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at the last Regents meeting (transfer to endowment funds held to $3 million), together with another $1.0 million added to the tax reserve, and a modest increase in funds held in bureau accounts.

As of September 30, 1978, cash and short-term investments totalled $20.3 million (see Schedule G), consisting essentially of unexpended Special Purpose and Restricted Purpose funds and advance Magazine subscription receipts. At present, short-term investments total $21 million, invested in high-grade securities yielding 8.5%.

[[underlined]]FISCAL YEAR 1979[[/underlined]]

[[underlined]]Federal Appropriations[[/underlined]] --

Several adjustments have been made to our FY 1979 federal appropriation figures reported at the last Regents meeting. The $98,968,000 total (Schedules A and C) includes a program Supplemental in the amount of $650,000 recently submitted to OMB requesting FY 1979 funding for the Museum of African Art. Of this amount, $350,000 would provide for roughly six months' operation of the Museum and $300,000 would be used for necessary renovation and repairs to bring the Museum's buildings to acceptable standards of safety and accessibility. Also included is a pay supplemental for FY 1979 of $2,316,000 submitted to OMB to cover higher wage and salary costs resulting from the Government's October cost-of-living pay raise. From the total estimated cost of these raises ($3,595,000) there was a deducted $1,020,000 to take into account the Institution's absorption with non-appropriated trust funds of that amount of programmatic costs previously covered by Federal appropriations, per decision by the Regents at the last meeting. (Beginning in FY 1979, Trust Fund revenues will assume support for $394,000 cost of rental space occupied by Trust Fund activities, as