THE HORIZON FOUNDATION OF HOWARD COUNTY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003

	2004	2003
REVENUES, GAINS AND OTHER SUPPORT:
Investment (loss) income, net of expenses	6,323,922	1,183,681
Unrealized gain on investments	3,655,420	16,152,793
Loss on disposal of asset		--
Other revenue	--	50,576
Cancelled grants payable	42,998	139,791
Total revenue, gains (losses) and other support	10,016,639	17,526,841

EXPENSES	2004	2003
Grants and program services:
Proactive, responsive and capacity building grants (and related expenses)	2,823,183	1,806,924
Community Building	442,111	888,490
Total grants and program services	3,265,294	2,695,414
Supporting services	462,913	367,048
Total expenses	3,728,207	3,062,462

CHANGE IN NET ASSETS - UNRESTRICTED

6,288,432

14,464,379

NET ASSETS - UNRESTRICTED AT BEGINNING OF YEAR

73,849,054

59,384,675

NET ASSETS - UNRESTRICTED,
AT END OF YEAR

$80,137,486

$73,849,054

THE HORIZON FOUNDATION OF HOWARD COUNTY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2004 AND 2003

INVESTMENTS

79,097,713

72,827,923

PROPERTY AND EQUIPMENT
(net)

50,635

73,933

TOTAL ASSETS

$81,441,602

$74,633,262

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES:
Accounts payable and accrued expenses	$ 75,764	$ 49,067
Grants payable	1,228,352	643,009
Total current liabilities	1,304,116	692,076

GRANTS PAYABLE, net of current portion	--	92,132
Total liabilities	1,304,116	784,208

NET ASSETS - UNRESTRICTED:
Undesignated	80,057,640	73,766,726
Board designated	79,846	82,328
Total unrestricted net assets	80,137,486	73,849,054
TOTAL LIABILITIES AND NET ASSETS	$81,441,602	$74,633,262

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