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SMITHSONIAN INSTITUTION

Proceedings of The Alexander Wetmore Memorial Meeting of the Board of Regents

January 22, 1979

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

[[underlined]]Dr. Alexander Wetmore Memorial Meeting[[/underlined]]

The meeting was designated The Alexander Wetmore Memorial Meeting in honor of the late Sixth Secretary: "This gentle and affectionate man, loved by all who knew him, made invaluable contributions to the Smithsonian and to biological science."

RESOLVED that the Board of Regents of the Smithsonian Institution records with deep sorrow the death on December 7, 1978, of Dr. Alexander Wetmore and proclaims this meeting The Alexander Wetmore Memorial Meeting of the Board of Regents in honor and in memory of his distinguished leadership.

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

Report of the meeting of the Executive Committee on December 19: Agenda items for this Board meeting discussed and recommended for consideration by the Regents. The Executive Committee noted lack of significant growth in Endowment Funds over the years, and recommended the presentation of charts on this subject for the Regents as well as the Congressional appropriations subcommittee.

[[underlined]]Regent Matters[[/underlined]]

Citation recognizing the services of former Regent Elford A. Cederberg. Memorial on the untimely death of Regent Leo J. Ryan.

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

Charts used to explain past, present, and future financial conditions. They were:

-- [[underlined]]Chart 1[[/underlined]] - Funds supplied, FY 1970, 1975-80: increased Federal appropriations due to inflation, added bureaus, programmatic improvements; virtually unchanged level of Federal grants, contracts; restricted trust funds stable; unrestricted trust funds growing; explanation of "net" vs. "gross" funds supplied ($124.9 million vs. $165.5 million in FY 1978).

-- [[underlined]]Chart 2[[/underlined]] - Sources of General Unrestricted Trust Funds Net Income: growth from FY 1970 to FY 1978 substantial; about 90% of net income from auxiliary activities, and 10% from investments of endowment and current funds; marked decline in growth projected for FY 1979 and FY 1980 related to projected rising costs, conservative estimates, levelling off in retail endeavors.