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DESIGNATION OF MR. MCHENRY AS A REGENT EMERITUS

VOTED that, in accordance with Section 2.08 of the Bylaws, the Board of Regents confers on Barnabas McHenry the title of Regent Emeritus of the Smithsonian institution, with all the rights and responsibilities thereof.

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Mr McHenry has been a friend and supporter of the Smithsonian since he became a member of the Board of Regents on July 22, 1985. With the expiration of his term in July 1991, the Regents lost the association of this tireless and dedicated colleague. Mr. McHenry has indicated his willingness to continue to be of service to the Board and the Smithsonian as a Regent Emeritus, and it is thought that his appreciation and knowledge of art and history are special resources which might be utilized. Accordingly, the following motion is suggested:

VOTED that, in accordance with Section 2.08 of the Bylaws, the Board of Regents confers on Barnabas McHenry the title of Regent Emeritus of the Smithsonian Institution, with all the rights and responsibilities thereof. 

REPORT OF THE AUDIT AND REVIEW COMMITTEE

The Audit and Review Committee will hold its next meeting in the fall. In the meanwhile, the Chairman joins Secretary Adams in recommending that Regent R. Jame Woolsey be appointed to the Committee. Mr. Woolsey's extensive experience in Federal activities should prove to be of enormous benefit to the work of this Committee, In accordance with the Bylaws of the Board of Regents, the following motion is suggested:

VOTED that the Board of Regents approves the appointment of R. James Woolsey to membership on the Audit and Review Committee. 

REPORT OF THE INVESTMENT POLICY COMMITTEE

The market value of the Smithsonian Consolidated Endowment Fund under outside management totaled just under $290 million for the quarter ended June 30, 1991. This represented a slight decline from the previous quarter, paralleling the markets in general. 

The search for a new Treasurer is continuing with over 90 applicants presently being screened by the Office of Human Resources. It is expected that candidate interviews could commence by the end of September. In addition, Mr. John R. Clarke, Assistant Treasurer, has been reassigned to the new Treasurer's Office to strengthen the staff oversight of the Institution's investment programs.