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Financial Information

Form 990
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2006 Financial Summary
Statement of Financial Position December 31, 2006 and 2005
Assets	2006	2005
Cash and cash equivalents	$ 5,261,576	$ 5,045,874
Receivables	467,648	530,985
Prepaid expenses and other assets	260,098	204,490
Investments	166,350,033	157,363,156
Furniture, fixtures and equipment	22,338	32,545
TOTAL ASSETS	$ 172,361,693	$ 163,177,050
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Liabilities and Net Assets	2006	2005
Liabilities:
Accounts payable and other liabilites	$ 837,729	$ 1,013,972
Federal excise tax	502,498	472,192
Unrestricted net assets	171,021,466	161,690,886
TOTAL LIABILITIES AND NET ASSETS	$ 172,361,693	$ 163,177,050
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Statement of Activities and Change in Net Assets December 31, 2005 and 2004
Investment Income	2006	2005
Dividends, interest and other	$ 2,925,906	$ 2,448,179
Rentals	3,302,087	2,850,173
Realized and unrealized net gains on investment securities	11,168,192	5,886,645
Realized and unrealized net gains on real estate	438,315	1,611,269
Net investment income before federal excise tax	17,834,500	12,796,266
Federal excise tax	(175,306)	(133,719)
Net investment income	$ 17,659,194	$ 12,662,547
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Expenditures	2006	2005
Grants	$ 7,597,646	$ 7,195,617
Grants management	730,968	758,090
Total expenditures	8,328,614	7,953,707
Change in unrestricted net assets	$9,330,580	$ 4,708,840
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Net Assets - Unrestricted	2006	2005
Beginning of year	$ 161,690,886	$ 156,982,046
End of year	$ 171,021,466	$ 161,690,886
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