2008 Annual Report
Financial Highlights for 2008 & 2007

STATEMENTS OF FINANCIAL POSITION 2008 2007
ASSETS
Cash and cash equivalents $62,348 $655,996
Investments at market value 811,346,829 923,739,832
Receivables and other assets 9,570,768 10,015,827
Total Assets 820,979,945 934,411,655
LIABILITIES
Approved grants not yet paid 41,265,223 46,127,733
Accounts payable and deferred taxes 6,538,115 9,186,173
Total Liabilities 47,803,338 55,313,906
NET ASSETS 773,176,607 879,097,749
Total Liabilities and Net Assets $820,979,945 $934,411,655
STATEMENTS OF ACTIVITIES 2008 2007
INCOME
Net investment income $30,161,537 $28,632,095
Realized and unrealized gain/(loss) (92,719,558) 113,989,371
Total Income (loss) (62,558,021) 142,621,466
EXPENDITURES
Grants approved 42,249,237 57,855,923
Operating expenses 2,268,029 1,956,193
Excise tax provision (benefit) (1,154,145) 5,454,496
Total Expenditures 43,363,121 65,266,612
CHANGES IN NET ASSETS
Change in unrestricted net assets (105,921,142) 77,354,854
Net assets at the beginning of the year 879,097,749 801,742,895
Net Assets at the End of the Year $773,176,607 $879,097,749

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.