Viewing page 99 of 145

This transcription has been completed. Contact us with corrections.

-71-

Some $500,000 is still needed for the conversion of the Multiple Mirror Telescope at Mt. Hopkins, Arizona from six small mirrors to one large one in order to increase power and observations of extragalactic phenomena. The Smithsonian was disappointed to learn that the manufacturer of the mirror will not consider a donation of any part of its cost, There has been no recent activity on this project.

[[underlined]] Smithsonian Credit Card [[underlined]]

Referring to the following report which had been distributed in advance of the meeting for the Regents' information and discussion, Mr. Adams commented that on May 2 the National Board of Smithsonian Associates, meeting in Phoenix, discussed the proposed Smithsonian credit card currently under development and voted overwhelmingly to advise the Secretary and the Board of Regents not to pursue the matter further at this time. Expressing their feelings in a precedent-setting vote, the National Board took the position that the image of the Smithsonian would suffer from the appearance of a close affiliation with a commercial enterprise that the banking industry is generally in a chaotic state with regard to credit cards, that the underlying premises for the projected income were unrealistic and overly optimistic and the Smithsonian would be "trading dollars of potential income for pennies of real income."

After brief discussion the Board of Regents agreed that it would be inappropriate ti pursue the credit card arrangement further, and it was

VOTED that the Board of Regents abandons the project of developing a credit card.