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Inspector General to audit responsiveness to Coopers & Lybrand's recommendations, to give priority to internal controls in audit reports, and to draw attention to any internal audit recommendations which have not been complied with for many months. 

Assistant Secretary Suttenfield gave an overview on progress toward impllementing a new, modern financial management system. 

REPORT OF THE INVESTMENT POLOCY COMMITTEE

VOTED that the Board of Regents accepts the Report of the Investment Policy Committee and approves for fiscal year 1992 a total return income payout rate of $12.50 per share for all endowmnet funds. 

The spring meeting of the Investment Policy Committee was hed on April 2, 1991 at 9:30 a.m. The Committee discussed social responsibility in investing, especially with regard to environmental issues, and asked staff to develop a position paper for the Committee's further consideration. 

In a review of the current overall financial status of the Institution, the Committee noted that endowment funds have surpassed $300 million but the operating budget is feeling the effects of the recesion. The Committee felt that endowment fund-raising efforts should not be abandoned. 

Among other actions, the Committee rejected an outside proposal to use endowment securities in a securities lending program, recommended a total return payout rate of $12.50 per sahre for fiscal year 1992, and discussed the performance of its independent investment managers. 

SITE SELECTION FOR THE SUBMILLIMETER TELESCOPE ARRAY

After reviewing recommendations for the Secretary and from an external Scientific and Technical Advisory Group, it was 

VOTED that the Secretary and the Director of the Smithsonian Astrophysical Observatory are authorizedd to negotiate with the University of Hawaii to site the SAO submillimeter array of telescopes on Mauna Kea, Hawaii. 

RENAMING COOPER-HEWITT'S ADVISORY COUNCIL AS A BOARD OF TRUSTEES

Special pleasure was expressed for providing the Cooper-Hewitt with the kind of support which a Board of Trustees cold offer, and it was,

VOTED that the Board of Regents renames the Cooper-Hewitt Advisory Council the "Cooper-Hewitt Board of Trustees," to reflect the group's full responsibilties and obligations to the Museum, and establishes the Board of Trustees under the Bylaws which were formally adopted for the Advisory Council.