xt7sxk84nj8k_154 https://exploreuk.uky.edu/dips/xt7sxk84nj8k/data/mets.xml https://exploreuk.uky.edu/dips/xt7sxk84nj8k/data/L2021ua019.dao.xml Kentucky University 18.26 Cubic Feet 32 document boxes, 5 flat boxes, 21 bound volumes archival material L2021ua019 English University of Kentucky Property rights reside with Transylvania University.  The University of Kentucky holds the copyright for materials created in the course of business by University of Kentucky employees. Copyright for all other materials has not been assigned to the University of Kentucky.  For information about permission to reproduce or publish, please contact the Special Collections Research Center.  Contact the Special Collections Research Center for information regarding rights and use of this collection. Transylvania University Library. Record Group 5:  Collection on Kentucky University Annual report of the Treasurer of Kentucky University text Annual report of the Treasurer of Kentucky University 2024 https://exploreuk.uky.edu/dips/xt7sxk84nj8k/data/L2021ua019/Box_5_27/Folder_20/Multipage6078.pdf 1871 June 5 1871 1871 June 5 section false xt7sxk84nj8k_154 xt7sxk84nj8k  

 

 

THE ANNUAL REPORT

TREASURER'

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VVI'I‘II THE

FINANCIAL rusmm AND CONDITION

OF

THE INSTITUTION,

From its Organization in 1855, to the present time,

Prepared and made out for publication under Resolution of the
BOARD OF CURATORS, at their meeting June 5th, 1871.

LEXINGTON, KY.
OBSERVER AND REPORTER PRINT.

1871“"

 

 

 

 

 

 

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IFIIEIIXIIBIUDAIJ1%I9P()IVFI

OF THE

TREASURER

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WITH THE

FINANCIAL IflS‘I’ORY AND CONDI‘I’IOM

OF

THE INSTITUTION,

From its Organization in 1855, to the present time,

Prepared and made out for publication under Resolution of the
BOARD OF CURATOBS, at their meeting June 5th, 1871.

LEXINGTON, KY.
OBSERVER AND REPORTER PRINT.

1871

 

 

 

 

 

  

 

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this land who will give us the means which God has given them, if we
will only move forward to the work before us like true men.

“In conclusion, I wish to submit for your consideration a PLAN of
just such a University as is contemplated above. 1 do not claim that it
is perfect, but it is the embodiment of much thought on the subject:
nor do I claim that it is all practicable now; but let us have before us a.
complete scheme. and let us work to it by detail. I think it 1n-acticable
to open by next fall several of the proposed Colleges of this scheme. I
therefore recommend it for your adoption, with such modifications as
may be found necessary, and I. herewith submit it, asking for a. commit-
tee of conference for its perfection.”

The committee of Conference was at once appointed, with Mr. Bow—
man as Chairman, and. in accordance with these liberal and comprehen-
sive views of a great University, and after a careful examination of the
best Institutions of the country, they submitted a Plan of Organization
and Code of General Statutes, which, in some of the details of Govern-
ment and study, are peculiar to this Institution, and which, after a
thorough discussion by the Board of Curators, was unanimously adopted
as the permanent Scheme of the University.

Under this regime it now enters upon its career of usefulness with
greatly increased facilities, and with the assurance that its Founder,
now the Regent of the University, will labor on for the full develop-
. ment and perfection of his ultimate plans. It is confidently believed,
I that, with its superior advantages of location, with its splendid basis in
. the way of Endowment and Real Estate. and with its moral and social
surroundings, it is destined to exert a mighty influence upon the edu-
‘ cational interests of the great Mississippi Valley.

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

THE ANNUAL REPORT

OF THE

THEASUHEH [IF KENTUBKY UNIVERSITY, ,

FOR THE YEAR ENDING JUNE lst, 1371.

————o‘+6————
CUBA'I‘ollS OF KENTUCKY UNIVERSITY:
(’lENTLEMEN:

I beg leave to present to you a detailed
statement of the receipts of the Treasury from all sources, and the dis-
bursement of the same, with accompanying vouchers for each item of
expenditure during the past fiscal year. This account embraces the
amounts received and paid out for salaries of the officers and instruc—
tors, the general expenses of five distinct Colleges, for the last payment
on Ashland, for the erection of buildings, for the purchase of stock and
material for the Mechanical Department, for expenditures on the farm,
including the purchase of stock for the establishment of the Dairy De-
partment, expenses for the I~Iorticultural Department, for the labor of
students, and for the general repairs and improvements 011 the grounds
and buildings. The books, and accounts and vouchers have been ex-
amined, item by item, by the Executive Committee, and approved, as
shown by their certificate hereunto appended.

For the information of the Board and Donors, I will also present a
detailed history of the various funds of the University, substantially
the same as reported to you, and published two years ago. These funds
have been created either by stock subscriptions, raised from individuals,
or by consolidation with the funds of Bacon College, Transylvania
University, and the State Agricultural and Mechanical College, the
most of which have been gathered together by my personal efiorts, in
the last fifteen years. '

THE ENDOWMENT FUND.

In the year 1855, I voluntarily dedicated my life to the establishment
of a University in Kentucky. Bacon College, my alma mater, had been
established in the year 1836 by leading members of the Christian Church,
but after a series of successes and reverses for a number of years, I
found it a wreck, with only nine thousand five hundred dollars, nominal
value, of Bank and Turnpike road stocks as Endowment. “With this
amount as a nucleus, I began my work, and in a few years increased it
to the sum of $203,200 of subscriptions; add to this the fund derived
from Transylvania University, $05,500, and the State Agricultural and
Mechanical College fund of $165,000, and we have the aggregate amout
of $433,700; deduct from this sum amount of subscriptions unpaid, and
part of it due, $30,710 50, and the amount which has been refunded to

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

13

citizens of Mercer county, $12,735 91, and we have the present available
Endowment Fund amounting ,to $381,253 53. The interest upon this
amount, averaging about seven per centum. together with the fees of
the students. constitute the General, Expense Fund for all the depart—
ments except the Law College and Commercial College, which are sus—
tained by the fees of the same.

THE AGRICULTURAL AND MECHANICAL COLLEGE
FUND.

This fund, accrued from the sale of three hundred and thirty thou—
sand acres of land scrip, donated by the Congress of the United States
to Kentucky for the establishment of this College. At the time we.
accepted it, at the hands of the Legislature, as one of the Colleges of
Kentucky University, and agreed to raise $100,000 for the purchase of
grounds and erection of buildings for its use, and to carry out all the
conditions of the Act of Congress, the scrip was worth one dollar per
acre in the market, and the income arising from the fund would have
been about $20,000 per annum. The authorities of the State. however.
who had the entire control and disposition of the scrip. witheld it from
the market until the price depreciated one half, when they sold it.
realizing only $165,000 dollars for it, which yields only $9,000 per
annum income for the support of this College. Notwithstanding this,
we were held to our part of the contract, are still obliged to educate
three hundred young men for the State, and to make the Institution a
success in every respect. This we are endeavoring to do in good faith.

REAL ESTATE AND BUILDING FUND.

This is a fund which I secured for the purchase of the Estate and
the erection of buildings for the Agricultural and )jIechanical College,
in accordance with the Act of the Legislature, as well as for the use of
the other Colleges of the University. The fund consists in subscrip-
tions made by liberal-hearted citizens of Fayette, of all parties. who
gave me in about sixty days over $100,000 for that purpose; sixty-live
persons giving me $1,000 each, and about ninety persons giving $500
each. I have since increased t