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[[flush right margin]] Excerpt from Minutes of Board of Regents Meeting of May 5, 1980 (pp. 47-48) [[/flush right margin]]

[[underline]] Quadrangle Financial Plan. [[/underline]] The design and construction cost of the project will be no more than $49,100,000, estimated in 1983 dollars. A tentative Quadrangle financial plan, drawn from the [[underline]] Five-Year Prospectus, 1981-1985, [[/underline]] indicates that as many as five sources for support will be required in the estimated amounts which follow (and it should be noted that none of these figures is fixed or represents a commitment on the part of the Regents):

-- Smithsonian Trust Funds - $9,250,000. The Institution's Five-Year Prospectus projects an ability to set aside $1.0 to $2.0 million per year from net revenues of auxiliary activities, for a total of $9,250,000 by FY 1985. This estimate is based on continued success of these activities, including primarily the Magazine, and it could be adjusted to the extent that outside fund raising exceeds its projection or other priorities of the Institution require.

-- Future Parking Revenues - $6,215,000. This anticipates that the full cost of the parking garage in the Quadrangle can be financed from future parking revenues of that facility. Construction funds would need to be advanced as an investment from some source, which might include the Institution's Unrestricted Endowment Funds.

-- Proceeds from the Sale of Museum of African Art Real Estate - $1,500,000. The property of the Museum of African Art, consisting of nine townhouses on Capitol Hill, will be sold when the new facilities for the Museum are completed, with the exception of the Frederick Douglass House which will be preserved as a historic building. The net proceeds of such a sale might total $1,500,000 and could be applied toward the costs of the new African Art Museum.

-- Contributions - $7,500,000. Fund-raising efforts have begun in earnest, with an immediate response from the Government of Japan which pledged $1.0 million for the Asian Art Gallery.  At present, a goal of an additional $6.5 million from foreign and domestic governments, corporations and individuals has been established. In the event that contributions exceed this target, the need for federal appropriations and nonappropriated trust funds (particularly from net revenues of the auxiliary activities) could be reduced accordingly.

-- Federal Appropriations - $24,635,00. The remaining $24,635,000, or slightly over one-half of the total project cost, will be sought from Congress. This estimate could change depending on the continued success of private fund-raising efforts.