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the Standard and Poor's 500 for the past six years and for bonds, in line with the Salomon Brothers Index.  The fee structure is on the low end of the firms responding, in addition to which these fees will be waived for the first two years of operation.  The Smithsonian will, of course, retain the right to replace the Trustee for this fund.

There was general discussion at the Executive Committee meeting about the difficulty inherent in asking the Regents who are salaried persons without independent means to contribute in a major way to such an income producing plan.  In connection with this the Regents expressed general enthusiasm in the idea, and one or two of them mentioned that in a small way they have had ideas of supporting the Institution, as follows: e.g., from time to time assigning a lecture fee to the Institution; possibly writing in the Institution as a beneficiary on an airline accident insurance policy; or some similar token payment.

With the objective of obtaining commitments or pledges of $100,000 to start this fund, an amount judged to be a critical minimum, and subject to obtaining the necessary approvals from the Internal Revenue Service (which are expected to be pro forma), the creation of a Smithsonian Pooled Income Fund was recommended and it was

VOTED that the Board of Regents approves the establishment of a Pooled Income Fund by the Smithsonian Institution, and further VOTED that the Board of Regents approves the selection of the United Virginia Bank as Trustee for the Smithsonian Institution of this Pooled Income Fund, with the Smithsonian retaining the right to replace said Trustee.