BALANCE SHEETS
DECEMBER 31, 2004 AND 2003
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2004 | |
2003 |
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| Assets | |
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| Cash | $ | 724,042 | $ | 730,363 |
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| Investments: | |
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| Equities | |
1,105,515,417 | |
1,004,405,582 |
| Fixed income | |
245,277,385 | |
248,118,270 |
| Limited marketability | 154,016,285 | 122,836,598 | ||
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| Total Investments |
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1,504,809,087 | |
1,375,360,450 |
| Other | |
69,865 | |
259,246 |
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| Total |
$ | 1,505,602,994 | $ | 1,376,350,059 |
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| Liabilities and Net Assets | |
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| Grants payable | $ | 60,584,369 | $ | 59,607,010 |
| Deferred federal excise tax | |
5,749,281 | |
3,705,012 |
| Other | 297,376 | -- |
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66,631,026 | |
63,312,022 |
| Net assets - unrestricted | |
1,438,971,968 | |
1,313,038,037 |
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| Total |
$ | 1,505,602,994 | $ | 1,376,350,059 |
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