Summarized Statement of Operations and Changes in Fund Balances

For the year ended December 31 (in thousands of dollars)

2008

2007

Revenue

   Donations

$

2,427

$

5,383

   Investment earnings (losses) in endowment funds

(14,628)

(1,135)

   Other Earnings

61

348

(12,140)

(4,596)

Expenses

   Grants and programs

5,105

5,426

   Investment fees in endowment funds

281

288

   Operating expenses

1,365

1,507

6,751

7,221

Excess (deficiency) of revenue over expense

(18,891)

(2,625)

Fund balances, beginning of year

91,737

94,362

Fund balances, end of year

$

72,846

$

91,737

Summarized Balance Sheet

December 31 (in thousands of dollars)

2008

2007

Assets

   Cash, receivables and short-term deposits

$

207

$

423

   Investments

73,013

92,285

   Real Estate

300

300

   Capital Assets

13

28

$

73,533

$

93,036

Liabilities and Fund Balances

Liabilities

   Grants payable and accrued liabilities

$

183

$

714

   Managed Funds

504

585

687

1,299

Fund Balances

   Endowment Funds

       Contributed capital

82,633

81,259

       Reinvested earnings

-

4,017

Decline in Capital

(14,793)

   Funds for charitable distribution

4,650

6,115

   Operating fund

356

346

72,846

91,737

$

73,533

$

93,036