Viewing page 29 of 98

This transcription has been completed. Contact us with corrections.

-17-

As previously reported to the Regents, the Beatles' Rolls Royce, given to the Cooper-Hewitt Museum by John Lennon and Yoko Ono in 1977, in general support of the Museum, is being sold for a price of $200,000. These revenues, to be received in installments this fall, will be designated as a nucleus fund toward the capital campaign currently being planned to raise moneys for an addition to the Carnegie Mansion in New York. With the assistance of Brakeley, John Price Jones, Inc., the firm which has provided material assistance in Quadrangle fund-raising, a plan of action will be formulated over the next few months and a full report provided to the Board before initiation of a campaign. 

Revenues from Federal Grants and Contracts are expected to remain at approximately the same level as projected in May. 

[[underlined]] FY 1984 - Budget (Schedule D) [[/underlined]]

Schedule D outlines the overall operating budget for the Institution for FY 1984. As indicated, gross income for FY 1984 is expected to total $290,697,000, compared to $278,682,000 in FY 1983, an increase of $12 million or 4.3 percent. Net income, after deduction of auxiliary and bureau activity expenses, is budgeted at $195,931,000, compared to $190,387,000 for FY 1983, an increase of $5.5 million or 2.9 percent. The increase over the current year reflects additional federal appropriations of $7.1 million, offset by a decline in Federal Grants and Contracts (-$800,000), net revenues to auxiliary activities (-$400,000), and income from other trust fund sources (-$400,000).