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The financial year 2002/2003 was the seventh consecutive year that ended in a surplus. In the course of those years, we eliminated the accumulated deficit that had accompanied Weizmann Institute activity for many years. Over the past few years, this continuous improvement has enabled the Institute to increase its investment in scientific research - through both the direct funding of a wide array of research projects, as well as the purchase of new equipment, improved maintenance and upgrading of infrastructure.
The financial year 2002/2003 was marked by a slow exit of the Israeli economy from the recession, continued governmental budget reductions and a recovery of the capital market. The rate of government support for the Institute decreased gradually, from 53 percent of the Institute’s operating revenues in 1997/1998 to 38 percent this year. 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 we 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, 2003. The rate of exchange at that time stood at NIS 4.441 to 1 U.S. dollar. ANIS is the shekel adjusted to a constant value, neutralizing distortions resulting from inflation.