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Mr. Adams and Mrs. Turner brought the Regents up to date on the status of agreements with the State and City of New York for their share of funding for the renovation of the Custom House to accommodate the Heye Center of the National Museum of the American Indian. While discussions with both the State and the City seem promising, there remains a concern about the abilities of both jurisdictions to produce the funding under current economic and financial conditions. Several Regents expressed the view that the Smithsonian's planning for a Mall museum in Washington should not be delayed by potential postponements in completing the renovation of the Custom House in New York. 

The Regents were briefed on certain aspects of the recent Exposure Draft of the Financial Accounting Standards Board which are especially troublesome to the Smithsonian. These include requirements for the capitalization of museums' historical and art collections as assets, for the valuation of services contributed by volunteers, and for the valuation and recording of long-term pledges in the year received by the Institution. A Smithsonian response emphasizes the sheer impracticality of placing a value on collections of the size and unique quality of the Smithsonian's as well as the costs, which would far outweigh the benefits of putting this information in the financial statements. Smithsonian staff will appear at a hearing before the Financial Accounting Standards Board in July. 

The Secretary indicated that progress is being made in preparation of a study on the advantages and disadvantages of locating a new Mail Order fulfillment center in nearby as well as remote locations. The first parts of this study, which focus on the costs and benefits of locating the center in West Virginia, are expected to be completed prior to September, by which time an initial report will be presented to the Board. 

REPORT OF THE ADVISORY COMMITTEE OF THE AFRICAN AMERICAN INSTITUTIONAL STUDY

The Advisory Committee of the African American Institutional Study, first convened in January 1990, consisted of 22 historians, educators, cultural administrators, business people, and others brought together for the purpose of considering what type of institutional presence there should be for African Americans at the Smithsonian and on the Mall. The Committee made four unanimous recommendations: (1) that there should be a free-standing African American museum at the Smithsonian, (2) that the museum should be housed in the Arts and Industries Building, (3) that the board structure ought to follow the model of the National Museum of the American Indian, and (4) that a National Trust for African American Museums should be established, with an institutional affiliation, if any, to be recommended by the African American Museums Association. 

In discussion, the Secretary pointed out that the Advisory Committee's study is strictly conceptual, as it does not speak to process, cost, collections, and the duration of the effort that would be required to bring the museum to fruition. Accordingly, the Regents' acceptance of the report should be "in principle." He went on to explain that there remain major questions about what to do with the American History Museum collections presently in the Arts and Industries Building and the amount of interior renovation that would be required in that building. In their discussion, the Regents emphasized the need to identify core collections for such a museum with a great deal of care and sensitivity, expressed concern about the notion