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

Introducing the following report, Miss Leven noted particularly that the purchase of the Fox House will be consummated in the next week, with approximately $2.6 million of the $3.6 million coming from the sale of the Beatles' Rolls Royce plus accumulated interest and another $1 million advanced out of unrestricted trust funds to be repaid through a fund-raising campaign. She added that the name of the House had been attached by a previous owner and was subject to change by the institution, possibly in recognition of a major donor.

Mr. Jameson pointed out that the budget for Federal funds in the current fiscal year is approximately as projected, with a significant increase in guard salaries (totalling almost $1 million) being met through general belt tightening and reprogrammings. Mr. Jameson added that the staff eagerly awaits the House and Senate markups on the fiscal year 1990 appropriations, in which some $1.5 million is pending to sustain equal opportunity and affirmative action initiatives which show considerable promise.

As suggested in the report below, the following motion was adopted:

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 Roy R. Phillips Fund and to authorize the transfer of the unrestricted monies identified for this purpose.

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[[underlined]] Fiscal Year 1988 - Actual (Schedule B) [[/underlined]]

Actual figures for fiscal year 1988 were presented and commented upon in the report to the Regents given at the January Board meeting. There have been no changes to the numbers previously presented. Coopers & Lybrand's certified statements are part of the 1988 Annual Report to be distributed at this meeting.