uni-
versity of Kentucky met in the President's Office at 10:30 a.m.
Thursday, May 3, 1945.   The following members wcae present: Judge
R. C. Stoll, Chairman; R. P. Hobson and J. C. Everett.   President
H. L. Donovan and Comptroller Frank D. Petersoon, Secretary of the
Board, were also present,


     A, Report of Comptroller.

     The Comptroller made the fo3.lowing report:


                                             May 2, 1945

     President H. L. Donovan
     University of Kentucky

     My dear President Donovan:

          There is hereto attached the financial report for tbe
     University for the period ending Miarch 31, 1945,  The ft nan-
     cial report shows that actual income will equal or exceed
     estimated income shown in the budget adopted by the Board of
     Trustees at the beginning of the year.   A summarized compara-
     tive statement of current general income for the periods July
     1-March 31, 1944 and 1945, reveals that the amounts realized
     for the current year show various increases and, in one in-
     stance, a decrease,
                                                         Decrease*
                                1943-44     1944-45     or Increase

     Income:
     Student Fees          $  184,139.91 $  207,,259.18 $23,119.27
     Endowment Income             500,00      3,972.34   3,472.34
     State Appro.            1089,906.42**14116,608.87   26,702,45
     Federal Funds            895,954.00    896,089.46     135,46
     Sales and Services       286,218.97    291 442,12   5,223.15
     Auxiliary Activ.         l80.64        167,181.90  16.871.74*
     Total Inc.Realiz.ed    $2,642,772.94  2,6(32 553.8? g39.7G0.93


          By a comparison of expenditures, it is shown that there
     is a strong possibility that several budget arporopriations
     will be underspent.   Any balance that may result at the close
     cf the current year will be used in making the bue.get for the
     ensuing year,   The following is a summarized comparative
     statement of current general expenditures for the two oeriods
     being compared.

     **Does not include capital outlay appropriation of $199,999,75,