2007 Annual Report
Financial Highlights for 2007 & 2006

STATEMENTS OF FINANCIAL POSITION 2007 2006
ASSETS
Cash and cash equivalents $655,996 $556,292
Investments at market value 923,739,832 837,384,657
Receivables and other assets 10,015,827 1,663,557
Total Assets 934,411,655 839,604,506
LIABILITIES
Approved grants not yet paid 46,127,733 33,182,369
Accounts payable and deferred taxes 9,186,173 4,679,242
Total Liabilities 55,313,906 37,861,611
NET ASSETS 879,097,749 801,742,895
Total Liabilities and Net Assets $934,411,655 $839,604,506
STATEMENTS OF ACTIVITIES 2007 2006
INCOME
Net investment income $28,632,095 $52,363,022
Realized and unrealized gain/(loss) 113,989,371 35,530,981
Total Income (loss) 142,621,466 87,894,003
EXPENDITURES
Grants approved 57,855,923 38,729,443
Operating expenses 1,956,193 1,787,131
Excise tax provision (benefit) 5,454,496 (2,762,527)
Total Expenditures 65,266,612 37,754,047
CHANGES IN NET ASSETS
Change in unrestricted net assets 77,354,854 50,139,956
Net assets at the beginning of the year 801,742,895 751,602,939
Net Assets at the End of the Year $879,097,749 $801,742,895

A complete set of Financial Statements, audited by Green Hasson & Janks LLP in which an unqualified opinion was rendered, is available upon written request to the President.