xt7pc824bx92 https://exploreuk.uky.edu/dips/xt7pc824bx92/data/mets.xml Lexington, Kentucky University of Kentucky 19350824 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, 1935-08-sep24. text Minutes of the University of Kentucky Board of Trustees, 1935-08-sep24. 1935 2011 true xt7pc824bx92 section xt7pc824bx92 









     Minutes of the Regular Meeting of the Board of Trustees c'
the University of' Kentucky, Tuesday, September 24, 1935.



     The Board of Trustees of the University of Kentucky met in
President McVey's office at the University September 24, 1935,
the meeting being continued and held from the regular date of Sep-
tember 17, 1935.  M1embers of the Board present were Judge R. C.
Stoll, chairman of the Executive Committee; John S. Cooper, Louis
E. Hillenm-eyer, Miller Holland, Dr. George H. Wilson, James R.
Rash, and W. C. Hanna.   Meeting with the Board were President
Frank L. IdcVey and Secretary D. H. Peak.

     Judge R. C. Stoll having informed the President that he would
be late in attending the meeting, on motion and second, IMr. Louis
Hillenmeyer was made chairman pro tem and presided until Judge
Stoll arrived.


     1. Approval of Minutes.

     A quorum of the Board not being present, the approval of Min-
utes was deferred until a future meeting of the Board.


     2. Financial Reports.

     The financial report for June, the close of the fiscal year
1934-1935, not having been completed before this meeting, was filed
and ordered recorded in the Minutes.   The financial reports for
the months of July and August respectively were filed and, the re-
port being cumulative, it was ordered that the August report be
incorporated in the Minutes.   The reports read as follows:


Financial report for June, 1935:
                                                  EXHIBIT lBi

             Statement of Income and Expenditures
                      Month of June 1935


                             Previously     Current    Fiscal
                             Reported       Month      Year
                                                       _ to Date

General Fund Income
  Federal Appropriation      42,750.00                  42,750.00
  Int. on Endowment Bonds     8,644.50    (4,322.25)    4,322.25
  Int. on Liberty Loan Bonds    850.00                    850.00




 




2.



  Vocational Ed. Board       18,661.62
  State Anpro. - Bwk Sal.    71,100.00
  State Appro. - Repairs to
      Buildings               7,463.68
  State Appro. - Summer Sch.  9,000.00
  Special Agr. Appropriation  25,500.00
  State Appro. - General    634,064.86
  Student Fees              206,277.32
  Student Fees - Summer Sch.  40,636.99
  Student Fees - Un. High Sch.10,482.50
  Student Fees - El. Tr. Sch. 7,454.00
  Student Fees - Univ. Exten. 21,831.55
  Miscellaneous Receipts       9,614.53
  Rentals                      3,305.78
  Ments Dormitories           16,144.10
           Total           1.133,781.42

Expenditures
  Instruction               710,477.86
  Adm., Expense & Maint.     240,128.40
  Additions and Betterments   13,436.95
           Total             964,043.21

  Excess of Income over Ex-
  penditures                169,738.22



Patterson Hall Income
  Board                       44,643.73
  Miscellaneous Receipts         188.10
  Room Rent - Summer School    1,326.00
           Total              46,157.83

Expenditures
  Expense                     40,461.53
  Additions and Betterments      307.50
           Total              4076.3
  Excess of Expenditures
    over Income                65388.80



General Fund Income        1,179,939.26
General Fund Expenditures  1,004,812.24
  Excess of General Fund
    Incolue over Expend.     175,127.02
  Accounts Payable - liqui.  (71,100.00)
  Excess of Expenditures
    over Receipts for Gen-
    eral Ledger accounts     (77,980.25)
  Excess of Receipts over
    Expend. for fiscal year
    to date - General Fund    26,046.77
 Excess of Receipts over
    Expend. for the fiscal
    year to date - General
    Fund
  Cash in Bank July 1  1934 - General Fund
  Cash in Bank June 36, 1935 - General Fund



4,208.82   22,870.44
            71,100.00

 1,536.32    9,000.00
             9,000.00
             25,500.00
44,935.14 679,000.00
2,769.28 209,046.60
    (78.75) 40,558.24
    190.00   10,672.50
    20.00    7,474.00
    827.40   22,658.95
    326.92    9,941.45
    529.46    3,835.24
 1,368.90   17,513.00
 52,311.24 ]186,092.67


 89,146.92 799,624.78
 32,932.03 273,060.43
 88,394.11  21,831.06
130,473.06 1].094,516.27



( 78161.82)  91,576.40


   1,191.15   45,834.88
      35.75      223.85
   2,413.50    3,739.50
   3,640.40   49,798.23


   11,665.46   52,126.99
     384.40      691.90
  12,049.86   52,818.89

__(8,409.46)  (3,020.66



55,951.64 2,235,890.90
142,522.92 .147,335.16

(96,571.28) 88,555.74
            (71,100.0o4


 70.652.21   (7.328-04



(25,919.07)  10,127.70



10,127.70
- (4,289.9S
3    : U( 7



_
_




 




3.



Experiment Station
Hatch - Federal Appro.
  Milk and Butter - Cash
  Receipts
  Beef Cattle Sales
  Dairy Cattle Sales
  Sheep Sales
  Swine Sales
  Poultry Sales
  Farm Produce Sales
  Horticultural Sales
  Seed Test
  Seed Inspection
  Rentals
  Miscellaneous
  Fertilizer - Fees
  Public Service - State
     Appro.
  Public Service - Misc.
     Receipts
  Feeding Stuffs - Fees
  Adams - Federal Appro.
  Serum   Sales
  Serum - Virus Sales
  Serum - Supply Sales
  Serum - Misc. Receipts
  State Appropriation
  Creamery-License Fees
  Creamery - Testers' Lic.



15,000.00

10,1,51.13
   738.35
   488.22
   310.51
   495.03
 1,433.51
 2,357.83
   383.20
 1,554.87
 18,627.02
 5,543.37
 1,003.66
 28,625.46

 19,810.19

    40.00
27,514.23
15,000.00
1,094.19
    111.25
    142.75
    35.40
46 ,023.67
  6,510.55
  2,318,02



Creamery - Glassware Test.   596.20
Robinson - State Appro.   11,683.49
Robinson - Misc. Rec.      6,221.14
West Ky. - State Appro.   13,501.97
West Ky. - Misc. Receipts  5,834.39
Purnell - Federal Appro. 60,000.00
Nursery Inspection -
  State Appro.             1,908,77
Nursery Inspection - Fees  1,910.00
Blood Test                    20.75
            Total        306,969.12



916.44
1,154.00

  196.83

  75.95
  14.55

    1650
  165.27
  144.67
  35.03
2,738.54

2,189.63

    5.00
2,250.18

  166.21
  15.75
  16.55

3,976.33
   85.50
   97.00
   114.86
 3,315.15
   239.64
 1,498.03



15,000.00

11,047.57
1,892.35
   488.22
   507.34
   495.03
 1,509.46
 2,372.38
   383.20
 1,556.37
 18,792.29
 5,688.04
 1,038.69
 31,364.00

 21,999.82

    45600
29,764.41
15,000.00
  1,260640
    127.00
    159.30
    35.40
 50,000.00
 6,596605
 2,415.02
    711.06
 14,998.64
 6,460.78
 15,000.00
 5,834.39
 60,000.00



   591.23      2,500.00
               1,910.00
                  20.75
20,003.84   326,972,96



Expenditures
  Expense
  Additions and Better-
    ments
              Total



268,870.01

  8,399.11, 1
1277,269.12--



49,684.95

12, 800.82
62 485 77



318,554.96

21,199293
339,754.89



Excess of Expenditures
  over Income
Accounts Payable
Excess of Expenditures
Receipts for General
  Ledger accounts



29,700.00



ov er



I(23 257.41)



(42,481. 93.)
3,150.32



(12,781. 93)
3,150.32



(3,994.30)



Excess of Expenditures over
Receipts



6,442,59   (43,325.91)



(36,883.32),



(27 .251.71




 





4.



Excess of Expenditures over
Receipts for the fiscal year
to date - Experiment Station
Cash in Bank July 1, 1934 -
Experiment Station
Cash in Bank June 30, 1935 -
Experiment Station



(36,883.32)

13,586.85

(23,296.47)



Extension Division Income
Federal Smith-Lever
  Federal Add. Co-op.
  Federal Supplementary
  Federal Capper-Ketcham
  State Smith-Lever
  County and Other
             Total



Expenditures
  Expense



148,308.77
31,000.00
53,091.04
36,800.97
126,000.00
  7,288.13
402.488.91



360,483.89



        148,308.77
          31,000.00
          53,091.04
          36,800.97
          126,000.00
2,640.57   9,928.70
2,640.57 405,129.48



43,756.73 404.240.62



Excess of Income over Ex-
penditures



42,005.02



(41,116.16)



Excess of Income over Ex-
  penditures for the fis-
  cal year to date - Ex-
  tension Division
Cash in Bank July 1, 1934 -
  Extension Division
Cash in Bank June 30, 1935 -
  Extension Division



Trust Fund Income
  Student Loan Fund
  Student Notes Paid
             Total Receipts



Expenditures
  Expense
  Student Notes
             Total Expenditur



2,075.15
4,127.71



156.74
306.49



2,231.89
4,434.20



    6,202.86      463.23   6,666.09


    9,339.97        6.00   9,345.97
       15.00 -     _15.00
,es 9,354.97        6.00   9,360.97



Excess of Expenditures over
Receipts



(3,152.11)



457.23 (2,694.88)



Excess of Expenditures over
Receipts for the fiscal year
  to date - Trust Fund
Cash in Bank July 1, 1935 -
  Trust Fund
Cash in Bank June 301 1935 -
  Trust Fund



(2,694.88)

3,823.,72

1 128 84
I  , a  J I F  



1  888.86



888.86

(585.04)

303.82




 




5.



Summary
General Fund Income    1,179,939.26
Experiment Station Inc.  306,969.12
Extension Division Inc.  402,488.91
  Trust Fund Income           2,075.15
             Total        1,891,472.44

  General Fund Expend.   1,004,812.24
  Experiment Sta. Expend.  277,269.12
  Extension Div. Expend.   360,483.89
  Trust Fund Expend..         9,339.97
              Total       1,651,905.22



55,951.64
20,003.84
2,640.57
    156.74
78,752.79

142,522.92
62,485.77
43,756.73
      6.00
248,771.42



1,235,890.90
  326,972.96
  405,129.48
    2,231.89
1,970,225.23

1,147,335.16
  339,754.89
  404,240.62
    9,345.97
1,900,676.64



Excess of Income over
Expenditures



239,567.22



(170,018.63)



Accounts Payable
Accounts Payable - liqui. (71,100.00)



Excess of Expenditures over
Receipts for General
Ledger accounts        (101,237.66)



3,150.32      3,150.32
            (71,100.00)



66,657.91



(34,579.75)



Student Loan Fund - Notes   4,112.71       306.49       4,419.20

Excess of Expenditures
  over Receipts for the
  fiscal year to date -
  Combined Fund            71 342.27    (99,903.91)   (28,561.64)



Excess of Expenditures over
Receipts for the fiscal
  year to date - Combined
  Fund
Cash in Bank and on hand
  July 1, 19535  Combined Fund
Cash in Bank and on hand June
  30, 1935 - Combined Fund



(28,561.64)

14,535.58



14,026.06



Abstract of item shown on Statement of In-
come and Expenditures as "Excess of Expendi-
tures over Receipts for General Ledger ac-
counts $34,579.75"1



Accounts Receivable



Debit

43,451.19



Insurance Paid in Advance 11,359.58

Sundry Accounts



Credit



20.231.02



54,810.77
20 231 02



69,548.59




 





6.



Financial report for August, 1935:



EXHIBIT 'AB"



Statement of Income and Expenditures
        Months of August 1935



Previously
Reported



General Fund Income
Vocational Educa. Bd.     1,806.98
State Appro.-Back Sal-
    aries
  State Appro.-Summer Sch. 4,494.00
  State Appro.-General     28,311.63
  Student Fees                564.78
  Student Fees - Sum. Sch. 53,525.50
  Student Fees - U.H.S.       238.50
  Student Fees - El.Tr.Sch.    20.00
  Student Fees - Univ.
      Extension            2,336.52
  Miscellaneous Receipts    5,806.50
  Rentals                     201.30
  Ments Dormitories           924.57
                Total      98,230.28

Expenditures
  Instruction              53,375,86
  Admin. Exp. & Maint.     16,523.28
  Additions and Better.
                Total      691899.14

  Excess of Income over
    Expenditures           28,331.14

Patterson Hall Income
  Board                        65.00
  Miscellaneous Receipts       93.81
  Room Rent - Summer School 1,946.75
               Total        2,105.56



Expenditures
  Expense

  Excess of Expenditures
     over Income

General Fund Income
General Fund Expend.



1,1099.01


9_96, 55



100,335.84
71,008.15



           Fiscal
Current    Year
Month      to Date



582.98   2,389.96



71,100.00
4,506.00
37,847.87
   175.26
   895.62



   609.50
   163.58
   177.00
   217.53



71,100.00
9,000.00
66,159.50
   740.04
54,421.12
   238.50
   20.00

 2,946.02
 5,970.08
   378. 30
 1.142.10



~~5.34     21,05.62


42,309.93   95,685.79
21,807.15   38,330.43
2,936.25    2,936.25
67.,053.33  136,952.47


49,222.01   77X,53.15


                 65.00
     82.00      175.81
   142.25    2 089 00-
   224.235   2,329.81


 1,564.76    2,673.77


 (1,340.51)    (343.96)

 116,499.59 216,835.43
 68,618.09  139,626.24




 




7.



Excess of General Fund In-
  come over Expenditures



29,327.69



Accounts Payable - liqui-
  dated
Excess of Expend. over Re-
  ceipts for General Ledger
  accounts                   (2,10-8



Excess of Expenditures over
  Receipts for the fiscal
  year to date - General
  Fund



7.516.71



47,881.50 77,209.19



11.453.33(10.357.65)



(11.856.80d (4.340.09)



Excess of Expenditures over
  Receipts for the fiscal year
  to date - General Fund
Cash in Bank July 1, 1935 _
  General Fund
Cash in Bank August 31, 1935 -
  General Fund



(4,340.09)

5,837.75

1,497.66



Experiment Station Income
  Hatch - Federal Appro.
  Milk and Butter - Cash Rec.
  Dairy Cattle Sales
  Sheep Sales
  Swine Sales
  Poultry Sales
  Farm Produce Sales
  Horticultural Sales
  Seed Test
  Seed Inspection
  Rentals
  Miscellaneous
  Fertilizer - Fees
  Public Service - State Appro.
  Public Service - MIsc.Rec.
  Feeding Stuffs - Fees
  Adams - Federal Appro.
  Serum - Sales
  Serum - Virus Sales
  Serum - Live Stock Sales
  Serum - Supply Sales
  Serum - Misc. Receipts
  State Appropriation
  Creamery - License Fees
  Creamery - Testerst License
  Creamery - Glassware Tested
  Robinson - State Appro.
  Robinson - Misc. Receipts
  West Kentucky - State Appro.
  West Kentucky - Misc. Rec,
  Purnell - Federal Appro.
  Nursery Inspection - State
     Appro.



3,750.00
  724.06

  77.10
  817.47
  618.10
  567.50

  57.25
2,448.31
  167.67
  200.72
5,037.71
1,642.17
   10.00
4,811.70
3,750.00
  259.32
  23.40
  117.45
  23.65
      .25
9,301.56
7,460.50
2,120.94
  190.00
  458.83
  313.12
  679.67
  763.48
15,000.00

   157. 50



745. 98
190.00
103.92
   13.20
   59.70
   61.17
   84.30
   63.75
   663.98
2,144.67
   47.01
1,017.50
1,851.24

2,842.31

  219.54
  20.30

  24.45

5,243.90
  467.00
  169.01
  39,40
1,022.37
  189.63
1,600.31
2,036.80


  352.85



3,750.00
1,470.04
  190.00
  181.02
  830.67
  677.80
  628.67
  84.30
  121.00
3,112.29
2,314.34
  247.73
6,055.21
3,493.41
    10.00
7,654.01
3,750.00
  478.86
    43.70
    117.45
    48.10
      .25
14,545.46
7,927.50
2,289.95
   229.40
 1,458.20
   502.75
 2,279.98
 2,800.28
 15,000.00

   510.35



(71,191.6,1(71,191.63)




 





8.



  Nursery Inspection -
     Fees                       225.00
            Total           61,753.43

Expenditures
  Expense                    22,119.71
  Additions and Better-
     ments                      85.00
            Total            22,204.71

  Excess of Income over
    Expenditures             39,548.72
  Excess of Receipts over
    Expenditures for General
    Ledger accounts           5,754.70
  Excess of Receipts over
    Expenditures             45,303.42

  Excess of Receipts over Ex-
    penditures for the fiscal
    year to date - Experiment
    Station
  Cash in Bank July 1, 1935 -
    Experiment Station
  Cash in Bank August 31, 1935 -
    Experiment Station



Extension Division Income
  Federal Smith-Lever
  Federal Add. Co-op.
  Federal Supplementary
  Federal Capper-Ketcham
  State Smith-Lever
  County and Other
                Total

Expenditures
  Expense

  Excess of Income over
    Expenditures



16,022.06
1,684,10



                225.00
21,274.29   83,027.72


26,665.78   48,785.49

   353.81      438.81
27,019.59   49,224.30


(5,745.30)  33,803.42


(4,160.70)   1,694.00

(9,906.00)  35 ,397.42



35,397.42

(23,296.47)

12,100. 95



74,154.38
15,500.00
26,545.52
18,400.49
16,023.24
2,300.02



74,154.38
15,500.00
26,545.52
18,400.49
32,045.30
3, 984.12



17,706,16   152,923.65 170,629.81


27,490.48   33,682.72  61,173.20


9,784.32   119,240.93 109,4&6.61



Excess of Income over Ex-
penditures for the fiscal
  year to date - Extension
  Division
Cash in Bank July 1, 1935 -
  Extension Division
Cash in. Bank August 31, 1935 -
  Extension Division



109,456.61

    303.82

109,760.43




 





9.



Trust Fund Income
Student Loan Fund
Student Notes Paid
           Total Receipts



165.56
330.66
496.22



377.64      543.20
187.64      518.30
565.28   1. 061.50



Expenditures
Expense                      _ _             6.00_       6.00 -



Excess of Receipts over
  Expenditures



496.22



559.28



Excess of Receipts over Ex-
   penditures for the fis-
   cal year to date - Trust
   Fund
Cash in Bank July 1, 1935 -
   Trust Fund
Cash in Bank August 31, 1935 -
   Trust Fund



1,055.50



1,055.50

1,128.84

2,184.34



Summary
General Fund Income
Experiment Sta. Income
Extension Div. Income
Trust Fund Income
              Total

 General Fund Expend.
 Experiment Sta.Expend.
 Extension Div. Expend.
 Trust Fund Expend.
             Total



100,335.84
61,753.43
17,706.16
   165.56



116,499.59
21,274.29
152,923.65
    377 .64



216,835.43
83,027.72
170,629.81
    543.- 20



179,960.99    291,075.17  471,036.16

71,008.15      68,618.09  139,626.24
22,204.71      27,019.59   49,224.30
27,490.48      33,682.72   61,173.20
120, 703.34   129, 326 6.00     6.00
120,703~.34~  129,326.40  250,029.74



Excess of Income over
  Expenditures



59,257.65



161,748.77



221,006.42



Accounts payable - liqui-
  dat ed

Excess of Expenditures
  over Receipts for Gen-
  eral Ledger accounts   (16,056.28)



Student Loan Fund-
  Notes



330.66



Excess of Receipts over Ex-
penditures for the fiscal
  year to date - Combined
  Fund                    43,532.03



(71,191.63) (71,191.63)



7,292.63   (8,763.65)



187.64



518.30



98.037.41  141.569.44




 





10.



Excess of Receipts over
Expenditures for the
  fiscal year to date -
  Combined Fund
Cash In Bank and on hand
  July 1, 1935 - Combined
  Fund
Cash in Bank and on hand
  August 31, 1935 - Combined
  Fund



141,569.44



(14.026.06)



127,543.38



Abstract of item shown on Statement
of Income and Expenditures as "Excess
of Expenditures over Receipts for
General Ledger accounts $8,763.65"



Debit



Accounts Receivable

Insurance Paid in Advance



  Credit

27,271.85



45.60



Sundry accounts



35,989. 90
36, 035.50
27, 271.85
8,763.65



     3. President's Quarterly Report.

     President M.IcVey made the following Quarterly Report which
was ordered inserted in the M.inutes:


          PRESIDEINT'S REPORT FOR THE FIRST QUARTER
                         1935-1936


     The year which just closed on June 30, 1935, may be regard-
ed, as we look back upon it, as a satisfactory one.   The Uni-
versity had a larger attendance of students than it had the
year before; salaries were paid, bills met, and a small surplus
existed at the end of the year.   Our relations with the various



27,271.85




 






II.



departments of the state were quite satisfactory, only one instance
relating to the matter of the land-grant endowment funds, coming
up for some consideration and adjustment.   The smoothness with
which business matters in the University went along during the
year is due to Mr. D. H. Peak of the business office, and the con-
sideration of the state officers, represented in the commission
on Finance and Budgetary Control, the Auditor and the Treasurer.
Governor .:Laffoon, also, has been cooperative and helpful during
the year.

     In writing this some time after the meeting in which this
statement was made as a minute, I am able to report upon enroll-
ment for the first semester of 1935-1936,   The enrollment of the
University reached 3,147.   This is not as high as the figure for
1930-31, but it is the highest enrollment the University has had
since that date.   The probabilities are that the increase in en-
rollment is due to some improvement in financial conditions in
this state, to federal aid to students, to a wider publicity in
the press, to better printed matter and better distribution of it,
and to the work of the Committee of 240.

     Undoubtedly, it will be a matter of some interest to discuss
the enrollment of the University in connection with a table print-
ed in THE NEW YORK TID.ES of October 6.   In this table 67 institu-
tions are shown in what THE TINMIS calls a "representative list".
In the eastern division there is a gain of 3 per cent; in the
southern 7.7 per cent; in the western, 10.6 per cent.    There are
two colleges in the easterp division that had a higher percentage
of increase than did the University of Kentucky; in the southern,
one institution had a higher increase than the University, namely,
Louisiana State University; in the western division nine institu-
tions had a larger percentage of increase.    In this list, which
includes the great institutions of the country and some larger
colleges, the University of Kentucky stands twenty-fourth in total
enrollment.

     The increase in enrollment brings some additional problems:
it has been necessary to provide more sections in various subjects
and to make some additions to staffs in some of the departments.
It has been remarked that the University of Kentucky had one
teacher to five students.    This would be an enviable position,
but the fact of the matter is, that the proportion of teachers to
students is one to thirteen, and as each student takes sixteen
hours of work, it will be seen that the teacher is engaged in in-
structing a considerable number of persons in the different class-
es which he has.

     The Bankhead-Jones Act was passed by Congress in the Special
Session.   This act provides for a considerable increase in the
money available for agricultural extension.    The amount is not




 





12.



in addition to what the government has given in the past, but
is a sum coordinated with past appropriations, so that there will
not be several funds, but only one.   The total increase, however,
will be in the neighborhood of seventy or eighty thousand dollars.
The bill provides for an increase in the money that can-be used
by the Experiment Station, and also makes provision for an addi-
tion of $20,000, which can be used for teaching purposes.   This
last sum must be spent in accordance with the purposes of the
Morrill Act.  While speaking of federal appropriations, I might
call attention to the failure of the state to pay the interest
on the federal land-grant endowment.   This interest has been paid
ever since the land-grant endowment was made in 1865.   It is a
solemn obligation on the part of the state, since the state appro-
priated the money provided by the federal endowment under the
promise that the state would pay six per cent interest perpetually
on the endowment so received.   The contention of the state offi-
cers is that no bonds can be found and the legislature made no ap-
propriation.   Neither of these contentions has any foundation in
fact.   It is important, however, that action be taken in this mat-
ter, since the principle involved is a highly important one.

     Under authority granted to the president by a resolution of
the Board of Trustees adopted in June, application has been made
for a grant and loan from the federal government.    This applica-
tion was carefully worked out under the leadership of Dean Graham
and the staff of the College of Engineering.   The total sum re-
quested was $1,100,000.   This request was forwarded to the Wash-
ington office of the P. W. A. and a final decision was made about
September 26.   The final allotment made the University was one-
third of the amount requested.   It may be possible, however, to
make further application under an earlier act, which provides for
a grant of thirty per cent and a loan of seventy per cent. Under
this plan the University could make direct contracts with build-
ers: under the 45-55% plan the labor would have to be taken from
the local relief rolls.   i should also like to say the Experiment
Station's application for grant and loan for the erection of a
wing was authorized by the P. W. A.

     Calls have been made by the finance officers at Frankfort
asking for budget memoranda, so it may be formulated for the next
legislature.   In the last budget appropriations the University
received for general maintenance $679,000; for back salaries
$71,100; for agricultural instruction 825,500; for repairs, *9,000;
for the summer session, $9,000.   The Experiment Station received
the usual appropriation of S50,000, and $22,000 for the Public
Service Laboratories.   The Agricultural Extension Division re-
ceived $120,000 to supplement the amount received from the Federal
government.   It will be necessary to formulate a budget statement
and present it to the Board of Trustees for their consideration
and action.

     The new year starts off very favorably and it ought to be a
satisfactory one.   It is hoped that financial matters may be




 










carried along so that the functions of the University will not be
disturbed by failure in revenue.    It might be stated that the
budget estimate of fees has been passed in a. statement made by
the Business Office.   There will be a number of problems to meet
during the year, but the University can look forward, I think,
with some confidence to coming thru in a satisfactory way.


     4. Report of Requisition Committee.

     The Requisition Committee, consisting of the President, the
Business Agent, and the Superintendent of Buildings and Grounds,
filed written report of its action each week from July 1 to Sep-
tember 12, 1935, inclusive.   The report showed that orders had
been made by the Business Office on the authority of the Requisi-
tion Committee in the manner prescribed by the Board of Trustees
and state laws, running from No. 1 to No. 1557.    The report was
examined and the orders named therein were ratified and approved
and payments on said orders were authorized and approved.


     5. Inheritance Tax - Balance Paid.

     The President reported that $5323.93 had been credited to
the College Revolving fund by the Auditor of Public Accounts, said
to be balance due the University of Kentucky on collection of in-
heritance tax made prior to the close of the fiscal year of 1934.
(See Item 5, Minutes of the Executive Committee, July 18, 1935).
Letter from Auditor follows:


                                      July 23, 1935

     ilr. D. H. Peak, Business M1gr.
     University of Kentucky
     Lexington, Kentucky

     Dear Sir:
                 Today we transferred $5,323.93 from the
     Inheritance Tax Refund Account to your revolving fund.

                                   Yours very truly,

                              (Signed)   J. Dan Talbott
                                         Auditor of Public Acots.
                                                  E.M.

     It was ordered that the Business AGent consult the Attorney
General as to what disposition may be ismade of this fund,




 






14.



     6. Interest on Bonds.

     Refer to Item 24, Minutes of July 18, 1935. On August 27,
1935, a pay-in voucher was sent to the Auditor of Public Accounts
requesting credit for interest on Land Grant bonds due July 1,
1935 ($4322.25).   For the interest due January 1, 1935 and yet
unpaid, a pay-in voucher had previously been sent to Auditor. The
payment or credit on pay-in voucher was again refused on grounds
that the Board of Finance had made no allotment for that purpose.
Following are copies of communications:


                                 August 21, 1935

     Mr. Sam S. English, Secretary
     Department of Finance and Budgetary Control
     Frankfort, Kentucky

     Dear Mr. English:

     In President McVey's efforts to collect from the Auditor
     of Public Accounts the interest due the University on
     bond according to Section 4591a Carroll's Kentucky Statutes,
     1930 Edition, amounting to $8644.50, he received a copy
     of the opinion of Assistant Attorney General W. R. Attkis-
     son dated July 17, 1935, addressed to Hon. J. Dan Talbott,
     Auditor of Public Accounts. The copy is filed herewith.
     In addition to that, I have this day received from the
     Auditor of Public Accounts a letter dated August 19, 1935,
     copy of which is attached.

     The opinions of Assistant Attorney General Overton S. Ho-
     gan referred to in Assistant General Attkisson's letter
     are on file in Auditor Talbott's office.   According to
     these opinions, the University is entitled to the interest
     on bond referred to and there is at present due, the
     amount above stated, $8644.50.   I will appreciate it very
     much if you will present this matter to the Board of Fi-
     nance, stating that it is the request of President McVey
     that the Board of Finance make an allotment to take care
     of the above amount of $8644.50 and the further amount
     of $4322.25 that will be due and payable January 1, 1936.

     Very truly yours,


     (Signed) D. H. Peak
              Business Agent




 






15.



                                    August 26, 1935


     Hon. D, H. Peak, Business Agent
     University of Kentucky
     Lexington, Kentucky

     My dear Mr. Peak:

     I have before me a letter of Dr. McVey's and also one
     from you in regard to the amount due the University
     of Kentucky for 'interest on bonds'.   I will be very
     glad to present this matter to the Board at the next
     meeting, and will let you know just what action is tak-
     en on same.

     With kindest regards, I am,

                                 Very sincerely yours,

                             (Signed) Sam S. English
                                       EXecutive Secretary

     No action has yet been reported by the Finance Board or State
Auditor.   The President and Business Agent were directed to fol-
low up the collection of the interest due.


     7. Payment of Premium on Bond of Business Agent Approved.

     A bill from the American Surety Company of New York for six-
ty dollars premium on bond of Business Agent was presented. Pay-
ment was authorized and approved, and the Business Agent was di-
rected to certify the bill to the State Auditor as required by
law.


     8. Refinancing Dormitories.

     The Business Agent reported that he had consulted Mr. E. S.
Dabney of the Security Trust Company in regard to refinancing the
indebtedness on Men's Dormitories.    No action was taken except
that following letter from br. Dabney was ordered copied in the
Minutem:




 






16.



                          September 21, 1935


Senator D. H. Peak, Business Agent
University of Kentucky
Lexington, Kentuckly

Dear Senator Peak:

     Receipt is acknowledged of your letter of September
20th in which you inauire for our reason wihy the refi-
nancing of the Men's Dormitories cannot be effected at
this time at a lower rate of interest, in order that
you may have a letter from us along this line to present
to the Board of Trustees at their meeting next Tuesday,
September 24th.

     We are glad to accede to your request.

     The existing lease and option contract now in ef-
fect between the Security Trust Company and the Univer-
sity of Kentucky, bearing date December 6th, 1928, makes
no provision for any reduction in the rental but merely
gives the University the option of purchasing the prop-
erty at the price and on the terms stated therein.    It
is our understanding that you do not wish to exercise
your option.

     The Security Trust Company has sold Land Trust Cer-
tificates of equitable ownership in connection with the
property in question, subject, of course, to the lease
above referred to and these certificates are in the hands
of the public.   The agreement under which such certifi-
cates have been sold provides that the trust may be ter-
minated only by mutual consent between the trustee and
all of the beneficiaries holding such certificates or by
a sale of the trust estate.   Naturally the holders of
the certificates do not care to surrender them for re-
funding certificates bearing a lower rate of interest,
and no sale of the trust estate is contemplated.

     We believe that the foregoing will further explain
our views as to the impo