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REPORT OF THE INVESTMENT POLICY COMMITTEE

At the December 14 meeting of the Investment Policy Committee, Nancy Suttenfield reviewed the financial condition of the Smithsonian. The Committee cautioned against relying too heavily on the endowment to make up any budgetary shortfall. A payout rate of 4 1/2% of the average market value over the prior five years was deemed reasonable.

DESIGNATION OF MR. WHITTEN AS REGENT EMERITUS

VOTED that, in accordance with Section 2:08 of the Bylaws, the Board of Regents confers on Jamie L. Whitten the title of Regent Emeritus of the Smithsonian Institution, with all the rights and responsibilities thereof.

REPORT ON FUNDS RAISED IN FISCAL YEAR 1992

During fiscal year 1992 the Institution raised $47,184,312 in private gifts and grants for both unrestricted and restricted purposes. Additionally, the National Campaign for the Museum of the American Indian has raised $6,487,213.

APPOINTMENTS AND REAPPOINTMENTS TO SMITHSONIAN BOARDS AND COMMISSIONS

VOTED that the Board of Regents reappoints to the Commission of the National Museum of African Art, effective January 1, 1993, John A. Frieda Rosenthal.

VOTED that the Board of Regents appoints George Gillespie, Enid Morse and Harry G. Robinson, III, to the Board of Trustees of Cooper-Hewitt, National Museum of Design.

VOTED that the Board of Regents appoints Hugh Halff, Jr., and Francoise Rambach and reappoints Norman Bernstein, Jacob Lawrence, and R. Crosby Kemper to the Commission of the National Museum of American Art.

VOTED that the Board of Regents appoints Isabella C. M. Cunningham, Andrew Knoll, Jane Lubchenco, and James Patton to the National Council (Board) of the National Museum of Natural History.

VOTED that the Bylaws of the Board (formerly the National Council) of the National Museum of Natural History, having been revised, are approved as submitted.