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depends on the interaction of managers throughout the year according to a schedule which Mr. Jameson outlined.  Mr. Jameson tracked a budget cycle, noting initial preparation by staff through zero base budgeting, review and approval by the Under Secretary and Secretary, review and approval by the Regents, review and approval by the Office of Management and Budget, preparation of the budget justification for the Congress, and Congressional hearings and appropriations to be signed into law by the President.

It was noted that throughout the year the income and expenditures of both trust and federal funds are monitored on a monthly basis, and adjustments to year-end projections are made as income and expenditures vary according to economic trends and the like.  Updated projections for the trust funds and reports on the status of federal funds are presented to the Regents at each of their three meetings a year.

IV. [[underlined]] Next Meeting [[/underlined]]

It was agreed that the next meeting would take place at the Belmont Conference Center in Howard County, Maryland, on Saturday, May 3.  The agenda will include a discussion of the Belmont Center and a review of the equal opportunity program at the Smithsonian.  Details will be announced.