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These surpluses, estimated above at $3,221,000 for FY 1976, and $933,000 for the Transition Quarter, together total $4,154,000. After deduction of $2,500,000 required to complete our full commitment for the West Court project, and after deducting $588,000 for Cooper-Hewitt construction costs and land-mortgage payments at Chesapeake Bay Center, there should still remain slightly more than $1 million for the entire 15-month period. Of this amount, $500,000 has already been transferred to endowment funds in accordance with the approving resolution of the Board in January. Assuming our final operating results are reasonably close to current projections, we would propose to transfer an additional $500,000 to the endowment fund prior to September 30, 1976. Marriott's guarantee of restaurant concession fees would, of course, continue unchanged and these fees would thus serve to increase this type of income immediately.
[[underline]] Balance Sheet Position [[/underline]]
In Exhibit D there are shown the balance sheets for current funds, endowment funds, plant funds and agency funds for March 31, 1976 and prior year-end dates. The Institution's private funds financial picture has strengthened steadily during this period. Cash and short-term investments now total over $14 million, and unrestricted fund balances have likewise increased steadily to a combined total of $5,070,000 for general purposes unrestricted funds. The above-proposed transfers to plant and endowment funds would reduce that balance to around $3,800,000 on September 30, 1976, still slightly more than at the end of FY 1975. The large balance of cash and investments reflects, of course, principally the advance paid Magazine subscriptions and the undisbursed restricted funds, plus a comfortable