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Financial Management of a
Public Research Institute in Economic Recession
Sandra Švaljek,
The Institute of Economics, Zagreb
1
The Institute of Economics, Zagreb at a glance
± 65 employees
□ 25 researchers
□ 15 research assistants
□ 25 employees in service departments
2
Events and publications
Events:
□ Science Tuesdays
(public presentations of research findings and
discussions about current scientific topics)
□ Scientific conferences and workshops
Serial publications:
□ Economic Trends and Economic Policy
□ Croatian Economic Outlook Quarterly
□ Croatian Economic Survey
□ EIZ Working Papers
Other publications:
□ Project studies
□ Conference proceedings
□ Books
□ Methodological guidelines
3
www.eizg.hr
The Institute of Economics, Zagreb
Trg J. F. Kennedyja 7
HR-10000 Zagreb
Tel: +385 1 2362 200
Fax: +385 1 2335 165
e-mail: eizagreb@eizg.hr
4
Financial position of the EIZ, 2005-2010
Figure 1: Revenues from MSES and revenues from projects, 2005=100
160
140
120
100
80
60
40
20
0
2005 2006 2007 2008 2009 2010
From 2005 to 2010 total funding of the Institute was relatively stable, but the stability of revenues
was preserved mainly thanks to the increase of funding from the Ministry of Science, Education
and Sports.
Revenues from projects have sharply declined, and so has their ratio in total revenues.
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Financial position of the EIZ, 2005-2010
Figure 3: Structure of the funding from the Ministry of Science, Education and Sports
100%
80%
60%
40%
20%
However, the structure of funding from the MSES has changed – an increasing share of funding
from MSES was dedicated to salaries and other expenses of the personnel
Funding for the procurement of journals and scientific equipment has disappeared, while funding
for research projects became negligible
6
Financial position of the EIZ, 2005-2010
180
160
140
120
100
80
60
40
20
0
2006 2007 2008 2009 2010
MINISTRY OF SCIENCE, EDUCATION AND SPORTS
State budget sources (ministries, agencies)
Business sector and public companies
Non-profit institutions, chambers, associations (Local gov. Budget included)
EU funds and other international institutions
Structure of the funding of the research project was strongly affected by the recession.
Funding from the state budget sources, MSES and business sector declined significantly.
Funding from EU funds and other international institutions remained quite stable.
7
Procurement of journals and books
Means of
procurement Own Procured in
/ Year Purchase Gift/Exchange publication Total total
2005 219 259 3 481
2006 133 158 0 281
2007 139 153 2 294
2008 119 69 3 188
2009 62 110 3 173
Total 672 749 11 1417 2849
8
What have we learned from crisis?