| Statement of
Activities and Changes in Unrestricted Net Assets For the year ended December 31, 2006 |
|
| Revenues | |
| Contributions and Grants | $ 205,551 |
| Investment Income | 551,485 |
| Unrealized gain (loss) on investments | 1,315,855 |
| TOTAL REVENUES | 2,072,891 |
| Expenses | |
| Program services | 720,707 |
| Management and general | 50,968 |
| Fundraising | 14,720 |
|
TOTAL EXPENSES |
786,395 |
| CHANGES IN UNRESTRICTED NET ASSETS | 1,286,496 |
| UNRESTRICTED NET ASSETS -- BEGINNING | 13,574,617 |
| UNRESTRICTED NET ASSETS -- ENDING | $14,861,113 |
| ========= | |
| STATEMENT OF FINANCIAL POSITION | |
| Assets | |
| Cash and cash equivalents | $ 462,384 |
| Prepaid Expenses | 8,260 |
| Investements | 15,262,755 |
| Property and equipment | |
| Furniture and equipment: | 81,338 |
| Accumulated depreciation: | (48,131) |
| TOTAL PROPERTY AND EQUIPMENT | 33,207 |
| TOTAL ASSETS | 15,766,606 |
| LIABILITIES AND UNRESTRICTED NET ASSETS | |
| Acounts Payable | $ -0- |
| Agency endowment liability | 362,167 |
| Grants and scholarships payable | 540.493 |
| Accrued payroll and related taxes | 2,833 |
| TOTAL LIABILITIES | 905,493 |
| NET ASSETS | |
| Unrestricted | 14,775,348 |
| Temporarily Restricted | 85,765 |
| TOAL NET ASSETS | 14,861,113 |
| TOTAL LIABILITIES AND UNRESTRICTED NET ASSETS | $15,766,606 |
| ========== | |