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$2 million is included to represent anticipated proceeds form the sale of the Capitol Hill townhouses currently occupied by the National Museum of African Art. This figure has been derived from a market value appraisal performed two years ago and escalated by a modest inflation factor to an anticipated sale in 1985. Not projected in these figures is interest which will be earned on these funds until expended; depending on cash flow both of future gifts and of construction payments, up to $1 million more may be earned on these monies.

As recommended by fund raising counsel Brakeley, John Price Jones, Inc., a sequential fund-raising technique is being utilized in the private sector, concentrating first on commitments from prospects with substantial gift potential and from those with close associations with the Smithsonian, and then focusing on individuals with smaller gift potential and increasingly distant association with the Institution. A first objective to obtain financial commitments from current and past members of the National Board of Smithsonian Associates has resulted to date in gifts and pledges of $1.4 million, with the potential for 4 to 5 additional leadership gifts that could amount to over $2 million. These results are particularly encouraging in view of the fact that the majority of current and past National Board members have not yet been directly approached for personal commitments to the campaign. Such strong Board participation in funding the Quadrangle will be a persuasive selling point in approaches made to other individual, corporate and foundation prospects. Concurrently, non-Board individuals believed capable of substantial Quadrangle gifts are being identified, and appeals are being planned to each. These prospects represent probably the single best potential for truly large gifts.