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[[underlined]] FIVE-YEAR PROSPECTUS, FISCAL YEARS 1989-1993 [[/underlined]]

Mr. Adams reported that the timing of the receipt of the fiscal year 1989 budget allowances from the Office of Management and Budget and the need to prepare the fiscal year 1989 submission to Congress by February 16 have delayed an update of the draft [[underlined]] Five-Year Prospectus, Fiscal Years 1989-1993 [[/underlined]] that was distributed to the Board of Regents last September. The complete [[underlined]] Prospectus [[/underlined]] is expected to be ready for the consideration of the Executive Committee in mid-February, to be followed by distribution to the Congress and the Office of Management and Budget. Accordingly, with the understanding that the Executive Committee of the Board of Regents will review and approve the [[underlined]] Prospectus [[/underlined]] for submission to Congress, the following motion was suggested and approved:

VOTED that, subject to final consideration by the Executive Committee, the Board of Regents approves the [[underlined]] Five-Year Prospectus, Fiscal Years 1989-1993, [[/underlined]] anticipating that annual revisions will similarly be presented for its approval.

The following text summarizes major developments which will be laid out in the complete Prospectus.

* * * * *

The [[underlined]] Prospectus [[/underlined]] incorporates Regents' approval in September of the nonappropriated fiscal year 1988 trust budget, the results of Congressional actions on fiscal year 1988 appropriations, and the Office of Management and Budget's (OMB) decisions on the fiscal year 1989 Federal budget request. Projections of Federal support and trust funds through fiscal year 1993 reflect the best estimates to date of future year performance of the Institution's revenue-producing activities, expectations regarding growth in gifts, grants, contracts, and requirements for Federal program operations. Facilities development, renovation and restoration projections are simply highlighted at this time.

The following table compares fiscal years 1989 and 1993 operating projections by major Federal and trust operating accounts since preparation of the September draft [[underlined]] Prospectus [[/underlined]] and receipt of the fiscal year 1989 OMB Federal allowance.