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[[underline]]Restricted Trust Funds[[/underline]]

Restricted and Special Purpose Trust Funds are summarized on Exhibit C, showing actual results through September 30, 1976, with projections for FY 1977.  Gift and grant income is projected to be lower in the current year than during the Bicentennial due to the reduction of this year's Folklife Festival as well as the return of Hillwood to the Post Foundation.  Miscellaneous income, however, will increase, since this category includes receipts from activities such as the new NASM Theatre and Spacearium.  Projections for restricted funds, however, must be largely speculative since they depend more on the generosity of donors than on Institutional planning.

[[underline]]Balance Sheet[[/underline]]

Exhibit D summarizes the Balance Sheet for Current, Endowment, Plant and Agency Funds.  The Current Funds Balance Sheet as of September 30, 1976, shows the Institution to be in a strong financial position.  Cash items (cash plus short-term investments) were approximately $10.0 million, which was down some $3.0 million from June 30, 1976, due to (1) transfers to Plant and Endowment Funds, and (2) temporary increases in receivables (due to large expenditures at the Folklife Festival from reimbursable grants), prepaid expenses (primarily for Associates tours scheduled this fall and winter) and deferred Magazine expenses (resulting from the fall [[underline]]Smithsonian[[/underline]] promotion effort).