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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 Holenia Trust Fund and to authorize the transfer of the restricted monies identified for this purpose.

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

Updating the report with respect to Federal appropriations, Mr. Jameson said that the House and Senate subcommittees are expected to act promptly on the Smithsonian's request to reprogram surplus funds from the Federal Employees Retirement System allocation to cover unfunded costs associated with the January 1988 pay raise. He added that the House appropriations subcommittee has tentatively scheduled markup for May 19 on the Institution's fiscal year 1989 request. In discussion Mr. Jameson noted that with support from both the Office of Management and Budget and the Congress there is expected to be an increase of approximately $10 million in the appropriations for the Repair and Restoration account over fiscal years 1988 and 1989.

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This report summarizes for the Regents the Institution's finances for fiscal year 1987 as well as current budgets and projections for fiscal years 1988 and 1989. The Regents are also requested to approve the establishment of two quasi-restricted endowments for the Hirshhorn Museum as detailed below and a new unrestricted endowment.

Fiscal Year 1987 - Actual (Schedule B)

Actual figures for fiscal year 1987 were presented and commented upon in the report to the Regents given at the February board meeting. There have been no changes to the numbers previously presented.