CEPS’ funding comes from a wide variety of sources, which allows us to maintain our independence. In 2013, we have budgeted revenues of € 7.6 million. A portion of this amount is attributable to the EU contracts that CEPS coordinates and thus represents a flow of funds into and out of our accounts. We are an active partner in 16 different FP7 projects, the European Commission’s Framework Programme for research, four of which start in 2013. CEPS serves as the Coordinator for three ongoing projects: FACTOR MARKETS, MEDPRO and NEUJOBS. The distribution of income sources in the 2013 budget, as shown in the pie chart below, is in line with previous years. The lion’s share, 48% in the 2013 budget, comes from EU research contracts and tenders awarded to CEPS on a competitive basis by EU institutions, agencies and national governments. We budget 26% for membership fees from a wide variety of corporate and institutional sponsors (the lists of corporate and institutional members can be found on the inside back cover of this report and the opposing page). We expect to raise most of the remaining income from funds generated through projects: 20% from private organisations and 1.5% from foundations. An additional 4.5% of CEPS’ income is generated through the organisation of events. The breakdown of the 2013 budget does not include revenues earmarked for CEPS’ partners in externally-funded projects. Members of CEPS staff come from numerous countries, with 21 different nationalities currently working at CEPS, 16 of which are EU member states. The research staff is also highly qualified, with almost 60% having attained or in the process of completing a PhD degree. CEPS gratefully acknowledges financial support received from the EU in the form of an annual grant awarded under the European Citizenship Action Programme. The European Commission has designated a sum of € 145,871 for the 2012 grant.