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EXHIBIT B 3

BLACK ACADEMY OF ARTS AND LETTERS, INC. STATEMENT OF OPERATIONS FOR THE FISCAL YEAR ENDED DECEMBER 31, 1970

Revenue:

[[4 Columned Table]]
Contributions                            |             | $    890.00 |             |
Grant income form 20th Century Fund      |             | $ 50,000.00 |             |
Interest income                          |             | $  1,445.87 |             |
Other income                             |             | $     87.94 |             |
 Total revenue                           |             |             | $ 52,423.8? |

Expenditures:

[[4 Columned Table]]

Salaries                                 | $ 20,858.44 |             |             |
Employee health benefits                 |      136.20 |             |             |
Payroll taxes                            |    1,102.35 |             |             |
                                         | ---         |             |             |
Total Employee Compensation              |             | $ 22,096.99 |             |
professional fees                        |             |      853.16 |             |
Supplies                                 |             |    1,570.98 |             |
Telephone and telegraph                  |             |    1,462.35 |             |
Postage and shipping                     |             |      317.40 |             |
Occupancy costs                          |             |    2,980.90 |             |
Conferences and conventions              |             |    3,854.90 |             |
Subscriptions                            |             |      114.00 |             |
Miscellaneous                            |             |    1,005.31 |             |
Special events expense (after applying   |             |             |             |
 income of $18,510.00)                   |             |    4,713.07 |             |
                                         |             | ---         |             |
  Total Expenditures                     |             |             |   39,268.8? |
                                         |             |             | ---         |
Excess of revenue over expenditures      |             |             | $ 13,154.9? |
                                         |             |             | ---         |

[[Footnote/letterhead]]
LUCAS, TUCKER & CO.
CERTIFIED PUBLIC ACCCOUNTANTS