xt7m639k4509 https://exploreuk.uky.edu/dips/xt7m639k4509/data/mets.xml Lexington, Kentucky University of Kentucky 20051025 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, 2005-10-oct25. text Minutes of the University of Kentucky Board of Trustees, 2005-10-oct25. 2005 2011 true xt7m639k4509 section xt7m639k4509 

MINUTES
Meeting of the Board of Trustees University of Kentucky
1:00 P.M.
October 25,2005
18 th Floor Patterson Office Tower
Minutes
Accompanying materials: President's Report and Action Items
PR 1        President's Report to the Trustees
PR 2        Personnel Actions
PR 3        University Staff Emerita Title Be Conferred upon Roberta T. Stinnett
PR 4        Assistant Dean for Finance and Administration Emeritus Title Be Conferred
upon Clifford J. Swauger PR 5        Appointment/Reappointment of Board of Directors University of Kentucky
Mining Engineering Foundation, Inc. PR 6        Proposed Revisions to the Administrative Regulations
Academic Affairs Committee Report
AACR 1   Change in Name of a Degree - Master of Science in Family Studies with a Major in Family Studies
Finance Committee Report
FCR 1      Norton Healthcare Pledge
FCR2      Gifts and Pledges to the John R. Gaines Endowed Chair in the Humanities
FCR 3      Dr. Hoonbae Jeon Pledge
FCR 4      Newman Foundation Pledge
FCR 5      Dr. Helen Thacker Hill Gift
FCR 6      Kentucky Medical Services Foundation, Inc. Gift to Replace Unfulfilled
Pledges to DePuy Neuro Fellowship FCR 7      Kentucky Medical Services Foundation, Inc. Gift to Replace Unfulfilled
Pledges to DePuy Neuro /Spine Surgery Fund FCR 8      Kentucky Medical Services Foundation, Inc. Gift to Replace Unfulfilled
Pledges to Dr. Fred W. Zechman Professorship FCR 9      Kentucky Medical Services Foundation, Inc. Gift to Replace Unfulfilled
Pledges to Dr. Louis L. Boyarsky Professorship FCR 10    UK HealthCare Patient Care Facility - Update and Authorization
Consolidation FCR 11    Authorization to Sell the Coldstream Center (Formerly Lexel Building )


 
Located on Coldstream Research Campus FCR 12    A Resolution Authorizing the Issuance and Sale of Approximately $7,110,000
of General Receipts Obligations (Memorial Coliseum Expansion Project) of
the University of Kentucky , Pursuant to the Trust Agreement Dated as of
November 1, 2005
FCR 13    Amendment to 401 (a) Qualified Pension Plan FCR 14    Approval of Lease FCR 15    Approval of 2004-05 Endowment Match Program Annual Report
University Hospital Committee Report
UHCR 1   University Hospital Committee Operating Rules UHCR2   University Hospital Bylaws of the Medical Staff


 
Minutes of the Meeting of the Board of Trustees of the University of Kentucky, Tuesday, October 25, 2005.
The Board of Trustees of the University of Kentucky met at 1:00 p.m. (Lexington time) on Tuesday, October 25, 2005, in the Board Room on the 18th Floor of Patterson Office Tower.
A.        Meeting Opened
Mr. James Hardymon, Chair, called the meeting to order at 1:00 p.m. and asked Ms. Barbara Jones, Assistant Secretary and General Counsel, to call the roll.
B.         Roll Call
The following members of the Board of Trustees answered the call of the roll: Mira Ball, Stephen Branscum, Penny Brown, Dermontti Dawson, Jeff Dembo, Rebecca A. Ellingsworth, Ann Haney, James Hardymon (Chair), Billy Joe Miles, Roy Moore, Phillip Patton, Frank Shoop, Myra Leigh Tobin, JoEtta Wickliffe, Billy Wilcoxson, Russ Williams, and Barbara Young. Absent from the meeting were: Marianne Smith Edge, Pamela May, and Steven Reed. The university administration was represented by President Lee T. Todd, Jr., Interim Provost Scott Smith, Executive Vice President for Finance and Administration Frank Butler, Executive Vice President for Health Affairs Michael Karpf, Executive Vice President for Research Wendy Baldwin, and General Counsel Barbara W. Jones.
Members of the various news media were also in attendance. A quorum being present, the Chair declared the meeting officially open for the conduct of business at 1:01 p.m. and called upon President Todd for his report.
C.         President's Report to the Trustees (PR 1)
President Todd called attention to the following items in PR 1:
UK Reaches 81 Percent of Fundraising Goal
President Todd said that he is pleased with the university's fundraising efforts. The university has received $811 million of the $1 billion dollar campaign. Mike Richey has done a tremendous job with building on the platform that Terry Mobley built for the university over the years.
President Todd said that he is also pleased to point out that the university has received an additional 2,000 gifts over the previous year's gifts. The university has to broaden the base of contributors to the institution. The endowment, which the Investment Committee oversees, is up to $538 million. This has more than doubled since 1979.
UK Enrollment Figures Announced
President Todd reported that the university has once again improved the quality of the
freshman class in a significant way; however, there have been articles in the


 
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newspapers recently about the university's failure to enroll an adequate number of African-American students. After two years of record increases in the freshman class, African-American freshman enrollment dropped 40 percent this year. President Todd talked about the concern and some of the past and present actions that are being taken to address the issue.
A diversity enrollment team has been created. Eight new positions, which will be led by an enrollment coordinator, will be added to the recruitment and admissions offices to conduct a more holistic approach to student diversity efforts. There was a Michigan study that pointed out that universities need to look at admissions more holistically. That study influenced the university's decision on its distribution of scholarships and probably cost the university some students. As the university goes to this more holistic approach, it will have to add more people in order to read in detail all of the applications and look beyond test scores.
UK has dedicated nearly $500,000 from some allocations to a diversity-linked scholarship program.
About $2.8 million was dedicated to the William C. Parker Scholarship Program, and the university will continue to add to that program.
This African-American issue gives the university a great opportunity to set new records for quality and volume in the diversity area. The university has already made some headway this year with its recruiting effort.
Since President Todd has been in office, the university has put $1.4 million into a recruiting program for African-Americans. In this program, the President provides the first year salary for any dean that hires an African-American.
There is a Diversity Task Force, which involves all deans, that has a plan to submit to the Commission on Diversity to implement and oversee. It will measure the diversity progress being made in the individual units.
Conversations with some faculty regarding the selection of a new chair for the Commission on Diversity are taking place.
The provost has put together a research committee to look at various aspects of the African-American student issue. The university accepted 350 African-American students this fall, and only 151 chose to attend. The administration needs to know why the others did not choose to attend UK. Some students were highly sought after, but some may have other reasons.
The research committee will need to interview the African-American students who will graduate this year, especially those who came in with low ACT scores, to try to find out what would have indicated their success.


 
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The admission application has already been changed to add some questions about diversity as well as other leadership activities the students could put on their applications. The application process needs some other indicators of success that need to be monitored in order to achieve fairness when accepting students into the programs.
The African-American retention rate at UK is the highest in the state. The administration takes great pride in nurturing those students as well as other students to get them through the process.
The university is making headway with retention; however, the Board's thoughts and assistance are always welcomed. More people need to get involved in the recruiting process, especially in recommending students.
The university has had a program in place for approximately ten years called "Come See for Yourself." Groups of African-American students are invited to campus to come and see what they think about today's University of Kentucky. The university received some positive comments in a recent newspaper article about some students who attended this program.
Three years ago a summer program was developed to invite applications from undergraduate African-American students to work in the laboratories and the offices with the university's "Bucks for Brains" faculty members. There have been over 100 students go through the program, working with over 90 of the top faculty members at the university. It is a very strong program. Each student is given $3,500, and the professor receives $1,000 for supplies, etc. Many of the students continue working with the professors beyond their summer experience.
President Todd said that this current issue provides the opportunity to look forward and try to greatly improve the university's efforts in the African-American student area, and he has every confidence that this will be done.
UK Receives $6 Million from NIH to Pursue Parkinson's Research The University of Kentucky Morris K. Udall Parkinson's Disease Research Center of Excellence has been awarded nearly $6 million from the National Institutes of Health (NIH) and the National Institute of Neurological Disorders and Stroke to continue work on the promising drug glial cell line-derived neurotrophic factor and similar compounds. This NIH grant shows great confidence in the research program, and the administration is proud of this research.
The CBS news show 60 Minutes provided coverage of the Parkinson's Disease work that has been done at the UK. There has been quite a discussion because Amgen, Inc. suddenly withdrew the drug from testing amid allegations of safety and efficacy concerns, to the dismay of many involved in the trial of the drug.


 
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Women's Health Program Receives $10.4 million from NIH UK's Women's Health program received its second $10 million grant from the National Institutes of Health. This is a Center of Biomedical Research Excellence (COBRE) grant. Tom Curry, professor and vice chair of the Department of Obstetrics and Gynecology, will be overseeing ten junior faculty members who will be working on projects that focus on the role of female hormones in various diseases.
President Todd said that he was surprised to learn, when UK started the Women's Health Center a few years ago, that all the statistics you heard about for diseases generally were male dominated. He stated that there are health differences between men and women. This grant reflects $20 million-plus of funding in UK for research in this important area to study some of these problems. This group of faculty is certainly to be applauded.
President Todd concluded his PR 1 report by mentioning a groundbreaking for a new building at the Coldstream Research Campus that afternoon. He encouraged the Board members to attend.
D.        Consent Items
Mr. Hardymon said that there were a number of consent items on the agenda, and it is very important that the Board look at those items, read them, and approve them. The consent items include the Minutes of the September 20 meeting, the Personnel Actions, and FCRs 1 through 9. Mr. Hardymon asked for a motion of approval of the consent items. Mr. Shoop moved approval. Mr. Branscum seconded the motion, and it carried without dissent. The consent items follow:
Minutes - September 20, 2005
PR 2 Personnel Actions
FCR 1   Norton Healthcare Pledge
FCR 2   Gifts and Pledges to the John R. Gaines Endowed Chair in the
Humanities
FCR 3   Dr. Hoonbae Jeon Pledge FCR 4  Newman Foundation Pledge FCR 5   Dr. Helen Thacker Hill Gift FCR 6  Kentucky Medical Services Foundation, Inc. Gift to Replace Unfulfilled
Pledges to DePuy Neuro Fellowship FCR 7   Kentucky Medical Services Foundation, Inc. Gift to Replace Unfulfilled
Pledges to DePuy Neuro/Spine Surgery Fund FCR 8   Kentucky Medical Services Foundation, Inc. Gift to Replace Unfulfilled
Pledges to Dr. Fred W. Zechman Professorship FCR 9   Kentucky Medical Services Foundation, Inc. Gift to Replace Unfulfilled
Pledges to Dr. Louis L. Boyarsky Professorship


 
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E.         Goals and Objectives for President Lee T. Todd, Jr.
Mr. Hardymon referred to President Todd's contract that was approved at the September Board meeting and the clause in the contract involving goals and strategic objectives for the president. Following input from the entire Board on the 2005-06 goals and objectives for the President, Mr. Hardymon said that he finalized them and presented them to President Todd. He reported that President Todd has assured him that he concurs with the goals and the direction that the Board has outlined for him and the university.
Mr. Hardymon noted that he has personally been on both sides of the CEO evaluation process many times in his career and said that he feels very good about the goals the Board has established. The goals address day-to-day operations, longer-range initiatives, and areas of special emphasis the Board deems important. A number of the goals are very specific and finite in nature. Others will have objective numbers assigned to them, and some are more subjective in nature, just as the President's job is often subjective in nature. With those goals, an important component of the Executive Committee's review process will be based on the President's self-evaluation and documentation of performance.
The UK staff is sharing the goals with friends in the media; therefore, everyone will be clear about the area of focus the Board has defined for President Todd this year. Mr. Hardymon pointed out that it is important to have the Strategic Plan included with the one-page goals-and-objectives document because the Strategic Plan covers such items as research dollars, retention, graduation, salaries, and things that carry as much weight as the others on the one-page list of goals and objectives.
Mr. Hardymon thanked the members of the Board for their input in the process. He said that he feels confident that the President is already working to achieve the 2005-06 goals and objectives.
F.         University Staff Emerita Title Be Conferred upon Roberta T. Stinnett (PR 3)
President Todd said that he would like to acknowledge some special guests in the audience before asking Dr. Wendy Baldwin and Dr. Steve Wyatt for their reports.
He called attention to Ms. Roberta Stinnett who was in the audience and said he was delighted to have her at the meeting. She is recommended for the university staff emerita status in recognition of her long service and dedication to the university for fifty years.
On August 22, 1955, Ms. Stinnett began her long and satisfying career as an account clerk in the General Accounting Department. During her tenure at the University of Kentucky, she faithfully dedicated her full career to serving the needs of the General Accounting Department. She has seen the transformation of the University of Kentucky in a way few employees or citizens of the Commonwealth have experienced. Additionally, she has been able to bridge the movement from manual systems to electronic systems, paper to paperless, and worked with many different supervisors during her successful career. Over


 
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the years, Ms, Stinnett has demonstrated an outstanding work ethic and excellent attitude. At no time during her employment did she give less than 100 percent to her effort. Her years of dedicated service, hard work, generosity, commitment, and kindness have made her one of the university's most well respected and cherished individuals. There is no more loyal or dedicated employee who deserves to have the title of University Staff Emerita conferred upon her by the Board of Trustees than Mrs. Stinnett. (See PR 3 at the end of the Minutes.)
President Todd asked Mrs. Stinnett to stand and be recognized, and she received a round of applause from the Board. He also recognized her husband, Bennis Stinnett, who accompanied her to the meeting, and said that he was also glad to have him at the meeting.
G.        Assistant Dean for Finance and Administration Emeritus Title Be Conferred upon Clifford J. Swauger (PR 4)
President Todd said that PR 4 is the recommendation that Mr. Cliff Swauger, another longtime employee of the university, be named assistant dean for finance and administration emeritus in recognition of his long service and dedication to the University of Kentucky College of Arts and Sciences. He recognized Mr. Swauger and his wife Jan in the audience and said he was glad to have both of them at the meeting.
Mr. Swauger, a Kentucky native, received his bachelor of science in mathematics and physics from Eastern Kentucky University, He came to the University of Kentucky as a teaching fellow in the fall of 1959 to pursue a master of science degree in mathematics. After receiving his degree, he was hired by the University of Kentucky Northern Community College as an instructor on September 1, 1962. He transferred to the Lexington campus in 1966 as an administrative assistant and lecturer in the Department of Mathematics, In January of 1976 he was promoted to director of fiscal affairs and operations for the College of Arts and Sciences.
Mr. Swauger is a member of the American Mathematical Society and the Mathematical Association of America. He received the Distinguished Alumni Award for Excellence in Teaching from Eastern Kentucky University in 1974 and is a co-author of a textbook titled, Brief Calculus with Applications.
President Todd said that Mr. Swauger is a dedicated and exemplary employee, and he is highly deserving of this emeriti recognition. He congratulated Mr. Swauger and asked him to stand to be recognized, following which he received a round of applause. (See PR 4 at the end of the Minutes.)
H.        Robert E. Harding, Jr. Endowed Professorship in the College of Law
President Todd called upon Dean Alan Vestal, College of Law, and asked him to recognize some other guests in the audience who were on campus for a celebration later in the day.


 
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Dean Vestal reported that his college was celebrating the creation of the Robert E, Harding, Jr. endowed professorship in the College of Law. The professorship is being created with a very generous gift from the Harding family along with a Research Challenge Trust Fund match. Mr. Harding graduated from the law school in 1957. He was the second African-American graduate from the College of Law. He had a very successful law practice and career with the federal government and brought real glory to the law school during his career.
Dean Vestal said that the college is particularly pleased that his daughter Roberta Harding is a member of the law school faculty, but for the fact that she went to Harvard Law School and not the University of Kentucky. She, too, has had an exemplary career and joined the College of Law faculty in 1991.
Dean Vestal introduced Dr. lola Harding and Professor Roberta Harding and said he wanted to give the Board this opportunity to thank them for their generous gift. The Harding family received a round of applause.
President Todd thanked them for their generous gift.
I.         Appointment/Reappointment of Board of Directors, University of Kentucky Mining Engineering Foundation, Inc. (PR 5)
President Todd said that he would like to seek the Board's approval for the appointment and reappointment of the individuals listed in the PR 5 document to the Mining Engineering Foundation Board. The new appointments are Peter Socha and Brian Galli, and the reappointments are Catesby Clay, Ari Geertsema, Dell Jaggers, Steven Leer, William Mason, Roy Palk, D. J. Patton, Joseph Sottile, William Sturgill, Charles Wesley, and Jack Whitaker.
The nominating committee of the foundation board, which includes the dean of the College of Engineering, recommended these appointments to the interim provost. These recommended appointments require the approval of the Board of Trustees in accordance with the Articles of Incorporation.
Mr. Hardymon called for a motion of approval for PR 5.
Dr. Dembo said that in view of the discussion on diversity and the fact that an institution like UK must actively promote diversity within its ranks at all levels, he would like to point out that the current composition of the Mining Engineering Foundation Board is entirely Caucasian male, and according to a faculty who has followed the activity of this Board for the last 18 years, it has always been Caucasian male. His personal opinion is that the Board will be doing less than actively promoting diversity by approving the Mining Engineering Foundation Board in its current state.
President Todd said that Dr. Dembo raised a very good point. He said that he would certainly recommend to the nominating committee in the future to bring new members to the


 
Board, but he would still recommend that the Board go ahead and approve this recommendation.
Mr. Hardymon said that it is a good point, and he hopes that the administration makes sure that this information gets to the nominating committee. He called for a vote, and Mr. Miles moved approval. His motion was seconded by Ms. Ball and passed. Dr. Dembo and Dr. Moore opposed the action. (See PR 5 at the end of the Minutes.)
J.         Proposed Revisions to the Administrative Regulations (PR 6)
President Todd said that PR 6 involved a revision that was brought about by changes in actions at the Council on Postsecondary Education (CPE). The CPE promulgated some new regulations concerning the residency determinations. In order for UK to move quickly and appropriately to take into consideration the CPE changes, a committee chaired by Dr. David Watt was established to review their requirements. The committee proposed the revisions that are shown in PR 6 with the additions in blue and the deletions in red.
President Todd pointed out that there is one amendment to the revisions. On the first page of the revisions, the word faculty senate should be the University Senate since the Senate is made up of more than just faculty members. The revisions will be made to reflect this amendment. PR 6 recommends preliminary consideration for approval and adoption at the next Board meeting.
Ms. Ellingsworth said that previously there were six faculty and/or staff members and two students who sat on the committee referred to in PR 6. She has talked to Ms. Jones and President Todd about these revised changes not including students on the committee. She was told that in previous years there was trouble getting student members to attend the meetings, and the committee had trouble having a quorum present. She noted that a quorum for the committee is five members. There were six faculty and/or staff on the committee; therefore, it could not have been only students that were the problem. Further, she was also told that they wanted to reduce the membership so that it was easier to coordinate meeting times, etc. However, she feels that the student voice should not be lost on the committee. She proposed an amendment to add a student member to the committee and continue to keep the student voice on the committee.
President Todd said that he appreciated Ms. Ellingsworth bringing this to their attention. He said that he and Ms. Jones had discussed the question about having a student member serve on the committee. He asked Ms. Jones to read an amendment to the proposed revisions.
Ms. Jones said the amendments to the revisions in paragraph two are as follows:
Second sentence, line two shall read: "The Committee shall be composed of the associate provost for academic affairs, the assistant provost for enrollment management (who is not the residency officer), a faculty member nominated by the Senate, and one student."


 
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The sixth sentence, line 11, shall read: "Three members shall be necessary for committee action, and three members shall constitute a quorum."
The seventh sentence, line 13, shall now read: "A majority of the committee members present shall be necessary for any decision."
President Todd said that the amendments put a student back on the committee and allow the committee to function in a more fluid manner to exercise the requirement for residency determination. He asked Ms. Ellingsworth if these amendments were satisfactory with her.
Ms. Ellingsworth said it was satisfactory.
President Todd said that he amended his recommendation to incorporate the changes that Ms. Jones read.
Mr. Hardymon asked for a motion to approve PR 6 as amended. Ms. Ellingsworth moved approval. Dr. Moore seconded her motion, and it carried without dissent. (See PR 6 at the end of the Minutes.)
K.        College of Public Health Report
President Todd asked Dr. Steve Wyatt, Dean of the College of Public Health, to give his presentation to the Board.
Dr. Wyatt said that he appreciated the opportunity to talk to the Board about his college. Using a series of slides, he made the following presentation:
The College of Public Health is sixteen months old. During this short period of time much has been accomplished.
     The college's organizational structure, including filling leadership positions, has been addressed.
    Faculty/staff governance issues/processes have been put into place.
     The infrastructure to enhance research efforts of faculty and staff has been strengthened.
    In June 2005, the college received full accreditation, for five years from the Council on Education for Public Health.
The College provides degree opportunities in the following areas:
    Master of Public Health (MPH)
    Doctor of Public Health (DrPH)
    Doctor of Philosophy in Gerontology


 
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Currently, more than 275 students are enrolled in one of those programs. In the spring of 2005, the college awarded: Doctor of Public Health degrees to the first cohort of students (12 degrees); 35 MPH degrees (for a total of 105 MPH degrees awarded since 2002), and eight gerontology students received a PhD. The student body of the college is diverse, with between 20 to 30 percent of the students in each program area being racial or ethnic minorities.
The college's faculty numbers are small (36 FTE's) in quantity but strong in experience and productivity ($11.8 million in collaborative research projected for 2005-06). One significant change in the faculty over the past year has been the gender diversity of faculty in leadership positions in the college. In September of 2004, 7 percent of the college's leadership positions were held by women; in August 2005, that proportion increased to 32 percent.
Service and outreach programs are foundation elements in colleges of public health. The UK efforts in this area are exceptional with vibrant programs including:
    Kentucky Injury Prevention Research Center
     Southeast Center for Agricultural Health and Injury Prevention
     Center for Prevention Research
    Health Education through Extension Leadership (HEEL); in partnership with the College of Agriculture
     Occupational/Preventive Medicine Clinics at Toyota and Lexmark
     Tobacco Research Network on Disparities (TReND)
     Cooper-Clayton Method to Stop Smoking
    Mid-South Cancer Information Service Partnership Office
    Donovan Scholars and Council on Aging
Dr. Wyatt concluded his presentation by saying that future directions for the college include offering an off-campus MPH program in either eastern or western Kentucky, development of a PhD program in Epidemiology/Biostatistics, joint degree opportunities in MSW/MPH and MSN/MPH at UK, progress in obtaining support for several endowed chairs/professorships, and hopefully a new academic facility.
President Todd thanked Dr. Wyatt for his report and said that the accreditation achievement of the College of Public Health is historic. It points to the strength of the components that have been put together under Dr. Wyatt's leadership when the college was formed. Forming this college is something the Board can take a lot of pride in having done at a time when the country needs public health excellence as much as it ever has. He thanked Dr. Wyatt for the great job that he is doing.
L.        Research Report
President Todd asked Dr. Wendy Baldwin, Executive Vice President for Research, to present information on UK's research endeavors to the Board.


 
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Dr, Baldwin expressed pleasure in having the opportunity to speak to the Board about the university's research program. She presented a series of slides illustrating how research happens and what it takes to help faculty get extramural funding.
In 2005, University of Kentucky faculty received $274 million in research grants and contracts, of which $152.2 million came from federal agencies. By far the largest piece of the "funding pie" was $87.7 million from the National Institutes of Health, but also included was $2.38 million from other federal agencies. Along with federal funding, UK received $33 million from non-federal agencies. Research at UK is broad and diverse, leading to a high impact in the state.
The 2005 UKRF budget was $40 million-$35.9 million from federal indirect cost dollars and $4.1 million from other indirect cost dollars. This budget is divided into three categories, Core Services (18 percent), Block Grants (30 percent), and Faculty Support (52 percent).
But how does this budget support faculty research? It provides funds to pay debt service for new research buildings like BBSRB; provides new faculty with start-up funds in areas like lab fit-up, equipment, and technicians; and supports research service units that provide financial, ethical, and policy oversight and awards management. In addition, incentive funds are provided to the department and college, to the graduate school, and to the infrastructure of the university.
One by-product of faculty research Dr. Baldwin often discusses with the Board is intellectual property. From basic research to patent issue is a long process. It involves disclosures to the IP Committee, some of which may be released to the inventor for more research, pre-patent screening, provisional patent filing, a number of patent applications being processed, and finally some patents being issued. Once patents are issued a number of licenses are issued and maybe a few start-up companies are born.
Information and data may be found about faculty research and the research support units on the research web pages (www.research.uky.edu).
She concluded her remarks by mentioning the upcoming groundbreaking ceremony for an exciting, private $50 million facility that will be built at Coldstream. She encouraged the members of the Board to attend and join in the celebration following the Board meeting.
Mr. Wilcoxson asked Dr. Baldwin if she had calculated the amount of dollars that the university is putting into venture capital.
Dr. Baldwin said that venture capital is very important. Venture capital is a parallel activity that needs to go on when there is a licensing option going to a small company. Fortunately, the university has some state funded activities that are there to help those companies. The university has to be careful about what its role is because it obviously owns the IP, and it frequently has an equity interest in that. She said that she did not want to see the university helping someone set up a business, have an equity interest in it, and maybe get


 
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royalties from it. There is a point where the university would get into a conflict. The university does have a parallel activity going on that helps provide angel and venture capital for small companies. She said that she could go back and look at the companies that have come out of the university's IP and find out what their venture capital projectory has been.
Mr. Wilcoxson asked if it would not be beneficial to look into some of the university's venture capital investments.
Dr. Baldwin said that she thought the university was doing that. One of the changes that she made last year is that when you go to the intellectual property p