xt7k0p0wqj3n https://exploreuk.uky.edu/dips/xt7k0p0wqj3n/data/mets.xml Lexington, Kentucky University of Kentucky 1951033 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, 1951-03-apr3. text Minutes of the University of Kentucky Board of Trustees, 1951-03-apr3. 1951 2011 true xt7k0p0wqj3n section xt7k0p0wqj3n
Minutes of the Meeting of the Board of Trustees of the Univer-
sity of Kentucky, April 3, 1951.
The Board of Trustees of the University of Kentucky met in the
President's Office at 10:00 am., Tuesday, April 3, 1951. The fol-
lowing members were present: Governor Lawrence W. Wetherby, Chair-
man; Paul M. Basham, Boswell B. Hodgkin, Harper Gatton, George M.
Cheek, H. D. Palmore, J. C. Everett, Harry F. Walters, R. P. HobsOn,
Carl Dempewolfe, Herndon J. Evans, and J. Woodford Howard. Ab-
sent: Mrs. Paul G. Blazer, Dr. W. M. Coffee, and Guy A. Huguelet.
A. Approval of Minutes.
The minutes of the Board of Trustees of December 12, 1950; and
the minutes of the Executive Committee of January 19 and February
17, 1951, were approved as published.
B. Comptroller's Report.
The Comptroller submitted financial report of operations of the
University for July 1, 1950, through February 28, 1951, He read
a summarized statement, which statement and financial report follow:
UNIVERSITY OF KENTUCKY
LEXINGTON
Office of Comptroller
March 29, 1951
Dr. H. L. Donovan, President
University of Kentucky
Lexington, Kentucky
My dear Doctor Donovan:
I submit herewith the financial report covering the University
fund transactions for seven months ended February 28, 1951.
The current general income received from all sources during the
period covered amounted to $5,729,069.17 or 79.6% of the budget esti-
mate of $7,181,674.51. The current general fund expenditures and en-
cumbrances totaled $4,567,601.31. This sum equals 62.2% of the de-
partmental appropriations of $7,338,722.86. The difference between
current general fund expenditures and encumbrances and current general
fund income received represents.a carried forward balance as of July
1950. Plant fund expenditures and encumbrances amount to $644,445.17
during the period or 62.6% bf the $1,028,802.59 budget estimate.
It is difficult to presefft the financial report of the University
of Kentucky as a combined statement. It is necessary in an education-
al institution to do "fund accounting". Current, restricted, plant,
loan, endowment and agency funds are recorded separately and accounted
for as separate funds, hence the various sections of the report pre-
sented. The balance sheet for the Division of Colleges, Agricultural
Experiment Station and Agricultural Extension records current, re-
stricted and plant funds, and investment in plant. There is nothing
unusual about the balance sheet and for detailed information, you are
referred to the statement of assets and liabilities. The total ap-
praised value of the plant, excluding the value of the Journalism
Building, is:
Buildings $20,356,295.09
Land 1,073,218.83
Equipment 6,780,403.69
Total $28,209,91'7.60
There are outstanding serially maturing bonds amounting to $2,815,000
including $225,000 bonds of the Journalism Building which is in process
of construction. The net investment in buildings, land, equipment,
and other fixed assets, after adjustment for outstanding bonds is
$25,619,917.60. University properties are insured thrqugh the State
Dr. H. L. Donovan
March 29, 1951
Fire and Tornado Insurance Fund as follows:
Buildings
Equipment
Page Two
$18,o61,995.00
6,245,055.00.
The premium on these properties for the current fiscal year amount-
ed to $55,731.
Respectfully submitted,
Frank D. Peterson
Comptroller
University of Kentucky
BALANCE SEIET
As of February 28, 1951
A S S E T S
Current Funds:
Ge ieral
Cash in bank
Petty cash advs.
State Allotments:
Tiirrent year
Prior year
Revolving funds
Receivables
Inventories
Deferred charges
Unrealincome
Total - General
Restricted:
Cash in bani
Petty cash advs.
Investments
Total restricted
Total Current
Plant Funds:
Uneixended:
CashIn bank
Revolvfunds
Unreal income
Total unexpended
Investment in Plant
onSt.ruct on
authorized
Fixed assets
Total Invested
Total Plant
Division
of
Colleges
$ 32,563.89
653 00
399,276.81
4,939,38
794,873.84
8,343,58
596, 265,63
111,768.20
Agricultural
Experiment
Station
$
Agricultural
Extension
Division
116,118,45 $343,882.05 $
149,102.75
1,621.23
283,293, 17
103,i68.78
27,910 .00
Total
492,564o39
653,00
651i 548034
6,560o61
1,078,167.01
8,343o58
624, 1750o63
111,768.20
1 1464685.2Z 193 859-52 39 2511.30 1430, 05 09
3,i1452,3t7-oV $ _771 905-l 2 M$4t6b 0o
$ 796,604.66 $ 59,739,.73 $250,651.62 $ 1,106,996.01
12,090.00 200.00 12,290o00
688 251.49 15 000000 703 225149
1,9 4.1 14 377 -0- 51o2
4,4,1-5 '~ b.9 $ (72-20
$ 11,416,64 $ 11,416.64
377,933o14 $ 151,625o13 529,558.27
22,551_25_ 22 551.25
$ 225,000,00 225;000000
25,498 340o61 2 711 576,99 28 2200 01,60
25,,721440 Ill __2___1_____f 28,20919-17 .60-
r 5~~~~2b2221 bz 417E~',' '6~~
Loan
Endowment
Agency
Other Funds:
Cash TinTank $
Notes receivable
Investments
Total other fundsTW
4, 228 .52
6, 486,88
68 000o00
7B-754
$
6,39156 $ 58,661,55 $
1 96
20a2-.7T.
15 000,00
$ 73.W.
70 182.63
6,486.88
278 180,96
3, 0
Total Assets ~ ~ ~ ~ ~ ~ ~ ~~$5,5 666,~58
Total Assets
University of Kentucky
BALANCE SHEET
As of February 28, 1951
L I A B I L I T I E S
Agricultural Agricultural
Experiment Extension
Station Division
Current Funds:
General:
Res. for encumbranc
Current year
Prior year
Res. for inventorie
Other liabilities
Unapprop. surplus
Approp. bals.
Total General
Restricted:
Outstanding cks.
Restr. bals.
Total Restricted
Total Current
es:
T 239,493.13
40,985.14
zs 596,265.63
111,768.20
293,514.28
1.863,.341.22
$
6o, 816. lo
1,992.45
27,910.00
257,257.07 $ 2,711 .30
423,929.50 48.850o. 83
$ 300,309.23
42,977.59
624, 175.63
111,768.20
553,482.65
2.771.121.55
$ 3,145,367.60 771i905.12 $4bb,562.l3 $
$ 5,320.13 $ 5,320.13
1,491 626.02 74,939.73 250,651.62 1,817,217.37
;1 _496__94b.15 -i 74,939j73 j250,b5l.j 2 $122
b'4-2,313- ' ; 46,6544.85 ;7723.75 $ b,226,37 .35
Plant Funds:
Unexpended:
Res. for encumbrances:
Current year $
Prior year
Surplus funds
Approp. bals.
Total Unexpended _
165,942.15 $
2,408.96*
248,367.84
411,901.0-3 T
15,635.55
135 989. 58
151,b25-13
$ 181,577.70
2,408.96*
384,357 .42
$563, 52b. lb
Investment in Plant:
Bonds payable $ 2M815,000.00
Net invested 22, o8,340.61 $2,711,576.99
Total invest. L711,57 99
Total Plant $2b, 135,241.64 ;2,83, 202.12
Loan
Endowment
$ 2, 815,000.00
25, 619, 917.60
$26,434517. 60
$2b, 99blt 4 .7-
Agency
Other Funds:
Bal. aEs to principal
Bal. as to income
Total other fundsT
56,297.61 $ 199,928.18
22,417,79 2,545.34
75,715.40 $ 202,473.52
$ 73,661.55 $
329,887.34
2J,96 :13
$ 3~r
Total Liabilities
$35,579,666.58
*Def ic It
Division
of
Colleges
Total
$ '(3, bt)I t5 $
University of Kentucky
STATEMENT OF CHANGES IN UNAPPROPRIATED SURPLUS AND SURPLUS PLANT FUNDS
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
Division of Colleges
General
Plant
Total
Balance, July 1, 1950
Additions:
Proceeds of bond issues
Encumb. liquidations
Transfers
Estimated income
Total additions
Total credits
Deductions:
Transfers
Appropriations
Total deductions
Balance, February 28, 1951
*Deficit
$ 539zL27.92 $ 195,845.69 $ 734,873.61
$ 153,663.17 $ 153,663.17
$ 5,979.32 393,042.52 399,021.84
77,291.43 77,291.43
4,283,807 37 202,783-00 4,486,590-37
;4,367,07b.12 ' 74,866 1 5,116,566.bl
4,90b,10b.04 i945,334.3b 5,b l,440.42
$ 74,741.43 $ 74,741.43
14,612, 9176 873,001.91 5,485,593.67
$4,612,5 $ 947,743934 560,335.1
$ 293,514.28 $ 2,408.96*$ 291,105.32
Agricultural Experiment Station
General
Plant
Total
Balance, July 1, 1950
Additions:
Encumb. liquidations
Transfers
Estimated income
Total additions
Total credits
Deductions:
Transfers
Appropriations
Total deductions
$ 426,355-15 $ 13,001.69 $ 439,356.84
$ 1,198.62 $ 3,549.15 $ 4,747.77
139,249.84 1392491.84
1,136,602.21 1 Q136,602.21
11 gl 37,800u8b3 $142 79b99 11,2b0,599.tJ2
t1,5b4,155.99 155,bE395bb 1,5719,95bsbb
$ 139,249.84 $ 139,249.84
1,167,649.07 1558008 323,44975
$11306,Ub9 155,bOROy6bE 1,462;699-59
Balance, February 28, 1951
$ 257,257.07
$ 257,257.07
Agricultural Extension Division
General
Plant
Balance, July 1, 1950
Additions:
Estimated income
Total credits
Deductions:
Appropriations
Balance, February 28, 1951
$ 2,71130 _ $ 2,711.30
$1,558,481.93 - _ $1,558,2481.93
__11_561,1_3._23 $1,5 2,193.23
$1,f558,481-93 -1 5
,$ ,71_S3 $ 2, 711 *30
Total
University of Kentucky
STATEMENT OF UNREALIZED INCOME
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
General Fund
Budget
Estimate
Realized
to Date
Unrealized
Balance
Division of Colleges:
Educati5onal and feneral:
State appropriations
Federal grants (through the
State)
Student fees
Endowment income
Sales and services and rentals
Subtotal
Auxiliary Enterprises:
Residence halls
Miscellaneous
Subtotal
Total-Colleges
Less-Income allocated to plant
Net-Colleges
Agricultural Experiment Station:
State appropriations
Federal grants (direct)
Sales and services
Total-Experiment Station
A ricultural Extension Division-
State appropriations
Federal grants (direct)
Total-Agricultural Extension
Total-General
General income allocated
Stores overhead
Total-Plant
Combined Total
$2,714,400.00 $2,384,400.00 $ 330,000.00
127,617.87
1,131,515.00
9,644.50
40,200.00
87,617.87
455,556.83
9,644)50
13,638.00
40,000.00
675,958.17
26,562.00
$4,023,377.37 $2V,950,857.20 $1,072,520.17
$ 337,200.00 $ 196,324)77 $ 140,875.23
93414.o00 110A126.13 16,712.12*
$430,614.00 306,450-90 $ 124,163-10
$4493,q91.37 $3,257,30b810 o1,19b;6W3.27
17Oi184.oo 170,184.00
$4,283,807.37 3087,12410 $1,196,683.27
(72.19*J
$ 376,550.00 $ 343,530 00 $ 33,020.00
310,852.21 233,62o. 40 77,231.81
4149,200.00 Y5,5229 3q0
449 200*00 365,592. , 83X607*71
$1X136,602221 $ZI92 727.469 $ 193J59.52
$ 4o06,05000 $ 357,050,00 $ 39,000.00
1,152t431.93 1,151,92o363 511-30
lt,55b,481r93 $1451b,97Oe63 I -39T711.30
vli6,978,89io51 $5,548,837.42 _tl 40 .509
t79o59fi)
Plant Fund
$ 170,184.00 $ 170,184.00
32,599-00 10 0475 22,551.25
0,3-5$ _lt;22 5-51.2-5
$7,181,674.51 $5,729,069,17 L1,452,605.34
(79.6%)
*Realized in excess of estimate
University of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
General Fund
Depart.
Approp.
Division of Colleges:
Aam . 5Hd Ge-ner-a- .Exsense.-
General TF..Ofcs. 228,099.53
Student welfare 7,540.88
General expense 90,278.19
Subtotal ~ 325t91STb
Expendi-
tures
Encum-
brances
140,220.22 $
4,487.80
Approp.
Balances
2,570.63 $
Instruction and Research:
College of -
Arts and Sci. $1,405,6
Engineering 396,1
Commerce 170,3
Agriculture &
Home Ec. 218,6
Law 66,6
Education 301,1
Pharmacy 84,6
Graduate School 9,7
University Res. 18,1
Library 238,9
Univ.Extension 125,7
Other activities 24,1
Subtotal $3,099
15.68
85.97
34.42
93-76
0o. 67
16.26
71.13
40.33
92.12
12.93
25.07
.40.76
39.10
$
827,732.01 $
209,807.17
105,931.59
130,840.50
42,329.30
177,339.75
43,424.96
6,470. o6
7,915.10
142,629.44
7S1 ,879.43
5,956.15
$11775,255.4 T
(6l.bT
43,750.02
19,631.71
50.14
1,492.12
1,733.20
2,979.42
9,630.95
15.00
224.82
19,836.41
2,436.85
7,320.96
109 101.60
534,133.65
166,747.09
64,352.69
66,361.14
22,548.17
120,797.09
31,615.22
3,255.27
10,052.20
76,447. o8
48,408.79
lo, 863.65
, 175,5b2.04-
$1
Operation and Maintenance
of Physical Plant etc.
General approp. 715,829.34
Special approp. 70,000.00
Work in progress 25,000.00
General stores,ete. 27,250.00
Subtotal $ 83b,079.3
356,340.96 $
10,882.25
745.18*
13,225.94*
353252(.09
54,663.75
2,141.12
2.85
69.50
56,877.22
$
304,824.63
56,976.63
25,742.33
40,406.44
427.950.03
Auxiliary Enterpr'ses:
Residence-hall- $ 294,656.00
Miscellaneous 93,998.72
Subtotal $-388,654.72
$
$
169,102.41 $
22 915 64
192,018.05 $
k 64. bfi)
36,521.98
23,7R9_99
59. b2l.97
89,521.61
47 293 09
$
Total-Colleges $4,612,591.76
$2,509,757.41 $
-59' b6
239,493.13 $1,863,341.22
*Negative number
85,308.68
3,0 53.Q8
44,523.Z9 11,121.7 3 , 3) 5
1bqz23l-bl $ 13,692.34 $ 122,994:45
(6 3%)
T _ Z - _, _
University of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
General Fund
Depart.
Approp.
Agricultural Experiment Station:
Administration o
Agronomy
Animal Husbandry
Animal Pathology
Creamery License
Dairy
Dairy Cattle Improv.
Entomology & Botany
Farm Economics
Feed and Fertilizer
Home Economics
Horticulture
Markets & Rur.Fin.
Poultry
Publications & Libr.
Public Serv.Labs.
Regional Research
Robinson Substation
Rural Sociology
Seed Stocks
West K[y.Substation
Miscellaneous
Total-AgriculturTl
Experiment Sta. t1
150,301.00
180,322.00
74,490oo0
59,050.00
12,000.00
43,335.00
15,000.00
76,2 0:00
57, 6;5 000
140, 000O o0
17,100.00
41, 980o00
85,224.oo
32,728,00
22,747.17
33,050.00
10,325,00
22, 4.00 00
38,742.00
7,000.00
40,400.00
7,500.00
Expendi-
tures
$
67', 346 93
112,092.36
57,557.59
39,302.52
7,880.86
30,o80.72
7,352.74
47,710.02
35,147,04
66,511,56
9,422.45
25,749.78
45,414.02
22,569.68
6,589.47
18,863.02
4,988.69
14,144.59
25,723.16
4,600.00
28,689.15
5,167.22
Encum-
brances
$
Approp.
Balances
2,340.50*
4,441 56
2,797: 5
94.47
15.00
2,651.83
1,054.25
1,256.28
38,021.36
1,834.20
35.23
837.65
120.00
347.54
1,804.20
19.30
2,627.16
518.12
80,613.57
63,788. o8
14,134.96
19,653.01
4,104.14
lo,602.45
6,593.01
27,303.70
22,537.96
35,467.08
7,677.55
14,396.02
39,774.75
9,320.67
16,037.70
13,839.44
5,336,31
6,451.21
12,999.54
2,400o.0
9,083.69
1.814.66
167,649.17 629057 $ 60,816.o $ 423,929250
b(3 76
University of Kentucky
STATEMENT OF DEPARTMENTAL APPROPRIATIONS
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
General Fund
Depart.
Approp.
Agricultural Extension Division:
Administration $ 57,328.00
Agr.Engineering 18,840.00
Agronomy 34,087.50
Animal Husbandry 22,260.00
Clothing 12,220.00
County Agents 719,414.44
Dairy 21,010.00
Farm and Home Con-
vention 1,500.00
Farm Management 13,520.00
Forestry 5,780.00
Foods 11,500.00
Home Dem. Agents 431,030,00
Home Management 26,660.00
Horticulture 17,645.00
Junior Clubs 78,461.99
Markets 13,265.00
Poultry 21,790.00
Publications 13,850.00
Public Information 16,850.00
Rural Sociology 5,100,00
Miscellaneous 16,370.00
Total-Agricultural
Extension Div. $1,558,481 93
Combined Total $7,338,722,86
Expendi-
tures
$
Encum-
brances
36,331.67
15,594.09
20,671.34
14,834.05
7,478.68
505,116.37
12,461.03
1,325.78
9,964.35
6,505.57
7,298.54
317,232.73
17,356.82
11,550.26
49,271.62
8,214.16
12,426.41
5,147.08
11,987.14
3,513.41
350.00
Approp.
Balances
$ 20,996.33
3,245.91
13,416.16
7,425.95
4,741.32
214,298.07
8,548.97
174.22
3,555.65
725 .57*
4,201.46
113,797.27
9,303.18
6,094 .74
29,190X37
5, 050 4
9,363.59
8,702.92
4,862.86
1,586.59
16,020.00
$91,074,63110 $ 483,850.83
(69208 3
$4,267,292.o8 $ 30,09.23 $2,771.121.55
T62T2T''T'
*Negative number
University of Kentucky
STATEMENT OF PLANT APPROPRIATIONS
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
Plant Funds
Dept.
Approp.
Division of Colleges:
P.W.A.First Bond
Issue $ 37,003-37
P.W.A.Second Bond
Issue 17,078.47
Dorm.Rev.Bond
Issue 23,019.25
Audit-Fieldhouse
issue 103,053.50
Library & Service Bldg.
bond issue i7,130j77
Stadium rev. bond
issue 23,630.50
Dorm.Issue-Rose St. 2,5514.17
Journalism Bond
Issue 20,020.00
Dicker House annuity 363.01
Fieldhouse 31,761.e46
Norwood Hall fire
loss bal. 15,911.25
Service bldg. constr.122,207.96
Fine Arts bldg. 4,111.62
Dairy Center 2,031.04
Journalism 255,356.83
Dorm.Constr. -Rose
St. 74,500.00
Libr.& Sv.Bldg.
Clearance 7,343.25
Omicron Delta Kappa 2,550.00
Sprinkler System 4,443.32
Rose St.Dorm.Bond
Issue III 2,932.14
Dorm. Constr. III 76,000.00
Total . ;73.001.91
Expendi-
tures
$
Encum-
brances
Free
Balance
3,531.18
17,012.31
4,024.75
62,137.50
7,317.50
4,256.25
1,1490.00
17,105.00
132.33
1,511.19
106,207.96
1,952.15
2,031.014
86,829.40
74,500.00
2,550.00
1,520.00
64,583.36
4~5 691.92 I-_
k 71- 7o )fff
.E
$ 33X472.19
66.1L6
18,994.50
4o0,916.00
39,813.27
19,374.25
1,064.17
5,000.00
160,942.15
2,915.00
230.68
30,250.27
15,911.25
11,000.00
2,159.47
7,585.28
7,343.25
4,443.32
1, 412.14
11 416.64
165,-42. 2
. .. ,
. _ ..
University of Kentucky
STATEMENT OF PLANT APPROPRIATIONS
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
Plant Funds
Dept.
Approp.
Agricultural Experiment Station:
Animal Path.Bldg. $ 2,390.93
Repairs & new equip. 12,809.75
West Ky.Tobacco
barn 3,800o.00
West Ky.Water
system 6,600.00
Agr.Engr. Bld$. 75,000.00
Sheep Barns 2,500.00
Brooder House 8,500,00
Miscellaneous 44,200.00
Subtotal 55,b00.bb
Combined Total $1,028,802.59
Expendi-
tures
$
Encum-
brances
Free
Balance
Y+ 603.00 $ 1,787.93
4,126.20 202.52 8,481.03
3,5410.00
6,1400.00
260.00
200.00
75,000.00
2,500.00
8.500.00
k ~~49.35 4,89o.o3 39-,26o.62
(i1755 1 5655 1352,9U9 56
~12j775)
$
462,867.47 $ 181,577.70 $
38411357,142
University of Kentucky
STATEMENT OF OTHER FUND TRANSACTIONS
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
Balance
July 1, 1950 Receipts
Disburse-
ments
Balance
February 28,195
Restricted Funds:
Div. or Colfeges
Agr.Exp.Station
Agr.Ext.Division
Subtotal
Loan Fund:
Principal
Income
Subtotal
Endowment Funds:
Principal-
Income
Subtotal
Agency Funds:
ies'ces
Combined Totals
$i,40l,510.02
98,891.21
247,236.26
$1,148,589.55
58,982.59
841,488.38
$1,058,473.55 $1,491,626.02
82,934.07 74,939.73
81,073.02 250.651.62
$1,74t7,37. 9 $1,292,060.52 6112227, 213
$ 56,297.61 $ 56,297.61
20,923.96 $ 1 493.83 22,417.79
$ 77j22157 ,1jj9j3 3 $ =__,715.4_
$ 198,1428.18 $ 1,500.00 $ 199,928.18
2,298.60 300.29 ; 53.55 2,545. 4
200,726.7b 1 ; oo 2 53.55 $ 207 73. 52
$ 801627.42 2 3,337 90 $ 274 1,03.77 $ 73.6l55
$2,106,213.26 $1,562,692 5154.12,496,837.96 $2,172,067.84
*Negative number
University of Kentucky
STATEMENT OF STATE AND FEDERAL ALLOTMENTS
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
Allotted
to Date
Division of Colleges
State Allotments:
Current yea $2,384,400.00
Prior years
Total
Revolving Funds:
Current-year
Prior years
Total
Expendi-
tures
$1,985,123.19 $
Encum-
brances
Free
Balance
43,468.91 $
355,807.90
h Ace Do
$2,3b9,33937 1952 . 9 4691 $ 0,74726
$2,0o9,202.02 $ 903,135.03 $ 332,900.26 $ 813,166.73
93,013.03 66 290.84 26,702.78 37.21
$2,142,2i505 _969_2425_7 $ 359,603.04 T __ 3,203._4
Agricultural Experiment Station
State Allotments:
Current year
Prior years
Total
$ 343,530.00 $
1,621.23
194,427.25 $
2,576.45 $
146,526.30
1,621.23
,$ 345a151. 23 $ 194,427 .25 $.5 2, 4 14745 3
Federal Allotments
Current year
Prior years
Total
Revolving Funds:
Current year
Prior years
Total
233,620.4o $
11, 326.74
200,732.53
$ 32,887.87
11.326.74
24947.1 200,732.53 I________
$ 724,807.01 $ 291,919.34 $ 57,620.66 $ 375,267.01
26,678.02 24,647.39 1,992.45 38.18
$ 751, .b 1 6,485. f03$ 59,613-.11 $ 375,305.l2
Agricultural Extension Division
State Allotments:
Current year
Prior years
Total
$ 3679,050*00 $
263,881.22
$ 103,168.78
6703TO-O 2 3.8122 $ 103,16R0d
Federal Allotments:
Current year $1,151,920o63
Prior years 2,711 30
Total $15X63l.93
$ 810,749.88
; 10OT749.00
$ 341,170.75
2,11,3
,_ _ , _ __ X ,, , _. _ _ ___. _.._ _.. _. _ A.. _
11.
University of Kentucky
STATEMENT OF COMBINED RECEIPTS AND EXPENDITURES
For the Current Fiscal Period which began
July 1, 1950 and ended February 28, 1951
Receipts and Transfers:
General income
Plant income
Restricted receipts
Loan fund receipts
Endowment fund receipts
Agency fund receipts
Total Receipts
Expenditures and Transfers (Including encumbrances):
General fund expenditures
Plant fund expenditures
Restricted fund expenditures
Loan fund expenditures
Endowment fund expenditures
Agency fund expenditures
$5,548,837.42
18o,231.75
1, 292, 060 52
1,493.83
1,800.29
267213376.90
$Y7,291271 .11
$4,567,601.31
644,445217
1, 222,480.60
53-55
274.303.77
Total Expenditures
$6,708,884.40
15
Upon motion duly made, seconded and carried, the report of the
Comptroller was authorized received and made a part of the record.
C. Nomination of Dean of the College of Agriculture and Home
Economics and DirecEr-fti Q -eStion.
President Donovan read a prepared statement. as follows:
"Dr. Thomas P. Cooper, Dean of the College of Agriculture and
Home Economics and Director of the Experiment Station and AgricultLral
Extension, reached the age of seventy on March 2, 1951 A policy
of the Board of Trustees, adopted in 1928, requires that a dean or
professor at the University shall be given a change of work when he
attains this age, Therefore, Dr0, Cooper will relinquish his present
position June 30, 1951 and a new dean and director should be appointed
to assume his duties and responsibilities at that time.
"Cognizant of the fact that Dr. Cooper was approaching his seventi-
eth birthday, I began to observe agricultural leaders in action more
than two years ago with the view of having in mind a man of great lead-
ership to reconmmend to the Board of Trustees for this position0 I
have studied the qualifications of men from our own state and from all
parts of the nation with a view of finding the very ablest man that
could be secured for this important assignment. In my search I have
consulted the presidents and deans and some staff members from many
of the leading land-grant colleges and universities of the United
States. I have also communicated with every member of the staff of
the College of Agriculture and Home Economics of the rank of assistant
professor or above, and of the Experiment Station and Extension Divi-
sion of equal rank0 I have talked with farmers in all parts of the
state and secured their advice0 i have personally been in contact
with the officers of practically every farm organization and I have
had some of them interview some of the people we have had under con-
sideration. Others have helped me in making investigations of those
persons under most serious consideration, There have been forty-
zwo persons on the list of those we have had under investigation0
The.first screening of the list eliminated all but eight and these
eight persons have been given most serious consideration. Further
study and interviews gradually reduced the number to four, any one of
whom would probably make a very good dean0 Extensive investigation
of these men has led me to the conclusion that the ablest man avail-
able for this position is Dr. Frank J., Welch, Dean and Director of
Mississippi State College.
t Dr. Welch was born at Winfield, Texas, August 2, 1902. The fam-
ily moved to Mississippi when Dr. Welch was a young boy and he was
reared on a farm in that state close to the Alabama and Tennessee state
lines. He grew up working on the farm as every country boy has done.
He attended the county agricultural high school and a boarding school
where he had charge of the dairy herd0 After graduating from high
school he entered the University of Mississippi and received his
Bachelor's degree in 1927 , He was president of his senior class
and his scholarship record was exceptionally high. He went to the
University of Colorado in 1932 and took his Master's degree, major-
ing in economics, marketing and public administration. For his
Ph.D. degree Dr. Welch went to the University of Wisconsin where he
majored in agricultural economics. He received his Doctor's degree
in 19430 While at Wisconsin he did some teaching in agricultural
short courses,,
"Dr, Welch has been a high school principal. For a year he was
connected with the State Department of Education. He was Head of
the Department of Economics and Sociology at Mississippi State Col-
lege from 1937 to l944. He became Dean of the School of Agriculture
in 1945 and Dean and Director in 19470
"Dr. Welch has conducted considerable research and prepared many
reports, He has been economic advisor to the National Cotton Coun-
cil and has served as Chairman of the Central Steering Committee
that made many studies of the agricultural and economic problems of
the Cotton Belt. He is currently serving as Chairman of a committee
composed of representatives from Land-Grant Colleges and the Farm
Credit Administration preparing a procedure on Pilot Farm Studies as
Relates to Farm Credit Requirements for Needed Adjustments.
"Dr. Welch is known nationally and has many contacts with various
farm organizations0 He is an excellent public speaker and is in
demand as a speaker before many state and national groups0
"Dr. Welch is married and has one child - a daughter about six
years of age0 He is a member of the Presbyterian Church, a Rotarian
and a member of the American Farm Economics Association0
"In checking Dr0 Welch's qualifications I corresponded with many
persons in various parts of the United States0 My attention was
first called to Dr,, Welch by President Duke Humphrey of the University
of Wyoming, who was formerly President of Mississippi State College0
President Humphrey says-
'I have known Dr. Welch for thirty years, and I con-
sider him one of the best trained and most successful
deans of agriculture in the United States..
'I consider Dr0 Welch a very able administrator. He
understands people and knows how to work with them.'
"Chancellor J. Do Williams of the University of Mississippi, a
former member of the faoulty of the University of Kentuc-ky, says-
16
'Dr. Frank JO Welch is one of the nation's outstanding
agriculture college deans. One would expect to hear some
opposition from some quarter because of the many relation-
ships that one in his position must maintain. As amazing
as it may seem, he has the enthusiastic support of all of
the farm organizations in Mississippi0 The faculty
members of the College of Agriculture at Mississippi State
College look upon Dean Welch as a scholar, a leader, a
good administrator, and a very human individual. They like
to work with him,
"I am told on good authority that Dean Welch represents
Mississippi State College before the State Building Comnmission
better than any other person from that institution. The
Board of Trustees for Institutions of Higher Learning have
the highest regard for his ability and give Careful considera-
tion to anything that he proposes,
vI have observed him in positions of leadership, have
heard him make reports, and have watched him when he presided
at public discussions0 He handles himself extraordinarily
wellO
"President Brehm of the University of Tennessee said to me. 'Get
Welch if you can0 He is one of the outstanding agricultural deans
of this countryV
"President E8 B. Fred of the University of Wisconsin, who knew
Dr. Welch as a graduate student, saysg
'Dr. Welch was an outstanding graduate student0 He was
industrious and applied himself to his studies in more than
the usual degree0 His Judgment is well balanced and he has
a fine personality0 It is not surprising to our staff that
he has moved along so rapidly in administrative work0 All
reports we have had on his activities since leaving Wisconsin
have been commendatory,0
"There are two Kentuckians on the staff of Mississippi State Col-
lege. I have checked Dr0 Welch's record with them, both by letter
and in personal conference, since I was anxious to secure a very
personal point of view regarding the quality of this man. Dr. J.D.
Falls, formerly of the Department of Education at Frankfort, says:
'I can express my opinion of Dean Welch re