The Japan Society for the Promotion of Science (日本学術振興会 Nihon Gakujutsu Shinkō Kai) (JSPS) (or Gakushin) is an independent administrative institution in Japan, established for the purpose of contributing to the advancement of science in all fields of the natural and social sciences and the humanities. Its annual budget in 2011 fiscal year was ¥334.7 billion. The Japan Society for the Promotion of Science was founded in 1932 as a non-profit foundation through an endowment granted by Emperor Showa. JSPS became a quasi-governmental organization in 1967 under the auspices of the Ministry of Education, Science, Sports and Culture (Monbusho), and after 2001 under the Ministry of Education, Culture, Sports, Science and Technology (Monbukagakusho). In 2003, JSPS entered a new phase with its conversion to an independent administrative institution. This new administrative configuration is intended to become a step towards improving the effectiveness and efficiency of JSPS's management, which in turn should help to improve the quality of the services which are offered to individual researchers, universities, and research institutes.