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-5-

Information Age, [[underlined]] Air & Space [[/underlined]] magazine and a proposed new journal on American art, and the Morton Neumann collection of art. 

The Committee had an extensive discussion of the policy on the use of trust funds as represented in the paper below.  In view of the pressures associated with recent and prospective cuts in federal appropriations, the Committee anticipated continued dialogue on this matter at the Board meeting on May 5, but it was the Committee's recommendation that the Secretary and his staff should carefully resist mounting pressures to shift formerly Federal programs and activities to the Institution's limited trust fund resources.  In a related discussion, the Committee reviewed the revised [[underlined]] Five Year Prospectus, Fiscal Years 1987-1991 [[/underlined]] and, as authorized by the Regents at their January 27, 1986 meeting, approved its distribution.  The Committee recommended that a summary of its contents and a copy of the [[underlined]] Prospectus [[/underlined]] be distributed in advance of the May 5 meeting for the Regents' information.

The meeting of the Executive Committee was adjourned after the conclusion of luncheon at approximately 2:15 p.m.

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

At Chairman Acheson's suggestion, Mrs. Clark introduced the following report of the Audit and Review Committee:

*  *  *  * 

The Audit and Review Committee of the Board of Regents met on Thursday morning, March 6, 1986, in the Palm Court of the National Museum of American History.  Mrs. Clark called the meeting to order at 8:00 a.m.  Members present were:

Jeannine S. Clark, Chairperson pro tem
Kenneth Rush