Statements of Financial Position   As of April 30, 2002 __________ 2001 __________   Assets   Cash $14,090 $183,316   Investment Income Receivable 8,427 23,977   Accrued Excise Taxes Receivable 12,072 20,000   Prepaid Expenses and Other Receivables 8,441 6,097   Timber Rights 2,515,000 2,515,000   Investments, at Fair Value 21,313,307 24,444,724   Contribution Receivable from Annuity Trust 70,000 65,000   Property and Equipment (Net of Accumulated Depreciation of $144,922 in 2002 and $127,084 in 2001) 41,293 61,299     __________ __________   Total Assets $23,982,630 $27,319,413     Liabilities   Accounts Payable and Accrued Expenses $109,709 $57,006   Grant Commitments Payable 64,622 58,277     __________ __________   Total Liabilities 174,331 115,283     Net Assets   Unrestricted Net Assets 23,738,299 27,139,130   Temporarily Restricted Net Assets 70,000 65,000     __________ __________   Total Net Assets 23,808,299 27,204,130     Total Liabilities and Net Assets $23,982,630 $27,319,413     The accompanying notes are an integral part of the financial statements.