Dr. Dewey Stone, chairman of the board of governors of the Weizmann Institute of Science in Rehovot, said here today that the institution would have to follow a policy of financial retrenchment during the next two years after three years of deficit financing. In a statement issued here today, Dr. Stone said that the Institute’s board, which ended a three-day meeting this weekend, had decided to defer plans for the setting up of an endowment fund until this could be done on a firm financial basis.
Noting that the past year had seen a period of rapid development at the Institute in which the cost of the program had been greater than anticipated, Dr. Stone said that the Institute would be asked to cut down on expenditures during the next two years.
Commenting on the decision to postpone plans for an endowment fund, Dr. Stone said that, under present inflationary conditions and in view of the heavy demands made by other Israeli causes on the generosity of Diaspora Jewry, an endowment fund would have little chance of success today. He said that during the next two years, it was hoped to strengthen the institution’s fund-raising machinery in Israel and the Diaspora with a view towards again increasing the Institute’s budget.
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