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with an additional $800,000 to offset the partial absorption of FY 1983 pay raise costs by the Institution. Current projections for Unrestricted Trust Funds indicate that additional support for certain programs (such as Scholarly Studies and Fellowships) can be accommodated, with the strong possibility of an incremental addition to Unrestricted Endowment at year end, pending Board approval in September.

[[underlined]] FY 1984 [[/underlined]]: Appropriation hearings have been concluded before both House and Senate. A request is pending before OMB to increase the FY 1984 budget request by the 48 guard positions being sought in FY 1983 and their full-year costs of $720,000. No changes have been made to FY 1984 Trust Fund projections.

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

At its meeting on April 27, 1983, the Investment Policy Committee reviewed investment performance and strategy with the Institution's three investment managers. Mr. Hohenlohe reported that the endowment funds, whose market value are now approximately $115,000,000, have continued to out-perform the market averages, with an annualized rate of return since June 30, 1978, of almost 19%. The Board approved the total return income payout in FY 1984 as recommended by the Investment Policy Committee, and it was

VOTED that the Board of Regents accepts the report of the Investment Policy Committee and approves a Total Return Income Payout rate of $5.00 to Unrestricted General Purpose Endowment Funds and $6.74 to Restricted and Designated Purpose Endowment Funds in Fiscal Year 1984.

The Regents expressed their gratitude to Mr. Burden for his extraordinary guidance in the management of the Institution's endowment funds.

[[underlined]] Quadrangle [[/underlined]]

Utility relocation should be completed by June 13. Final design details have been worked out and included in bid documents by amendment, and bid opening has been scheduled for May 17. A formal ground-breaking ceremony is being planned for June 21.

Commitments to the Quadrangle now total $34,936,000 toward the goal of $37.5 in private donations. Recent major donations have come from Mrs. Enid Haupt, Mrs. Evelyn Bartlett, the Pew Memorial Trusts, the Hillman Foundation, the Dart Foundation, the McCormick Foundation, the Barra Foundation, and the State of Bahrain. The following table presents resu'ts through May 5, 1983:

[[4 column table]]
($1,000's) | Funds In Hand | Pledges and Commitments | Total
Foreign Governments | $ 2,000 | $ 5,050 | $ 7,050
Foreign Corporations | 497 | 39 | 536
U. S. Corporations | 544 | 578 | 1,122
Individuals and Foundations | 1,511 | 9,376 | 10,887
Associates Contributions | 1,346 | - | 1,346
Smithsonian Unrestricted Funds | 6,335 | 3,320 | 9,655
Earned Interest | 2,340 | - | 2,340
Sale of Capitol Hill Property | - | 2,000 | 2,000
Total | $14,573 | $20,363 | $34,936