Statement of Financial Position

December 31,		1999 (Unaudited)		1998
Assets
Cash and cash equivalents		$        331,530		$        441,775
Note receivable (Note 2)		1,900,000		1,150,000
Interest receivable		603,744		507,266
Dividends receivable		89,794		169,475
Contributions receivable		-		450,000
Investments (Note 1)		137,763,913		106,166,039
Prepaid expenses and other		20,002		16,955
Furniture, fixtures and equipment, net of accumulated
depreciation of $88,242 and $62,641		133,602		158,582
Total assets		$140,842,585		$ 109,060,092
Liabilities and Net Assets
Accounts payable and accrued expenses		$       175,893		$        100,357
Excise tax payable (Note 3)		-		14,937
Grants payable		150,000		306,175
Deferred rent liabilities		93,598		106,361
Total liabilities		419,491		527,830
Commitments (Notes 4 and 5)
Unrestricted net assets		140,423,094		108,532,262
Total liabilities and net assets		$140,842,585		$ 109,060,092

See accompanying summary of accounting policies, notes to financial statements
and independent accountants' review report.