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May 7, 1984

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

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

The Executive Committee met on April 11, 1984 to discuss and approve the proposed agenda for the Regents' May 7 meeting. Nothing that the terms of Regents Armstrong and Higginbotham would be expiring on May 10 and wishing to provide for continuity in their service, the Executive Committee ascertained their willingness to serve an additional term, and it was

VOTED that the Executive Committee, acting on behalf of the Board of Regents, requests the Congressional members of the Board to introduce and support legislation for the renomination of Judge Higginbotham and Mrs. Armstrong as citizen Regents for statutory terms of six years.

Mr. Jameson reviewed the Financial Report and described the Institution's unfunded needs from appropriated funds and the current favorable outlook for fiscal year 1984 trust funds. In other discussions the Executive Committee: focused on the important of the Special Exhibitions Fund as a catalyst for raising outside contributions and on the possibility that the fund could occasionally be reimbursed as fund raising permits; noted that the Institution's extensive reviews and oversight of the Quadrangle construction would appear to be ensuring strict adherence to plans, budgets, and schedulings; and reviewed Congressman Green's correspondence regarding the exhibition "Archeology of Israel" and agreed to discuss this matter further at the Regents' meeting.

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

The Audit and Review Committee of the Board of Regents met on March 8, 1984.

Dr. Reinhardt gave a brief history and outline of current operations of the Archives of American Art, the branch offices of which have a combined Federal budget of $724,000 and which have raised contributions totaling approximately $975,000. It is hoped that the acquisition of the General Post Office building will provide the Archives with a highly visible headquarters facility, and the Board of Trustees has begun to formulate plans for developing an endowment on behalf of the Archives.

Mr. Mann highlighted Coopers and Lybrand's consolidated audit of the Smithsonian's trust and Federal funds for fiscal year 1983, noting that Coopers had given a "clean opinion" regarding Institution's finances. The only exceptional figures were attributed to the funds received and not yet disbursed for Quadrangle construction. Mr. Mann also reviewed Coopers' 1983 Report to Management, pointing out that their recommendations
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