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hearing handicapped participation will be continued.  Art posters will be occasionally commissioned to commemorate Smithsonian events and offered for sale to the membership.  The computer-based membership system will be upgrade to an on-line capacity, and the editorial, typesetting and printing functions for the Associate newsletter will be automated, both serving to increase program responsiveness.  However, the acute problem of space requirements for staff and classrooms remain critical; relief from this situation is programmed into the Quadrangle development project.

[[underlined]] National Associate Program [[/underlined]].  The travel, regional events, and selected studies activities will all continue.  Increasing energy costs and recessionary erosion of consumers' disposable income, however, may adversely affect growth in the travel program, both foreign and domestic tours, in the FY 1981-82 period.  While it is too early to tell, higher air fares may present problems for staff travel in connection with developing regional events, and in enrollment by National Associate members in the five-day selected studies programs.

The contributing membership of the National Associates is forecast to double, from 10,000 to 20,000 members, producing a net surplus in 1986 of $1,000,000 or more.  The projected overall performance for National Associates indicates an FY 1982 surplus of around $100,000.

[[underlined]] The Development Office [[/underlined]] will continue to respond to the various project or acquisition of the bureaus and will be deeply involved in fund raising for the Quadrangle project, including a large-scale corporate drive.  There will be continued emphasis on the deferred giving program launched in September 1979.

Projecting future trends in individual and foundation philanthropy is difficult, with both depending heavily on the state of the U. S. and world economy.  However, corporate support of art and culture has been growing over recent years.  The Development Office has been involved with gifts and grants to the Institution and its many organizations of approximately $2,000,000 per year. Assuming economic recovery by FY 1982 and a continued period of healthy growth through FY 1986, prospects for increased private support of the Institution seem favorable.

[[underlined]] Smithsonian Magazine [[/underlined]].  Although the Magazine's management is justifiably cautions abut the ebb and flow of fashion in publishing, it also expects that the demand for its product will remain strong, with an annual financial surplus estimated at $5,000,000 to $6,000,000 over the next few financial surplus estimated from these funds that the Board of Regents has been able to budget for the $2,000,000 program for acquisitions, scholarly studies and educational outreach projects, to fund certain expenses previously met with federal appropriations, and to set aside sums each year for the development of the Institution's reserves.  The Magazine will continue to produce a high quality product and to be supported entirely by the trust revenues which it generates.  Net growth in subscribers is expected to average 50,000 a year from the present level of about 1,850,000.  Due to inflationary cost increases associated with production and mailing, subscription rates may increase in late FY 1982 and FY 1984.