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 $1,490,193 and $1,922,298 for new unconditional grants in 2003 and 2002, respectively.

Cash disbursements in 2003 were $1,026,683 for grants approved in 2003, and $951,796 for grants approved in 2002 or prior thereto. Cash disbursements in 2002 were $747,933 for grants approved in 2002 and $1,185,831 for grants approved in 2001.

Additionally, the Foundation has authorized various grants, totaling $31,000, contingent upon certain factors including, but not limited to, performance and availability of funds. The conditional grants will be considered unconditional when the contingencies are met.

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