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-14-

--[[underlined]]Nonappropriated Trust Funds:[[/underlined]] Revised projections for FY 1983, based on actual results through nine months, are shown on schedule C, and may be compared with the original budget on Schedule B. With the Regents' approval of the recommendations discussed below, the Unrestricted General Trust Funds will reflect a net surplus of $36,000. Significant variances from original estimates, some of which were presented at the May meeting, are outlined below:

[[2 column table]]
[[headings are underlined]]

Income | Projection Compared to Budget

•[[underlined]]Investments[[/underlined]] - Interest rates in the short-term investment pool have been lower than anticipated in the budget | -$500,000

-[[underlined]]Auxiliary Activities (Schedule F)[[/underlined]]

•Magazine - Subscription revenues have remained higher than budget, and savings in paper, printing and postage costs are substantially greater than earlier estimates | +2,700,000  

•Museum shops and mail order division - a continued strong response is expected to generate a net gain of $1.5 million from catalogue sales, exceeding greatly both budget expectations as well as prior-year results. Museum Shop sales also remain well ahead of budget, enhanced by summer hours and increased visitation. | +1,439,000

•Concessions, Parking and Food Services - A small increase in revenues from parking and concessions is offset by a decrease in income from food services. A comprehensive study of the Institution's food services, self-operated as well as concessions, has been initiated and is discussed elsewhere in this agenda. | -191,000

•Smithsonian Press - The net loss from the recording program, earlier projected at -$250,000, is expected to increase slightly; gains from direct mail sale of books will offset this loss and result in a break-even budget for the overall SI Press (compared to a budget gain of $312,000) | -312,000

•Belmont Conference Center - A break-even is expected for operations this year, pending sale to the American Chemical Society. | -0-

•All Other Auxialiary Activities - Continued strong response from the National Associate Contributing Membership and other minor variances will result in small additional gain.  |  [[underlined]]+57,000[[/underlined]]

Net change in income | [[double underlined]]+$3,193,000[[/double underlined]]