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[[underline]] Report of the Audit and Review Committee [[/underline]]

Senator Jackson, Chairman of the Committee, said that the Audit and Review Committee is expected to meet in early February. The agenda will include: a discussion with Coopers and Lybrand of the fiscal year 1980 audit of trust funds; a review of operations and controls in auxiliary activities; and a discussion of potential liabilities of the Regents. This meeting has been postponed from September 1980.

The Chancellor and Senator Jackson asked Mr. Acheson to serve as Vice Chairman of the Committee, vice Senator Morgan; and it was agreed that membership on the Committee should remain unchanged for the time being, to wit:

Senator Henry M. Jackson, Chairman
David C. Acheson, Vice Chairman
Representative Norman Y. Mineta
George H. Mahon
Ambassador Kenneth Rush
Robert B. Morgan

[[underline]] Designation of Senator Morgan as Regent Emeritus [[/underline]]

Senator Jackson took note of the fine work Senator Morgan had done as the first Vice Chairman of the Audit and Review Committee and as a Regent generally. He pointed out that Senator Morgan will be continuing to serve not only on that committee but also on the Commission of the National Portrait Gallery, and he therefore recommended that Senator Morgan, now retired as a Regent, be designated as Regent Emeritus.

At the suggestion of Senator Jackson the Board of Regents

VOTED that, in accordance with Section 2.08 of the Bylaws, the Board of Regents confers on Senator Robert B. Morgan the title of Regent Emeritus, with all the rights and responsibilities thereof.