Independent Auditors' Report Statements of Financial Position Statements of Activities Statements of Cash Flows Notes to Financial Statements Printable version of this article (10 pages)

2003   2002 Revenues and Support:         Interest and dividends $ 17,319,543   $ 17,132,580   Contribution (Note 7) 10,000   2,449,124   Other revenue 22,177   3,149   Net assets released from restrictions (Note 7) 150,000   —           Total revenues and support 17,501,720   19,584,853 Expenses:         Program authorizations and operating program 25,010,993   25,407,960   General administration 2,543,103   2,415,040   Investment management 2,629,145   2,271,948   Tax provision (benefit) — net (Note 5) 935,711   (455,338)   Unfunded retirement and other postretirement (Note 4) 130,953   933,642           Total expenses 31,249,905   30,573,252 Excess of expenses over revenues before net investment gains (losses) (13,748,185)   (10,988,399) Net investment gains (losses):         Net realized losses on investment (27,151,744)   (4,643,263)   Change in unrealized appreciation (depreciation) of investments 37,445,762   (29,696,670)           Total net investment gains (losses) 10,294,018   (34,339,933) Changes in unrestricted net assets (3,454,167)   (45,328,332) Temporarily restricted contribution from bequest (Note 7) —   552,000 Net assets released from restrictions (Note 7) (150,000)   — Changes in temporarily restricted assets (150,000)   552,000 Changes in net assets (3,604,167)   (44,776,332) Net assets, beginning of year 485,026,925   529,803,257 Net assets, end of year $481,422,758   $485,026,925   See notes to financial statements.     Previous | 1 2 3 4 5 | Next   Previous Article | Next Article