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Smithsonian builds a larger Office of Development moves toward a major capital campaign. Secondly, Ms. Alice Burnette, presently the Executive Assistant to the President of Howard University and formerly head of development at Morehouse College and in the Peace Corps, will be joining Assistant Secretary Lovejoy's staff as the Coordinator for Institutional Advancement in June. In discussion the Secretary maintained that these appointments do not reflect any change in the recent efforts to decentralize certain development functions. He continues to make every effort to enhance development operations where they can best be carried out, both centrally and in the bureaus and offices.

Concluding his remarks, the Secretary distributed copies of his April 15, 1988 letter to Oversight Subcommittee Chairman J. J. Pickle of the House Ways and Means Committee and informed the Regents briefly about the Institution's concerns with respect to proposed legislative changes in the application of the unrelated business income tax for charitable and educational organizations.

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

Miss Leven and Mr. Jameson introduced the Financial Report which is given below. Miss Leven drew the Regents' attention to the proposals to establish three quasi-restricted endowment funds, and the following motions were approved:

VOTED that the Board of Regents authorizes the Secretary to establish, as part of the Institution's endowment funds, a quasi-restricted fund to be known as The Joseph H. Hirshhorn Bequest Fund and to authorize the transfer of the restricted monies identified for this purpose.