Financial Statements

STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005

	2006	2005
REVENUES, GAINS (LOSSES) AND OTHER SUPPORT:
Investment income, net of expenses	1,945,775	2,383,174
Realized gain on investments	4,225,818	6,521,694
Unrealized gain (loss) on investments	5,173,865	(4,085,352)
Grant and Other Revenue	5,582	39,900
Cancelled grants	243,259	116,175
Gain (loss) on disposal of asset	391	(8,125)
Total revenue, gains (losses) and other support	11,585,690	4,967,466

EXPENSES	2006	2005
Grants and program services:
Proactive, responsive and capacity building grants (and related expenses)	2,329,049	2,241,631
Community Building	652,142	1,053,600
Total grants and program services (and related expenses)	3,457,429	3,295,231
Supporting services	476,238	402,598
Total expenses	3,457,429	3,697,829

CHANGE IN NET ASSETS - UNRESTRICTED

8,128,261

1,269,637

NET ASSETS - UNRESTRICTED AT BEGINNING OF YEAR

81,407,123

80,137,486

NET ASSETS - UNRESTRICTED,
AT END OF YEAR

$89,535,384

$81,407,123

ASSETS

INVESTMENTS

90,066,172

81,746,344

PROPERTY AND EQUIPMENT
(net)

40,865

50,930

TOTAL ASSETS

$91,016,086

$82,835,848

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES:
Accounts payable	100,153	$ 42,634
Pension liability	10,311	2,693
Deferred compensation	15,000	--
Grants payable	1,355,238	1,383,398
Total current liabilities	1,480,702	1,428,725


NET ASSETS - UNRESTRICTED:
Undesignated	89,495,538	81,367,277
Board designated	39,846	39,846
Total unrestricted net assets	89,535,384	82,835,848

TOTAL LIABILITIES AND NET ASSETS	91,016,086	82,835,848