Viewing page 143 of 164

This transcription has been completed. Contact us with corrections.

-10-

on the Board of Trustees of the National Museum of the American Indian. The Smithsonian General Counsel agreed to explore reconsideration of this question with Senate Regents and Committee staff.

In response to a Regent's inquiry, the Secretary suggested that a special badge could be provided to the Regents to make known their affiliation with the Smithsonian at formal occasions, such as academic processions.

FINANCIAL MATTERS, FISCAL YEARS 1991-1993

Mrs. Suttenfield gave an overview of and expanded upon the salient points of the written presentation on financial matters which is summarized below and which had been circulated in advance. Her presentation was divided into two parts: a status report on the Institution's pending budget requests and an analysis of the Smithsonian's financial condition.

While the fiscal year Federal budget remained unchanged through the third quarter, the trust fund projections have been updated, bringing total revenue reductions to the original budget to approximately $10 million. Current actions to balance the budget include further reductions in special programs for Scholarly Studies, Special Exhibitions, Research Opportunities, and the Regents' Publication Fund, in addition to various other one-time liquidations and savings. These cuts may be restored before year-end to the extent that each Assistant Secretary can identify alternative savings or reductions. It was 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.

The staff is designing a program to enroll lifetime members in the James Smithson Society, whose membership would be funded through an endowed gift sufficient to generate the approximate amount of an annual membership (currently $2,000). The endowment would continue to yield unrestricted funds for the Institution in perpetuity. It was VOTED that the Board 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.

The Cooper-Hewitt Museum has several gift funds for acquisition of collections. It was proposed to convert these current funds into an endowment fund, and it was