It is hereby proposed to recommend to the Board of Governors as follows:

1.   To make the following changes in the 2004 Budget, to take effect immediately:

a. To reduce the following Department Budgets:

Department Reduction
Aliya                                        $875,000
F.S.U.                                       $50,000
Education                                  $475,000
Israel                                       $200,000
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Total                                         $1,600,000

b. To increase the following budget lines:

Line name Increase
Hadassah Neurim                         $300,000
Innovative & Creative Projects
     (2nd -3rd  year)                       Up to $650,000
Pincus Fund - Interest                    $650,000
-------------------  ------------
Total                                            $1,600,000

2. That the sources of reductions within each Department, under subsection 1a above, be discussed and reviewed by the appropriate Departmental Committee together with its Budget and Finance Subcommittee, before being determined in the relevant Budget and Finance Committee.

3. That the determination by the relevant Budget and Finance Subcommittee be made within 30 days of this resolution and shall be reported to the Budget and Finance Committee and to the Executive.