xt7kpr7mq25s https://exploreuk.uky.edu/dips/xt7kpr7mq25s/data/mets.xml Lexington, Kentucky University of Kentucky 19311015 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, 1931-10-dec15. text Minutes of the University of Kentucky Board of Trustees, 1931-10-dec15. 1931 2011 true xt7kpr7mq25s section xt7kpr7mq25s 

     Minutes of the Regula.: Quarte-ly Meeting of the Board of
Trustees of the University of Kentucky for Tuesday, December 15,

     The Boar6 of Trustees of the University of Kentucky met in
2egular quarterly session in the President's office at the Ur'i-
ve:rsity of Kentucky, Tuesday, December 15, 1931, at 10:30 a. m.
The following maembers were present:  Mr. W. C. Bell, Judge
Stoll, Mr. Joe B. Andirews, Mr. James Park, Mr. Louis Hillenmeyer,
Mr. Robert G. Gordon Mr. E. B. Webb, Mr. James Turner, Dr. W.
W. Wash, and Mr. K. i. Cuamins., Meeting with the Board were
Frank L. McVey, President of the University, and Wellington Pat-
rick, Secretary to the Board.

     I.  Approval of the Minutes.   The following resolution re-
specting the minutes of the Board of Trustees for September 22,
1931, was offered, seconded, and unanimously adopted.

     WHEREAS a meeting of the  Board of Trustees of the University
of Kentucky was held on Sopteraber 22, 1931, to which there was
not a quorum present,

     THEREFORE BT IT RESOLVED that the action of the Board at
that meeting be approved by the Board of Trustees of the Universi-
ty of Kentucky, and the Minutes of said meeting are adopted as
a part of the Minutes of this meeting.

     The minutes of the Executive Committee for the month of
October and November were approved as published.

     2. Quarterly Report of President.    President M1cVey submitted
the following report to the Board of Trustees:

                       A Brief History

     For nearly seventy years the people of Kentucky have been
giving thought and money to the creation of a state university.
As early as 1790 the legislature of Virginia made a grant of
land for the establishment of a free seminary in Kentucky.   Later
on the legislature of Kentucky added to this grant and made some
provision for the support of the seminary and the purchase of
books.   This start toward the creation of a public institution
of higher education a hundred years ago was given up because of
the failure to see the importance of the act of the Virginia As-

     When the Morrell Act was passed the State of Kentucky en-
deavored to make a combination with Kentucky University for the,
purpose of establishing a great institution of higher education
under the direction of state and church.    For fifteen years
this plan was followed with increasing dissatisfaction on the



part of those who were interested in the -aintenance of a state
institution of higher education.   The situation reached its
culmiiiating point when a commission was authorized to investi-
gate, and as a result of the facts reported ry the coimmiission
the State Legislature established the State College of Agricul-
ture and Mechanic Arts at Lexington in 1878.   It dissolved
the relationship existing between the College of Agriculture
and Mechanic Arts and. Kentucky University, and frankly and pur-
posely entered upon a program of higher education under the di-
rection of the State.   In 1890 when the Constitutional Conven-
tion was held, provisionms made in the constitution so adopted,
for the maintenance of -this institution with additional powers
for widening its scope.   In 1917 the name of the institution
was changed to University of Kentucky.

     It will be noted in the starting of the institution as a
land grant college in Kentucky Univerqity, in 1865, fifteen
years were lost in the experiment of trying to maintain and sup-
port the institution under state aid church.   Consequently,
the second program of public higher education did not have a
real beginning in Kentucky until 1878.   Since then the people
have increased their ixwestraent in the institution and materially
enlarged its inco-me, so that the University of Kentucky stands
today in the point of the number of students enrolled the largest
university in the South, with the exception of the University of
Texas.   This is a notable accomplishment and it should be
clearly kept in mind that the State has continued for nearly
severity years to maintain, support and encourage its development.
I am saying all this to ixndicate that the University of Kentucky
does not belong to the student body, to the alurmni, to the facul-
ty or to the Board of Trustees.   It is,in fact, in body and
spirit a part of the people of the S tate, as shown in their
persistent efforts to keep it on the highway of learning.

               The University and the State

     The institution has ever had before it service to the State.
The University has continued from the date of its establishment
to emphasize public service and to meet the problems that arise
in the State so far as facilities and funds have permitted.
There is an obligation, therefore, that these seventy years of
service be continued with a constant development and growth to
meet the needs of Kentucky.    If there is any meaning in what
has been done in the past the people of this State are committed
to the maintenance of the state university.

     Today the University of Kentucky consists of seven colleges,
with an enrollment in each of them from 100 to 1300 students.
It also has all important experiment station with land and labora-
tories located at Lexington, Quicksand and Princeton.    There



are three bureaus: Business Research, School Service and Govern-
ment Research.   Well trained research workers and laboratories
are engaged with the problems of agriculture.    The University
carries on agricultural extension work in connection with the
federal government under the provisions of the Smith-Lever Act
of 1914.   It also provides the University Extension service.
It maintains in connection with the Courier-Jourrnal station at
Louisville an interesting and effective broadcasting system.
It has a training school which is a model of its kind that is
visited frequently by people from all parts of the State and from
other parts of the country.   There is a student body in actual
daily attendance of 3682, a surmrer session attendance of 1758,
and an enrollment of 1508 in extension and correspondence courses,
a grand total of 6948, exclusive of duplicates.    And equally
interesting is the fact that this student group cones from 119
counties of the State, thirty-three other states and five foreign

                         Other Help

     In briefly reviewing the history of the University of Ken-
tucky it should be pointed out that the City of Lexington, the
County of Fayette, the General Education, Board of View York,
alumni and friends of the University have given considerable
sums of money to it.   Thlle present camlpus of ninety-five acres
was largely the gift of the City of Lexington and Fayette County.
For the farm at Lexington consisting of six hundred acres and
worth not less than a million and a half dollars, the State has
appropriated but $125,000.   The great tract at Quicksand con-
sisting of 15,000 acres was the gift of Ur. E. 0. Robinson at
Fort Thomas, Kentucky.   The farm at Princeton was given in
larger part by the people of that community and enlarged by pur-
chase from funds earned by the farm.    In consecuence, the State
now owns 16,100 acres for which it paid 125,000.    The State
owns the University campus of ninety-five acres, for which it
has made a small investment arising from the purchase of land
adjoining the campus.   The rest of it was the gift of the city
and county.   The stadium used in the great games was built
without expense to the State.    The gymnasium was erected with-.
out appropriation, but by the investment of $40,000 by the
Board of Trustees and by the gifts of alumni.    The Memorial Hall
was built by donations from citizens of the State in honor of
the Kentucky dead who lost their lives in the World War.    The
buildings occupied by the College of Education were constructed
through the generosi.ty of t he General Education Board and the
appropriation of $150,000 by the Learislature.   The State of
Kentucky has now a considerable investment in land, buildings,
experiment stations and equipment at Lexington, Princeton and
Quicksand.   The total value of -this inivestmeent is ilive-ntoried
at s5i,0O,600, for wh'Uich the State has appropriated the surn of



$1,214.875  since 1878.  It can be pointed out with confidence
that the money of the State has been well invested, that the
state's efforts to develop higher -education have been materially
aided by the City of Lexington, Fayette County, the General Edu-
cation Board and numerous citizens.  It is a story that needs
to be known by the people of the Commonwealth, because it shows
the cooperative agencies that have worked through long years to-
ward the creation of an adequate and satisfactory state univer-

                   The Growth of the Plant

     III the last half dozen years the State of Kentucky has been
generous with its Ttniversity through its specific appropriation
of taxes on real estate and intangibles, as well as its proportion
of the inheritance tax.   Through these  appropriations the Uni-
versity has been euze of a fairly dependable income.   The result
has been a growth in student body and in honor and reputation
throughout the land.   It is in fact a history that the State
should be proud of.

     In the last three years the Board of Trkstees has been able
to complete a number of buildings.   It added some funds for the
erection of the buildings in the educational group.   It built
a large recitation hall and enlarged the chemistry building.
It also erected a library.   These buildings weie constructed
without appropriation through careful saving from income over
a considerable pefiod of time.   The State also erected during
the past two years a dairy products building and a building for
agricultural engineering.   In addition to these buildings the
University constructed two dormitories on the amortization baeis.
The buildings are being slowly paid for by the annual payment
of interest and sinking fund.   The University purchased the
warehouse on the west side of Limestone Street and has converted
it into quarters for the Department of Buildings and Grounds,
housing shops and storage rooms, and also space for the Depart-
ment of Physical Education.   The examination of this record
will show the wise purpose of the Board of Trustees to meet the
responsibilities placed upon it and will also show the care ex-
ercised in spending to the best advantage the money that it
had under its direction.

     The University has now reached the end of any building
program it has had in the past.   Any funds that were available
for that purpose are now exhausted and wTith the decline in in-
come the University faces a period of waiting for new buildings
and equipment.



                The Future of the University

     I am much co-ncemyned about the immediate future of the UTni-
versity.   That concern is based upon the present requirements
to meet the demands that are made upon the University in the
fields of instruction, research, extension teaching and public
service.  The building program that has been carried out in
the last three years has brought the plant and equipment of the
University to a point where the most crying needs are met for
the tine.  A study of the report of the different departments
shows that the University is far from meeting in an adequate
way the requirements of the present.

     Many of the scientific and laboratory departments need
additional space.   The College of Engirnecring has grown in
numbers and it has been housed for years in a group of old-
fashioned buildings that are far from satisfactoryi   This col-
lege should do research work in the field of materials and prod-
ucts for the benefit of the State) but it is unable to do this
work because of a lack of facilities.   Other departments like
those of bacteriology, botany, physics, psychology and zoology
do not have space enough to meet the demands that are made
upon them.   Physics is the foundation of engineering and is
closely related to many other phases of s cientific research.
The department has grown in numnbers and is crowded for space.
It needs an adequate building and mnodern equipment.  In a sim-
ilar way the departmnents of bacteriology, botany, psychology
and zoology are crowded for space and need more adequate equip-
ment to carry on their work.   -The departments of botany and
psychology occupy old buildings that are wholly inadequate.
Bacteriology is housed in the basement of the chemistry building
and hampered by the lack of facilities and plumbing to carry
on as it should.

     The new buildings erected for the work in agriculture have
materially lessened the pressure upon the old agricultural
buildings,  The Department of Home Econo.mics, however, still
occupies two floors and the basement of that building.   Every-
thing has been done that can be done under the circumstances
to give this department better facilities, but what has been
done is not enough.   The comparison that is made between the
housing of this department and that of similar departments in
other colleges is distinctly to the disadvantage of the depart-
ment here.   At this legislative session the University is asking
for a building for home econonrzto meet this need.



                        Immediate Needs
      For many years the University has fut off the problem of
heating and lighting.   At the present time there are nine heat-
ing plants on the campus with resulting disorder and dirt, al-
together out of line with the usage of these days.   So many
other needs have pressed upon the University that the problem
of an adequate heating plant has been held in the background un-
til some of these needs could be met, but with the increase in
the number ot buildings, floor space and other service require-
ments, the time has come when in the near future the University
must face this question of an adequate heating system.

     One of the outstanding points in the University history has
been the growth in the number of women students.   Ten years ago
there were 472 women attending the University; today there are
1200.   This is a mnarked increase, and in the period of ten
years the University has increased its housing facilities for
women by the erection of one buildingcapable of caring for 150
women and through the purchase of a residence that houses twenty-
seven women.   At the present time seventy-five women are living
in boarding houses and 500 with relativos.   Pressure upon these
dormitories grows apace.   The residence halls for women which
the University owns are rather inexpensive buildings aand not
fireproofed.   To meet this situation the University this past
summer installed a sprinkler system for the purpose of protecting
the buildings and their inmates.   The University did erect two
modern, fireproof dormitories for men in 1928.   These buildings
are financed on the amortization basis.   The cost in interest
and payment on sinking fund approximates 823,000 a year.   At
the present moment I do not see how the University could spend
a similar sum annually for the erection of residence halls for
women.   It will be necessary in the near future to approach
the legislature for appropriations to meet this need.   The Uni-
versity has endeavored in the past few years to meet the health
and recreation program of the student body, in so far as it
has been able, with the funds at hand.   It now maintains three
gymnasiums, which, with the exception of one, are more or less
makeshifts.   The University has not asked appropriations for
gymnasiums, swimming pools or play 3ounds.   These things, how-
ever, are needed now and will be needed more in the future. I
mention these needs because increased numbers will demand larger
recreation grounds and added gymnasiums.   Part of this problem
might be met by the construction of an armory to house tho
regiment of the R. 0. T. C. maintained at the University, thus
freeing the old Alumni Hall for ther uses.   The regiment has
a personnel of 1242 men, and under the provisions of the Land
Grant Act the University is required to maintain such instruction.



    TWhile speaking of playgrounds, gymnasiums and swimming
pools, I should like to refer to the problems that center around
student health.  Some ten years ago the University established
a Dispensary and Department of Hygiene and Public Health. The
Dispensary has done a very important piece of Work and unquestion-
ably has been the means of maintaining the health of the student
body on a high standard.   The department occupies the lower
floor of Neville Hall, one of the oldest buildings on the campus.
This building originally cost $7,000.   The department is well
manned but it needs a student hospital and better facilities than
it possesses at the present time.

     It was three years ago that the University established a
personnel bureau in connection with the Department of Psychology.
The bureau had three objectives; the study of student accomplish-
ments and the giving of advice, the study of personal problems
of students, and the opening of new ways for the employment of
members of the student body.   A recent study carried on by the
department shows that 66o of the men and? 2651 of the women earn.
part or all of their expenses at the University.   These expenses
run for the lower group from $200 to $280 a semester and for
the higher group from 8300 to $389 for a semester. The offices
of t he Dean of Men and Dean of Women are constantly brought into
contact with students who find it difficult to get on and are
harassed by the lack of funds.   The Loan 'und was established
a number of years ago to help students.   That fund now consists
of approximately $31,000, and a great deal of it is tied up in
loans that have been made to students who have graduated from
the University and who, for one reason or another, have not re-
turned the money.   This leaves the Loan Fund Committee confront-
ed by a serious lack of funds in meeting the financial problems
of students.   It would be a great thing if some friend of the
University would give a considerable sum of money to the fund.
It would enable the committee to meet more adequately the needs
of the students.

             Advanced Work in the Graduate Field

     On October 23, 1931, the new library of the University was
dedicated with proper exercises.   This building has already
proved itself to be of great value to the University, as well as
a matter of pride.   The University is endeavoring to meet its
obligations by extending its efforts ini the graduate field.
The report of the Dean of the Graduate School for 1930-1931
shows there were 802 different graduate students registered at
the University.   Half of these were registered in the summer
session, indicating the purpose on the part of teachers to se-
cure additional training in their fields.   Two hundred and fifty-
four graduate students were in residence during the scholastic
year.   At no institution in the South has the'e been such rapid
growth in graduate work.   This fact places a great responsibil-
ity on the University.   It means it irlust provide for the



equipment and facilities to meet this new request on the part
of the people of the State for the University to do advanced
works   There is no place within 500 miles of the University
south of the Ohio River where the student may become a candi-
date for the doctor's degree, except in the case of the Peabody
College for Teachers, which limits its efforts to the field of
education.   The problem is here with us and means that the
University must provide men who can give such instruction
and must provide equipment libraries and laboratories for ad-
vanced scholarship.   The iibrary already referred to is now
well housed, but in years past little attention was paid to
the acquirement of the series of scientific publications in
various fields.   The University now finds it necessary to pur-
chase books and periodicals as rapidly as its funds permit.
The new library ought to be the center of historical material in
Kentucky and in the South.   By encouragement of the Board of
Trustees and the Legislature the University may become an out-
standing institution in the graduate field.

             The University and the Legislature

     I have found in my experiences as the president of a state
university that the meeting of the Legislature, while a matter
of some anxiety, have Vesulted quite uniformly in the betterment
of the Universityts facilities and support.    The University
has been the recipient of a portion of the tax on real estate
and intangibles, as well as the recipient of one-half of the
inheritance tax.   The last three years the receipts from these
taxes have amounted to %l,,000000 annually.   As a consequence
of this support the University has been able to make very con-
siderable progressas shown in the increase in the number of
students and in the growth of its plant and equipment. There
is always danger that any tax may be removed and the institution
which is the recipient of such taxes be materially affected as
a, consequence.  In a period of depression there is an inclina-
tion to look at the problems which confront the government from
the short time point of view, and as a consequence to hold back
the progress that has been made in another period.     It would
indeed be unfortunate if the University were confronted with
such a predicament.   Under any and all circumstancestt is hoped
that the University will not be reduced, whatever is done in
the modification of taxes.

     At this session of the Legislature the University is asking
that the present income be continued with the various appropri-
ations made for the experiment stations at Lexington, Quicksand
and Princeton; for the Public Service Laboratories, the summer
session and agricultural instruction, also continued.    The Ex-
periment Station has received for twenity years an annual appro-
priation of $50,000, and it also receives t9O,000 from the
Federal government.   The balance of its income is made up
from receipts from the operation of the farm and the proceeds
from fees on feed and fertilizer operations in the State. The
new appropriations which the University is asking are as



follows:  a building to house some of the departments of the
College of Engineering, b200,000; for the erection of a wing
of a new laboratory building to house the Departments of Botany,
Bacteriology and Zoology, c-il50,000; and the erection of a build-
ing to provide facilities for the Department of Home Economics,
U150O00O.   It has also asked for some smaller sums; ~'20,000
to finish the stacks in the new library mid provide for some ad-
ditional equipment In that building.   The suimner session has
been receiving $10jOOO annually, bat the cost of this    instruc-
tion has grown with the rapidly increasing attendance, which last
year reached 1758, exclusive of duplicates.

     I recognize and I am sure the Board of Trustees does, the
conditions financial and otherwise that exist in the country.
Our own state is affected as other states, but is not faced with
heavy state debts such as those of North Carolina and Tennessee,
the first having a state debt of %?l803000,000 and the second
of $80,000)000.

     After the report was discussed, a motion was made, seconded,
and carried that the report be printed a-nd distributed to the
members of the Legislbture and other citizens of the Commonwealth.

     3,  Resort of Susiness Agent.   The report of the Business
Agent was presented read, and ordered incorporated in the Min-
utes.   The report was as follows:

                                          EXHIBIt '} 31t

             Statement of Income and Expenditures
                  Month of November- 1931

                          Previously      Current      Year
                          Reported        Month        To Date

General Fund Income
Federal Appropriation     42, 750.00                  42, 750.00
State Tax                313,645.22     37, 017.03    350, 662.25
Int. on Lib. Loan Bonds      850.00                      850.00
Int. on Endow. Bonds       4,322.25                    4,322.25
Student Fees              74,640.25      22174.08      76,814.33
Student Fees - Sum.Sc[I.  46, 844.15                  46,844.15



Student Fees - U.H.S.     6,250.00
Student Fees - El.Tr.&S   5,416.05
Student Fees - tl.Exten.  11,293.85
Miscellaneous Receipts    8,497.16
Rentals                   1,179.40
Men's Dormitories        12, 072.88
                 Total  527,761.21

Instruction             281,298.09
Adc. Exp. & Maint.      159t071.25
Additions and Better.    75,077.86
                 Total  515,447.20
 Excess of Expenditures
   over Income            12 314.01

  1, 165a 00
  3, 1344 15
    431 50

 97 279. 17
 39} 840. 25
 _., 345,35
15  4667

6, 581.05
14, 428.00
12a133. 38
578,171. 45

378 577i26
92. 423. 21

(104$054.53) ( 91,740.52)

Patterson Hall Income
Misc. Receipts
Room Rent - Sum.Sch&

  17, 381.78
 4, 777. 75
--22 ,168. 73

Expense                   9,814.01
Additions and Betterm.men-ts   8844.25
                 Total    18, 658.26
Excess of Inc. over Exp.  3,510.47

General Fund Income
General Fund Expend.


Excess of General Fund Ex-
penditures over Incomoe  15,824.48
Excess of Receipts over Ex-
penditures for General
Ledger Accounts          (5 171. 90)
Excess of Receipts over
Expenditures for the f is-
cal year to date - General
Fund                    10 652.58
Excess of Receipts over
Expenditures for the fis-
cal year to date - General
Cash in Bank July 1, 1931
General Fund
Cash in Bank November 30, 1931
- General Yund

16, 132* 70
   13 8 00

33,514. 48
  147. 20
4 777. 75

16,270 70   3 439;43

8, 501. 54  18, 315. 55
             - e 844* 8
   8,51. 54  2X, 159. 80
   7,769.16  11, 279.63

 66,680.94  616,610.88
162,966.31 (397P071.77

(96,285.37) (80,460.89)

226,598.35  221,426.45

130,312.98  140,965. 56





Trust Fund Income
Student toan Fund
Student !totes Paid
           Total Receipts-_

Student Votes

 Excess of Receipts over Ex-

1 0379.82
2. 0854'45




(206.55)      307.00

Excess of Receipts over Ex-
penditures for the fiscal
year to date - Trust Fund
Cash in Bank July 1, 1931 -
Trust Fund
Cash in Bank November 30,
1931 - Trust Fund

Experiment Station Income
Hatch - Federal Appro6
Milk and Butter   Cash
Beef Cattle Sales
Dairy Cattle Sales
Sheep Stles
Swine Sales
Poultry Sales
Farm Produce Sales
Horticultural Sales
Seed Test
Fertilizer - Fees
Public Service - State
  Public Service - Misc.
  Feeding Stuffs - Fees
  Adams - Federal Appro.
  Serum - Sales
  Serum - Virus Sales
  Serum - Supply Sales
  Serum - Miscellaneous Rec.
  State Appropriation
  Creanmery - License Fees
  Creamery - Testers Lic.
  Crea;mery - Glassware Test.
  Robinson - St. Appro.
  Robinson - Misc. Receipts
  N,7est Ky. - State Appro.
  3est Ky. - Misc. Receipts


1,184. o0j
  233 21




   43. 31


   2. 00




   15. 89



  20. 32


1, 847 .32

2 430.0.00
2, 595s05




s     _51809





Purnell - Federal Appro. 30,000.00
State Appro. - Patter-
  son Farm Purchase       25,000.00
Nursery Inspection -
Fees                       985.00
Nursery Inspection
  State Appro.               564.85
Poultry Improvemient      1,230.00
Cream Grading             3,200.00
Blood Test                  636.00
               Total     110.279.42

Expense                 144,566.31
Additions and Better.     1 285.23
               Total     145,851.54
 Excess of Expenditures
 over Income            (35,572.12)
 1930-1931 Accounts Pay-
 able Liquidated During
 Current Year           (12,223.80)
 Excess of Expenditures
 over Receipts          (47_795_92)
 Excess of Expenditures
 over Receipts for the
 fiscal year to date -
 Experiment Stab
 Cash in Bank July 1, 1931
 - Experiment Station
 Cash in Bank November 50,
 1931 - Experiment Station

Extension Division Income
Federal Smith - Lever    74,155.27
Federal Add. Co-op.      15,500.00
Federal Supplementary    26,545.87
Federal Capper-Ketcham   18,400.59
Urban Garden Fund         2,500.00
County and Other            576.41
               Total     137,678.14







30 000;00



 4 850.00

177, 866.43




60 174.95

  4 729.73

137.799. 9

Expense                 141,654.28
Excess of Expenditures
  over Income             (3_97_.14)
  Excess of Expenditures
  over Income for the
  fiscal year to date -
  Extension Division
  Cash in Bank July 1, 1931 -
  Extension Division
  Cash in Bank November 30, 1931
  - Extension Division



(36,145.45) (40,121.59)


            (33, 215.80)



General . Fund Income
Trust Fund Income
Experiment -Station Income
Extension Division Income

    705, 63
110, 279.42
137 678.14

66,680.94 616,610.88
    142. 55    848.18
 25,819.98 136,099.40
    121. 76 137 799.90
 92i765,A23  891_ 358.__6

 162, 966&31 697j 071& 77
    127.05      295&05
 33,469.28 179, 320.82
 36. 267.21 177, 921.49
 232,829.85 ),054,609.13

(140,064.62) (163, 250. 77)

             (12, 223. 80)

General Ftund Expendittires 534,105446
Trust Fund Expenditures        168.00
Experiment Station Expend& 145 851*54
Extension Div. Expend.     141,654.28
                Total       821,779.28
 Excess of Expenditures
 over I-ncoo-ime            (3,186.15)
 1930-1931 Accounts Payable
 liquidated during Current
 Year                      (12,223.80)
 Excess of Receipts over
 Expenditures for General
 Ledger Accounts            (5 171.90)
 Student Loan Fund - Notes     (744.18)
 Excess of Receipts over
 Expenditures for the fiscal
 year to date - Combined
 Fund                      (41,326.03)
 Excess of Receipts over
 Expenditures for the fis-
 cal year to date - Corn-
 bined Fund
Cash in Bank and on hand July
1, 1931 - Combined Fund
Cash in Bank and on hand
  lovember 30, 1931 - Com-
  bined Fund

Abstract of item shown on statement
of Income and Expenditures as "Excess
of Receipts over Expenditures for
General Ledger accounts $221,426.45" .


Accounts Receivable

Insurance Paid in Advaice

Sundry Accounts

Notes Payable


86,825. 23

221 426.4-5
  t 452. 68-)




8 139.02


32) 524.19

1 592.18

1, 592.18