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Unrestricted endowment income may rise due to planned transfers to endowment this year.

Mr. Wheeler stated that the private funds budget was included in the second section of the annual report and has included a detailed account of our finances for a number of years.

The Executive Committee had reviewed this budget and recommended approval of the following motion.  It was

VOTED that the Board of Regents approves submission of the Estimated Trust Funds Budget for Fiscal Year 1978, as requested by the Senate and House Appropriations Subcommittees, to be used in conjunction with the pending appropriation request.