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

Mr. Acheson introduced the following report.

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The Audit and Review Committee of the Board Of Regents met on Thursday morning, March 21, 1985, at the Great Ape House of the National Zoological Park. Mr. Acheson called the meeting to order at 8:00 a.m. Members present were:

Mr. David C Acheson, Chairman
Sen. E. J. (Jake) Garn
Mrs. Jeannine S. Clark
Sen. Robert B. Morgan

Also present were Secretary Robert McC. Adams; Under Secretary Philip S. Hughes; Assistant Secretaries John F. Jameson and David Challinor; Treasurer Ann R. Leven; Executive Assistant to the Secretary James M. Hobbins; Director of the Office of Audits Chris Peratino; Director of the National Zoological Park Michael H. Robinson; Assistant General Counsel James I. Wilson; Assistant to Senator Garn, Jeff Bingham; Assistant to Mr. Mineta, Paul Schoellhamer; Assistant to Senator Morgan, Carroll Leggett; Coopers and Lybrand partner-in-charge A. William Mann; Coopers and Lybrand Partner Stephen A. Mucchetti; and Coopers and Lybrand Manager Kathy Aiken.

Referring to Coopers and Lybrand's consolidated audit of fiscal 1984 trust and Federal funds, Mr. Mann offered a "clean opinion" on the Smithsonian's accounts and said that the financial statements present fairly the financial condition of the Institution. In answer to a question he said that it was virtually impossible to measure the true financial value of services contributed to the Institution by its large number of volunteers. After Mr. Mann reviewed Coopers and Lybrand's Report to Management, Mr. Hughes briefly described actions
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