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reinvestment of income over payout of $3.3 million, and new funds received for existing endowments totalling $645 thousand.

Endowments

The market value of the consolidated endowment as of December 31, 1994 was $370.5 million, a net decrease of $7.5 million over September 30, 1994. This decrease in market value resulted primarily from a decline in the stock market during the first quarter of fiscal year 1994. The endowment's total return was -0.96% for the quarter. Additions to the Institution's consolidated endowment pool during the first quarter included new funds of $645 thousand designated for existing endowments.

The Regents considered the establishment of the Archives of American Art Endowment Fund to convert several gift funds restricted to the general purposes of the Archives of American Art into an endowment fund. It was

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 Archives of American Art Endowment Fund and to authorize the transfer of the monies identified for this purpose.

CONTINUATION OF THE VOLUNTARY CONTRIBUTIONS PROGRAM IN MUSEUMS

VOTED that the Board of Regents authorizes the Secretary to continue indefinitely the voluntary donations project in the various Smithsonian museums and the National Zoo and to expand the project where promising, with the understanding that the results of this program will be reported regularly to the Board.

SMITHSONIAN EARTH DAY CONFERENCE ON BIODIVERSITY

On April 21-22, 1995, Secretary Heyman and Counselor to the Secretary Thomas Lovejoy hosted a major symposium on biodiversity and the Endangered Species Act.

STATUS REPORTS

The Regents received status reports on the following topics:

Litigation
Mitchell and other Advancement/Idemnification Cases
Legislative Actions and Issues
Senior Level Recruitments
Voluntary Early Retirement Program
Development Initiatives and Funds Raised
Major Construction Activities
Natural History Museum West Court/Discovery Center
Biodiversity and Environmental Initiatives
Electronic Access and Communications
Update on Latino Affairs