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In the discussion which followed, the Committee noted that from an investment point of view, Belmont was clearly not a prudent holding for the Institution, and whatever appreciation there had been in its overall value had been offset by expenses year after year in operations, upkeep, and capital improvements.  Understanding that the Smithsonian has no obligations to the original donor, the Committee reached a consensus that the Smithsonian ought to pursue selling Belmont to a responsible purchaser who would maintain the integrity of the house and keep the immediate environs intact as an historic site.  The staff may want to pursue the purchase of small amounts of adjacent properties to expand the access right of way, thereby increasing the appraised value of Belmont.  It was believed worthwhile to investigate whether some sizable corporation might be interested in Belmont as a prestigious site for headquarters or for a hospitality center.

As an addendum to the topic of the February 28, 1980 meeting of the Committee, Mr. Hohenlohe distributed to the Committee copies of a Report to Management from Coopers & Lybrand dated April 25, 1980.  This document outlines certain areas of the Institution's accounting policies, procedures and controls which the independent auditors believe could be improved; comments by management, including steps being taken to correct any weaknesses, are also contained in the report.  Mr. Hohenlohe indicated that he had been authorized by Coopers & Lybrand to say that there was nothing in this report which should be of concern to the Committee and that Smithsonian management was taking corrective action.