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-15-

Exhibit D

[[underline]]TRUST FUNDS[[/underline]]
[[underline]]COMPARATIVE BALANCE SHEET[[/underline]]
[[underline]]CURRENT FUNDS[[/underline]]

($1,000's)

[[5-column table]]
[[headings]] | 9/30/76 | 6/30/76 | 6/30/75 | 6/30/74 [[/headings]]
[[underline]]Assets[[/underline]]: | | | | |
  Cash | $ 1,515 | $ 994 | $ 778 | $ 791
  Investments (Book Values)* | 8,150 | 11,712 | 10,150 | 8,298
  Receivables | 7,489 | 5,184 | 4,854 | 3,849
  Inventories | 1,938 | 1,766 | 1,119 | 780
  Prepaid Expanse | 1,115 | 351 | 430 | 420
  Deferred Magazine Expense | 2,318 | 2,049 | 1,781 | 1,209
  Capital Improvements/Equipment | [[underline]] 1,070[[/underline]] | [[underline]] 893[[/underline]] | [[underline]] 598[[/underline]] | [[underline]] 294[[/underline]]
    Total Assets | [[double-underline]]$23,595[[/double-underline]] | [[double-underline]]$22,949[[/double-underline]] | [[double-underline]]$19,710[[/double-underline]] | [[double-underline]]$15,641[[/double-underline]]
[[underline]]Liabilities and Fund Balanaces[[/underline]]: | | | | |
  Due to other Funds | $ 968 | $ 1,776 | $ 1,164 | $ 2,079
  Deferred Magazine Subscr. Income | 7,856 | 7,704 | 5,217 | 3,646
  Other current liabilities | 4,125 | 3,467 | 4,012 | 3,123
  Fund balances; | | | | |
    Unrestricted Funds: | | | | |
      General Purpose | 4,074 | 3,909 | 3,768 | 3,477
      Special Purpose | 2,488 | 1,375 | 1,071 | 461
    Restricted Funds: | [[underline]] 4,084[[/underline]] | [[underline]] 4,718[[/underline]] | [[underline]] 4,478[[/underline]] | [[underline]] 2,855[[/underline]]
      Total Liabilities & Fund Bal. | [[double-underline]]$23,595[[/double-underline]] | [[double-underline]]$22,949[[/double-underline]] | [[double-underline]]$19,710[[/double-underline]] | [[double-underline]]$15,641[[/double-underline]]
      *Market Values | [[underline]]$ 8,094[[/underline]] | [[underline]]$11,643[[/underline]] | [[underline]]$10,083[[/underline]] | [[underline]]$ 7,971[[/underline]]
[[/5-column table]]

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[[underline]]ENDOWMENT FUNDS[[/underline]]

[[5-column table]]
[[underline]]Assets[[/underline]]: | | | | |
  Cash & Notes Receivable | $ 483 | $ (228) | $ 90 | $ 556
  Due from current funds | 554 | 712 | 316 | 240
  Investments (Book Values)* | 40,297 | 40,150 | 40,015 | 40,043
  Loan to U.S. Treasury | [[underline]] 1,000[[/underline]] | [[underline]] 1,000[[/underline]] | [[underline]] 1,000[[/underline]] | [[underline]] 1,000[[/underline]]
    Total Assets | [[double-underline]]$42,334[[/double-underline]] | [[double-underline]]$41,634[[/double-underline]] | [[double-underline]]$41,421[[/double-underline]] | [[double-underline]]$41,839[[/double-underline]]

[[underline]]Endowment Fund Balances[[/underline]]: | | | | |
  Endowment | $32,654 | $32,704 | $33,355 | $35,072
  Quasi-endowment | [[underline]] 9,680[[/underline]] | [[underline]] 8,930[[/underline]] | [[underline]] 8,066[[/underline]] | [[underline]] 6,767[[/underline]]
    Total Endow. Fund Balances | [[double-underline]]$42,334[[/double-underline]] | [[double-underline]]$41,634[[/double-underline]] | [[double-underline]]$41,421[[/double-underline]] | [[double-underline]]$41,839[[/double-underline]]
    *Market Values | [[underline]]$42,668[[/underline]] | [[underline]]$41,602[[/underline]] | [[underline]]$40,532[[/underline]] | [[underline]]$34,822[[/underline]]
[[/5-column table]]

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[[underline]]PLANT FUNDS[[/underline]]

[[5-column table]]
[[underline]]Assets[[/underline]]: | | | | |
  Due from Current Funds | $ 42 | $ 708 | $ 461 | $ 1,626
  Real Est.-Cost or Appraised Value | [[underline]] 9,875[[/underline]] | [[underline]] 8,948[[/underline]] | [[underline]] 6,230[[/underline]] | [[underline]] 4,791[[/underline]]
    Total Assets | [[double-underline]]$ 9,917[[/double-underline]] | [[double-underline]]$ 9,656[[/double-underline]] | [[double-underline]]$ 6,691[[/double-underline]] | [[double-underline]]$ 6,417[[/double-underline]]
[[underline]]Liabilities & Fund Balances[[/underline]] | | | | |
  Liabilities | $ 208 | $ 235 | $ 280 | $ 386
  Acquisition Fund Balance | 38 | 703 | 421 | 1,590
  Investment in Plant | [[underline]] 9,671[[/underline]] | [[underline]] 8,718[[/underline]] | [[underline]] 5,960[[/underline]] | [[underline]] 4,441[[/underline]]
    Total Liabil. & Fund Bals. | [[double-underline]]$ 9,917[[/double-underline]] | [[double-underline]]$ 9,656[[/double-underline]] | [[double-underline]]$ 6,691[[/double-underline]] | [[double-underline]]$ 6,417[[/double-underline]]
[[/5-column table]]

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[[underline]]AGENCY FUNDS[[/underline]]

[[5-column table]]
[[underline]]Assets[[/underline]] | | | | |
  Due from Current Funds | $ 372 | $ 433 | $ 386  | $ 213
  Investment at Cost | [[underline]] 10[[/underline]] | [[underline]] 10[[/underline]] | [[underline]] 10[[/underline]] | [[underline]] 10[[/underline]]
    Total Assets | [[double-underline]]$ 382[[/double-underline]] | [[double-underline]]$ 443[[/double-underline]] | [[double-underline]]$ 396[[/double-underline]] | [[double-underline]]$ 223[[/double-underline]]
[[underline]]Fund Balance[[/underline]]: | | | | |
  Due to Current Funds | $ - | $ 209 | $ 246 | $ 136
  Deposits Held in Custody | [[underline]] 382[[/underline]] | [[underline]] 234[[/underline]] | [[underline]] 150[[/underline]] | [[underline]] 87[[/underline]]
    Total Funds | [[double-underline]]$ 382[[/double-underline]] | [[double-underline]]$ 443[[/double-underline]] | [[double-underline]]$ 396[[/double-underline]] | [[double-underline]]$ 223[[/double-underline]]
[[/5-column table]]