FINANCIAL REPORT

BALANCE SHEET

 

ASSETS

  

2006

 

2005
 

CURRENT ASSETS

   
    Cash and cash equivalents  
$ 469,064
$ 266,224
    Interest receivable  
-
-
    Investments  
32,625,162
45,133,193
    Rental deposits  
37,360
37,360
    Other  

24,707

26,896
       

33,156,293

  

45,463,673
 

FIXED ASSETS

     
    Equipment  
144,964
144,964
    Furniture and fixtures  
99,431
99,431
    Leasehold improvements  
704,696
704,696
       
949,091
949,091
    Accumulated depreciation  
(774,731)
(693,274)
       
174,360
255,817
    Total Assets  
$ 33,330,653
$ 45,719,490
       
 

LIABILITIES AND NET ASSETS

 
 

LIABILITIES

  
    Grants payable  
      Current  
$ 1,871,600
$ 2,598,600
      Long-term  
75,000
50,000
             
    Accounts payable  
90,086
48,834
             
    Federal excise tax  
      Excise and Unrelated business income taxes  
38,500
5,000
      Deferred Federal excise tax  
46,956
82,131
    Total Liabilities  
2,122,142
2,784,565
    UNRESTRICTED NET ASSETS  
31,208,511
42,934,925
    Total Liabilities and Net Assets  

$ 33,330,653

$ 45,719,490
The accompanying notes to the financial statements are an integral part of these statements.
       

 
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