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-10-

[[underline]]Private Unrestricted Funds[[/underline]]

Our current project for FY 1976 (see Exhibit B) indicates a surplus in private unrestricted funds before transfers of $3,115,000, somewhat higher than the figure of $2,800,000 presented in the budget to the Regents at the last Board Meeting.  The results for the first six months to December 31, 1975, shown below, support this higher projection since we are now nearly $665,000 ahead of our original budgeet for this period:

[[underline]]UNRESTRICTED PRIVATE FUNDS[[/underline]]

($1,000's)

[[4-column table]]

| [[underline]]1st 6 Mo. Actual | FY 1976 Budget | 1st 6 Mo. FY 1975 [[/underline]]
| | |
[[underline]]Income[[/underline]] - Invest., Gifts, Misc. | $ 812 | $ 828 | $ 572
| | |
Revenue Producing Activities: | | |
  Assoc. Pgm (Incl. Magazine) | 1,392 | 997 | 1,037
  Museum Shops | 27 | 36 | 215
  Product Development | 238 | 158 | 14
  All Other | [[underline]] (193[[/underline]]) | [[underline]] (236[[/underline]]) | [[underline]] (231[[/underline]])
    Total Rev. Prod. Activities | [[underline]]1,464[[/underline]] | [[underline]] 955[[/underline]] | [[underline]]1,035[[/underline]]
    Total Net Income | [[double-underline]]2,276[[/double-underline]] | [[double-underline]]1,783[[/double-underline]] | [[double-underline]]1,607[[/double-underline]]
| | |
[[underline]]Expenditures[[/underline]] - | | |
  Admin. Exp/Allotments | 2,444 | 2,593 | 2,215
  Less Admin, O/H Recovery | [[underline]]2,165[[/underline]] | [[underline]]2,125[[/underline]] | [[underline]]1,846[[/underline]]
    Net Admin. Expense | 279 | 468 | 369
  Revenue Sharing - Int. & Act. | 182 | 165 | 129
[[underline]]Net Gain Before Transfers | 1,815 | 1,150 | 1,109[[/underline]]
  Plant Transfers - W. Court | 500 | 500 | -
                  - C-H | 425 | 425 | -
                  - Other | [[underline]]  - [[/underline]] | [[underline]]  - [[/underline]] | [[underline]]  53[[/underline]]
[[underline]]Net Gain After Transfers[[/underline]] | [[double-underline]]$ 890[[/double-underline]] | [[double-underline]]$ 225[[/double-underline]] | [[double-underline]]$1,056[[/double-underline]]

[[/4-column table]]

While there have been some minor changes in a number of the figures, the increase in anticipated revenue from the [[underline]]Smithsonian[[/underline]] magazine is primarily responsible for the upward projection; Smithsonian Associates, both Resident and National, now number more than one million.  In other