BALANCE SHEET |
| |
ASSETS
|
|
2007
|
|
2006
|
| |
CURRENT ASSETS |
|
|
|
|
| |
|
Cash and cash equivalents |
|
$ 505,194 |
|
$ 469,064 |
| |
|
Investments |
|
19,599,827 |
|
32,625,162 |
| |
|
Rental deposits |
|
37,360 |
|
37,360 |
| |
|
Other |
|
11,412 |
|
24,707 |
| |
|
|
|
20,153,793 |
|
33,156,293 |
| |
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 |
|
(846,129) |
|
(774,731) |
| |
|
|
|
102,962 |
|
174,360 |
| |
|
Total Assets |
|
$ 20,256,755 |
|
$ 33,330,653 |
| |
|
|
|
|
|
|
| |
LIABILITIES AND NET ASSETS
|
|
|
|
|
| |
LIABILITIES |
|
|
|
|
| |
|
Grants payable |
|
|
|
|
| |
|
|
Current |
|
$ 3,735,600 |
|
$ 1,871,600 |
| |
|
|
Long-term |
|
100,000 |
|
75,000 |
| |
|
|
|
|
|
|
| |
|
Accounts payable |
|
47,365 |
|
90,086 |
| |
|
|
|
|
|
|
| |
|
Excise and unrelated business income taxes |
|
38,500 |
|
38,500 |
| |
|
Deferred Federal excise tax |
|
18,480 |
|
46,956 |
| |
|
Total Liabilities |
|
3,939,945 |
|
2,122,142 |
| |
|
UNRESTRICTED NET ASSETS |
|
16,316,810 |
|
31,208,511 |
| |
|
Total Liabilities and Net Assets |
|
$ 20,256,755 |
|
$ 33,330,653 |
| The accompanying notes to the financial
statements are an integral part of these statements. |
| |
|
|
|
|
|
|
|