STATEMENT OF FINANCIAL POSITION – DECEMBER 31, 2003

ASSETS	2003	2002
Cash and cash equivalents	99,114	95,940
Investments at market	6,597,998	2,310,916
Fixed asset at cost (net of accumulated depreciation of $15,709 for 2003)	34,762	30,686
TOTAL ASSETS	6,731,874	2,437,542
LIABILITIES AND NET ASSETS
LIABILITIES
Accounts Payable	343	23,945
Grants Payable	10,000	0
Present value of charitable lead annuity trust	13,596	0
Funds held as agency endowments	1,956,580	0
Total Liabilities	1,980,519	23,945
NET ASSETS
Unrestricted	923,097	97,782
Temporarily restricted	613,423	0
Permanently restricted	3,214,835	2,315,815
Net Assets	4,751,335	2,413,597
TOTAL LIABILITIES AND NET ASSETS	6,731,874	2,437,542

STATEMENT OF ACTIVITIES – YEAR ENDED DECEMBER 31, 2003

REVENUES	2003	2002
Gifts and contributions	1,891,121	2,430,816
Investment income	88,692	10,100
Net realized/unrealized gains	662,926	0
Total Revenue, Gains and Other Support	2,642,739	2,440,916
GRANTS AND EXPENSES
Grants/Scholarships	136,662	0
Investment Expense	2,597	0
Management and General	156,404	22,933
Fundraising Expense	23,408	4,386
Total Grants and Expenses	319,071	27,319
Change in value of split interest agreement	14,090	0
CHANGE IN NET ASSETS	2,337,758	2,413,597
NET ASSETS AT BEGINNING OF YEAR	2,413,957	0
NET ASSETS AT END OF YEAR	4,751,355	2,413,597

The financial information on this page has been summarized by management from the audited financial statements of The San Angelo Area Foundation.

Auditors Report

The San Angelo Area Foundation financial statements are audited by an independent public accounting firm. The audit for fiscal year 2003 has been performed by Condley and Company, LLP, of Abilene, Texas. Copies of the audit are available upon request from The Foundation office.