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-17-

--[[underlined]] Nonappropriated Trust Funds [[/underlined]]:  Revised projections for FY 1980, based on actual results through nine months, are shown on Schedule C, and may be compared to original budget on Schedule B.  The current projections for [[underlined]] Unrestricted General Trust Funds [[/underlined]] is a net gain of $23,000, compared to a break-even budget.  This small variation, however, results from a number of offsetting changes, some of which were outlined at the May meeting.  Detail follows:

[[2 column table]]
[[headings underlined]]

Income- | Projection Compared to Budget

-Investments - Continued high-interest rates through June indicate short-term investments will net $1,550,000 compared to $1,300,000 budgeted | +$250,000

-Auxiliary Activities (Schedule F )

°Magazine - Despite the recession, sales of advertising are substantially ahead of budget (+20%) and membership sales continue strong (+3% over budget); a net gain of $6,000,000 is now projected. | + 500,000

°Associates Programs - Donations from Contributing Associates and the Smithson Society continue to be greater than budgeted. | + 150,000

°Museum Shops and Mail Order Division - Sales in the Museum Shops have been significantly ahead of budget since the summer tourist season began on April, and a net gain of $650,000 is expected, compared to $550,000 budgeted.  The success of the summer mail order catalogue, which offsets fixed costs in an otherwise slow season, will contribute to an anticipated net gain of $360,000, compared to a budgeted deficit of ($175,000).  The Business Management Office's expenses, reflected in this item, are slightly ahead of budget at ($152,00). | + 636,000

°Concessions/Parking - Due also to summer tourism, the projected net gain has been increased to $1,900,000. | + 110,000