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[[underlined]]Draft of Update of the Five-Year Prospectus[[/underlined]]

Draft Prospectus submitted for the Regents' review prior to their meeting in January 1980.  Appended to the Minutes, the draft gives emphasis to the Institution's plans for completing and equipping the Museum Support Center, as well as to plans for the Quadrangle, the Zoo Master Plan, and the repair and renovation of other Smithsonian facilities.

[[underlined]]Report of the Investment Policy Committee[[/underlined]]

Three of the Institution's four investment managers have had results comparing favorably with the stock market averages.  Figures and graphs are given.

[[underlined]]South Quadrangle Project[[/underlined]]

Legislation authorizing planning (up to $500,000) was signed into law (P.L. 96-36) on July 20, 1979.  The Secretary reviewed the status of the Institution's budget request for planning in the current appropriation bill, and reviewed plans for fund-raising in the private sector.  $1.25 million in unrestricted trust funds reserved for FY 1981 planning, and further legislation authorizing completion of planning and construction will be sought in 1980.  The Secretary discussed the relationship of the Freer Gallery to the proposed Oriental Art Gallery and the restrictions of Charles Lang Freer's gifts and will.

[[underlined]]Museum of African Art[[/underlined]]

The Museum of African Art became a bureau of the Smithsonian on August 13, 1979.  In accordance with P.L. 95-414, the Regents appointed ten members to the Commission for the Museum from its former Board, and the Regents will appoint five remaining Commission members at the January meeting.

VOTED that the Board of Regents appoints the following members of the Museum of African Art's Board of Trustees to a three-year term on the Museum of African Art Commission, as provided in Public Law 95-414:  Messrs. Frank Moss, John B. Duncan, Robert Nooter, Franklin Williams, Thomas Schwab, David Driskell, S.I. Hayakawa, Lee Bronson, Carl Freeman, and Mrs. Frances Humphrey Howard.

[[underlined]]Smithsonian Exposition Books[[/underlined]]

The Regents reviewed a description and financial prospectus for [[underlined]]The Smithsonian Book of the American Land,[[/underlined]] which the Executive Committee approved for publication on August 20, 1979.  Information on other prospective books was given.