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Learn about University of Kentucky, including Featured News, Key Projects, The Team, and Outstanding UK Debt.
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. (Dec. 13, 2022) — The University of Kentucky Board of Trustees approved the initiation of the construction of the new UK HealthCare cancer and advanced ambulatory complex on South Limestone.
The Board also approved an expansion of the original design for the facility to make room for other health care services and for patient growth. The revised financial scope of this project is $500 million, still well within the total legislative authorization of $550 million for this facility from the Kentucky General Assembly.
“We are making it so no Kentuckian should have to leave the state to access quality, patient-centered care,” said UK President Eli Capilouto. “This expansion further solidifies and expands upon our efforts to advance Kentucky by improving access to our world-class experts and providers.”
The UK Board of Trustees first approved the planning and design of the new complex in May 2021. In December 2021, the UK Board of Trustees approved a purchase agreement for $6.9 million to acquire residential parcels across from UK Albert B. Chandler Hospital on South Limestone for the construction of the facility.
The new complex — with an estimated 260,000 square feet solely for cancer services — may include multiple buildings but will primarily allow for the needed expansion of patient care services and increased ease of access for the UK Markey Cancer Center. Other services housed in the new facility may include but are not limited to outpatient operating rooms, minor procedures, endoscopy, diagnostics and imaging services, pharmacy, retail, outpatient clinics, meeting spaces, and necessary support spaces.
As the only National Cancer Institute (NCI)-designated center in Kentucky, Markey is able to offer cutting-edge and early phase therapies not available to patients being treated anywhere else in Kentucky. Since becoming an NCI-designated center in 2013, the UK Markey Cancer Center outpatient clinic visits have increased by 57%, including more than 120,000 patient visits in fiscal year 2021. Additionally, cancer-related research funding has increased by 109% since 2012.
The expansion of the current building design is necessary to allow Markey room to further grow and expand as more patients from in and out of state need its services, says Mark Evers, M.D., director of the UK Markey Cancer Center.
“In the past decade, we have seen an incredible increase in the number of patients – mostly Kentuckians – who need the level of expertise that our physicians and health care staff provide,” Evers said. “We want this building to last for the next 50 years. In a state that still holds the highest overall incidence and death rates for cancer, it’s important for us to be able to have the capacity to grow and treat more patients, with the ultimate goal of significantly reducing the burden of cancer in the Commonwealth.”
Additionally, philanthropic support will be a major component in developing the new facility. In February, UK HealthCare announced a historic $10 million gift from Central Bank – the largest in UK HealthCare history – to support expanded patient care at the UK Markey Cancer Center . This gift launches an initiative to raise $90 million to improve cancer care in Kentucky. Partners like the Markey Cancer Foundation, Lexington Cancer Foundation, and grateful patients and families will work together to see this philanthropic mission accomplished.
The University of Kentucky is increasingly the first choice for students, faculty and staff to pursue their passions and their professional goals. In the last two years, Forbes has named UK among the best employers for diversity, and INSIGHT into Diversity recognized us as a Diversity Champion four years running. UK is ranked among the top 30 campuses in the nation for LGBTQ* inclusion and safety. UK has been judged a “Great College to Work for" three years in a row, and UK is among only 22 universities in the country on Forbes' list of "America's Best Employers." We are ranked among the top 10 percent of public institutions for research expenditures — a tangible symbol of our breadth and depth as a university focused on discovery that changes lives and communities. And our patients know and appreciate the fact that UK HealthCare has been named the state’s top hospital for five straight years. Accolades and honors are great. But they are more important for what they represent: the idea that creating a community of belonging and commitment to excellence is how we honor our mission to be not simply the University of Kentucky, but the University for Kentucky.
**LEXINGTON, Ky. (Dec. 1, 2022) — **Ashland-based King’s Daughters (KD), the largest employer in northeastern Kentucky, officially became part of the University of Kentucky today — a move that will create greater access to high-quality care for more Kentuckians.
“Advancing Kentucky is the goal for everything we do at the University of Kentucky and the health and well-being of the people in the Commonwealth is critical to that mission,” said UK President Eli Capilouto. “King’s Daughters and its team will help move this vision forward by continuing to provide high-quality health care to Ashland and the surrounding region as it has for decades.”
UK and King’s Daughters have been working together for nearly two years as members of Royal Blue Health LLC (RBH). During this time, King’s Daughters has experienced significant growth in employees and revenues and has begun to build and expand important infrastructure to improve access and care for people in the region. In October 2022, the UK Board of Trustees approved plans for the KD to become part of UK.
Today, UK and King’s Daughters have satisfied all requisite requirements and as of Dec. 1, 2022, have finalized the necessary documents to complete the transition of KD becoming a part of UK.
“King’s Daughters has been invested in the people and this region for more than 120 years,” said Kristie Whitlatch, president/CEO of King’s Daughters. “Being part of UK provides opportunities for King’s Daughters to continue to enhance services, update equipment and facilities, continue hiring of needed team members and ensure long-term financial stability.”
King’s Daughters serves a 16-county region across Kentucky, Ohio and West Virginia and has more than 5,000 employees. Its health system is comprised of two acute-care hospitals totaling 465 licensed beds; an integrated network of more than 600 physicians and advanced practitioners; more than 50 ambulatory centers and practice locations; a long-term care facility; medical transport company; and six urgent care centers.
When the partnership was established, UK and King’s Daughters intentionally positioned King’s Daughters to keep its identity and continue to make decisions locally.
The transition will not impact employee’s positions, duties or daily work and they will retain their KD date-of-hire and benefits.
The University of Kentucky is increasingly the first choice for students, faculty and staff to pursue their passions and their professional goals. In the last two years, Forbes has named UK among the best employers for diversity, and INSIGHT into Diversity recognized us as a Diversity Champion four years running. UK is ranked among the top 30 campuses in the nation for LGBTQ* inclusion and safety. UK has been judged a “Great College to Work for" three years in a row, and UK is among only 22 universities in the country on Forbes' list of "America's Best Employers." We are ranked among the top 10 percent of public institutions for research expenditures — a tangible symbol of our breadth and depth as a university focused on discovery that changes lives and communities. And our patients know and appreciate the fact that UK HealthCare has been named the state’s top hospital for five straight years. Accolades and honors are great. But they are more important for what they represent: the idea that creating a community of belonging and commitment to excellence is how we honor our mission to be not simply the University of Kentucky, but the University for Kentucky.
**LEXINGTON, Ky. (Oct. 27, 2022) — **The University of Kentucky Board of Trustees approved proceeding with plans later this year for Ashland-based King’s Daughters (KD) to become part of UK – a move that will create greater access to high-quality care for more Kentuckians.
“Our vision is for the University of Kentucky to advance the Commonwealth in everything that we do. The health and well-being of our people is critical to that vision,” said UK President Eli Capilouto. “King’s Daughters and its team will help UK move this vision forward in Eastern Kentucky and the success of this relationship is a testament to the power of UK’s work to advance the Commonwealth.”
“King’s Daughters has been serving the health care needs of Eastern Kentucky, southern Ohio, and western West Virginia for more than 120 years. Expanding the relationship with the University of Kentucky gives me great confidence we are positioning the health system and all its subsidiaries to be stronger for generations to come,” said Kristie Whitlatch, president/CEO of King’s Daughters.
After working together for the past 18 months as members of Royal Blue Health LLC (RBH), leaders with both King’s Daughters and UK believe this next step will significantly expand health services offered to communities while positively driving the economic engine in the region through investments in people and infrastructure. Expanding this relationship so that King’s Daughters becomes part of the University of Kentucky will not impact local operations.
RBH is the company that was established by UK and King’s Daughters to facilitate growing the relationship between King’s Daughters and UK. Today, the RBH Board, including representatives from King’s Daughters, received notice that UK wants to finalize making King’s Daughters part of UK HealthCare.
The RBH Board voted unanimously in favor of developing and implementing a plan to finalize this transition. Now, UK and King’s Daughters will seek regulatory approvals and finalize transition documents.
Throughout the relationship, King’s Daughters has experienced significant growth in employees and revenues and has begun to build and expand important infrastructure to improve access and care for people in the region.
King’s Daughters grows and expands services
At the end of fiscal year 2022, ending Sept. 30, King’s Daughters employed nearly 5,000 team members. This has been an increase of more than 1,000 employees since the end of fiscal year 2020.The increased employment is a result of King’s Daughters focus on expanding access to care.
This includes:
Details of the transaction as Dec. 1 approaches
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 2022 were $3.8B.
"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.