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6

[[underlined]] FINANCIAL REPORT [[/underlined]]

On the following pages there are financial reports covering both Federal and non-Federal funds of the Institution. These include the projected figures for FY 1973 for both Federal and Private funds as well as the present status of our Federal appropriation request for FY 1974 (July 1, 1973-June 30, 1974). Actual results for FY 1972 have already been reported in detail in previous Regents' meetings and in the financial section of the recently issued Secretary's Statement for that year, but are also included for comparative purposes in the enclosed reports.

[[underlined]]Federal Funds [[/underlined]]

The substantial increase in the Institution's Federal appropriation for FY 1973 was reviewed at the last Regents' meeting. Since then, the Office of Management and Budget response to our FY 1974 Federal appropriation request has been received and will shortly be presented for further review by Congressional Appropriation Committees.

[[underlined]]For Operations[[/underlined]] -- As shown in the report on page 12. the FY 1974 OMB allowance for "Salaries and Expenses" amounting to $56,438,000 is $4,805,000 higher than our actual appropriation for FY 1973, but is only one-third of the $14,720,000 increase we requested.

Increases were allowed by OMB principally for previously legislated pay increases ($750,000); stepped up operations in preparation for the new Air and Space Museum ($765,000), for the Hirshhorn Museum ($150,000) and for the Bicentennial Program ($1,000,000); plus improved protection