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SMITHSONIAN INSTITUTION
Proceedings of the Meeting of the Board of Regents
September 25, 1978

[[underlined]] SUMMARY OF PROCEEDINGS [[/underlined]]

[[underlined]]Report of Executive Committee [[/underlined]]

Careful advance review of agenda items of Executive Committee as matters strongly affect future operations of Regents. Consideration of financial reports resulted in decision to prepare a consolidated budget of all resources of Institution; clarification of nomenclature used in financial reports; review of federal appropriations enactment and authority of the Secretary to expend funds; review by Regents of budget allocations from nonappropriated funds showing support recommended by Secretary from all other funds and Regents' approval of substantial reprogramming of funds; and consideration of the level of endowment funds of the Institution.   These matters discussed in detail as indicated below.

[[underlined]] Financial Report [[/underlined]]

-- Set forth in detail for fiscal years 1977-1980 summaries of all funds provided and applied as well as consolidated budget for fiscal years 1978-1980. (Schedules A to G)

-- Federal Supplemental Appropriation requests for pay raise 95% approved ($4,900,000) and $580,000 of $1,100,000 request approved for increased utility costs.

-- Nonappropriated trust funds results projected at higher level based on increased level of auxiliary activities income.  Institution can provide for full approved $2 million acquisition-research-educational outreach program, addition of $1 million to tax reserve, plus $3 million to unrestricted endowment funds.

-- Sale of Seidell bequest property resulted in transfer of $1,165,000 to restricted purpose endowment fund.

-- Congressional Joint Conference Committee action on f.y. 1979 appropriations indicates total Salaries & Expenses appropriation of $108,577,000, compared to $104,500,000 in f.y. 1978.  Previous cuts in appropriation restored by Senate action included $390,000 for Research Awards Program, $150,000 for Chesapeake Bay Center Laboratory construction, $75,000 for acquisition of books and publications, and $57,000 for National Collection of Fine Arts exhibits.

-- Termination of the corporate status of Smithsonian Science Information Exchange and its transfer to Department of Commerce (NTIS) underway with deadline of July 1, 1979.