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[[underlined]]Financial Report[[/underlined]]

[[underlined]]FY 1979:[[/underlined]]: Net operating funds made possible transfers of unrestricted funds to endowment and to South Quadrangle reserves in the amounts of $2,571,000 and $1,385,000 respectively. A full analysis of FY 1979 financial results is contained in advance copies of the FY 1979 Financial Report made available to the Regents.

[[underlined]]FY 1980:[[/underlined]] Federal appropriations totaling $140,081,000 have been have been received. In addition, OMB has allowed the Institution to request from Congress a supplemental $4,774,000 for legislated pay raises, though a further request of $1,448,000 for anticipated utilities deficits and for STRI treaty-related requirements is still pending at OMB. Congressional action on the FY 1980 budget eliminated the $457,000 for the Research Awards Program and $500,000 authorized for Quadrangle planning. With the approval of the Chairman of the Executive Committee, planning and engineering studies will continue, financed with $500,000 of the Trust Funds originally reserved for Quadrangle construction.

[[underlined]]FY 1981:[[/underlined]] Included in the $137,391,000 Federal allowance from OMB was an additional $2.5 million for initial equipment purchases for the Museum Support Center, $1 million for the development of major new exhibitions in the History and Art museums, and $600,000 for a major new exhibition and research effort, the Smithsonian National Awareness Program. Though allowed a higher amount by OMB, the Smithsonian will limit its request to Congress for the Quadrangle project to the authorized $500,000 which, together with trust funds of $1,250,000 already reserved, will allows the preparation of definitive plans.

The Bylaws of the Board of Regents contemplate delegations of authority in financial and related matters to the Secretary and other employees, necessary to effective administration. To carry out specified delegations and other actions authorized by the Board, the following specific delegations were approved by the Regents:

VOTED that the Board of Regents confirms the authority of the Secretary of the Smithsonian Institution to accept or receive for the Institution gifts, grants, bequests, and other transfers of real and personal property, and to hold and dispose of the same in promotion of the purposes of the Institution. The Secretary may delegate this authority to employees of the Institution.

VOTED that the Board of Regents authorizes the Secretary or the Treasurer to purchase and sell securities for the Current Trust Funds, such securities to be bills or notes of the U.S. Treasury or other U.S. Government agencies, bank certificates of deposit, high-grade commercial paper, or similar short-term investments of like quality, with maturities not to exceed five years from date of purchase.

VOTED that the Board of Regents authorizes the Secretary to execute in the name and behalf of the Institution any documents necessary to the acceptance, transfer, sale or redemption of real or personal property (including the sale or redemption of stocks, bonds, or other investments) acquired or to be acquired by the Institution. The Secretary may delegate authority for executing transfer documents to employees of the Institution.