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continue in FY 1981 with Trust Funds set aside in previous years for this purpose. The Institution was allowed by OMB to request from Congress a supplemental of $5,345,000 for legislated pay raises. This amount, however, will now be reduced to the extent lapse savings are realized from the recently imposed hiring freeze on Federal employment.

[[underlined]] FY 1982: [[/underlined]] The OMB allowance for fiscal year 1982 totals $182,171,000, including an amount of $5,970,000 related to the October 1980 legislated pay raise. An amount of $24,135,000 was allowed for Quadrangle construction which, if approved by Congress, will represent the first appropriation of federal funds for the project. The over-target request of $10.0 million to establish a major acquisitions program was not approved. No guidance has yet been received from OMB regarding the possibility of a budget amendment reducing this allowance.

[[underlined]] Investment Policy Committee Report [[/underlined]] 

The Regents discussed the Committee's report at its meeting of December 8, 1980 and the performances of the three investment managers. They also discussed the relative advantages and disadvantages of short-term vs. long-term investments (i.e., cash equivalents vs. equities) in periods of high inflation. With the Board's approval, the Chancellor appointed Regent Emeritus Thomas J. Watson, Jr., to the Committee. The Committee membership is listed.

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

It was noted that projected increases in the budget over the next five years are primarily due to inflation. In the future the [[underlined]] Prospectus [[/underlined]] will incorporate an additional three to five years.

The current [[underlined]] Prospectus [[/underlined]] is adjusted to reflect the allowance from OMB of $120,916,000 in the FY 1982 Federal Salaries and Expenses budget. Highlights of the [[underlined]] Prospectus [[/underlined]] include Museum Support Center equipment costs, the Native American programs, and the renewed emphasis on coordinating anthropological and humanistic activities in the Museum of Man.

Trust fund applications show little real change over the next five years. The commitment of $2.5 million of trust funds to the construction of the Museum Support Center will be met by deferring planned purchases of conservation equipment and by directing the anticipated proceeds of the sale of the Belmont Conference Center. No major changes in grant and contract activities are projected.

Construction, Renovation and Restoration highlights include the construction of the Museum Support Center, refined planning and construction of the Quadrangle (legislation to authorize construction to be sought early in the 97th Congress), development of the Master Plan of the National Zoological Park, and the major renovation and restoration projects.

The following motion was approved:

VOTED that the Board of Regents approves the Five-Year Prospectus dated January 26, 1981, covering the fiscal years 1982 to 1986, anticipating that annual revisions will similarly be presented for its approval.
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