ABSTRACT
The flexibility of Smithsonian fiscal operations arises from the fact that its funds derive from two sources—one governmental, the other private. In fact, the Institution is one of the very few federal agencies having the authority to accept private, nongovernmental funds. The Institution oversees the expenditure of government funds because Congress entrusts to its care several public bureaus that developed from the private initiative of the Smithsonian. In spite of this close and mutually profitable relationship, the Smithsonian regards itself as essentially a private establishment. The so-called parent fund of the Smithsonian, comprised of the original Smithson bequest plus subsequent accretions, amounts to $1 million. The Smithsonian's endowment and other funds have been augmented through the generous gifts of individuals, foundations, and corporations. Expenditure of Smithsonian funds is vested in the Secretary by authority of the Board of Regents, whose executive committee yearly makes and publishes a duly audited financial report.
