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Penny Cox,
Treasurer
The University of Kentucky has a broad range of resources centered on a single campus in the heart of the Bluegrass. Our wide array of programs allows us to excel in multidisciplinary studies and fosters an environment of cooperative engagement across all colleges, programs, and research endeavors. Because of the lives we touch and teach, we remain anchored in our mission to Kentucky– to educate, innovate, heal, and serve. To be sure, our complex, multi-faceted mission looks different today in many ways than it did in 1865. However, our sense of responsibility to our communities on campus and across the region is resolute. The mission has evolved and grown. The vision of service to our Commonwealth and the world beyond remains the same. They remain our compass – the soul of the University of Kentucky.
LEXINGTON, Ky. (April 26, 2024) — The University of Kentucky Board of Trustees on Friday approved plans to proceed with the acquisition of St. Claire HealthCare in Morehead.
The move for St. Claire to become part of UK will expand clinical and academic programs as well as result in greater access to high-quality patient care for more Kentuckians. UK and St. Claire will now seek regulatory and other third-party approvals and finalize transition documents with a targeted closing date of July 1.
St. Claire HealthCare is one of the largest employers in the greater Morehead region with more than 1,300 employees including over 50 physicians and nearly 50 advanced practice professionals representing more than 20 medical specialties.
“UK is committed to growing clinical services in the Morehead area as well as expanding programs in many clinical areas to grow the future health care workforce for Kentucky,” said UK President Eli Capilouto. “I would like to thank the St. Claire HealthCare Board, the Sisters of Notre Dame and all of the other constituents of this important hospital for selecting UK as the future home for St. Claire HealthCare.”
Since the 1960s, St. Claire HealthCare has partnered with UK on many successful academic and clinical programs to grow the healthcare workforce of northeastern Kentucky. UK and St. Claire co-developed the nationally recognized Rural Physician Leadership Program, in collaboration with Morehead State University. St. Claire is also home to the UK College of Health Sciences Physician Assistant Program. In addition, it is an established training and residency site for UK’s Colleges of Medicine, Pharmacy and Health Sciences.
In 2023, St. Claire HealthCare began an extensive request for information (RFI) process and reached out to 12 national and regional organizations. After consideration by the St. Claire Board of Directors and the Sisters of Notre Dame, UK was chosen as the best option to partner to serve the people of this region, said St. Claire President and CEO Donald H. Lloyd II.
“As the board went through the process to select a partner for St. Claire HealthCare, UK was identified as the natural partner that could carry forward the previous work and ongoing investment while growing the healthcare workforce,” said Lloyd, who will remain in his position following the purchase. “In an ever-changing health care landscape, both St. Claire and UK are deeply committed to accessible and high-quality patient care and strategic collaborations that will enhance services to benefit Kentuckians throughout northeastern Kentucky for many decades to come.”
It is anticipated that patients will receive care from the same trusted providers, with even greater access to more services and specialty providers through the UK academic health system.
“We are committed to making this a mutually beneficial partnership that will benefit the community and region through transformative investments in clinical services, medical education and state-of-the-art facilities,” said Eric N. Monday, UK co-executive vice president for health affairs.
St. Claire HealthCare includes a hospital with 139 licensed beds as well as seven primary care locations located within five counties, a multi-specialty medical pavilion, two urgent care centers, a pediatrics clinic, a retail pharmacy, counseling center, a medical equipment and supply store, and an outpatient center. Additionally, St. Claire HealthCare provides home health and hospice services in eight counties.
“This is a win for the people in our community and the region and a transformative investment in clinical services, for medical education and state-of-the-art facilities, and investment in the local economy,” Lloyd said. “UK is closely aligned with our mission to grow medical services rather than consolidate them, integrating our clinical expertise with their resources and commitment to our region.”
This multi-faceted plan includes not only the inclusion of St. Claire in the UK family but other opportunities for future partnerships.
“It is laying the foundation for a bold expansion of health education offerings in the region — physical therapy and physician assistants to social work and increasing the numbers in our rural physician program so that even more doctors will serve in communities throughout the region and state,” Capilouto said. “As always, we will do this in partnership — with St. Claire and alongside our sister institution Morehead State University, which is such a vital access point to higher education for so many people in northeastern Kentucky.”
Quotes from Kentucky Leadership:
Gov. Andy Beshear – “What an exciting day for health care in the Commonwealth of Kentucky. Two great members of Team Kentucky, the University of Kentucky and St. Claire HealthCare, have come together to provide the best care for our families. Today’s announcement is more proof that we’re making sure northeastern Kentuckians have access to the highest quality of health care – and good jobs – for generations to come.”
Sen. Amanda Mays Bledsoe, R-Lexington _– “_The Commonwealth is truly blessed to be home to a top-notch health care provider like UK HealthCare. As someone who recently needed emergency, lifesaving medical care following a serious equine accident, I can personally attest to the world-class care their staff are able to provide to patients in their most urgent time of need. St. Claire HealthCare and UK HealthCare have enjoyed a working partnership that spans more than six decades, providing medical services that are second to none to countless patients across the region. I am truly excited to see the new possibilities that will come from extending this existing partnership.”
Rep. Patrick Flannery, R-Olive Hill – “Improving access to quality health care in my legislative district and region is a priority of mine. I am reminded how important it is on almost a daily basis. I was proud to help start and lead the policy discussion this legislative session about the University of Kentucky’s future role in health care in Eastern Kentucky and to make sure it is done transparently and responsibly. I am hopeful this new relationship between UK and St. Claire will be beneficial to the general welfare and health of all Kentuckians.”
Sen. Steve West, R-Paris – “The partnership between the University of Kentucky and St Claire's Hospital will only strengthen the quality of medical care in the state's most remote corners. Not only does it mean significant investments in better health, it’s also an action that will enhance education and improve the quality of jobs in this industry. I remain committed to improved healthcare outcomes and believe this endeavor will increase accessibility for so many.”
Sen__. Phillip Wheeler, R-Pikeville – “Expanding health care access for rural Kentuckians has been one of my top priorities as state Senator. I am hopeful that UK’s purchase of St. Claire Hospital will lead to additional health care dollars flowing into Eastern Kentucky to meet the region’s needs.”
Rep. Richard White, R-Morehead – “St. Claire Hospital has served our region with distinction for more than six decades with a legacy that goes back even further. I’m proud to see this new chapter and excited to see how the resources available through UK HealthCare will increase access to innovative, world-class medical care.”
UK HealthCare is the hospitals and clinics of the University of Kentucky. But it is so much more. It is more than 10,000 dedicated health care professionals committed to providing advanced subspecialty care for the most critically injured and ill patients from the Commonwealth and beyond. It also is the home of the state’s only National Cancer Institute (NCI)-designated Comprehensive Cancer Center, a Level IV Neonatal Intensive Care Unit that cares for the tiniest and sickest newborns, the region’s only Level 1 trauma center and Kentucky’s top hospital ranked by U.S. News & World Report.
As an academic research institution, we are continuously pursuing the next generation of cures, treatments, protocols and policies. Our discoveries have the potential to change what’s medically possible within our lifetimes. Our educators and thought leaders are transforming the health care landscape as our six health professions colleges teach the next generation of doctors, nurses, pharmacists and other health care professionals, spreading the highest standards of care. UK HealthCare is the power of advanced medicine committed to creating a healthier Kentucky, now and for generations to come.
LEXINGTON, Ky. (Jan. 23, 2024) — The University of Kentucky climbed several spots in national higher education rankings for research and development (R&D) expenditures.
Based on UK’s $476.5 million in research expenditures – the funds the university spent to conduct research in fiscal year 2022, as reported to the National Center for Science and Engineering Statistics:
Vice President for Research Lisa Cassis said, “It is incredibly challenging to move up in these national rankings on research and development expenditures. The University of Kentucky’s research enterprise has experienced record growth, but that growth, and related elevation in national ranking, starts with our principal investigators who work across academic boundaries to bring the best ideas to light. This is a testament to the creativity and innovation of the faculty, staff and students who make up our research investigator community at UK. Their tireless work continues to propel the university forward.”
The FY22 rankings were released in December 2023. The National Science Foundation (NSF), through the National Center for Science and Engineering Statistics (NCSES), publishes the Higher Education Research and Development (HERD) Survey each year ranking the top U.S. universities according to what they spend on research. The HERD survey is considered to be the primary source of information on R&D expenditures within academia. For more information, see NSF Publications & Data.
For more on UK research, see Stats & Rankings.
_As the state’s flagship, land-grant institution, the University of Kentucky exists to advance the Commonwealth. We do that by preparing the next generation of leaders — placing students at the heart of everything we do — and transforming the lives of Kentuckians through education, research and creative work, service and health care. We pride ourselves on being a catalyst for breakthroughs and a force for healing, a place where ingenuity unfolds. It's all made possible by our people — visionaries, disruptors and pioneers — who make up 200 academic programs, a $476.5 million research and development enterprise and a world-class medical center, all on one campus. _
_In 2022, UK was ranked by Forbes as one of the “Best Employers for New Grads” and named a “Diversity Champion” by INSIGHT into Diversity, a testament to our commitment to advance Kentucky and create a community of belonging for everyone. While our mission looks different in many ways than it did in 1865, the vision of service to our Commonwealth and the world remains the same. We are the University for Kentucky. _
LEXINGTON, Ky. (Oct. 27, 2023) — The University of Kentucky, along with donors and community partners, celebrated the achievement Friday of the $2.1 billion goal for Kentucky Can: The 21st Century Campaign — the largest fundraising campaign in the Commonwealth’s history.
Donors, alumni, faculty, staff and administrators gathered in UK’s Gatton Student Center to recognize the success of the campaign and its meaning for the Commonwealth. Current UK undergraduates Chloe Kellom, Jason Marcus and Laurel Riggs served as emcees for the event, telling the story of how the Kentucky Can efforts already have transformed the lives of students.
The comprehensive campaign focused on raising support to fuel all parts of the institution’s mission: education, research, service and care.
Since the launch of Kentucky Can in 2018, the university has created opportunities for students through scholarships, conducted world-class research to address the state’s most challenging issues and helped build healthier communities across the Commonwealth.
“When we embarked on this campaign, we recognized with both humility and fortitude that these efforts would help write the next chapter for this university and the communities it uplifts,” said UK President Eli Capilouto. “That is our north star — to advance Kentucky. This campaign fuels those efforts; it always has been about empowering the incredible talent and impassioned hearts on our campus, so determined and equipped to build a better future for the Commonwealth.”
Throughout the evening, attendees were reminded of a simple but crucial message: although the campaign reached its conclusion, the work is only beginning.
“This campaign demonstrated the grace, grit and vision that define this community,” said Jake Lemon, UK’s vice president for philanthropy and alumni engagement. “That same unwavering commitment to advancing Kentucky will fuel our next chapter, as we have more lives to touch and more communities to serve. This is only the beginning.”
It is a beginning that has garnered widespread participation and engagement.
More than 162,500 unique donors have contributed to Kentucky Can. Broken out, this number includes nearly 71,000 UK alumni (including nearly 22,000 new alumni) and represents supporters from all 120 Kentucky counties, all 50 states and 50 countries from around the globe. And more than half of these supporters made their first gift to UK during the last five years of the public campaign.
Support from these donors can be seen across campus, impacting every student, faculty and staff member, as well as the Kentucky communities the university serves.
The impact is especially evident in the following three areas:
Student access and success
One of the campaign’s most significant impacts has been increasing student access to higher education and cultivating Kentucky’s best and brightest minds. More than 53,500 donors contributed to student support as part of Kentucky Can, giving more than $495 million to support students with financial needs.
By providing scholarships to students who need them most, the university has been able to recruit, retain and graduate more students. This includes first-generation college students — the first in their families to attend and graduate college — who account for 25% of all UK students. More than $26.9 million in donor funds were awarded to first-generation students during the entirety of the campaign.
The university also launched UK LEADS — a nationally-recognized program — to reduce unmet financial need by using data-informed analytics to better understand the impact of financial need on student success. In all, more than $24.5 million has been raised by donors to support the LEADS program, with more than 1,500 LEADS scholarships awarded to students.
With the support of these scholarships and programs made possible through Kentucky Can, UK, for the first time in its history, marked a six-year graduation rate of 70% this fall, placing the institution among the top 20% of universities in the country.
“We often describe our success in numbers,” Capilouto said. “But it is important to remember that those numbers represent lives — lives that have been transformed by the attainment of a college degree. They are lives that build up the workforce Kentucky so desperately needs. They are our brothers and sisters who will use their education to serve communities across our Commonwealth.”
Stability and prestige
UK continues to attract and retain the finest faculty and establish state-of-the-art facilities and programs, enhancing the university’s academic standing and overall campus experiences.
Kentucky Can has raised more than $559 million to support faculty endowments and academic programs, which are critical to students’ experiences while earning their degrees.
Additionally, the campaign was designed to inspire collaboration among academic colleges and disciplines. This transdisciplinary approach to education, research and service is central to both the campaign and the university’s mission of advancing Kentucky. This is evident through UK’s health care enterprise, where UK’s world-class faculty and researchers are helping treat more patients, ensuring clinical excellence and providing advanced, sub-specialty care to the Commonwealth.
More than $4 billion has also been invested in infrastructure across the campus — including more than 8 million square feet of new and renovated construction. Philanthropic support has significantly helped UK in taking creative approaches to make these infrastructure improvements over the last several years, holding down costs and increasing access.
These investments — made both in the physical transformation of campus and in endowments for named colleges, departments and professorships (including the historic gifts to the Martin-Gatton College of Agriculture, Food and Environment and the Stanley and Karen Pigman College of Engineering) — further drive UK in attracting, retaining and graduating more students.
And it’s just the beginning. With state and community support, UK is planning for the construction of even more facilities, including a $380 million Health Education Building, announced today, which is scheduled to be completed in 2027.
These investments continue to set the foundation for UK’s students, faculty and staff to achieve greatly.
Innovation and impact
Research at UK has incredible momentum. In fiscal year 2023, grant and contract awards totaled $479.3 million — a record high. By fostering innovation and advancing interdisciplinary research, UK faculty, staff, providers and even students are rendering world-class care and developing solutions to improve the lives of all Kentuckians. Kentucky Can has played a critical role in supporting UK’s research mission, from health care to industry and workforce development. By endowing chairs and professorships, philanthropic donors are helping UK attract and retain top researchers who are contributing to fields that matter most to Kentucky, represented in UK’s eight Research Priority Areas — cancer; cardiovascular diseases; diabetes and obesity; equity; energy; materials science; neuroscience; and substance use disorders.
For example, philanthropy is vital to UK’s Markey Cancer Center, as donors were key players in the center’s 10-year effort to achieve Comprehensive Cancer Center status, the National Cancer Institute’s top designation.
At the UK Sanders-Brown Center on Aging, philanthropic gifts enabled the center to expand their capabilities with a multi-photon microscope, allowing researchers to see nuances of how the brain functions, offering new insights into devastating diseases like Alzheimer’s. Sanders-Brown was then able to leverage this gift to attract more than $35 million in grant money from the National Institutes for Health — a huge return on an investment.
Support for UK’s Center for Applied Energy Research has given undergraduate researchers a distinctive opportunity to explore their own research ideas and receive entrepreneurial mentorship through the Lee T. Todd, Jr. Student Innovation Scholarship.
The first student to receive this scholarship, Lucas Bertucci, not only had the chance to conduct groundbreaking research, but helped launch a new Kentucky company, Verdant Beneficiated Resources, which is working to recycle solar panels. Verdant is hoping to build a new industry here in Kentucky and employ a new generation of Kentuckians.
And the new James B. Beam Institute is educating the next generation of distillers, providing hands-on training and research in a variety of fields, including marketing, horticulture, hospitality, law, science, engineering, creative writing and business. The institute's cooperation across disciplines, with faculty and philanthropic support, allows it to be a one-stop shop for a Kentucky industry seeking both UK talent and sustainable solutions.
Just The Beginning
As the celebration Friday marked the conclusion of the _Kentucky Can _campaign, it marked the beginning of a new chapter. Lemon invited the community to envision, together, what the next chapter may entail.
“There is a great deal of power in the question, ‘what’s next?’” Lemon said. “Imagine the impact of continuing our trajectory of scholarship support. After all, Kentucky is welcoming incredible economic opportunity and billions in investments. But to continue that pipeline of opportunity, our state must significantly increase its skilled and educated workforce. Imagine how many lives can be changed by equipping the next generation with financial literacy and a head start on investing in their own futures, through programs like ‘UK Invests.’ Imagine the difference we can make in the health outcomes of our citizens if we continue leading the way in training more new medical professionals and in providing advanced sub-specialty care that offers healing and hope. Imagine the solutions we can develop by further investing in our researchers who are on the cutting-edge of discovery. Our friends and partners are committed to helping us build this future for Kentucky.”
Lemon, who became vice president for philanthropy and alumni engagement in May 2023, will lead the institution’s efforts in developing this next chapter, in alignment with the university’s strategic plan.
“I invite everyone — with bold aspirations and steadfast belief in the power of this place — to join me in asking ourselves one question, what’s next?”
For more information about Kentucky Can and UK Philanthropy visit https://kentuckycan.uky.edu/your-gifts-at-work/kentucky-can.
_As the state’s flagship, land-grant institution, the University of Kentucky exists to advance the Commonwealth. We do that by preparing the next generation of leaders — placing students at the heart of everything we do — and transforming the lives of Kentuckians through education, research and creative work, service and health care. We pride ourselves on being a catalyst for breakthroughs and a force for healing, a place where ingenuity unfolds. It's all made possible by our people — visionaries, disruptors and pioneers — who make up 200 academic programs, a $476.5 million research and development enterprise and a world-class medical center, all on one campus. _
_In 2022, UK was ranked by Forbes as one of the “Best Employers for New Grads” and named a “Diversity Champion” by INSIGHT into Diversity, a testament to our commitment to advance Kentucky and create a community of belonging for everyone. While our mission looks different in many ways than it did in 1865, the vision of service to our Commonwealth and the world remains the same. We are the University for Kentucky. _
Debt and Liquidity Senior Director
Debt and Liquidity Analyst
The University of Kentucky primarily issues General Receipts Bonds. These bonds are secured by a general receipts pledge, as defined below. The total pledged revenues for FY 23 were $4.3B.
"General Receipts" means:
(a) certain operating and non-operating revenues of the University, being (i) Student Registration Fees, (ii) nongovernmental grants and contracts, (iii) recoveries of facilities and administrative costs, (iv) sales and services, (v) Hospital Revenues, (vi) Housing and Dining Revenues, (vii) auxiliary enterprises – other auxiliaries, (viii) auxiliary enterprises – athletics, (ix) other operating revenues, (x) state appropriations (for general operations), (xi) gifts and grants, (xii) investment income, (xiii) other nonoperating revenues, and (xiv) other;
(b) but excluding (i) any receipts described in clause (a) which are contracts, grants, gifts, donations or pledges and receipts therefrom which, under restrictions imposed in such contracts, grants, gifts, donations or pledges, or, which as a condition of the receipt thereof or of amounts payable thereunder are not available for payment of Debt Service Charges, (ii) federal grants and contracts, (iii) state and local grants and contracts, (iv) federal appropriations, (v) county appropriations, (vi) professional clinical service fees, (vii) capital appropriations, (viii) capital grants and gifts, and (ix) additions to permanent endowments, including research challenge trust funds.
*General receipts debt includes the 2019A&B Certificates of Participation which have a subordinate general receipts pledge.
**The 2010 QECB's have a balloon payment of $12,955,000 coming due in 2025 and is reflected in the Annual Debt Service graph above.