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SMITHSONIAN INSTITUTION    1588

Executive Committee set any range for maximum or minimum investment of common stock.

Dr. Fleming stated it had been discussed and it was not believed necessary.

On motion by Senator Saltonstall, seconded by Dr. Brown, and carried it was

VOTED that the Board of Regents approves the Report of the Executive Committee, directs that it be included in the minutes of the present meeting, and requests the present Chairman to continue to serve as Chairman of the Committee.

Senator Saltonstall said he was sure he expressed the feelings of all the members of the Board that the last part of the motion be emphasized.

PRESENTATION OF THE NONPUBLIC FUNDS BUDGET FOR THE SMITHSONIAN INSTITUTIOn FOR THE FISCAL YEAR 1964

The Secretary presented in detail the Comparative Nonpublic Funds Budget 1964-1963, together with Budget and Actual figures for 1962. Each member had before him a copy of this seven-page budget. Attention was called particularly to the $100,000 transfer from Freer accumulated income for purchase of art objects during the fiscal year. The Secretary digressed briefly at this point to state his belief that if Mr. Freer could come back to see what had been purchased he would be pleased because all the Directors of the Freer Gallery of Art have purchased just what he would have wished.

Senator Saltonstall questioned the reasons for limiting the transfer to $100,000, indicating it might be well to have more liberality. Dr. Fleming agreed as he felt the Secretary would be careful not to overspend. Dr. Hunsaker stressed the need for more research at the Freer Gallery. The Secretary explained that income from the Freer Fund could be used for research under the terms of Mr. Freer's will, and requested the privilege of presenting to the Board at the May meeting a proposal for an additional appropriation. The Secretary promised to remind the Board at that time of the specific terms of the will.

There was further discussion of the budget with respect to contracts and grants. The consensus was that care should be taken to avoid placing the Institution in a position of having to do things it was not particularly interested in or particularly capable of doing.

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