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The [[underlined]] Prospectus [[/underlined]] contains no significant change in the planned application of trust funds projected for fiscal year 1985 through fiscal year 1989 since September. Although gross revenues over the period are expected to increase significantly from $126.8 million to $151.2 million, net funds available for program support, after deduction of auxiliary and bureau activity expenses, are projected to increase only moderately, from $26.3 million to $29.9 million. This net income will be used to support a wide variety of operating activities such as the Collections Acquisition, Scholarly Studies and Educational Programs, the Fellowship Programs, and various administrative functions as well as to continue the annual transfers to unrestricted endowment.

The fiscal year 1984 Congressional action appropriating $3,500,000 for the Zoological Park improvements and $9,000,000 for Restoration and Renovation will allow the Institution to continue these activities this year essentially as planned. The OMB allowance of $17,250,000 in fiscal year 1985 recognizes the high priority the Institution has placed on facilities work, and the [[underlined]] Prospectus [[/underlined]] will continue to highlight needs for future years. The $3,500,000 requested in fiscal year 1985 for planning the renovation work on the General Post Office Building was not approved by OMB because authorizing legislation was still pending. However, the Institution remains hopeful that legislation will be passed in fiscal year 1984.

The outlook for grant and contract work has not changed. It remains unclear as to what level NASA's space science programs will be funded in the future, consequently it is difficult to predict the level of grant and contract support the Smithsonian Astrophysical Observatory may receive.

The following motion was approved:

VOTED that the Board of Regents approves the Five-Year Prospectus dated January 23, 1984, covering the fiscal years 1985 to 1989, anticipating that annual revisions will similarly be presented for its approval.

[[underlined]] Quadrangle [[/underlined]]

The construction of the Quadrangle's outer foundation wall started late in November. Before the wall is finished, excavation will begin along selected sections of the wall to allow installation of temporary tie-backs for additional structural support until all floor slabs are in place.

Private sector commitments to the Quadrangle now total $36,722,000--only $778,000 short of the original $37,500,000 goal. The following table presents receipts through December 19, 1983:
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