Viewing page 34 of 142

This transcription has been completed. Contact us with corrections.

-3-

After Miss Leven summarized the activities of the Investment Policy Committee and gave a brief report on the status of the endowment funds, the Committee expressed its pleasure with the selection of Miller, Anderson and Sherrerd as a new investment manager.  The Committee was equally pleased with the indication that the highly distinguished Mrs. Jane Mack Gould is willing to serve as a member of the Investment Policy Committee.

In his oral presentation to the Committee, Mr. Adams discussed a variety of matters, including budget planning, personnel matters, the pending sale of African Art Museum properties, the Museum of the American Indian, a potential donation of a major collection of New Guinea art, and a number of other subjects which he said he would raise in detail at the meeting of the Board on September 15 (see the Secretary's Report, below in these minutes).

Miss Leven and Mr. Jameson led the Committee in its discussion of the status of fiscal year 1986 Federal and trust funds, the status of the Federal appropriations and proposed trust fund budget for fiscal year 1987, a proposed request to OMB for fiscal year 1988, and the outlook for trust funds, all as outlined in the Financial Report.  Mr. Humelsine reiterated the Regents' mandate to replenish the Institution's working capital fund.  The Committee suggested that the Board be given a thorough briefing on potential funding problems in the Quadrangle construction and operations accounts at its September 15 meeting (for which also see below in these minutes).  At the same time the Committee expressed its appreciation for the care which has been consistently exercised in drawing appropriate distinctions between trust and Federal resources in the budget process.  The Committee also agreed that the