STATEMENT OF FINANCIAL POSITION – DECEMBER 31, 2004

ASSETS	2004	2003
Cash and cash equivalents	239,755	99,114
Investments at market	9,199,469	6,597,998
Fixed asset at cost (net of accumulated depreciation of $30,272 in 2004 and $15,709 in 2003)	20,199	34,762
TOTAL ASSETS	9,459,423	6,731,874
LIABILITIES AND NET ASSETS
LIABILITIES
Accounts Payable	2,179	343
Grants Payable	11,423	10,000
Present value of charitable lead annuity trust	45,507	13,596
Funds held as agency endowments	3,733,894	1,956,580
Total Liabilities	379,3003	1,980,519
NET ASSETS
Unrestricted	909,235	923,097
Temporarily restricted	598,218	613,423
Permanently restricted	4,158,967	3,214,835
Net Assets	5,666,420	4,751,335
TOTAL LIABILITIES AND NET ASSETS	9,459,423	6,731,874

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 2004 has been performed by Condley and Company, LLP, of Abilene, Texas. Copies of the audit are available upon request from The Foundation office.