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Observatory. The following motion was approved: 

VOTED that the Board of Regents approves the Smithsonian Institution budget for FY 1984 for presentation to the Office of Management and Budget in September 1982. 

[[underlined]] Other Matters: Plant Funds (Nonappropriated Trust Funds) [[/underlined]]

With the approval of the Chairman of the Executive Committee, the Institution signed a contract for the sale of the Belmont Conference Center and 82 surrounding acres to the American Chemical Society. Together with proceeds from the sale of the remaining 270 acres to the State of Maryland, the Institution will realize approximately $2 million on settlement of both transactions early in FY 1983. Other minor real estate transactions now in process include the sale of a small portion of the 128-acre parcel known as the Murray Property, Poplar Island and Jefferson Island--all properties of the Chesapeake Bay Center; the sale of a 49-acre tract situated near York, Pennsylvania, in which the Smithsonian was bequeathed a quarter interest; and the sale of several undeveloped lots in the vicinity of Corpus Christi, Texas, also received as part of a bequest. 

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

In July and August the market value of the Smithsonian Endowment Funds, paralleling substantial gains in the stock market, increased from $77.4 million at the end of June to just under $85 million as of the beginning of September. Over the last four years and two months, there has been an annual compounded rate of return of 13.3 percent, some two percentage points ahead of the major market indices and well ahead of the annual inflation rate of approximately 10 percent. 

[[underlined]] Five-Year Prospectus, FY 1984-88 [[/underlined]]

The Secretary introduced the draft Five-Year Prospectus, noting that its development over the years was recently commended by officials of the Office of Management and Budget (OMB). Dr. Gell-Mann called for additional attention to archaeometry in the planning years. The Regents were encouraged to suggest refinements to be incorporated in the Prospectus as adopted in January 1983. The draft is appended to the Minutes. 

Achievements during the past year included architectural and fund-raising progress for the Quadrangle (including Dr. Sackler's notable gift of funds and collections), progress toward completing the 1983 physical inventory of collections, continuing construction of the Museum Support Center on schedule and within budget, sustained Magazine popularity, growth in contributing memberships, major exhibitions (Dinosaur Hall, George Washington, Franklin D. Roosevelt, DeStijl, Celebrations, and the Bering Sea Eskimo), acquisition of the Stuart "Edgehill" portrait of Jefferson and two important Benin Bronzes, and scientific research including the Africanized honey bees and award-winning captive propagation at the Zoo. 

Transcription Notes:
Reviewed