| BALANCE SHEET | ||
| December 31, 2008 | ||
| ASSETS: | ||
| Cash and equivalent | $ 560,910 | |
| Investments, at market | $ 7,833,375 | |
| Office equipment, net | $ 6,230 | |
| TOTAL ASSETS | $ 8,400,515 | |
| LIABILITIES AND NET ASSETS: | ||
| Unrestricted Net Assets | $ 8,400,515 | |
| TOTAL LIABILITIES AND NET ASSETS | $ 8,400,515 | |
| STATEMENT OF ACTIVITIES | ||
| REVENUES AND GAINS: | ||
| Interest | $ 439 | |
| Dividends | $ 411,563 | |
| Excise Tax Refund | $ 1,515 | |
| Other | $ 210 | |
| TOTAL REVENUES AND GAINS | $ 413,727 | |
| EXPENSES AND LOSSES: | ||
| Securities Investments Losses | $ 4,523,732 | |
| Administration | $ 69,153 | |
| Scholarships Awarded | $ 20,000 | |
| Grants Awarded | $ 498,300 | |
| Grants Returned | $ (13,200) | |
| Federal Excise Taxes | $ - | |
| Investment Management Fees | $ 48,365 | |
| TOTAL EXPENSES | $ 5,146,350 | |
| INCREASE IN NET ASSETS | $ (4,732,623) | |
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