Board members question funding

Some UK Board of Trustee members have expressed concerns about continued funding for Coldstream Laboratories, Inc.

The board approved Tuesday to give Coldstream another $5.5. million during its meeting.

Coldstream is a for-profit, private business that tries to commercialize research, said Jay Blanton of UK Public Relations.

Joe Peek, faculty representative to the board, said he thought some members had questions about continued funding for the laboratories.

“It seemed to me there was some concern about the lack of information, about (how) we’re being asked to approve this without a full understanding of what’s going on,” Peek said.

Peak said UK HealthCare has given nearly $26 million to Coldstream and said the board agreed to give the project $6 million during its meeting in June.

“We’ve put a lot of money into it already,” Peek said.

James Stuckert, chair and member of the finance committee, brought the action of continued funding forward to the board.

Stuckert said it was unrealistic for the board to delve into everything that would be presented about Coldstream.

“I think the board sets the policy,” Stuckert said. “I think the implementation and execution of the policy is up to the management of this institution.”

Stuckert said the goal is for Coldstream to stand on its own feet.

“We all hope that this opportunity presents itself a very profitable basis for us in the future,” Stuckert said.

Jo Hern Curris, member of the board, said the finance committee was extensive and intent in terms of seeking information.

Curris said the “sticking point” for her was that many board members felt that a sufficient amount of information had not been presented for members to make a decision.

“If additional funds are going to be requested for any issue or any project, the board should have that information in advance,” Curris said.

Peek said he was not for or against giving Coldstream more money. He said he was against giving more money without being sure whether the university would see a return.

“I would like to see something tangible,” Peek said.