xt7p8c9r2q4m https://exploreuk.uky.edu/dips/xt7p8c9r2q4m/data/mets.xml Lexington, Kentucky University of Kentucky 1937036 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, 1937-03-apr6. text Minutes of the University of Kentucky Board of Trustees, 1937-03-apr6. 1937 2011 true xt7p8c9r2q4m section xt7p8c9r2q4m

Minutes of the Regular Meeting of the Board of Trustees of
the University of Kentucky, Tuesday, A'ril 6, 1937,

The Board of Trustees of the University of Kentucky met in
President McVey's office at the University April 6, 1937, at
10:30 a.m., this being the regular April meeting. The members
of the Board present were Judge Richard C. Stoll, Vice-Chairman;
Louis Hillenmeyer, J. B. Andrews, Judge John Cooper, Dr. George
Wilson, D.D, Stewart, R, Miller Holland and Harry W. Peters, Sup-
erintendent of Public Instruction. President F. L. ivMcVey and
Secretary D. H. Peak were present,

1. Minutes Approved.

The minutes of the following meetings were approved as pub-
lished: Regular meeting of the Board of Trustees, December 8,
1936; Executive Committee meeting, February 24, 1937; Exesutive
Committee meeting, March 24, 1937:

2. President's Report.

The iresident made his regular quarterly report which was
ordered to be recorded iA the Minutes. The report is in words
and figures as follows:

QUARTERLY REPORT OF THE PRESIDENT TO THE BOARD OF TRUSTEES
April 6, 1937

VIEWING PROBLEMS

It is desirable now and then, in conducting an enter-
prise, to have an outsider look at it to see what he thinks
about it, and how he regards it as a going concern, This
process is quite worthwhile in education where there are
many problems, possibly confusion and even chaos, due to
a rapidly changing industrial and social organization, not
only national but world wide in extent. Education must
feel these changes and therefore must evaluate the work.
it is doing from time to time. With some of these points
in mind, I asked Dr. R. M1. Hughes, former president of
the Iowa State College, to visit the University of Ken-
tucky, and give his judgment on some of the important
matters confronting the institution. President Hughes
spent eleven days here and hie would be the first to say
his visit was too short to go into many of the problems
that are before us. Nevertheless, he did make observa-
tions on attendance, small classes, graduate work, ad-
ministering dining halls and athletics that are worthy
of considerationi

In the opinion of President Hughes, the University of
Kentucky will have 6,000 students by 1940, and 7,000 by
1950. These figures are much beyond any estimates made
by the officers of the University. The figures of the
local administration must place the student body in 1940
at about 5,000. This may be too low a figure, but in
any event, the University of Kentucky is bound to have
increased enrollments. The point is what is to be done
about it. In this present year, with about 3,500 stu-
dents in residence, the facilities of laboratory, library,
staff and buildings are rather crowded; what would the
University do with 5,000, much less 6,000, students in
1940? It appears therefore, as a matter of prudence,
good sense and the right kind of statesmanship for the
University to take thought of tomorrow and to do what
it can to meet the calls that will be made upon it.

MEETINGr OF LEGISLATURE

The meeting of the legislature in 1938 is a very
important event in the immediate future of the Universi-
ty. At that time requests should be made so that the
University will do sortthing more than hold its own.
This has been the Puroose for the past five years, but
such a policy cannot result in anything more than a grad-
ual decline of prestige and effectiveness. No one looks
upon such a result with anything but regret. Some prog-
ress has been made in the construction of new buildings
that will give more space for operations, but there must
be additional funds for salaries, additions to the staff
and equipment, and particularly for the purchase of books,
if graduate work is to be successfully developed in the
field of the doctor of philosophy. The legislature should
be told very frankly what the situation is, and asked to
remedy it by a generous appropriation for annual support.
In addition, requests should be made for buildings that
will supplement those already on the campus or about to be
built.

REPORT ON SMALL CLASSES

Something can be done to change the attendance of
students in classes. While Doctor Hughes' report on this
matter overstresses it, nevertheless, there are too many
small classes conducted in the colleges. This can be
remedied by limitations upon num hrs, the staggering of
courses in alternate years and spreading the enrollment
over the whole day and lessening the strain on the second,
third and fourth hours. I have asked a committee con-
sisting of Professors Gillis, Ligon and Koppius to work
on this problem. The purpose of the study is to reduce
teaching loads, to reduce the number of classes and to
make more use of the teaching staff.

THE UNIVERSITY LIBRARY

The library situation has steadily improved with
books increased to more than 200,000. Doctor Hughes
has some pertinent things to say about department li-
braries, wnich he states number thirteen. This figure
includes small collections of books that can hardly be
called department libraries, I should put the number
at eight, but even this figure is too large. Such
libraries increase costs of administration and require
duplications of purchase. It must be remembered that
the placing of a book on library shelves costs at
least 75 cents in addition to the price of the book.
Consequently, library administration assumes large pro-
portions in the University program. It should do this
when the very heart of the University is the library.
The University is now spending about the average of
the better southern institutions for staff, but it needs
to enlarge the purchase of books and the aoquirement
of periodicals.

Graduate work for the higher degrees rests upon
library and staff. The latter must be highly quali-
fied and thoroughly acquainted with their fields.
Teaching in the graduate field must be inspirational
and accompanied by continuous study of the materials
that are coming from the scholars. Associated with
such teachers should be a group of research men and
women who seek new knowledge. How wide and exten-
sive such research should be are matters of debate
among teachers and research students. In a state uni-
versity should the research be limited to regional prob-
lems, such as concern industrial applied research and
the study of social questions that may be found in gov-
ernment organization, population movements and the
like, My own opinion is that research should not be
confined to applied problems, but may be extended into
the fields of pure science. However, it may be said
that the directed research in the fields of state prob-
lems will produce more adequate results than desultory
study here and there. Just how important all this is
is brought to the attention of the Board and the staff
of the University in view of the new respvnsibilities
placed upon the University by the exclusive direction
of graduate work in the institutions of public higher
education.

HOUSING AND FEEDING PROBLEMS

Turning now to the housing and feeding of studentw,
there is much to be said. The University operates
three halls for men and two for women with a total pop-
ulation of 4bO. New demands are being made upon the
University for more housing facilities. If the student

body grows, the demand will become more pressing. The
deans of men and women report buildings full with wait-
ing lists. On the men's halls the University owes ap-
proximately '186,000, and is paying in interest and sink-
ing fund 823,720 annually. Doctor Hughes, in his re-
port, states that the dining sources af the University
should earn a sum large enough to finance a residence
hall for women. This can be done providing the opera-
tions are more carefully supervised, and a daily cost
system installed to check expenditures. With that in
mind, the plan will be inaugurated at once and the cost
plan put into effect April 1. With a trial of two
months a demonstration should be made that will give
a clear statement of the facts. The dining service
is hampered by insufficient refrigerators and store
rooms.

FLOOD RELIEF

During the latter part of January, the water
courses of Kentucky and the Ohio River reached the high-
est flood stage in their history. The effects of the
high water are well known to all. The City of Frank-
fort was harassed for a week and considerable damage
resulted therefrom. The same is true in the cities
along the Ohio. As soon as a wire reached us here at
the University, stating that all the resources available
should be used for flood sufferers, a call was made upon
students and faculty for food, bedding, clothing and
money. Some half a dozen truck loads of clothing and
other materials were sent to Frankfort and Maysville,
and a considerable number of students volunteered their
services at different points. I have had letters in-
dicating the appreciation of communities for the work
done by students. The University staff, students and
friends contributed $3,444.08 to the Red Cross and
special funds. The sum of 82,453 was sent to the
Treasurer of the Red Cross, Mr. C. N. Manning; and 8500
was sent to the Mayor of the City of Louisville. Other
sums were used for incidental expenses, leaving still
on hand for relief purposes approximately $400.00.

It is very gratifying to note the willing and en-
thusiastic volunteering of members of the staff to do
whatever they could in collecting clothing and materials,
as well as packing it and transferring it to the points
where it was needed,

RESEARCH FUNDS

Research Funds for Opthalmia. The University has
received from an anonymous donor the sum of 825,000 to

be used for study in the field of moon blindness occur-
ring in horses and mulesb The Thoroughbred Horse Breed-
ers Association has contributed the additional sum of
$6,000, so that the University has been given the sum
of 831,000 for the use of the Experiment Station in the
conduct of this work, Without the services of Dr. W. W.
Dimock,the giving of this money for research purposes
would not have taken place. In accepting it, the Uni-
versity necessarily undertakes a considerable obligation;
that obligation is to carry on a first-class piece of
work that must be done well and scientifically develop-
ed.

It will be necessary, if this work expands to a
considerable degree, to provide housing for it. Some
plans have been discussed but nothing of a definite
character has been agreed upon. It is supposed that
the research work will go on through a number of years,
so that housing facilities, as well as permanent staff,
will be necessary.

BUILDING PROGRAM

The micutes of previous meetings of the Board of
Trustees and Executive Committee have indicated the
progress made in the building program undertaken by the
University under the Federal grant and issue made in
January of last year. I am able to report that the
two Engineering buildings are approximately completed
within the amount designated for them.

The heating plant is now on the way to completion
and should be ready for use this fall with everything
completed.

The contract for the Law building was let in Decem-
ber. The foundations are now in and the brick work will
begin in the course of a few days.

Bids were received upon the Student Union Building
on March 22. There were twelve bidders: three from
outside of the State, one from Paducah, one from Rich-
mond, three from Louisville and four from Lexington.
The lowest bid was made by the Rommel Company of Louis-
ville at the figure of $154,000 This figure does not
include heating and ventilating, electric wiring. The
building when completed and furnished will cost approx-
imately 8230,000.

There were two other buildings in the list of those
to be erected from these funds, One was a building for
the biological sciences; this building will cost in the
neighborhood of S200,OOO. Plans are being completed

and advertising for bids will be published about the mid-
dle of this month.

The final building is to be the West Wing of the En-
gineering group. It is hoped that it can be built this
summer. It will be in size and appearance quite similar
to the South Wing.

One of the problems which will face the University
and the Board of Trustees will be to provide necessary
equipment for these buildings. Some thought will have
to be given to furnishing them, and the legislature
meeting in 1938 should be asked to take care of the equip-
ment.

THE BUDGET

The budget for the year 1937-38 is about the same as
the budget of last year, due to the fact that incomes
from the State and Federal Government are the same as
they were in the previous period. Some additional funds
from students are expected, as well as a somewhat larger
return from dormitories, commons and cafeteria. These
bring the total of General Fund income to the sum of
81,315,296.50. Of this amount the Federal Government
provides 7-1%; the State, 54%; student -fees, 25-L%; dormi-
tories, 12% and miscellaneous, 1%. The expenditures
as set up will amount to 81,300,000.00, leaving a balance
of about $15,000.00. In arranging this budget provision
has been made to cover the commitments for buildings,
which amount to 866,382.40 anmually. With certain re-
serves the commitments from the General Fund covering
these figures will reduce the charge against General
Fund to $48,632.40.

It has been difficult to bring expenditures within
the income of the University, but with the assistance
and cooperation of all concerned it has been done.
It should be said, however, that the University cannot
go on making progress on the basis of the present
budget. It will be necessary to increase it consid-
erably if the University is to meet thie increasing de-
mands. A full understanding on the part of the Board
of Trustees will assist in getting this miessage to the
people.

3. Financial Report for March, 1937.

The financial report for March was produced by the Business
Agent, It was examined by the Committee and ordered inserted
in the Minutes.

Statement of Income and Expenditures
MIAnth of March 193?

Previously
Reported

Current
Month

Fiscal
Year
to Date

General Fund Income
Federal Appro. - Maor-
rill-Nelson 23,750.00
Vocational Ed. Board 13,005.90
State Aopro.-Summer Sch. 8,000.00
Special Agr. Appro. 16,337.15
State Appro.-General 437,338.06
Int. on Peabody Endowment 1,000.00
Int. on Endowment Bonds 12,852.37
State Appro,-Repairs to
Buildings 5,342.72
Federal Appro.-Bankhead-
Janes 14,908.20
Student Fees 217,532.78
Student Fees - Sum.Sch. 55,917.34
Student Fees - U.H.S. 8,305.00
Student Fees - El.Tr.Sch. 7,565.00
Student Fees - Univ. Exten.11,218.79
Misc. Receipts 4,168.54
Rentals 1,649.00
iMenls Dormitories 16,677.20
Total 855,568.05

4,750.00
2,011.97

1,657.44
57,227,87
1,205.56
8,758.88

329.84

2,981.64
10,595.83
118.50
380.00
240.00
1,502.28
117.26
215.00
498.00
92,590.07

28,500.00
15,017.87
8,000.00
17,994.59
494,565.93
2,205.56
21,611.25

5,672.56

17,889.84
228,128,61
56,035.84
8,685.00
7,805.00
12,721.07
4,285.80
1,864.00
17,175.20
948,158.12

Expenditures
Instruction
Admin., Exp. and M-aint,
Additions and Betterment
Total

Excess of Income over
Expenditures

Patterson Hall Income
Board
Misc. Receipts
Room Rent - Summer Sch.
Total

;

536,467.45
179,492.66
12,293.79

74,685.85
29,219.48
2,304.86

611,153.30
208,712.14
14,598.65

728,2b53.90 l 2019 8 34 h2j4.40 9

127,314,15 (13,620.12) 113,654.03

41,578.65 1,170.85 42,749.50
23!.89 239.89
3 9jQ.10 _ 3,920.10
_ 45,738.64 1,170.8 46,909.49

Expenditures
Expense
Additions and Better-
ments
Total
Excess of Income over
Expenditures

20,953.08

123. 62
21,076.70

24,661.94

6,492.64 27,445.72

516.75

640.37

7,009,39 28,086.09

(5,558.54 18,823.40

General Fund Income 901,306.69 03,760.02
General Fund Expend. 749,330.60 113,219.58
Excess of General Fund
Income over Expendi-
tures 151,976.09 (19,458.66
Excess of Expenditures
over Receipts for Gen-
eral Ledger accounts(30,345.58) t50,877.69
Excess of Receipts over
Expenditures for the
fiscal year to date -
General Furn 121,630.51 (79,336.35
Excess of Reeipts over
Expenditures for the
fiscal year to date
- General Fund
Cash in Bank July 1, 1936
- Genera]. Fund
Cash in Bank March 31,
1937 - General Fund

995,067.61
8 862,550.18

132,517.43

(90,223.27)

42,294.16

52 785.93

95,080.Q9

Experiment Station Income
Hatch - Federal Appro.
livtlk and Butter - Cash
Receipts
Beef Cattle Sales
Dairy Cattle Sales
Sheep Sales
Swine Sales
Poultry Sales
Farin Produce Sales
Horticultural Sales
Seed Test
Seed Inspection
Rentals
Miscellaneous
Fertilizer - Fees
Public Service - State
Appro.
Public Service - Iviisc.
Feeding Stuffs - Fees
Adams - Federal Appro.
Serum - Sales
Serum - Virus Sales

11,250.00

7,010.41
971.11
949.91
1,147.74
1,989.76
2,270.90
2,938. 65
82.55
654.30
12,668.23
3,143.36
2,128.42
18,483.88

13,690.40
329.10
42, 93.45
11,250.00
1,437. 9
79. 40

762.15
53.98
32. 48

388.93
149.14
308.08

77.50
6,263.81
116.42
41.24
12,255.00

1,873.98
15.00
7,055.87

136.48
6.00

11,250.00

7,772.56
1,025.09
982.39
1,147.74
2,378.69
2,420.04
3, 246 a 73
82. 55
731.80
18,932.04
3,259.78
2,169.66
30,738.88

15,564.38
344.10
50,049.32
11,250.00
1,574.41
85.40

Serum - Live Stock
Serum - Supply Sales
Serum - Misc. Receipts
State Appropriation
Creamery - License Fees
Creamery - Testers Lic.
Creamery - Glassware
Tested
Robinson - State Appro-
priation
Robinson - Misc. Rec.
West Ky. - State Appro.
West Ky. - Mlisc. Rec.
Purnell - Fed. Appro,
Bankhead-Jones - Fed-
eral Appro.
Nursery Inspection -
State Appro.
Nursery Inspection -
Fees
Total

Expenditures
Expense
Additions and Better-
ments
Total

Excess of Income over
penditures

Excess of Receipts ove
Expenditures for Ge
eral Ledger account
Excess of Receipts ove
Expenditures

Excess of Receipts over Exa-
penditures for the fiscal
year to date - Experiment
Station
Cash in Bank July 1, 1936 -
Experiment Station
Cash in Bank MIarch 31, 1937 -
Experiment Station

Extension Division Income
Federal Bankhead-Jones 328,290.30
Federal Smith-Lever 148,308.76
Federal Add. Co-op. 12,500.(O
Federal Supplementary 39,818,29
Federal Capper-Ketcham 36,800.97
State Smith-Lever 76,428.95
County and Other 13,1_5,64
Total 655.342.91

31.57
72.91
8.00
33,819.65
8,173.04
3,003.50

602.00

10,112.84
2,273.39
9,104.44
10,138.32
45,000.00

16.85
D.00
4,112.90
20.00
56.00

87. 90

1,115.26
1,241.10
456.50
1,712.23

29,601.76

1,333.30

166.66

31.57
89.76
17.00
37,932.55
8,193.04
3,059.50

689.90

11,228.10
3,514.49
9,560.94
11,850.55
45,000.00

29,601.76

1,499.96

1,390.00 185.00 1,575.00
290,134.22 38,715.46 328,849.68

239,265.52 34,008.39 272,273.91

12,218.61 5,028,87 17,247.48
251,484.13 39,037.26 290,521.39

K_
38,650.09 (321.80) 38,328.29

32,094.19 (1,206.20) 30 887.99

70,744.28 (1,528.00) 69 216.28

69,216.28

(7.585.30)

61,630. 98

9,036.42
3,0553.28
12,069.70

328,290.30
148,308.76
12,500.00
39,818.29
36,800.97
85,465.37
16,228.92
667,412.61

10.

Expenditures
Expense
Excess of Income
over Expenditures

442,124.45

213,218.46

Excess of Expenditures
over Receipts for Gen-
eral Ledger accounts (47,102.16)
Excess of Receipts over
Expenditures 166 116.30
Excess of Receipts over
Expenditures for the
fiscal year to date -
Extension Division
Cash in Bank July 1, 1936 -
Extension Division
Cash in Bank March 31, 1937 -
Extension Division

Trust Fund Income
Student Loan Fund
Student Notes Paid
General Ledger accounts
Total Receipts -

2,!47.36
2,513.05
2,801.70
8,262.11

57,109.69 499,234.14

(45,039.99) 168,178.47

(47,102.16)

(45,039:D 121,076.31

121,076.31

48,500.09

169 ,576.40

182.82 3,130.18
361.67 2,874.72
2,801. 70
544.49 8,806.60

Expenditures
Expense
Student Notes
General Ledger accounts
Total Expend.

Excess of Expenditures
over Receipts _

15.00
217.75
8,000.00
8,232.75

50.00
5,000,00
5,050.00

2p.36 (4,505.51)

16.00
267.75
13,000.00
13,282.75

(4,476.15)

Excess of Expenditures over
Receipts for the fiscal
year to date - Trust Fund
Cash in Bank July 1, 1936 -
Trust Fund
Cash in Bank March 31, 1937 -
Trust Fund

(4,476.15)

7,472.75

2,006.60

Summary
General Fund Income 901,306.60
Experiment Station -
Income 210,134.22
Extension Division
Income 655,342,91
Trust Fund Income __ 2,47,36
Total 1L849 ,731, 18

93,760.92

38,715. 46

12,069.70
182.82
144 j28.90

395,067.61

328,849.68

667,412.61
3,130.18
LD922460.08

11.

General Fund Expend. 749
Experiment StaExpend. 251
Extension Div. Expend. 442
Trust Fund Expend.
Total 1,442

Excess of Income over Ex-
penditures 406

Excess of Expend. over
Receipts for General
Ledger accounts (50

Student Loan Fund -
Notes 2

Excess of Receipts over Ex-
penditures for the fiscal
year to date - Combined
Fund _58

,330. 60
,484.13
,124,45
15.00
,954.18

,777.00

,551.85)

,295.30

,520.45

113,219.58 862,550.18
39,037.26 290,521.31
57,109.69 499,234.14
15.00
209,366.53 1,652,320.71

(64,637.63) 342,139.37

(66,083.89) (116,635.74)

311.67 2,606.97

_(130,400.85) 228,110.60

Excess of Receipts over Ex-
penditures for the fiscal
year to date - Combined
Fund
Cash in Bank and on hand July
1, 1936 - Combined Fund
Cash in Bank and on hand March
31, 1937 - Combined Fund

228,110.60

103,373.47

331,484.0?

Abstract of item shown on Statement
of Income and Expenditures as "Excess
of Expenditures over Receipts for Gen-
eral Ledger accounts 8116,635,74"

Debit Credit

Accounts Receivable

Sundry Accounts

Insurance iaid in
Advance

86,627.06

29,995.18

13.50

116,635.74

12.

4. Requisition Committee Report.

The requisition Committee filed written report of its action
each week from February 18, 1937, to April 1, 1937, inclusive.
The report showed orders mad~e by the Business Office on the au-
thority of the Requisition Committee in the manner prescribed by
the Board of Trustees and state laws, running from No. 4559 to
No. 5627. The report was examined, and on motion and second
the orders named therein were ratified and approved and payments
on said orders were authorized and approved.

Additional budget appropriations of 8420.96, lamps for new
buildings crushed rock, lighting fixtures, for Buildings and
Grounds, i254.70; Book of University Views, Department of Pub-
licity, $600.00; Flags, Military Department, 822.15; Typewriter,
Dean of Men, $70.00; Calculator, Business Office, '405.00; Sup-
plies, Anatomy and Physiology, 865.00.

Other budget additions: Sec. 15b, Minutes, Grounds Budget,
$1030.50; Sec. 16c, Grounds Budget, $229.94.

5. Audit of Accounts.

The Business Agent made the following statement:

It is my desire that an audit be made of last
year's accounts. I think that, in addition to
audits made by federal and state officials, there
should be an "outside audit" by competent account-
ants.

The kind of audit that we have had for several
years, I think, is sufficient to protect me and the
employees of the Business Office. However, I wel-
come any kind of audit that may be desired by the
Board of Trustees or the State Finance Department.

The Committee appointed at the meeting of December 23, 1936,
to confer with Governor Chandler was continued.

6. Budget for 1937-1938 Approved.

President IvIeVey presented copies of proposed budget for the
year 1937-1938. The copies were examined by the members of the
Board as President McVey made comment on the several divisions of
the budget.

On motion of Mr. Holland, seconded by Mr. Cooper, which mo-
tion carried, the budget presented was aDproved, subject to
further changes by the Board or Executive Committee. It was or-
dered signed by the Vice Chairman and the Secretary of the Board,
and following that order the following endorsement was made

thereon:

Budget accepted as basis of expenditures for
year 1937-38 and provision for income and expendi-
tures approved.

(Signed) Richard C. Stoll
Vice-Chairman of the
Board of Trustees

(Signed) D. H. Peak
Secretary of the Board
of Trustees

A copy of the budget is inserted in the permanent records of
the Minutes, as appendix thereto.

7. Investment of Trust Funds.

The Business Agent made following report on possible Invest-
ments:

INVESTME.NTS

The following trust funds are now uninvested except
for deposit in part in savings account:

Student Loan Fund 16,131i,4c
Meredith Fund 700,00
Waddy Fund 2,161.76
Chemistry Fund 100.00
Sullivan Fund 200.00

Looking to investment of the funds, I have made in-
vestigations to the following extent:

1. State three per cent warrants, now selling at
100 3/4. I am advised that these are safe and that
they constitute one of the most desirable investments.
They are subject to call, however, and at the rate
they are now being called the investment may be of
short duration,

2. Lexington three per cent school bonds, now
selling at 101 3/4. Considered good.

3. Deposit Certificate in the First Federal Sav-
ings and Loan Association of Lexington, Kentucky,
yielding four per cent. Insured to the extent of
$5,000.00 in Federal Savings and Loan Insurance Cor-
poration. Letters attached.

13.

14,

4. Real Estate mortgage bonds issued by the Guaran-
ty Title Company, bearing six per cent interest. Letter
of explanation attached. I believe good loans may be
found a;;iorxg these bonds, but an attorney's fees for in-
spection of abstract of title may have to be paid.

5. Individual loans secured by mortgage on real
estate may be secured, rate of interest five and six
per cent. In event of making such a loan all expense
of appraisement and of abstract of title may be borne
by borrower, the appraiser and abstracter being select-
ed on approval of the Execuuive Committee or committee
acting for it. I think satisfactory loans of this
character may be found.

6. Savings accounts in banks at two per cent.

7. United States government boads.

8. Investment in stock in University Credit Union,
considered a safe investment.

9. I have received little encouragement regarding
the purchase of sucn bonds ar are usually offered on the
market.

On motion of It. Holland, duly seconded and passed, the
suggestions made in the above copied report were approved, with
the exception of No. 5, "Individual loans secured by mortgage
an real estate", objeoted to on account of probable difficulties
and expense of collection.. The Committee on investments was con-
tinued and authorized to act, if suitable securities may be ob-
t ained,

8. DistributIpn of Old Fees Collgeted.

The Business Agent made following report;

DISTRIBUTION OF CHARGED OFF FEES

At the February 24, 1937, meeting of' the Executive
Committee, an order was made directing the Business Agent
to make distribution of charged off fees collected. (Seo.
t). Following is report of distribution:

15.

Fees
Athletic Association
Grants in Aid. ------------- ---
Kentucky Kernel ----------
Y. X, C. A. ------------------
Y. W. C. A. ------------------
Lectures ---------------------
iVisic -------------------------
Post Office Boxes ------------
Class Dues 1936 ---------------
Class Dues 1937 ---------------
Class Dues 1938 ---------------
Class Dues 1933 ------------

84,140. 94
201.00
250.00
54.00
13.50
13 50
18.00
50.00
50.00
12.50
12. Oo
12.50
12.50
*$4,840.94

The $4,140.94 distributed as fees will be transferred
to the University of Kentucky Building Revenue Bond and
Interest Redemption Fund.

The report was approved and the distribution and transfer or-
dered.

9. Allotments.

The following statement of the Business Agent war ordered in-
serted in the Minutes:

I received this morning Advice of Allotments for
the fourth quarter. The total allotment for each ap-
priation has been made in full with the following ex-
ceptions:

Repairs, $8000 -- Allotments, $7,000
Agricultural Extension, 8120,000 -
Allotments, $114,000.

The Advice of Allotments shows total for general
appropriation to the University to be $655,000. This
is $5,00( short but I think that is due to the fact
that $5,000 has been advanced from this appropriation
for petty cash fund.

10, Real Estate on Graham Avenue.

Statement by Business Agent and Superintendent of Buildings
and Grounds:

16.

We have inspected two pieces of property on Gra-
ham Avenue that are being offered for sale.

The property of Mrs. Purnell is 52 feet front line,
48 feet back line, depth 170 feet. She priced it at
.3,50O.O0 but indicated she would take less. We think
it may be purchased for $3,000.00. We recommend the
purchase because it adjoins a lot owned by the Universi-
ty, the two lots making a very desirable building space,
and because the cost is probably as low as it will ever
be. Our experience has been that delay complicates
purchase because of repairs to buildings and erection
of new buildings.

The property of Mr. Callihan is near but does
not join University property. It is 62 feet front
line, about 20 feet back line, depth 170 feet, Mr.
Callihan is asking N4,000.00 for the property. We
recommend an offer of $3,000.00.

The buildings on the lots are in bad condition
and we believe nothing should be spent as repairs.
They might be rented to University employees in consid-
eration of caring for them, the renter being