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-8-

--[[underlined]] Transfers to Plant [[/underlined]]In FY 1975-1977 represent funds for construction of West Court addition in Museum of Natural History. FY 1978 transfers of $869,000 detailed in Schedule B, page 26.

--[[underlined]] Other Transfers[[/underlined]]: Principally for the Collection Acquisition, Research and Educational Outreach Program and related $2 million (to Special Purpose Funds), plus transfers to Endowment Funds (FY 77 - $5.5 million; FY 78 - $3 million; FY 79 & 80 $2 million each), shown graphically, as explained in the narrative text.

--[[underlined]]Increase in Fund Balance[[/underlined]]:  Equalled $850,000 in FY 1978, a larger figure than anticipated at the last Regents' meeting, principally because of early sale of sizable amounts of Exposition Books.

[[underlined]] Charts 4 - 9, Inclusive - Endowment Funds [[/underlined]]

--[[underlined]]Growth of these funds has been largely that for Unrestricted purposes[[/underlined]], the result of the substantial transfers in recent years. Restricted Endowment Funds have remained relatively level; other than the $1.2 million Seidell bequest in FY 1978, additions to restricted Endowments have been limited to annual reinvestment of about $200,000 of restricted endowment fund income in accordance with donor instructions.

--[[underlined]]Growth of the Endowment Funds has barley kept pace with the rise in the Consumer Price Index[[/underlined]].  In constant 1970 dollars, the total Endowment Funds at the end of FY 1980 is projected just to equal  that of FY 1970.  Thus the Restricted Funds (Freer, Fort Pierce oceanographic fund, and all other scientific-purpose restricted funds) show a decline in purchasing power.

--[[underlined]]Relative Importance of Endowment Fund Income[[/underlined]]: Whereas the income from Restricted Purpose Endowment Funds is of substantial importance to these