WHOI at a Glance Research Funding Research funding rose slightly from $98 million in 2002 to $101 million in 2003, driven mainly by growth in Other (Nongovernment) and National Oceanic and Atmospheric Administration funding. 1. Endowment comprises cash and securities to provide income for maintenance of the organization. Market value is as of December 31. 2.Total operating revenue is total funding of the Institution’s research and education programs, including a component of endowment income appropriated for operations during the financial year ending December 31. see Financial Statement, Note 2). 3. Total operating expenses are costs incurred in support of research, education, and operations during the financial year ending December 31. (see Financial Statement, Note 2). Financial Trends Following a slow rebound of the economy, our endowment returns increased in 2003, and were in line with our benchmarks. Our 2003 endowment total return was 21.8 percent. Revenues and expenses were in line, buoyed by $23.9 million in gifts, grants, and pledges from private sources.