The foundation's condensed statements of financial position, activities, and grants paid for the years ended December 31, 2003 and 2002 are presented in this section.

To present a clearer picture of the endowment balance available for charitable purposes, the foundation has provided condensed financial statement information that departs from generally accepted accounting principles (GAAP) in two ways. First, the accompanying condensed financial statements include only summarized statements of financial position and statements of activities, and do not include statements of cash flows or the footnote disclosures. Second, the foundation has combined investments loaned under secured lending transactions, liabilities under investment loan agreements, investment sale receivables, and investment purchases payable and included the net result within investments.

The foundation's financial statements undergo an annual audit, which is conducted by KPMG. They audited our financial statements for the years ended December 31, 2003 and 2002, which are presented in conformity with GAAP, and expressed an unqualified opinion on these financial statements. A copy of KPMG's audit report dated March 18, 2004 may be viewed here. Additional information about the foundation can be found in our 2002 annual return, called the Form 990-PF-Return of Private Foundation, which is available here.

Allan C. Golston, C.P.A.
Chief Financial and Administrative Officer