FINANCIAL STATEMENT AND REPORT
Our Investment Policy



BALANCE SHEET

2005*

2006*
   
ASSETS    
CASH & CURRENT ASSETS $2,469,319 $2,319,301
INVESTMENTS (MM, STOCKS, BONDS) $24,879,862 $26,530,410
PROPERTY, EQUIPMENT, OTHER $83,276 $68,702
TOTAL $27,432,457 $28,918,413
   
LIABILITIES & NET ASSETS    
ACCOUNTS PAYABLE  -

-   

GRANTS PAYABLE & COMMITMENTS -

-   

NET ASSETS $27,432,457
$28,918,413
TOTAL LIABILITIES & NET ASSETS $27,432,457

$28,918,413

 
STATEMENT OF ACTIVITIES    
   
RECEIPTS  
CONTRIBUTIONS $922,724 $836,925
DIVIDENDS $400,291 $503,296
INTEREST $100,831 $129,586
OTHER INVESTMENT INCOME - -    
TOTAL RECEIPTS $1,423,846 $1,469,807
 
DISBURSEMENTS  
GRANTS $1,539,831 $1,681,111
FOUNDATION ADMINISTRATION $584,011 $479,298
INVESTMENT MANAGEMENT FEES $219,854 $188,467
OFFICE EXPENSE $89,466 $98,570
TAXES $76,621 $42,349
ACCOUNTING FEES 36,625 $27,589
LEGAL FEES $313

-

OTHER PROFESSIONAL FEES $8,902

-

TOTAL GRANTS, TAXES & OPERATING EXPENSES $2,555,623 $2,517,384
   
Excess of grants, taxes & operating expenses over income, before gain or loss on securities $(1,131,777) $(1,047,577)
 
*2005 & 2006 figures are from IRS Form 990-PF