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[[underline]] Budget for Transition Period (July 1 - September 30, 1976) [[/underline]]

Because of the change in the fiscal year from June 30th to September 30th, we are presenting (first column of Exhibit B and below) for the Regents' approval at this time, the budget for unrestricted private funds for this three-month period rather than for FY 1977, which will be presented at the next meeting. As shown below, the proposed budget, compared to actual results for the same three months in 1975, calls for a net gain before all transfers to bureaus or to plant and endowment funds of $1,061,000 versus $950,000 gain in the same period last year; after transfers to bureaus of $128,000 the amount remaining for transfers to plant and endowment funds for this Transition Quarter should approximate $933,000.