SCHEDULES OF MANAGEMENT AND INVESTMENT EXPENSES
YEARS ENDED DECEMBER 31, 2004 AND 2003
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2004 | |
2003 |
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| Management expenses: |
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| Salaries and employees' benefits: | |
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| Salaries |
$ | 4,113,462 | $ | 3,864,452 |
| Employees' retirement plan and |
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| other benefits |
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1,523,890 | |
1,452,336 |
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| Total |
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5,637,352 | |
5,316,788 |
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| Rent | |
816,383 | |
775,969 |
| Program expenses | |
1,087,500 | |
799,599 |
| Office expenses | |
507,300 | |
551,854 |
| Website and publications | |
37,130 | |
47,863 |
| Professional fees | |
385,133 | |
282,522 |
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| Total management expenses |
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8,470,798 | |
7,774,595 |
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| Less direct investment and other management expenses allocated | |
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| to investments |
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2,399,120 | |
2,254,534 |
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| Management expenses | $ | 6,071,678 | $ | 5,520,061 |
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| Investment expenses: | |
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| Investment management fees and expenses | $ | 4,345,214 | $ | 4,025,867 |
| Direct investment and other managementexpenses allocated to investments |
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2,399,120 | |
2,254,534 |
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| Investment expenses | $ | 6,744,334 | $ | 6,280,401 |
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