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

Mr. Hohenlohe, Treasurer of the Institution, highlighted the Financial Report which follows. 

In their discussion of the Report, the Regents noted particularly two items eliminated from the Institution's fiscal year 1980 Federal appropriation. Regarding the $500,000 not allowed to the Chairman of the House Appropriations Subcommittee, and equivalent amount of trust funds had been redirected from the Quadrangle construction reserve with the approval of the Chairman of the Executive Committee so more detailed plans could be developed for further review by the Congress as well as the National Capital Planning Commission. (See below, pp 29-30 and pp. 53-58.)

The elimination of $457,000 for the Research Awards Program was also discussed, and the Secretary gave a synopsis of the origins and development of the Program. It was agreed that the Secretary would provide the Regents with a list of research accomplished through the Program in the past, and that the Regents' Audit and Review Committee would study this matter. 

The Treasurer's Financial Report follows.