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VOTED that the Board of Regents establishes the title of Regent Emeritus to be conferred on former Regents whose interests in and value to the Smithsonian and the Regents promise to continue. It is expected that the title shall be conferred by the resolution of the Board, and the following former Regents, are so designated:

Dr. Jerome C. Hunsaker, 1949-1968
Dr. Crawford H. Greenewalt, 1956-1974
Honorable J. William Fulbright, 1959-1974
Honorable Hugh Scott, 1967-1976
Honorable Thomas J. Watson, Jr., 1969-1979
Honorable Robert F. Goheen, 1972-1977
Honorable Sidney R. Yates, 1975-1976
Honorable Frank E. Moss, 1975-1977
Honorable Elford A. Cederberg, 1975-1978
Honorable Claiborne Pell, 1977-1978
Honorable Corinne C. Boggs, 1977-1978

[[underlined]]The Annual Report[[/underlined]]

The Regents discussed possibilities for revisions to the format of future annual reports. Presented copies of [[underlined]]Smithsonian Year 1979[[/underlined]], the Regents

VOTED that the Board of Regents accepts the Annual Report of the Secretary for fiscal year 1979.

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

[[underlined]]FY 1980[[/underlined]]: As part of government-wide budget reductions, OMB reduced by $119,000 (to $4,655,000) the pay supplemental which may be requested of Congress, and denied a program supplemental of $1,448,000 for utilities deficits and STRI treaty-related requirements. Ways to cover these needs are being explored. Revised projections for Unrestricted General Trust Funds now project an anticipated -$73,000 deficit for the year, due to auxiliary activity results; no action was recommended since the projected deficit may be eliminated by year-end. $250,000 from a collections acquisition reserve was approved for use by the Museum of African Art under the terms of the existing Collections Acquisition Program, and the funding of $2,750,000 for the Stuart portraits was also approved. While it was noted that a favorable ruling had been received from IRS regarding advertising revenues of [[underlined]]Smithsonian[[/underlined]] magazine, the $2.4 million reserve, as of September 30, 1979 (projected to increase to $3.1 million at the end of FY 1980) will be kept intact pending resolution of other tax questions before IRS.

[[underlined]]FY 1981[[/underlined]]: OMB has reduced by $1.5 million the FY 1981 appropriation request submitted to Congress in January. House and Senate hearings on the request were held in March, but final action is not expected until later in the summer. No changes have been made to FY 1981 trust fund projections; budgets on these funds are being formulated for review and approval by the Regents in August and September.