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-iii- Accounting Service Center Unliquidated Obligations Office of Personnel Administration Timekeeping Procedures National Zoological Park Physical Plant Maintenance Program National Zoological Park Workers' Compensation Claims Payment Process National Air and Space Museum Building Management Division Exhibits Review Process Resident Associates Program Cash REceipts Controls Small Purchase Order System Transportation Procurement Process Follow-Up on Open Recommendations As Mr. Stanton discussed a number of the major points from these audits, the Committee raised several concerns, including travel advances, record keeping, and personnel work, and the Committee expressed the view that Smithsonian management should redouble its efforts to bring unbusinesslike behavior in these areas under tighter control. Mr. Stanton acknowledged that many heads of bureaus and offices could improve their operations, but he felt that a good number of offices at the Smithsonian do operate in an efficient and effective manner. Moving into an executive session with selected staff, the Committee considered in detail an informative report on the rotation of independent auditors, and the Committee agreed to discuss the matter further before making a recommendation to the Board of Regents. [[underlined]]REPORT OF THE INVESTMENT POLICY COMMITTEE[[/underlined]] Mr. McHenry presented the report of the Investment Policy Committee (summarized below) and noted that the market value of the Institution's endowment funds totaled $203,432,363.20 as of the end of April. The following motion, which indicates that the proposed payout rate will use no more than earned interest and dividends and in the sense it is entirely consistent with past practice and policy, was discussed and unanimously approved by the Board: VOTED that the Board of Regents accepts the Report of the Investment Policy Committee and approves a total income return rate for fiscal year 1989 of $9.81 per share, which will use only interest and dividends. * * * * * The Investment Policy Committee met in New York on April 5. Mr. Bailey of Cambridge Associates briefly summarized the reports that had been prepared for the Committee on Smithsonian endowment performance, fixed income investing, and asset allocation. He recommended that the Smithsonian establish a "minimum" level for fixed income holdings, and after discussion which included two of the Institution's investment managers the Committee unanimously agreed to the establishment of a 25%
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