Finances.

For many years the Institute was financed by contributions from its participants.Since the turn of the century，it has gradually built up an endowment^[10]from gifts，awards，and bequests^[11]，most notably the Nobel Peace Prize funds of 1904 and grants from the Carnegie Endowment for International Peace.

To manage the endowment funds，the Institute in 1947 created，under Swiss law，its Auxiliary Foundation，with headquarters in Lausanne.The funds，derived from the Foundation and administered by the treasurer，are used to reimburse^[12]members and associates for travel expenses incurred by attendance at the sessions，to defray organizational costs of the sessions，and to pay for the publication of the Yearbook.