Minutes of the Meeting of the Board of Trustees of the University
of Kentucky December 9, 1958.


            The Board of Trustees of the University of Kentucky met in the
President' s Office at 9:15 a.m. CST, Tuesday, December 9, 1958, with
the following members present: Robert P. Hobson, Vice Chairman; Harper
Gatton, Dr. Paul Hall, Ben Butler, Robert C. Stilz, W. F. Foster, Robert
R. Martin, Wood Hannah, Sr., Clifford Smith and Dr. Ralph J. Angelucci.
Absent: Governor Albert B. Chandler, Louis Cox, Mrs. Paul G. Blazer
and J. Stephen Watkins. President Frank G. Dickey and Secretary Frank D.
Peterson met with the Board.


           A. Approval of Minutes.

           Upon motion duly made, seconded and carried, the meeting of
the Board of Trustees of September 16, 1958, and the meeting of the Execu-
tive Committee of November 8, 1958, were approved as published.



           B. Financial Report of the Treasurer.

           Mr. Peterson reported to members of the Board the printed
financial report for 1957-58 and called attention to pages 5, 6, 7, 8, 9, 10
and 11, giving the summary of the scope of the report, current income and
expenditures, and the break-down of various funds. He also reported on the
bonded indebtedness of the University as shown on pages 38 and 39 of the
printed report. He urged the members of the Board to study the report for
a better understanding of the operations of the University.

           Mr. Peterson stated that the 1957-58 fund dollar came from the
following sources:

                        42% from State Appropriation
                        18% frorrn Federal Appropriations
                        2% from Gifts and Endowment Income
                        14% from Sales and Services
                        9% from Student Fees
                        4% from Residence Halls Operations, and
                        11% from Other Self-Supporting Enterprises.

           The Vice President, Business Administration, then submitted to
each member of the Board a copy of the current financial report for the
period July 1 to and including November 30, 1958. The report summarized
income and expenditures for the period. A balance sheet for current loan and
endowment funds was submitted as follows: