Viewing page 34 of 143

This transcription has been completed. Contact us with corrections.

-3-

personnel, and an appeal on behalf of the magazine [[underlined]] American Visions [[/underlined]] -- all of which he will discuss in appropriate detail with the Board.

In addition to presenting highlights of the financial report, Mr. Jameson reported that the Institution had established two new bank accounts, requiring the establishment of new banking relationships, and had terminated three accounts for purposes of accommodating programmatic needs, as authorized by the Board on September 17, 1979.

The Committee expressed interest in the summary of the draft Five-Year Prospectus and suggested that additional analysis be presented on the projected growth in staffing and the corresponding increase in personnel costs over the course of the planning period. Reacting to the staggering costs of renovating the HVAC systems in the Natural History Building over some fourteen years, the Committee felt that every possible alternative should be explored to bring those expenses within reason, including the extreme possibility of temporarily closing the building to visitors to effect greater efficiencies and cost savings in the renovation work.

The Committee took two actions which needed to be completed in advance of the Board's meeting on September 28. The July 28, 1982 agreement between Dr. Arthur M. Sackler and the Smithsonian Institution stipulated in part that:

[L]egal title and all rights and interests including copyright in and to the works of art listed in Attachment B shall be transferred to and shall vest absolutely in the Smithsonian upon designation in perpetuity of the completed Arthur M. Sackler Gallery as described in paragraph 2 above.

With the completion of the Arthur M. Sackler Gallery and the dinner marking its opening scheduled for September 11, 19874, the Executive Committee felt it was an appropriate time to so designate the Gallery and thereby give effect to this provision. Accordingly, the Executive Committee adopted the following formal resolution on behalf of the Board:

RESOLUTION

NOW THEREFORE, BE IT RESOLVED THAT:

In memory and honor of its great benefactor, Dr. Arthur M. Sackler, the Board of Regents of the Smithsonian Institution hereby designates in perpetuity the Arthur M. Sackler Gallery.

Also, mindful of a fast-approaching deadline in the offer of works of art to the Hirshhorn Museum and Sculpture Garden from the Estate of Marion and Gustave Ring with the equivalent value of at least $1.5 million, the Executive Committee adopted the following motion to name the Hirshhorn Auditorium: