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January 26, 1981

[[underlined]] SUMMARY OF PROCEEDINGS [[/underlined]]

[[underlined]] Report of the Executive Committee [[/underlined]]

The Executive Committee met on January 5 to discuss the Regents' agenda. The Committee's comments are incorporated in the agenda papers. The Committee recommended an executive session of the Board and noted with pleasure Regent Mineta's appointment as Chairman of the Freer Gallery Visiting Committee. The Executive Committee noted that the Five-Year Prospectus had contributed toward improved internal management and communications with the Office of Management and Budget and the Congress and endorsed the Secretary's suggestion for expanding the Prospectus to include a view of eight to ten years.

[[underlined]] Report of the Personnel Committee [[/underlined]]

The Personnel Committee met October 29, 1980 and reported finding no evidence of conflict of interest in the senior staff of the Institution.

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

The agenda for the next meeting of the Committee is outlined, Mr. Acheson is appointed Vice Chairman, and the membership is listed.

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

Recognizing former Regent Senator Morgan's great work on behalf of the Audit and Review Committee and his continuing roles on both that Committee and the National Portrait Gallery Commission, the 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.

[[underlined]] Financial Report [[/underlined]]

The Treasurer presented an update on events occurring subsequent to the preparation of the comprehensive financial report. It was noted that much of the growth of the consolidated budget is inflation-related and that preliminary results of a constant dollar study show little real growth in the years projected.

[[underlined]] FY 1980: [[/underlined]] Net operating funds again made possible transfers of unrestricted funds to endowment and to Quadrangle reserves in the amounts of $2,031,000 and $1,040,000 respectively. A full analysis of FY 1980 financial results is presented in the Financial Report.

[[underlined]] FY 1981: [[/underlined]] Federal funds totaling $137,144,000 have been appropriated to the Institution. An unanticipated $5.0 million was provided for the Museum Support Center to permit construction of the four-bay facility as originally planned, while the request of $500,000 for Quadrangle planning was denied. Quadrangle planning will
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