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Part of Minutes of the University of Kentucky Board of Trustees

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Minutes of the Executive Committee of the Board of'Trustees, University of Kentucky, for the regular monthly meeting, Wednesday, May 26, 1920. The Executive Commit!~ee of the Board of Trustees, University of KentuckyF met in regular monthly session in the office of the President of the University, on Wednesday, May 26, 1920, at the hour of 12:00 o'clock, noon. The following members were present: Riohard C. Stoll, P. P. Johnston, Jr., Rainey T. Wells, Richard P. Ernst, and Robert G. Gordon. Frank L. McVey, President of the University and Wellington Patrick, Secretary of the Committee Were also present. The minutes of the previous meeting were approved as published. (1) Report of the Pusiness Agent. The report of the Business Agent was read and ordered filed. (2) Capital Account and Indebtedness of the University. Pres- ident MoVey made the following report with respect to the capital account and indebtedness of the University: I.'Indebtedness June 30, 1916, net indebtedness after deducting assets.... $100,687 June 30, 1917, net indebtedness after deducting assets.... 114,994 June 30, 1918, net indebtedness after deducting assets.... 108,801 June 30, 1919, net indebtedness after deducting assets.... 140,822 June 30, 1920, estimated indebtedness, $153,500, deducting assets will leave approximately a net indebtedness of 63,000

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