Summary : Members of the Consultative Group on International Agricultural Research (CGIAR) support Centers and programs of their choice, and each Center receives and spends funds.The 2003 financial outcome is an aggregation of the audited financial statements of the 16 Centers supported by the CGIAR and includes financial information on Challenge Programs reported in the Center accounts. The overall 2003 result shows that the CGIAR surpassed its financial targets.Total expenditures were $395 million, 5 percent above the approved target.Member funding (grant and contract income) amounted to $381 million, and Center income was $17 million, resulting in savings of approximately $3 million.Overall, the CGIAR’s financial position grew stronger at the end of the year as confirmed by both short-term and long-term financial indicators. Highlights of the System’s 2003 financial performance are shown in table 1, with comparative information for the previous four years.