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Moreover, it is to be recognized that the Smithsonian publications, discounted to Smithsonian Associates, have come to represent a direct membership benefit and have thus contributed to the success of the Associate program. 

The next meeting of the Audit and Review Committee has been scheduled for October 7, 1982. Topics will include and overview of Chesapeake Bay Center for Environmental Studies, a discussion of the tax status of the Institution, a further report on the gem collection, and a further discussion on the standards for professional conduct.

The meeting of the Audit and Review Committee adjourned at 9:30 a.m.



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

At the request of the Chancellor, Mr. Holenlohe summarized the following Financial Report, which had been distributed in advance. He added that a deficit of the Division of Performing Arts, earlier thought to be in excess of $1 million, will probably total closer to $2 million. The origins of the deficit and corrective action are to be reviewed by the Audit and Review Committee on October 7.

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