Statement of Financial Position

December 31,		1998		1997
Assets
Cash and cash equivalents		$          441,775		$        225,205
Investments (Note 1)		106,166,039		124,258,963
Note receivable (Note 2)		1,150,000		-
Interest receivable		507,266		528,047
Dividends receivable		169,475		154,305
Contributions receivable		450,000		1,271,000
Prepaid expenses and other		16,955		14,875
Furniture, fixtures and equipment,    net of accumulated
depreciation of $62,641 and $46,680		158,582		161,402
Total assets		$   109,060,092		$ 126,613,797
Liabilities and Net Assets
Accounts payable and accrued expenses		$          100,357		$          93,253
Excise tax payable (Note 3)		14,937		25,000
Grants payable		306,175		365,000
Deferred rent liabilities		106,361		119,125
Total liabilities		527,830		602,378
Commitments (Notes 4 and 5)
Unrestricted net assets		108,532,262		126,011,419
Total liabilities and net assets		$   109,060,092		$ 126,613,797

See accompanying summary of accounting policies and notes to financial statements.