THE HORIZON FOUNDATION OF HOWARD COUNTY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002

	2003	2002
REVENUES, GAINS AND OTHER SUPPORT:
Investment (loss) income, net of expenses	1,183,681	(310,351)
Unrealized loss on investments	16,152,793	(4,974,259)
Loss on disposal of asset	--	(5,720)
Contributions	--	1,000
Other revenue	50,576	46,914
Cancelled grants payable	139,791	175,00
Total revenue, gains and other support	17,526,841	(5,067,416)

EXPENSES	2003	2002
Grants and program services:
Proactive, responsive and capacity building grants (and related expenses)	1,806,924	2,902,475
Community Building	888,490	400,373
Total grants and program services	2,695,414	3,302,848
Supporting services	367,048	352,345
Total expenses	3,062,462	3,655,193

NET ASSETS - UNRESTRICTED AT BEGINNING OF YEAR

59,384,675

69,095,165

CHANGE IN NET ASSETS - UNRESTRICTED	14,464,379	(8,722,609)

NET ASSETS - UNRESTRICTED,
AT END OF YEAR

$73,849,054

$59,384,675

THE HORIZON FOUNDATION OF HOWARD COUNTY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2003 AND 2002

INVESTMENTS

72,827,923

59,090,288

PROPERTY AND EQUIPMENT
(net)

73,933

89,026

TOTAL ASSETS

$74,633,262

$60,900,354

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES:
Accounts payable and accrued expenses	$ 49,067	$ 76,452
Grants payable	643,009	1,261,977
Total current liabilities	692,076	1,338,429

GRANTS PAYABLE, net of current portion	92,132	177,250
Total liabilities	784,208	1,515,679

NET ASSETS - UNRESTRICTED:
Undesignated	73,766,726	59,191,138
Board designated	82,328	193,537
Total unrestricted net assets	73,849,054	59,384,675
TOTAL LIABILITIES AND NET ASSETS	$74,633,262	$60,900,354