Viewing page 22 of 272

This transcription has been completed. Contact us with corrections.

-6-

[[underlined]]FINANCIAL REPORT[[/underlined]]

Mr. Ripley reported that the Regents had received the complete financial report for review in advance of the meeting describing in narrative form, including schedules, the sources and application of the Institution's funds. At the meeting, Mr. Wheeler reviewed this financial information in graph form, utilizing the attached charts; this review included, at the same time, comparisons dealing with the relative size of our endowment funds and income therefrom, in accordance with suggestions made previously by the Regents Executive Committee. Major points emphasized and supplementary information added to the financial data previously supplied were:

[[underlined]Chart 1 -- FY 1970 and 1975-1980[[/underlined]]

--[[underlined]]Three sources of funds[[/underlined]]: Federal appropriations, Federal grants and contracts, and non-appropriated Trust Funds (Restricted and Unrestricted). 

--[[underlined]]Growth trends[[/underlined]]:  Increased Federal appropriations reflect inflation, added Smithsonian bureaus, and some programmatic improvements. Little change in Federal grants and contracts (around $11 million per year). Restricted Trust Funds relatively stable, whereas Unrestricted Trust Funds have been growing substantially.

--[[underlined]]"Net versus "Gross" funds supplied[[/underlined]]:  For FY 1978, gross funds supplied ($168.5 million) were reduced by expenditures of the auxiliary activities to a net figure of $124.9 million available for normal programmatic purposes. Of that net figure, Trust Funds net income totaled $20.4 million, including $6.5 million of Restricted Trust Funds.