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balance for unrestricted operating purposes. These funds are currently invested in high-grade securities with an average maturity of eleven months (longest maturity three years) at a return now averaging 7.04%.
[[underline]] PRIVATE RESTRICTED FUNDS [[/underline]]
A breakdown of the Institution's Restricted and Special Purpose funds totaling about $5,400,000 is shown in Exhibit C, with some detail on the larger funds. Over recent years, an increasing amount of the available funds has come from gifts and grants made by individuals, foundations and corporations. It is difficult to project the level of funding from these sources, but the Transition Quarter budget is based roughly on a continuation of this fiscal year. The hundreds of funds represented by this table are used by virtually every bureau of the Institution.
At the conclusion of presentation of the private funds report and budget for the transition quarter, the following motion was approved:

VOTED that the Board of Regents approves the budget of the private funds for the transition quarter--July 1, 1976 through September 30, 1976.

The following resolution on income and expenditures was approved:

VOTED that the Board of Regents appropriates for the service of the Institution, to be expended by the Secretary, with the advice of the Executive Committee, with full discretion on the part of the Secretary as to items, the income of the Institution for the transition quarter ending on September 30, 1976.