2007 Statement of Financial Position

	For The Years Ended December 31,
	2007	2006
ASSETS
Cash	$ 843,237	$ 7,118,634
Interest receivable and other current assets	18,550	17,699
Investments - at fair value	107,332,648	96,760,373
Furniture and equipment (net of accumulated depreciation of $101,800 in 2007 and $98,067 in 2006)	12,959	16,692
Total Assets	$108,207,394	$103,913,398

LIABILITIES AND UNRESTRICTED NET ASSETS
Liabilities
Grants payable	$ 3,169,888	$ 4,759,847
Accounts payable and accrued liabilities	4,200	6,402
Total Liabilities	$ 3,174,088	$ 4,766,249

Unrestricted Net Assets
Designated for grants	642,868	343,484
Designated for challenge endowment escrow	3,412,405	3,412,405
Designated for endowment	100,978,033	95,391,260
Total Unrestricted Net Assets	$105,033,306	$ 99,147,149

Total Liabilities And Unrestricted Net Assets	$108,207,394	$103,913,398

2007 Statement of Activities

	For The Years Ended December 31,
	2007	2006
CHANGES IN UNRESTRICTED NET ASSETS
Revenue and Support
Earnings on investments, net	$ 2,046,422	$ 1,729,925
Other	7,067	2,372
Total Revenue And Support	$ 2,053,486	$ 1,732,297


Expenses
Grants	3,742,843	4,319,744
Program Services	109,244	575,731
Administration	451,265	357,021
Total Expenses	$ 4,303,352	$ 5,252,496


Excess of Expenses Over Revenue and Support Before Net Appreciation In Fair Value of Investments	(2,249,863)	(3,520,199)

Net Appreciation In Fair Value of Investments	8,136,020	10,017,090

Increase In Unrestricted Net Assets	5,886,157	6,496,891

Unrestricted Net Assets - Beginning Of Year	99,147,149	92,650,258

Unrestricted Net Assets - End Of Year	$105,033,306	$99,147,149

A full copy of the Foundation's audit can be viewed at the Foundation office.