2005 Annual Report
Financial Highlights for 2005 & 2004
Ben Weingart
The Year in Review
Grant Awards
Financial Highlights

STATEMENTS OF FINANCIAL POSITION 2005 2004
ASSETS
Cash and cash equivalents $251,481 $321,615
Investments at market value 793,114,552 746,569,813
Receivables and other assets 2,435,358 2,131,436
Total Assets 795,801,391 749,022,864
LIABILITIES
Approved grants not yet paid 36,014,720 36,979,282
Accounts payable and deferred taxes 8,183,732 6,888,823
Total Liabilities 44,198,452 43,868,105
NET ASSETS 751,602,939 705,154,759
Total Liabilities and Net Assets $795,801,391 $749,022,864
STATEMENTS OF ACTIVITIES 2005 2004
INCOME
Net investment income $26,670,295 $22,033,692
Realized and unrealized gain/(loss) 55,167,588 85,795,990
Total Income (loss) 81,837,883 107,829,682
EXPENDITURES
Grants approved 31,973,913 34,224,578
Operating expenses 1,823,101 1,701,234
Excise tax provision (benefit) 1,592,689 4,422,124
Total Expenditures 35,389,703 40,347,936
CHANGES IN NET ASSETS
Change in unrestricted net assets 46,448,180 67,481,746
Net assets at the beginning of the year 705,154,759 637,673,013
Net Assets at the End of the Year $751,602,939 $705,154,759

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.