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[[underlined]] Summary of Update of Five-Year Prospectus, FY 1982-86 [[/underlined]]

The Secretary mentioned that the Five-Year Prospectus has been updated for the Regents' review and was available on the table (see appendix).  He noted particularly how valuable the work on the Prospectus has been for the management of the Institution.  The following summary was circulated in advance of the meeting.

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The following summary tables of projected resources and expenses are supplemented with detailed projections for all bureaus and offices.  The text has been drafted to highlight progress over the past year in institutional programs and expectations for the forthcoming budget year, FY 1981, and for the planning period FY 1982-86.

Major achievements during the year include:  the widely recognized operational success of the Astrophysical Observatory's multiple mirror telescope; progress in planning and design of the Quadrangle along with initial fund raising efforts; progress in the physical inventory of the Institution's collections and the acquisition of major items, such as the Gilbert Stuart portraits of the Washingtons; Congressional approval of construction funding for the Museum Support Center and completion of design; integration of the programs of the Museum of African Art into the Institution; and the sustained popularity of the Magazine.  In addition, this past year saw a profitable return from mail order sales and the transfer of additional land to the Institution's custody in Panama's Barro Colorado Nature Monument.

The Five-Year Prospectus submitted to Congress in January 1980 indicated that the FY 1982 estimated federal S&E budget request to the OMB