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the Secretary for his confidence and foresight in the potential of a magazine such as the [[underline]]Smithsonian[[/underline]].

Senator Jackson inquired, in connection with long-range planning, what the target will be in building the unrestricted corpus in the trust.  Mr. Ripley responded that the objective is to accumulate an unrestricted fund in the amount of $50,000,000 over the next ten years.

Mr. Yates, in reviewing the appropriation figures, noticed a trebling of the appropriated funds over the past years and asked about future plans?  Mr. Ripley explained that this increase is in large part due to inflation as well as the addition to the Smithsonian of new authorized museums which have necessitated essential custodial workers, protection services, as well as professional and sub-professional staff.  In opening the National Air and Space Museum, for example, additional salaries comprised the major cost increase.  The Hirshhorn Museum also increased the Institution's payroll substantially in a similar way.  It was stated that approximately 75% of our monies are used for salaries.

At the conclusion of the discussion the following motion was approved:

VOTED, the Executive Committee recommends and the Regents express general approval that the Institution pursue the objective of increasing the endowment funds to a level of at least $50,000,000.