MINUTES OF THE JUNE 12, 2023, MEETING OF THE BOARD OF REGENTS

ATTENDANCE

This scheduled meeting of the Board of Regents (“Board”) of the Smithsonian Institution (“Smithsonian”) was held on 

Monday, June 12, 2023. The Board conducted morning, afternoon, and executive sessions at the National Museum 

of the American Indian in Washington, D.C. Board and Executive Committee Chair Risa J. Lavizzo-Mourey welcomed 

Regents and staff and called the meeting to order at 9:30 a.m. Participating were Regents:

Chief Justice John G. Roberts, Jr., Chancellor1

Senator John Boozman

Senator Gary Peters

Representative Garret Graves

Representative Doris Matsui

Representative Adrian Smith

Ambassador Barbara M. Barrett

Mr. John Fahey, Vice Chair

Mr. Roger W. Ferguson, Jr.

Mr. Michael Govan

Dr. Risa J. Lavizzo-Mourey, Chair

Ms. Denise O’Leary

Mr. Franklin D. Raines

Ms. Kathryn Hall, Investment Committee Chair

Mr. Jorge Puente, Smithsonian National Board Chair

Mrs. Christine Udvar-Hazy, Advancement Committee Chair

Vice President Kamala D. Harris, Senator Catherine Cortez Masto, and Mr. Michael M. Lynton were unable to attend 

the meeting.

Smithsonian and Regent staff present by invitation of the Board were: 

Lonnie G. Bunch III, Secretary

Logan de La Barre-Hays, Office of Representative 

Graves

Greg Bettwy, Chief of Staff to the Secretary

Amy Chen, Chief Investment Officer2

Ronald Cortez, Under Secretary for Administration

Robert M. Dow, Jr., Counselor to the Chief Justice

Farleigh Earhart, Acting General Counsel

Stephanie Felton, Deputy Director of Planning and

Program Management3

Kate Forester, Deputy Chief of Staff to the Regents 

Mallory Gianola, Special Assistant to the Regents 

(recorder)

Cathy Helm, Inspector General

Toni-Marie Higgins, Office of Senator Boozman

Jeremy Marcus, Office of Representative Matsui

Julissa Marenco, Assistant Secretary for 

Communications and External Affairs and Chief 

Marketing Officer

Grisella Martinez, Office of the Vice President

Meroë Park, Deputy Secretary and Chief Operating 

Officer

Derek Ross, Director of the Office of Planning, Design, 

and Construction3

Robert J. Spiller, Assistant Secretary for Advancement 

Caitlyn Stephenson, Office of Senator Peters

Ellen Stofan, Under Secretary for Science and Research

Porter N. Wilkinson, Chief of Staff to the Regents 

Josh Yearsley, Office of Senator Cortez Masto

1 Participated in the afternoon business meeting only

2 Participated in the Smithsonian Endowment discussion only

3 Participated in the lunch program only
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BUSINESS MEETING

Recognition of 

Investment Committee 

Member

Recognition of Regent

Transitions

Executive Committee 

Approval

Consent Agenda

Questions on Written 

Committee Reports

REPORT OF THE CHAIR OF THE BOARD AND EXECUTIVE COMMITTEE

To begin her report, Board and Executive Committee Chair Risa J. Lavizzo-Mourey 

presented one action item for the Board’s consideration: the appreciation of Alice 

Warner Handy, who passed away recently. Alice was appointed as a non-Regent 

member of the Investment Committee in January 2017. Upon motion duly made 

and seconded, the Board unanimously voted to show its appreciation for her 

dedication and service to the Smithsonian by passing a motion memorializing the 

Regents’ gratitude.

See attached Actions 2023.06.01 (Minutes of the Board of Regents, Appendix A).

Dr. Lavizzo-Mourey also updated the Board on recent Regent transitions. The 

Smithsonian is working with the Congressional Regents and leadership on the 

legislation to reappoint Roger Ferguson and Michael Govan to the Board and 

appoint a candidate to fill the vacancy following the conclusion of Steve Case’s 

second term in April.

To conclude her report, Dr. Lavizzo-Mourey briefed the Board on one action taken 

by the Executive Committee on behalf of the Board, pursuant to Board Bylaw 

3.01, between the April and June Board meetings. The Executive Committee

approved a proposed $12 million gift from Jeffrey P. Bezos for GEOTREES

at the Smithsonian Tropical Research Institute. Dr. Lavizzo-Mourey noted that the 

Executive Committee’s approval was requested on behalf of the Board to

accommodate the timing of related public announcements. 

APPROVAL OF THE CONSENT AGENDA

The Consent Agenda (“Agenda”) was presented for the Board’s consideration. 

Action items listed on the June 12, 2023, Agenda included: the approval of

minutes from the April 3, 2023, Regents’ meeting; the appointment and

reappointment of candidates to nine (9) Smithsonian Advisory Boards; and gifts 

and naming recognitions. Upon motion duly made and seconded, the Board voted 

to adopt the Agenda, constituting the approval of all action items listed therein. 

See attached Actions 2023.06.02 (Minutes of the Board of Regents, Appendix A).

QUESTIONS ON WRITTEN COMMITTEE REPORTS

Next, Dr. Lavizzo-Mourey provided an opportunity for Regent committee chairs 

and Smithsonian staff to answer questions on the written reports distributed in 

advance of the meeting by the Advancement Committee; Investment Committee; 

Strategy, Innovation, and Technology Committee; Smithsonian National Board; 

and Office of Government Relations.
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Written Report of the 

Advancement

Committee

Written Report of the 

Investment Committee

Written Report of the 

Strategy, Innovation, 

and Technology 

Committee

Written Report of the 

Smithsonian National 

Board

Written Report of the 

Office of Government 

Relations

Written Report of the Advancement Committee

The Advancement Committee conducted a meeting on May 9, 2023. During the 

meeting, the Committee reviewed notable gifts and grants, was briefed on 

fundraising progress and priorities for fiscal year 2023, received an update on 

individual giving fundraising markets, and discussed Campaign progress. As of 

March 31, 2023, the Smithsonian had raised $144.2 million towards its $265 

million goal.

Written Report of the Investment Committee

The Investment Committee met on March 22, 2023. During the meeting, the

Committee reviewed the Endowment’s annual portfolio including exposure to 

China, asset allocation, and risk review, and provided an update on diversity, 

equity, and inclusion. The Smithsonian Endowment’s one-year return as of 

December 31, 2022, was -5.4% versus -4.9% for the policy benchmark. 

Written Report of the Strategy, Innovation, and Technology

Committee

The Strategy, Innovation, and Technology Committee conducted a meeting on 

April 24, 2023. During the meeting, the Committee received an update on the 

Smithsonian’s strategic initiative to unlock digital assets and engaged in a

discussion on artificial intelligence. The Committee also reviewed a new format 

for Committee meetings to allow time for more strategic discussions and 

considered engagement of potential non-Regent candidates for Committee

membership.

Written Report of the Smithsonian National Board

The Smithsonian National Board held its spring business meeting on April 21, 

2023, in Washington, D.C. The meeting explored how science experts across the 

Smithsonian are helping to advance Life on a Sustainable Planet through 

conservation and sustainability research. National Board members also received 

reports from working group and committee chairs. 

Written Report of the Office of Government Relations

The Office of Government Relations (“OGR”) reported that it continues to 

monitor the negotiations related to the debt limit and has communicated with 

relevant stakeholders regarding the impacts proposed cuts could have on the 

Institution and its operations.
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Congressional Briefings

and Smithsonian 

Related Legislation

Congressional 

Engagement

Fiscal Year 2024 

Endowment Payout

Repayment of NASM 

Bond, 2033

Fiscal Year 2025 Federal 

Budget Priorities

In addition, OGR reported on Congressional briefings and Smithsonian related

legislation. The first briefing focused on the President’s fiscal year 2024 budget. 

The second briefing provided an overview of the Center for Folklife and Cultural 

Heritage and the 2023 Folklife Festival program focused on the Ozarks. The 

Smithsonian also participated in a virtual town hall hosted by District of Columbia 

Delegate Eleanor Holmes Norton. John and Adrienne Mars Director of the 

Smithsonian's National Zoo and Conservation Biology Institute Brandie Smith and 

Assistant Secretary for Communications and External Affairs and Chief Marketing 

Officer Julissa Marenco served as panelists.

The Office of Government Relations continues its congressional engagement, 

hosting and participating in programs and events, including many related to the 

status of the two new Smithsonian museums.

 

REPORT OF THE FINANCE COMMITTEE

Chair of the Finance Committee Frank Raines presented the fiscal year 2024

Endowment Payout recommendation. The Smithsonian’s historical policy is to 

pay out five percent of the trailing 20-quarter average market value of the 

Endowment to support programs and activities. In the past, the Regents have 

also approved an additional annual payout of up to one percent to support 

advancement activity. Mr. Raines noted the projected payout to support 

programmatic activity for fiscal year 2024 is $103.8 million and the projected

payout to fund advancement activities is estimated at $4.2 million. Upon motion 

duly made and seconded, the Board approved a five percent payout from the 

Smithsonian Endowment in fiscal year 2024 to support programmatic activity. 

Further, the Board approved up to an additional 0.50 percent payout from eligible 

Smithsonian Endowment funds in fiscal year 2024 to support advancement 

activity.

See attached Actions 2023.06.03 (Minutes of the Board of Regents, Appendix A).

Next, Mr. Raines presented a motion for the Board’s consideration to create a 

quasi-endowment with the funds collected for the repayment of the debt for the 

National Air and Space Museum’s Udvar-Hazy Center. Mr. Raines noted that the 

new quasi-endowment fund would support Central Trust general operations with 

the annual payout proceeds while the original principal will remain invested as a 

quasi-endowment. Upon motion duly made and seconded, the Board approved 

the creation of the quasi-endowment.

See attached Actions 2023.06.04 (Minutes of the Board of Regents, Appendix A).

To conclude his report, Mr. Raines presented the fiscal year 2025 federal budget 

priorities, noting that the fiscal year 2025 budget request is due to the Office of 

Management and Budget in September. He reviewed the Institution’s priorities 

for building the fiscal year 2025 federal budget, which include: salaries and 

expenses; strategic priorities and program increases, including funding for the
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Report of the 

Compensation and 

Human Resources

Committee

Report of the 

Governance and 

Nominating Committee

Advisory Board Terms –

New Museums

two new Smithsonian museums, expanding digital transformation, supporting 

education outreach, and increasing research and scientific collaborations;

facilities maintenance and security; and major capital projects. Upon motion duly 

made and seconded, the Board approved the fiscal year 2025 federal budget 

priorities proposed by the Secretary.

See attached Actions 2023.06.05 (Minutes of the Board of Regents, Appendix A).

REPORT OF THE COMPENSATION AND HUMAN RESOURCES

COMMITTEE

Chair of the Compensation and Human Resources Committee Michael Govan 

gave the Committee’s report and presented one action item for the Board’s 

consideration: the compensation approach for an augmented position. The Board 

was asked to approve management’s request to move one existing position, the 

General Counsel, which is currently designated as augmented to a market-based 

position. Mr. Govan noted that over time the duties and responsibilities of the 

position have changed to reflect the Secretary’s priorities, the changing nature of 

the work of the Smithsonian, and the changing nature of operating environment. 

The Smithsonian’s compensation consultant, Pearl Meyer, was engaged to review 

the updated position description and make a recommendation on the 

appropriate classification. Upon motion duly made and seconded, the Board

voted to approve the compensation philosophy for the senior Trust position.

See attached Actions 2023.06.06 (Minutes of the Board of Regents, Appendix A)

REPORT OF THE GOVERNANCE AND NOMINATING COMMITTEE

Chair of the Governance and Nominating Committee Roger W. Ferguson, Jr. gave 

the Committee’s report. He led a discussion on advisory board terms and 

presented four action items for the Board’s consideration: (i) the recognition of a 

former Regent, (ii) the dissolution of an advisory board, and (iii) two nominations

to the Order of James Smithson.

To begin his report, Mr. Ferguson led a discussion on how to balance continuity 

and term limits for the inaugural advisory board members – current and future 

members who join during the planning phase – of the Smithsonian American 

Women’s History Museum and the National Museum of the American 

Latino. Secretary Bunch explained that, based on his experience launching the 

National Museum of African American History and Culture, it was beneficial to 

have inaugural members serve through the planning phase until the museum 

opened. Mr. Ferguson reminded the Board that the Smithsonian best practice 

guidelines recommend a range of advisory board service between six and 12 

years, but not to exceed 12 total cumulative years, as Citizen Regents are limited 

to 12 years of service on the Board of Regents. After discussion, the Board of 
6

Recognition of Former 

Regent

Dissolution of the 

Advisory Board of the 

Smithsonian Latino 

Center

Order of James 

Smithson

Regents concluded that it would be helpful to have inaugural members serve 

extended terms to provide continued leadership in planning and 

fundraising. Instead of a blanket extension, reappointments would be considered 

on an individual basis for all inaugural members.

Mr. Ferguson then introduced the first action item: the formal recognition of 

retired Regent Steve Case as a Regent Emeritus. Pursuant to Board bylaw 2.11, 

the Regents may confer the title of Regent Emeritus on former Regents “who 

accept responsibilities for continuing activities in the interests of the Smithsonian 

Institution.” Mr. Case served with distinction as a Regent and remains involved 

with the Smithsonian in a meaningful capacity. Upon motion duly made and 

seconded, the Board unanimously voted to confer the title of Regent Emeritus on 

Mr. Case.

See attached Actions 2023.06.07 (Minutes of the Board of Regents, Appendix A).

Next, Mr. Ferguson presented a motion for the proposed dissolution of the 

advisory board of the Smithsonian Latino Center (“Smithsonian National Latino 

Board”) to reflect the integration of the Smithsonian Latino Center into the 

National Museum of the American Latino. Mr. Ferguson noted that all members 

of the advisory board of the Smithsonian Latino Center have completed their 

appointed terms, and no new appointments will be made going forward. The 

National Museum of the American Latino Board of Trustees was established by 

Congress in the museum’s founding legislation, and it will serve as the sole 

advisory board of the National Museum of the American Latino. Upon motion 

duly made and seconded, the Board voted to approve the dissolution of the 

advisory board.

See attached Actions 2023.06.08 (Minutes of the Board of Regents, Appendix A).

To conclude, Mr. Ferguson presented two nominations to the Order of James 

Smithson, which was established by the Regents in 1983 to recognize inspirational 

and impactful contributions to the Smithsonian. Via email ballot sent on May 19, 

2023, the Governance and Nominating Committee voted to recommend that the 

Board award Elizabeth “Betty” MacMillan and Roger W. Sant with the Order of 

James Smithson, in appreciation for their exceptional, long-standing support and 

significant contributions to the Institution. Representative Matsui recused herself 

from the discussion and vote due to her relationship with Mr. Sant. Upon motions 

duly made and seconded, the Board voted to approve the nominations of 

Elizabeth “Betty” MacMillan and Roger W. Sant to the Order of James Smithson.

See attached Actions 2023.06.09 and 2023.06.10 (Minutes of the Board of 

Regents, Appendix A).
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Strategic Report of the 

Secretary

Smithsonian Campaign

CRM Software

Human Remains 

Collection

STRATEGIC REPORT OF THE SECRETARY

Secretary Bunch then updated the Board on the state of the Smithsonian. The 

update focused on the Smithsonian Campaign, digital transformation, and recent 

media coverage of the Institution.

The Secretary first asked Chair of the Advancement Committee Christine UdvarHazy to update the Board on the Smithsonian Campaign for Our Shared Future, 

specifically recent Campaign Preview Events. Mrs. Udvar-Hazy shared highlights 

from the Los Angeles Campaign Preview event held in March at the Academy 

Museum of Motion Pictures. The event was aligned with the winter Smithsonian 

National Board Meeting and the annual Regional Council Summit, hosted outside 

of Washington, D.C. for the first time. Mrs. Udvar-Hazy also recapped the 

Campaign Preview event held in Chicago on May 18 at the Shedd Aquarium. This 

event focused on campaign priorities in Sustainability and Discovery through the 

Life on a Sustainable Planet initiative. Mrs. Udvar-Hazy also reminded the Board 

of two upcoming Campaign Preview Events: one in Washington D.C. on 

September 19 at the Smithsonian American Art Museum and a second in New 

York in February 2024.

Next, the Secretary updated the Board on the Smithsonian’s initial steps toward 

implementing a Smithsonian-wide Customer Relationship Management system

(“CRM”). As part of the Institution’s digital transformation and increased efforts 

to advance the technology infrastructure architecture, the Smithsonian plans to 

launch a CRM platform focusing on visitor services and advancement, including 

membership. The software will be available to multiple Smithsonian units and will 

help obtain more accurate data to better serve Smithsonian visitors, donors, and 

the public.

To conclude his report, Secretary Bunch asked Assistant Secretary for 

Communications and External Affairs and Chief Marketing Officer Julissa Marenco

to update the Board on media coverage of the Smithsonian’s human remains 

policy and collection. Ms. Marenco informed the Board that the Washington Post 

is planning to publish a series focused on the work of Aleš Hrdlička, who served as 

the head of the National Museum of Natural History’s physical anthropology 

division from 1903 to 1941. The Smithsonian publicly recognizes certain collection 

practices of the past were unethical, and what was once standard practice in the 

museum field is no longer acceptable. Ms. Marenco reminded the Board that the 

Institution has been working to repatriate human remains and unethically 

obtained artifacts in its collections for more than 30 years and has repatriated the 

remains of more than 5,000 people. The Smithsonian has also significantly 

expanded efforts to accelerate the pace of ethical returns and repatriation, 

including developing an Institution-wide policy for the appropriate care, shared 

stewardship, or ethical return of all human remains housed in Smithsonian

collections. Ms. Marenco informed the Regents that a Task Force of internal and 

external experts is working to complete recommendations for that policy by the 

end of the year, and the Smithsonian has placed temporary restrictions on 
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Luncheon Program:

Design Process for New

Smithsonian Museums

Strategic Discussion on 

Congressional Relations

Director of the Office of 

Government Relations

New Museums Site 

Selection

research on all human remains in its care and the acquisition of any additional 

remains. 

LUNCH: DESIGN PROCESS FOR NEW SMITHSONIAN MUSEUMS

During lunch, Regents had an opportunity to converse with leaders on the design 

process for the National Museum of the American Latino and the Smithsonian 

American Women’s History Museum. The Secretary led a discussion on key 

decision points in the design process, with various options presented. A summary 

of the new museums design services procurement options was also reviewed. 

Panelists in the conversation included Deputy Secretary and Chief Operating 

Officer Meroë Park; Director of the Office of Planning, Design, and Construction

Derek Ross; and Deputy Director of Planning and Program Management

Stephanie Felton. 

AFTERNOON SESSION

The Chancellor called the afternoon session to order at approximately 1:00 p.m.

and reviewed the remainder of the Board’s business agenda. 

STRATEGIC DISCUSSION ON CONGRESSIONAL RELATIONS

To begin the afternoon session, the Secretary and members of his leadership 

team led a discussion on the Smithsonian’s ongoing efforts to strengthen

relations with House and Senate Members of the 118th Congress, including new 

committee leaders, committees, and caucuses that have shared interests with the 

Institution. The Secretary first outlined the Smithsonian’s priorities for enhancing 

Congressional engagement through events and programming. The Regents 

provided feedback on creating greater access to the Smithsonian for members of 

Congress, better demonstrating the Smithsonian’s impact on the Nation, and 

tailoring outreach to better serve congressional districts and constituents. 

Secretary Bunch also informed the Board that the Smithsonian has hired a new 

Director for the Office of Government Relations. Rachelle Graves will become the 

new OGR Director, effective July 17. She has extensive experience in the private 

sector and the legislative branch of the federal government and comes to the 

Smithsonian from the U.S. Senate Committee on Rules and Administration.

The Board also discussed site selection for the new museums. In March, the 

Office of Government Relations held a virtual, bipartisan, bicameral briefing on 

the status of the two new Smithsonian museums. The briefing included updates 

on the new museums’ advisory boards, current fundraising data, public outreach 

and programming efforts, staffing, an overview of the budget request to Congress 

for the two new museums, and a discussion of next steps regarding site selection. 

Secretary Bunch also outlined the legislative update that would be necessary to 

locate the two new museums on the National Mall.
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Executive Session: 

Smithsonian 

Endowment

Executive Session:

Regents and Secretary

Executive Session:

Regents Only

Executive Session: 

“Gatekeeper” Reports

Adjournment

EXECUTIVE SESSIONS

The Board moved into an executive session at approximately 1:39 p.m. with the

Secretary, Chief Investment Officer Amy Chen, and invited staff and was provided 

an update on the Smithsonian Endowment’s investment strategy and practices.

The Board then moved into an executive session with the Secretary to 

discuss confidential business and personnel matters, including an update on 

relations with the American Federation of Government Employees Union and 

personnel searches.

The Board continued with a Regents-only executive session. Chair of the 

Governance and Nominating Committee Roger Ferguson led the Board’s 

discussion on the candidate vetting process and Executive Committee 

membership.

The Board concluded the June 12, 2023, meeting with an opportunity to hear

from each of the Smithsonian’s Gatekeepers, including the Secretary, Under 

Secretary for Administration, Acting General Counsel, and Inspector General.

ADJOURNMENT

There being no further business to discuss, the meeting adjourned at

approximately 2:33 p.m.

Respectfully submitted,

Lonnie G. Bunch, III

Secretary
APPENDIX A: ACTIONS OF THE

JUNE 12, 2023, MEETING OF THE BOARD OF REGENTS

VOTED that the Board of Regents expresses its profound appreciation to the memory of Alice 

Warner Handy, member of the Investment Committee, an esteemed colleague, and true friend 

of the Smithsonian Institution, and extends its heartfelt sympathies to her family and friends. 

[2023.06.01]

VOTED that the Board of Regents adopts the Consent Agenda, which constitutes the approval 

of all action items listed therein. [2023.06.02]

VOTED that the Board of Regents approves the minutes of the April 3, 2023, meeting of

the Board of Regents.

VOTED that the Board of Regents approves the proposed slate of candidates for

appointment or reappointment to nine (9) Smithsonian Institution Advisory Boards.

VOTED that the Board of Regents recognizes the generosity of the WEM Foundation to

the National Museum of American History and accepts the gift.

VOTED that the Board of Regents recognizes the generosity of the WEM Foundation to

the National Museum of Natural History, accepts the gift, and names the Whitney and

Elizabeth MacMillan Studio, for 20 years or until the next major renovation of the space,

whichever occurs later.

VOTED that the Board of Regents recognizes the generosity of the WEM Foundation to

the Smithsonian American Art Museum and accepts the gift.

VOTED that the Board of Regents creates a quasi-endowment for the benefit of the

Hirshhorn Museum and Sculpture Garden to support the purchase of contemporary

works of art by French artists. Further, the Board of Regents authorizes the transfer of

the funds identified for this purpose.

VOTED that the Board of Regents recognizes the generosity of Thomas W. Haas

Foundation, Otto Haas Charitable Trust, the Waterman Trust, and Wyncote Foundation

to the National Air and Space Museum and names the Phoebe Waterman Haas

Astronomy Park, for a minimum of 20 years.

VOTED that the Board of Regents approves a five percent payout from the Smithsonian 

endowment in fiscal year 2024 to support programmatic and administrative activity. The Board 

further approves up to 0.5 percent payout from the Smithsonian endowment in fiscal year 2024 

to support advancement activity. The payout shall be based on the trailing 20- quarter average 

market value of the Smithsonian Endowment Fund. [2023.06.03]
2

VOTED that the Board of Regents approves creating a quasi-endowment for the benefit of the 

OUSA to support general operations. Further, the Board authorizes the transfer of the 

$74,990,000 identified for this purpose. [2023.06.04]

VOTED that the Board of Regents approves the fiscal year 2025 federal budget priorities 

proposed by the Secretary. [2023.06.05]

VOTED that the Board of Regents approves the movement of the General Counsel position to a 

market-based compensation approach. [2023.06.06]

VOTED that the Board of Regents confers the title of Regent Emeritus on Steve Case with deep 

gratitude for the outstanding service he has provided, and will continue to provide, to the 

Board of Regents and the Smithsonian Institution. [2023.06.07]

VOTED that the Board of Regents approves the dissolution of the advisory board of the 

Smithsonian Latino Center (“Smithsonian National Latino Board”). [2023.06.08]

VOTED that the Board of Regents approves the nomination of Elizabeth S. MacMillan to the 

Order of James Smithson. [2023.06.09]

VOTED that the Board of Regents approves the nomination of Roger W. Sant to the Order of 

James Smithson. [2023.06.10]