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The following motion is suggested: 

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. 

Endowments 

The Office of Development and the Smithsonian National Associates Program have embarked on a program to enroll lifetime members in the James Smithson Society. The lifetime membership would be funded through an endowed gift sufficient to generate the approximate amount of an annual membership, $2,000. The endowment would continue to yield unrestricted funds for the Institution in perpetuity. To date $73,400 in cash and additional pledged amounts for three memberships have been received. 

Accordingly, the following motion is suggested: 

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 for that endowment.

The Cooper-Hewitt Museum has several gift funds whose purposes are acquisitions for the collections. These funds, which total approximately $378,000, have been administered within operating funds as if they were endowments, i.e., primarily utilizing interest only and maintaining principal. The Cooper-Hewitt Museum currently desires to establish an endowment fund--to be known as the Cooper-Hewitt Acquisition Fund--utilizing the above-mentioned funds. Future gifts, revenue from deaccessions, and possible reinvestment of payout not currently needed would add to the corpus. The Director of the Cooper-Hewitt Museum would have the ability to invade principal up to 10 percent for important acquisitions; larger withdrawals would require the approval of the Assistant Secretary for Museums. 

Accordingly the following motion is suggested: 

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. 

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