Notes to Financial Statements

1. The statements of the Hudson-Webber Foundation have been prepared
   on the accrual basis of accounting.
    
2. Investments in marketable securities have been stated at market
   value at December 31, 2007.
    
3. Conditional grant commitments totaling $7,275,000 were outstanding at December 31, 2007. These will not be recognized as liabilities until the conditions on which they depend are substantially met.

Complete financial statements audited by George Johnson & Company are maintained in the office of the Foundation.