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[[underlined]]FY 1980:[[/underlined]]  The Regents had a report on House action on FY 1980 request, but no action by the Senate as of the meeting.  The Board approved the non-appropriated trust fund budgets, showing a slight decrease in net unrestricted funds, level restricted funds, and an increase in special purpose funds.  Unrestricted funds will be sufficient to provide $2.0 million allotment for collections acquisitions, scholarly studies and education outreach, $2.0 million for endowment, $700,000 for tax reserve, $822,000 for fellowship program, and $1.0 million construction reserve for Quadrangle.  The following motions were approved:

VOTED that the Board of Regents approves the revised budget of appropriated funds for fiscal year 1980 and authorizes the Secretary to expend fiscal year 1980 federal appropriations in accordance therewith and as approved by the President on _________________, P.L. ________________.

VOTED that the Board of Regents approves the budget of the non-appropriated funds for fiscal year 1980 as presented, and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in the budget, together with any changes of more than 10% or $250,000 in any unrestricted fund line item or in the total administrative expenditures, shall be made only with approval of the Board of Regents or its Executive Committee.

[[underlined]]FY 1981:[[/underlined]]  The federal appropriation request was reviewed and approved for submission to OMB; this request totalled $147.9 million--$120.2 million for salaries and expenses, $7.7 for Foreign Currency Program and $20.0 for construction/restoration and renovation.  The preliminary budget for nonappropriated trust funds was also approved for submission to OMB, indicating income and expenses roughly at FY 1980 levels.  The following motion was approved:

VOTED that the Board of Regents approves the Smithsonian Institution Budget for FY 1981 for presentation to the Office of Management and Budget in September 1979.

Schedules A through I provide detail on these budgets.

[[underlined]]Authority to Establish Bank Accounts[[/underlined]]

The Board confirmed the Secretary's authority to establish Institutional bank accounts, with reports to the Executive Committee on use of this authorization, in the following motion:

VOTED that the Board of Regents confirms the authority of the Secretary of the Smithsonian Institution to establish on behalf of the Institution and any of its bureaux such commercial bank accounts as may be necessary for the conduct of business, including, but not limited to, payroll, depository, custodial and purchasing functions.