Financials Overview

The foundation's condensed statements of financial position, activities, and grants paid for the years ended December 31, 2004 and 2003 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, 2004 and 2003, 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 18, 2005 may be viewed in our Annual & Financial Reports section of our Web site.

Additional information about the foundation can be found in our 2003 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.

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