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The financial year 2001/2002 was the sixth consecutive year that ended in a surplus. In the course of those years, we eliminated the historical accumulated deficit that had accompanied Weizmann Institute activity for many years. This continuous improvement enabled the Weizmann Institute over the past few years to increase its investments directly in scientific research and indirectly through such actions as the purchase of new equipment, improved maintenance, renovation of buildings, and upgrading of infrastructure.
The financial year 2001/2002 deserves special note because it was marked by difficult security and economic conditions, including a cut in Government support of the Institute. Nevertheless, as mentioned, the year ended with a surplus. As for the future, we are confident that we will overcome upcoming challenges, as we have overcome past ones, and will continue our historic duty to help advance the Weizmann Institute and science in Israel.
Income and Expenditures:
All figures are given in adjusted new Israeli shekels (ANIS) as of September 30, 2002. The rate
of exchange at that time stood at NIS 4.871 to 1 U.S. dollar. ANIS is the shekel adjusted to a
constant value, neutralizing distortions resulting from inflation.
* This surplus, when added to the 1999/2000 and 2000/2001surplus (produced after the elimination of the Institute's historical accumulated deficit), served to create an accumulated surplus of ANIS 6,102,000 at the end of FY 2001/2002.