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January 23, 1984

[[underlined]] SUMMARY OF PROCEEDINGS [[/underlined]]

The Chancellor opened the meeting by welcoming the new Regent Mr. Johnson.

[[underlined]] Report of the Executive Committee [[/underlined]]

The Executive Committee met on January 4, 1984 to discuss and approve the proposed agenda for the Regents' January 23 meeting.

Mr. Jameson highlighted the report on the status of appropriated and non appropriated funds for fiscal years 1983-1985 and reported on bank accounts opened and closed. He described the growth of the Institution's current fund investments, which have increased from $26 million in fiscal year 1982 to over $42 million in fiscal year 1983 and presently are about $50 million. These increase are attributed to donations to the Quadrangle construction, advance payments from Magazine subscriptions, tours and performances, and good cash management. As authorized by the Regents, current fund investments are limited to notes and bills of the U.S. Treasury and other U.S. Government agencies, bank certificates of deposit, high grade commercial paper and similar short-term investments of like quality with maturities not exceeding five years. These funds are largely committed to specific projects, and investment objectives have focused on (1) the safety of principal, (2) liquidity, and (3) maximum returns. Current return averages 10.85 percent. From the proceeds of these investments, interest is paid on restricted and special purpose fund balances as well as unrestricted trust funds made available to Quadrangle construction. Considering the recent growth and size of these investments, the staff is reviewing present procedures for their handling and reporting.

The Committee discussed the number of capital improvements which have implications for future budgeting and suggested continuing review of their priority. The Committee noted sympathetically the need for Cooper-Hewitt improvements but expressed concern for the potential budgetary impact.

The Secretary briefed the Committee on the Institution's participation in the August 1984 Edinburgh Festival. The Committee felt that the programs should be of the highest quality and that a small high-level delegation should accompany them. To the extent possible outside funds should be raised for these expenses and Regents' expenses should be met by themselves if a non-Smithsonian sponsor cannot be found.

[[underlined]] Report of the Audit and Review Committee [[/underlined]]

The Audit and Review Committee and the Personnel Committee of the Board of Regents met jointly on Tuesday, October 18, 1983. The Committees began by observing their profound respect for the late Chairman of the Audit and Review Committee, Senator Jackson, and the value the Committee derived from his wise and vigorous leadership.
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