Viewing page 32 of 98

This transcription has been completed. Contact us with corrections.

-20-

In general increases in administrative costs and program growth have been held to a minimum.  Due to the favorable results now budgeted for FY 1984, it is proposed that the transfer for Quadrangle construction to be set at $2.7 million, completing the transfers pledged by the Institution one year ahead of schedule, but not increasing the total amount.  In addition, transfers for fellowships and fluid research awards would increase by $150,000, and the transfer to unrestricted endowment would be maintained at the FY 1983 level of $2.5 million (exclusive of this year's funding of the Webb Fellowship Program.

As Evident from projections in this report and in the Five-Year Prospectus, unrestricted trust fund revenues should ensure continuation of present programs supported from such funds over the next five years.  Last year at this time, the projections were not as favorable and accordingly, a reserve of approximately $700,000 was set up to ensure funding through FY 1987 of the Regents' Collection Acquisition Program; the source of this reserve was funds budgeted for collection acquisition during FY 1978-1982 which had not been utilized by the museums participating in the program.  Since it does not now appear that this reserve will in fact by necessary to underwrite the program, it is proposed that the $700,000 be redirected to collection acquisition in the new Sackler Gallery of the Quadrangle; this will permit the new facility funds for enhancement of collections during its inaugural period at a level only modestly below funds currently allocated to the Freer Gallery and the National Museum of African Art from this program over the five-year period.  An added incentive to such a reprogramming is the stated intention of Dr. Arthur Sackler to provide matching funds (on a one-for-two basis) for collection acquisitions.