Contact: Ralph Derickson
James F. Hardymon, Barbara Willett Jones, Elaine A. Wilson and JoEtta Y. Wickliffe
Tayshaun Prince and Steven S. Reed
Mobley: VP for Institutional Advancement
Jones: General Counsel
Coldstream Retirement Village Proposals
LEXINGTON, Ky. (Sept. 21, 2004) -- The University of Kentucky Board of Trustees today elected new officers and approved a formula for dividing income from potential timber harvests in the E.O. Robinson Forest to provide new money for the E.O. Robinson Scholars program that provides free higher education for students from 29 Eastern Kentucky counties.
James F. Hardymon, of Lexington, a UK graduate with bachelor’s and master’s degrees in engineering from UK was elected board chairman, replacing Steven S. Reed, a Louisville lawyer and former U.S. attorney for the Western District of Kentucky. Hardymon is a long-time supporter of the university, and the James F. Hardymon Building on campus is named in his honor.
JoEtta Y. Wickliffe, chairman, president and chief executive officer of the State Bank and Trust Co. of Harrodsburg, was elected vice chair of the board. Elaine A. Wilson, a social work services director from Somerset was elected the board’s secretary.
The board appointed Barbara Willett Jones, a native of Bardstown, Ky., as the first woman general counsel of the university. She also will serve as the board’s assistant secretary. Jones, a graduate of the UK College of Law, who also earned her bachelor’s degree in history and political science from UK, will report directly to UK President Lee T. Todd Jr.
After hearing a report by UK College of Agriculture Dean Scott Smith about a research initiative and a sustainable management timbering program for the UK-owned E.O. Robinson Forest in Eastern Kentucky, the board approved a funding formula that could bring new money to the Robinson Scholars Program.
Net income from sustainable timbering in the forest could be divided, Smith said in his report, on a 50-50/60-40 basis between the Robinson Scholars and ongoing forestry operations.
For example, Smith told the board, if $500,000 income is realized in the 2005-2006 fiscal year, Robinson Scholars and forestry operations would each get $125,000 from the first $250,000, and $150,000 and $100,000, respectively, from the second $250,000.
About 1,000 acres of the nearly 10,000 acres would be subject to sustainable timbering in the first year. The board also authorized the administration to issue a request for proposals to timber in the forest.
The forest was given in trust to UK in 1923 by E.O. Robinson with a trust agreement that requires income from the forest be used for the benefit of the people of Eastern Kentucky. The Robinson Scholars program was established in 1995 and inducted its first students in 1997.
In other action, the UK Board of Trustees:
- Approved an amendment to the UK administrative regulations that would allow employees to obtain loans or take hardship withdrawals from their retirement accounts based on rules established by the Internal Revenue Service and the retirement carrier. Employees may borrow up to 50 percent of their 403(b) account balance with Fidelity or 45 percent of their TIAA-CREF balance (up to $50,000 maximum). Details about the program are available at the retirement loan Web site and at Frequently Asked Questions (pdf).
- Appointed Terry Mobley, who has served 28 years as UK’s chief development officer and who is currently vice president for development, as vice president of a new Office of Institutional Advancement.
- Approved a resolution honoring Tayshaun Prince, a 2002 UK graduate and former Wildcat basketball player who helped lead the Detroit Pistons professional basketball team to its 2004 National Basketball Association World Championship. Prince played in all 82 regular-season games and started in all 23 playoff games for the Pistons. The resolution was presented to Prince by outgoing UK Board Chair Steven Reed.
- Authorized the administration to issue a request for proposals from developers regarding possible construction of a continuous care retirement community at the Coldstream Research Campus on Newtown Pike in Lexington. Jack Blanton, retired UK vice president for administration, presented a report to the UK Board outlining the opportunities for the retirement community on 192 unreserved acres at the Coldstream Research Campus.