2008 Statement of Financial Position

	For The Years Ended December 31,
	2008	2007
ASSETS
Cash	$ 529,280	$ 843,237
Interest receivable and other current assets	30,303	18,550
Investments - at fair value	70,098,758	107,332,648
Furniture and equipment (net of accumulated depreciation of $105,481 in 2008 and $101,800 in 2007)	58,957	12,959
Total Assets	$70,717,298	$108,207,394

LIABILITIES AND UNRESTRICTED NET ASSETS
Liabilities
Grants payable	$ 3,644,150	$ 3,169,888
Accounts payable and accrued liabilities	41,907	4,200
Total Liabilities	$ 3,686,057	$ 3,174,088

Unrestricted Net Assets
Designated for grants	1,217,648	642,868
Designated for challenge endowment escrow	4,201,995	3,412,405
Designated for endowment	61,611,598	100,978,033
Total Unrestricted Net Assets	$67,031,241	$ 105,033,306

Total Liabilities And Unrestricted Net Assets	$70,717,298	$108,207,394

2008 Statement of Activities

	For The Years Ended December 31,
	2008	2007
CHANGES IN UNRESTRICTED NET ASSETS
Revenue and Support
Earnings on investments, net	$ 1,975,905	$ 2,046,422
Other	33,872	7,067
Total Revenue And Support	$ 2,009,777	$ 2,053,486


Expenses
Grants	3,892,079	3,742,843
Program Services	206,681	109,244
Administration	477,757	451,265
Total Expenses	$ 4,576,517	$ 4,303,352


Excess of Expenses Over Revenue and Support Before Net Appreciation In Fair Value of Investments	(2,566,740)	(2,249,863)

Net Appreciation In Fair Value of Investments	(35,435,325)	8,136,020

Increase In Unrestricted Net Assets	(38,002,065)	5,886,157

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

Unrestricted Net Assets - End Of Year	$67,031,241	$105,033,306

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