Viewing page 91 of 164

This transcription has been completed. Contact us with corrections.

- 72 -

complete report on the components of those plans will be forwarded to the Regents once it is final.

In discussion, the Secretary cautioned the Regents not to minimize the pain, anguish, and difficulties that will accompany a ten percent reduction in trust fund personnel.  That is a very major undertaking and will create lots of problems.  But, he added, the plain fact is that the institution needs to shrink somewhat in size in order to handle the prognosis not only on the trust fund side but also on the Federal side.

At the conclusion of this discussion, the following motions were unanimously adopted:

VOTED that the Board of Regents approves the proposed revisions to the budget of the nonappropriated funds for fiscal year 1991 and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in the revised budget or any changes of more than $250,000 in any general unrestricted Trust fund program or administrative expenditure shall be made only with approval of the Board of Regents or its Executive Committee.

VOTED that the Board of Regents authorizes the Secretary to establish, as part of the Institution's Endowment funds, a true unrestricted fund to be known as the James Smithson Society Fund and to authorize the transfer of the unrestricted monies identified for this purpose to that endowment.

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 Cooper-Hewitt Acquisitions Fund and to authorize the transfer of the restricted monies identified for this purpose to that endowment.

VOTED that the Board of Regents approves the proposed budget of the nonappropriated funds for  fiscal year 1992 and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in the revised budget or any changes of more than $250,000 in any general unrestricted Trust fund program or administrative expenditure shall be made only with approval of the Board of Regents or its Executive Committee.