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:
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