Overview

The foundation's condensed statements of financial position, activities, and grants paid for the years ended Dec. 31, 2005 and 2004 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 sales receivable, 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 Dec. 31, 2005 and 2004, which are presented in conformity with GAAP, and they expressed an unqualified opinion on these financial statements. A copy of KPMG's audit report dated March 24, 2006, may be viewed on our Web site.

Additional information about the foundation can be found in our 2004 annual information return, called the Form 990-PF-Return of Private Foundation, which is available in our Annual & Financial Reports section of our Web site.

The 2005 annual information return will be available on our Web site after it is filed in late fall, 2006.

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