Franz-Lothar Altman, Deputy Director, Suedost-Institut, Munich

Michael Branch, Director, School of Slavonic and East European Studies, London

Elias Dias, Professor, Department of Philosophy of Law at the Autonomous University and Director of Sistema journal, Madrid

Javier Garcia Fernandez, General Secretary of the Ministry of the Presidency, and Professor, University of Alicante

James Fishkin, Professor, Darrel K. Royal Regents Chair in Government, Law and Philosophy, University of Texas at Austin

Anne Freed, Professor, Boston College

Roy Freed, Esq., Brookline, Massachusetts

Michael Katz, Director, Center for Post-Soviet and East European Studies, University of Texas at Austin

Margot Light, Department of International Relations at the London School of Economics and Political Science

Juan Linz, Professor, Department of Political Studies, Yale University

William Meyer, Esq., Central and East European Law Initiative, American Bar Association

Walter Raymond, Jr., Business-Higher Education Forum, Washington,D.C.

Giovanni Sartori, The Albert Schweizer Professor in the Humanities,Columbia University, New York

John Roper, Director of the Institute of Security Studies at the Western European Union, Paris

Finance

CSD's financial performance for 1994 was very good. Revenues deriving from grants and contributions, projects and publications were about 32 million leva. Total expenses for the year were about 20 million leva. This led to an excess of revenue over expenses of about 12 million leva mainly attributable to cost effectiveness and the increase of the dollar value against the leva. CSD receives most of its support in dollars, while most of its expenses are in local currency.

The Center's long-term plan towards sustainability includes consolidation of its structure and systems. The acquisition of premises and information technology are a fundamental part of this plan. To achieve this, CSD's Governing Board authorized the creation of an Endowment Fund to which most of the Center's excess at year-end, if any, will be allocated. Also, CSD plans to encourage its sponsors to make contributions towards its Endowment Fund, thus encouraging self-support and long-term planning of its activities and institutional growth.