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