Statement of Activities


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NET ASSETS JANUARY 1, 2007		$165,869,540

REVENUES AND GAINS
Interest and Dividends	$ 8,000,323
Contributions	824,497
Other Income	850,568
Net Realized and Unrealized Gains(Losses) on Long Term Investments	(30,127,638)
Total Unrestricted Revenues & Gains(Losses)	$(20,452,251)

EXPENSES AND LOSSES
Program and Management Expenses	$ 1,682,104
Investment Fees and Services	956,931
Audit, Custodial, & Legal Services	131,505
Occupancy Expenses	100,109
Hudsonian Assistance and Counseling Program	22,976
Federal Excise Taxes	273,644
Charitable Grants	14,989,191
Decrease in Future Grant Commitments	(1,002,600)
Total Expenses and Losses	$ 17,153,860
Decrease in Net Assets		(37,606,111)

NET ASSETS - DECEMBER 31, 2008		$128,263,429