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Statements of Activities and Changes in Net Assets
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| Years Ended April 30, |
2002 __________ |
2001 __________ | |
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Revenue
Investment Revenue: | |||
| Interest | $11,905 | $67,362 | |
| Dividends | 253,248 | 305,629 | |
| Net Realized Gains (Losses) and Depreciation of Timber Rights and Investments | (1,840,419) | (5,376,006) | |
| Less: Investment and Agent Fees | (111,485) | (137,468) | |
| Less: Timber Management Expenses | (9,198) | (2,905) | |
| __________ | __________ | ||
| Net Investment Revenue | (1,695,949) | (5,143,388) | |
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Expenses | |||
| Program Expenses | 1,150,020 | 1,278,987 | |
| Management and General | 159,570 | 98,406 | |
| Organizational Transition Expenses | 392,058 | ||
| Provision for Federal Excise Taxes | 3,234 | 13,465 | |
| __________ | __________ | ||
| Total Expenses | 1,704,882 __________ | 1,390,858 __________ | |
| Change in Unrestricted Net Assets | $(3,400,831) | $(6,534,246) | |
| Unrestricted Net Assets | |||
| Net Assets, Beginning of Year | 27,139,130 | 33,673,376 | |
| Change in Unrestricted Net Assets | (3,400,831) ___________ | (6,534,246) ___________ | |
| Net Assets, End of Year | $23,738,299 | $27,139,130 | |
| Temporarily Restricted Net Assets | |||
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Net Assets, Beginning of Year | 65,000 | ||
| Change in Temporarily Restricted Net Assets: Contribution -- Annuity Trust | 5,000 | 65,000 | |
| __________ | __________ | ||
| Net Assets, End of Year | $70,000 __________ | $65,000 __________ | |
| Total Change in Net Assets | $(3,395,831) | $(6,469,246) | |
| The accompanying notes are an integral part of the financial statements. | |||