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

Mr. Hohenlohe, Treasurer of the Smithsonian, presented the following financial report.

A summary of all appropriated and non-appropriated trust funds of the Institution for fiscal years 1979, 1980 and 1981 is provided on Schedule A, with further schedules detailing projected results of FY 1979 (Schedule C) as compared to budget (Schedule B), and consolidated budgets for FY 1980 (Schedule D) and FY 1981 (Schedule E). In addition, Schedules F, G, and H outline operating projections for revenue-generating activities, as well as special purpose and restricted trust funds. Finally, the current balance sheets are set forth in Schedule I. The approval of the Board was requested for the FY 1980 and FY 1981 budgets, as well as for proposed amendment of the FY 1979 budget.

Schedules A through E are in a slightly new format which reflects the organizational order used in the Five-Year Prospectus, the Congressional budget justification and the [[underlined]] Smithsonian Year [[/underlined]]; this should facilitate relating these documents to one another. Among the changes under the "Funds Applied" and "Transfers" sections are:

(1) The administrative staff costs of the Smithsonian Astrophysical Observatory, together with offsetting overhead recovery, are included under Science rather than Administration;

(2) Included under Public Service are two units previously classified as auxiliary activities: Office of Telecommunications and Visitor Information and Associates Reception Center. Since these units do not generate significant income to offset costs, it is more appropriate to categorize them with other program units;