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approached the Smithsonian with respect to his idea of establishing an Afro-American museum in Washington, possibly on the Mall -- an institution which would go beyond the ordinary definition of a museum and incorporate minority employment services, cultural performances, and political meetings in addition to exhibitions of art and cultural artifacts. Mr. Adams added that, while the Smithsonian may not be the appropriate institution to lead such an effort, he and his staff are sympathetic with Mr. Mack's initiative and will try to be of help.

[[underlined]] FINANCIAL REPORT [[/underlined]]

Introducing the following report, Miss Level discussed each of the proposed motions, which were adopted without change. In discussion she noted that [[underlined]] Air & Space [[/underlined]] magazine was approximately on target with its original plans but had yet to break even; it was agreed that a full report on the magazine will be prepared for the next meeting of the Board of Regents. Mr. Jameson highlighted recent action with respect to Federal appropriations, noting particularly the important support which the Institution is receiving from the Congress and OMB for its uncontrollable expenses, its research initiatives, and its care of facilities.

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This report summarizes for the Regents the Institution's finances for fiscal year 1987 as well as current budgets for fiscal year 1988 and 1989. It also records the Executive Committee's approval for the establishment of three reserves at the close of fiscal year 1987 and asks the Regents to approve the establishment of the Office of the Assistant Secretary for External Affairs, the establishment of an endowment for the Smithsonian Tropical Research Institute, and allocation of a portion of the income from the Institution's annual Endowment transfer to be directed for SI Press use.

[[underlined]] Fiscal Year 1987 - Actual (Schedule B) [[/underlined]]

Operating funds received by the Institution in fiscal year 1987 from all sources (net of expenses related to bureau and central auxiliary