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Museum Shops performance.  Uses to which these funds will be directed include the Shanghai and Aditi exhibitions; the Hirshhorn Museum Tenth Anniversary Celebration; initial program planning for the International Center; the Edinburgh Festival activities; fund raising assistance for the Cooper-Hewitt capital campaign; support for the Visions Foundation; and, if revenues permit, an additional $500,000 transfer to general unrestricted endowment, increasing the transfer for the year to $3 million.

House and Senate Hearings have been completed on the fiscal year 1985 Federal budget, and work is underway on the fiscal year 1985 trust and fiscal year 1986 Federal budgets which will be presented to the Board at the September meeting.

[[underlined]] Investment Policy Committee Report [[/underlined]]

The Board reviewed the performance of the Institution's investment managers presented in the report of the Investment Policy Committee.  Mr. Jameson reported that on March 31, 1984 the market value of the Endowment fund under outside management was approximately $126 million, down from $130 million on December 31.  Overall 71% of the endowment is currently held in common stocks; 4% in mutual fund stock; 6% in preferred stocks and convertible bonds; 7% in non-convertible bonds; and 12% in cash and cash equivalents.  The Board approved the total return income payout in fiscal year 1985 as recommended by the Investment Policy Committee, and it was

VOTE that the Board of Regents accepts the report of the Investment Policy Committee and approves for fiscal year 1985 a total return income payout rate of $5.50 to Unrestricted General Purpose Endowment Funds, $7.41 to Restricted and Designated Purpose Endowment Funds, and $9.00 to major new endowments determined by the Secretary to have high current income needs.

[[underlined]] Museum Restaurant Operations and Facilities [[/underlined]]

Mr. Ripley reviewed earlier briefings on the status of planning for the construction of the new restaurant facilities at the National Air and Space Museum and on the matter of selecting one or two concessionaires to operate these new facilities and the food services in other museums of the Institution.  Four proposals for food services at the NASM and five proposals for food services at other Smithsonian locations were received on March 25.  Reviews of these proposals are underway with the intention of making recommendations to the Secretary by mid-May.

Architectural plans for the NASM restaurant addition are complete and have been approved by the National Capital Planning Commission and the Commission of Fine Arts on April 5 and April 10, respectively.  Site work has started with the removal of trees and other plantings which are sensitive to the growing season in advance of construction.  Construction will likely 
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