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reported last year may have been the result of inventory assessment rather than actual loss.

The current projection for the full FY 1977, however, for "Net Gain Before Transfer" ($5,265,000) has been raised only moderately from the original budget, reflecting a conservative approach to results for the next six months, together with the possibility of some needed expansion of expense allotments for Institutional purposes. Also, the projection now reflects provision for unexpected additional plant expenditures for renovation of the Cooper-Hewitt Museum ($177,000) plus $459,000 of expenditures on the NMNH West Court construction. At the time of the preparation of the original budget it was thought the latter would fall into the recent Transition Quarter rather than FY 1977; the total of such expenditures is still within West Court construction budget estimates, but may reduce the amount available for transfers to Endowment Funds in the current year. Thus we are now estimating these will be $4,500,000. Of this amount $2,000,000 has already been transferred.

[[underline]] Special Purpose Funds [[/underline]] -- At the top of Exhibit C, these funds, formerly treated in these reports as a part of restricted funds, are set out separately for the first time. Such special purpose funds include (1) monies given to particular bureaus by outside donors for their discretionary use; (2) revenues received by the bureaus for activities -- principally the NASM film theatre