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[[underlined]] Financial Report [[/underlined]]

Miss Leven and Mr. Jameson highlighted the following report, noting at this meeting that the Regents were being asked to approve an increase in NASM theater ticket prices to $1.00 for children and $2.00 for adults, with small increases to charges for special events. The Regents concurred. Miss Leven commented that the annual audit of the Institution's financials had been completed by Coopers & Lybrand for fiscal year 1985.

As part of his Secretary's Report, Mr. Adams had described the measures being taken by the Institution to comply with Gramm-Rudman-Hollings budget reductions. With Mr. Adams' comments as background, Mr. Jameson discussed the 1986 budget and briefed the Regents on projects of particular interest. Specifically, in the 1986 budget the Congress cut approximately $1.0 million from the Smithsonian's request for initial Quadrangle operations. Also cut was $2.5 million requested for excavation in the courtyard of the Freer. Thirdly, they cut over $1.0 million for research facilities.

With respect to 1987, Mr. Jameson noted that OMB had provided approximately 7.5% more for the Institution than it will receive in 1986. The latitude OMB has given in use of the funds will enable the Institution to undertake construction of the Tupper facility at STRI.

Miss Leven closed the financial report noting that the Smithsonian had effected the initial $3.5 million payment for the Vever Collection. Since the financial report was written, Dr. Sackler has contributed nearly $850,000 toward the balance due on his pledge for the Quadrangle; all $2,000,000 should be in hand within a few months. 

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