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14

$1,000,000 - $2,000,000 will be received shortly in support of the Smithsonian Folklife Festival during the Bicentennial period.

Not shown in this brief summary are the Institution's "Plant Funds" (representing both fixed assets already acquired with private funds and also funds transferred to the Plant Acquisition Funds for future expenditure for this purpose), nor small "Agency" funds which we hold as a fiscal agent.

As shown at the bottom of Exhibit B, the level of federal grants and contract funding for FY 1975 is expected to run at $10,200,000, slightly ahead of the previous year.

[[underlined]] BALANCE SHEET [[/underlined]]

The status of all of these private funds is, however, shown in the comparative balance sheets in Exhibit D. Figures for December 31, 1974, show a strong financial position.  The General Purpose Unrestricted Fund balance equalled $4,123,000 - the highest level in many years, well above the low point in 1971 of $1,720,000, and up $1,056,000 since last June.

Cash and investments totalled $9,338,000 of which $6,522,000 was held in short-term investments yielding 8.9%, $1,477,000 was invested in the "Special Endowment Fund," $261,000 represented miscellaneous investments and $1,078,000 was cash. The total is, of course, bolstered by advance magazine subscription monies as well as by the rise in operating income.