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renovation of the Arts and Industries Building, repairs to the Renwick Gallery exterior and the History and Technology terrace, installation of building equipment monitoring systems, improvements for handicapped persons, correction of hazardous conditions and installation of fire detection and control systems.  The balance of $1,000,000 will be applied to the repair, renovation and improvement of Zoo facilities at Rock Creek and Front Royal.  No new Zoo Master Plan construction will be sought in FY 1978, while we direct our attention toward completing major projects previously funded and toward fulfilling operational requirements of facilities already constructed or now underway.

[[underline]]Unrestricted Trust Funds[[/underline]]

Final results for FY 1976 and the Transition Quarter were substantially the same as estimated at the last Regents meeting.  As shown in Exhibit B, after covering administrative costs and allotments for a variety of operating needs, transfers were made of $666,000 to bureaus (as interest payments on their fund balances and as a share of income from auxiliary activities), $2,702,000 to Plant Funds (for construction of the West Court facility, Carnegie Mansion renovation, and retirement of mortgages at the Chesapeake Bay Center), and $1,776,000 to Endowment Funds.  In addition, working capital funds were increased by $307,000 to a level slightly in excess of $4.0 million.

In response to a question about the Associates showing a loss, it was explained that if the Magazine were combined with other activities under the Associates, a much more favorable net gain