Notes

The Board of Trustees has engaged Peacock, Condron, Anderson & Co., Certified Public Accountants, 6851 Oak Hall Lane, Suite 300, Columbia, Maryland 21045, to perform the annual audit. Selected financial data are provided herein which do not contain all the data and informative disclosures required by generally accepted accounting principles. A copy of the complete audit report containing the required data and informative disclosures is available from The Horizon Foundation of Howard County upon written request.

Grants awarded by the Foundation range from one to three years and are approved by the Board of Trustees (the "Board"). The Foundation recognizes the expense related to each grant when it is approved by the Board except where the grant agreement has additional requirements for receipt of future payments. The Board approved $1,922,298 and $2,629,943 for new grants in 2002 and 2001, respectively.

Cash disbursements in 2002 were $747,933 for grants approved in 2002, and $1,185,831 for grants approved in 2001.

Cash disbursements in 2001 were $1,074,217 for grants approved in 2001, and $1,037,040 for grants approved in 2000 and $59,982 for grants approved in 1999.