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Image 6 of Minutes of the University of Kentucky Board of Trustees, 2011-06-14

Part of Minutes of the University of Kentucky Board of Trustees

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-6- M. Deletion of Degree — College of Education (AACR 4) Ms. Brown said that AACR 4 asks the Board to approve the deletion of the Master of Arts in Education degree with a major in Education — Distributive Education, effective fall 2011 semester. Ms. Brown moved acceptance of AACR 4. Mr. Dawson seconded her motion, and it passed without dissent. (See AACR 4 on the Board of Trustees website, www.uky.edu/Trustees under agenda.) N. Proposed Amendment to Goveming Reggglation Part X (Entrepreneurial Leave) and Administrative Regulation 3:1 (University of Kentucky Retirement Plan) (AACR 5) Ms. Brown gave the second reading of AACR 5, a proposed amendment to Goveming Regulation X which would establish for faculty employees an Entrepreneurial Leave. In order to implement the revision to GR X, after the initial reading it was further recommended that the Board of Trustees approve a revision to Administrative Regulation 3:1 (AR 3:1). The revision adds entrepreneurial leave as a type of leave for which a faculty employee may make up his/her retirement contributions following the leave. In addition, Section HI.D of AR 3:1 is being amended to include the 457(f) plan as another plan option for Excess Limits or Contributions. Ms. Brown moved acceptance of AACR 5. Mr. Stuckert seconded her motion, and it passed without dissent. (See AACR 5 on the Board of Trustees website, www.uky.edu/ Trustees, under agenda.) O. Finance Committee Report Mr. Stuckert, chair ofthe Finance Committee, reported that the committee met that moming, and most ofthe Board members attended the meeting. At that meeting, details of the proposed FCRs were vetted. He briefly reiterated the consent items which were FCR’s and moved on to FCR 4. P. Fiscal Year 2011-2012 Operating and Capital Budget (FCR 4) Mr. Stuckert explained that at the moming meeting Vice President Angie Martin had explained in detail the features ofthe Operating and Capital Budget. He moved approval of FCR 4. Dr. Gannon seconded the motion, which passed without dissent. (See FCR 4 on the Board of Trustees website, www.uky.edu/ Trustees, under agenda.) Q. Acceptance of Interim Financial Report for the University of Kentucky for the Nine Months Ended March 31 2011 (FCR 5) Mr. Stuckert introduced FCR 5, which includes the financial activities ofthe University of Kentucky and its affiliated corporations, consisting of the University of Kentucky Research Foundation, The Fund for Advancement of Education and Research in the University of Kentucky Medical Center, University of Kentucky Athletic Association, University of Kentucky Mining Engineering Foundation, University of Kentucky Humanities Foundation, University of Kentucky Equine Research Foundation, University of Kentucky Center on Aging Foundation,

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