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-- Nonappropriated funds budget provides for assumption of $1 million of operating expenses currently paid by appropriated funds.

-- Overhead rates expected to increase in fiscal year 1979 reflecting higher administrative costs caused by legislated pay increases, administrative staff additions and added rental charges.

-- Resolutions regarding appropriated and nonappropriated funds budgets:

VOTED that the Board of Regents authorizes the Secretary to expend fiscal year 1979 Federal appropriations as approved by the President on October 17, 1978 (P.L. 95-465).

VOTED that the Board of Regents approves the budget of the nonappropriated funds for fiscal year 1979 as outlined above, and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in the budget, together with any changes of more than 10% or $250,000 in any line item or in the total administrative expenditures shall be made only with the approval of the Board of Regents or its Executive Committee.

Subsequent to the meeting, the Chairman of the Executive Committee and the Secretary concluded that the intent of the Board as expressed at the meeting would be best served by the following:

1.  transfer to unrestricted endowment limited to $3 million.  Remaining $2 million set aside for $1 million pledge toward Stuart portraits, should funds be needed; additional funding toward Board's five-year commitment for collections acquisitions;

2. reduction to $2 million of fiscal year 1979 transfer to endowment to permit funding of $1 million of expenses currently funded by federal appropriations.

-- Federal year 1980 federal budget estimates and nonappropriated fund estimates reviewed.  Detail included major items such as Museum Support Center construction, NMHT sixth floor library, and foreign currency Moenjodaro project. Resolution adopted: