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[[underlined]] Investment Policy Committee Report [[/underlined]]

The performance of the three investment managers was briefly reviewed.  The Total Return Income Payout for FY 1981 had been discussed by the Committee, and, based on a number of factors, the committee recommended that income payout to endowment funds be increased 10% over the FY 1980 level.  The board accepted the recommendation and

VOTED that the Board of Regents accepts the report of the Investment Policy Committee and approves a total return income payout rate to the pooled Smithsonian Endowment Funds of $5.50 per unit in Fiscal year 1981. 

The Committee also indicated support for the possibility of funding the Quadrangle underground garage ($6,215,000, estimated) from funds to be transferred in future years to Unrestricted Endowment Funds, with the expectation that this would be a self-liquidating investment, albeit of modest return.

[[underlined]] Designation of "National" Museums [[/underlined]]

The Regents discussed two recent legislative actions which departed from the tradition of reserving the use of the word "national," when applied to museums, to elements of the Smithsonian Institution.  Strategies were discussed for reaffirming the traditional use of "national" in the Smithsonian context, and it was agreed that the General Counsel should consider possible legislative language and the Secretary and Under Secretary should raise the problem with cognizant committees of the Congress.

[[underlined]] South Quadrangle Project [[/underlined]] 

The Secretary reviewed the status of the design, which has been refined from the original Yoshimura concept by Mr. Carlhian of the Boston architectural/engineering firm Shepley, Bulfinch, Richardson, and Abbott.  The refined design was generally well-received by the National Capital Planning Commission on May 1.  EDAW, Inc., is developing an environmental impact statement for public review and comment, and a revised report on program requirements is being prepared.

The Secretary reported on fund-raising activities in Japan, Korea, and elsewhere on behalf of the Asian Art Gallery and projected efforts in Zaire and Nigeria for the new Museum of African Art.

The Regents discussed a tentative financial plan, drawn from the [[underlined]] Five-Year Prospectus, 1981-1985 [[/underlined]], which indicates as many as five sources for support (though none of the figures suggested represent a commitment by the Regents):  unrestricted nonappropriated trust funds netting from auxiliary activities; future parking revenues; proceeds from the sale of Museum of African Art real estate; contributions through fund-raising efforts; and Federal appropriations.