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VOTED that the Board of Regents approves the budget of the nonappropriated funds for FY 1984 as presented, and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in the budget, together with any changes of more than 10% of $250,000 in any general unrestricted fund line item or in the total administrative expenditures, shall be made only with approval of the Board of Regents or its Executive Committee.

[[underlined]] FY 1985. [[/underlined]]  A request of $207 million in federal appropriations was reviewed and approved for submission to OMB.  Increases over the FY 1984 request include some $17.4 million for salaries and expenses, $8.5 million for renovation and improvement of the Institution's facilities, $3.5 million for planning costs associated with the repair and renovation of the General Post Office Building, and $1.7 million equivalent in excess foreign currencies.  Preliminary estimates for nonappropriated trust funds in FY 1985 reflect an increase of some $600,000 in Unrestricted General Trust Funds attributable primarily to the continued success of the National Associates Contributing Membership Program and modest increases in the revenues of the business management activities.  Revenues to Special Purpose and Restricted Trust Funds are expected to decline by over $2.3 million, due to a decrease in gift and grant support for exhibit production.  A decline in Federal Grants and Contracts support in also projected as the Astrophysical Observatory's phase-out of the Satellite Tracking Program in completed.  The following motion was approved:

VOTED that the Board of Regents approves the Smithsonian Institution budget for FY 1985 for presentation to the Office of Management and Budget in September 1983.

[[underlined]] Real Estate Transactions. [[/underlined]]  Sales of three Smithsonian properties reported to the Regents last September have reached settlement;  Poplar and Jefferson Islands have been sold for $60,000; undeveloped lots on Mustang Island near Corpus Christi, Texas, for $14,000; and the Belmont Conference Center for slightly over $2 million.

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

The Market value of Smithsonian Endowment Funds was $127,426,000 as of June 30, 1983, compared to $77,411,000 on June 30, 1982, and $114,952,000 on March 31, 1983.  Total return performance over the past five years has exceeded an annual return of 20% compared to 14.6% for the DJIA and 18% for the S&P 500.

[[underlined]] Five-Year Prospectus, FY 1985-1989 [[/underlined]]

Mr. Jameson highlighted the draft of the Five-Year Prospectus, FY 1985-1989.  In discussion it was suggested that more pan-Institutional emphasis should be given to studies of the national collections, and the Regents were encourage to make additional suggestions.