 |
|
|
|
Statements of Financial Position
|
| |
2002
|
2001
|
|
|
ASSETS
Cash and cash equivalents
Investments at market value
Receivables and other assets
|
$ 554,130
672,385,061
2,306,803
|
$ 1,178,348
776,047,925
2,461,609
|
|
|
Total Assets
|
675,245,994
|
779,687,882
|
|
LIABILITIES
Approved grants not yet paid
Accounts payable and deferred taxes
|
53,334,462
5,481,760
|
53,086,377
7,180,200
|
|
|
Total Liabilities
|
58,816,222
|
60,266,577
|
|
NET ASSETS
|
616,429,772
|
719,421,305
|
|
|
Total Liabilities and Net Assets
|
$675,245,994
|
$779,687,882
|
Statements Of Activities
|
|
|
2002
|
2001
|
|
|
INCOME
Net investment income
Realized and unrealized gain/(loss)
|
$ 28,676,534
(94,925,361)
|
$ 30,207,349
(85,672,092)
|
|
|
Total Income (loss)
|
(66,248,827)
|
(55,464,743)
|
|
EXPENDITURES
Grants approved
Operating expenses
Excise tax provision (benefit)
|
36,252,338
1,745,841
(1,255,473)
|
29,423,019
1,350,940
(1,126,455)
|
|
|
Total Expenditures
|
36,742,706
|
29,647,504
|
|
CHANGE IN NET ASSETS
Change in unrestricted net assets
Net assets at the beginning of the year
|
(102,991,533)
719,421,305
|
(85,112,247)
804,533,552
|
|
|
Net Assets at the End of the Year
|
$616,429,772
|
$719,421,305
|
A complete set of Financial Statements, audited by Ernst & Young LLP
in which an unqualified opinion was rendered, is available upon
written request to the President.
|
|
|
