![Transcription Center logo](/themes/custom/tc_theme/assets/image/logo.png)
This transcription has been completed. Contact us with corrections.
-33- [[underlined]] Other Matters [[/underlined]] [[underlined]] Quadrangle [[/underlined]] The Institution is in the process of obtaining an appraisal on the Museum of African Art property on Capitol on Capitol Hill, with the intent, as approved by the Board, of selling the property to an appropriate buyer and utilizing the proceeds for Quadrangle construction costs. When originally proposed, it was hope the sale could generate $2 million. The Board will be kept informed of the progress of the sale. Dr. Arthur Sackler has made a first payment of $631,000 against the remaining $2 million outstanding from his $4 million pledge. The H. J. Heinz II Charitable and Family Trust has completed its pledge; Marriott Corporation will do likewise with a final payment in January. The Institution has written off the $4,000,000 balance due from Saudi Arabia. Payment of the only remaining large pledge ($3,000,000 from Mrs. Enid Haupt) is anticipated shortly. [[underlined]] Available Unrestricted Trust Funds and Cash Flow [[/underlined]] Large cash outlays for the Quadrangle, the Vever Collection, start up expenses for [[underlined]] Air & Space [[/underlined]] magazine, and general operations have reduced available unrestricted cash reserves. Thus, a conservative stance toward funding or advancing funds for unbudgeted (non-auxiliary activity) projects without secure support from donors or granting agencies is being exercised by the Treasurer.