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EXHIBIT B

BLACK ACADEMY OF ARTS AND LETTERS, INC.
STATEMENT OF REVENUE AND EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1972

UNAUDITED

Revenue: (Note 1)
Foundations                                $71,250
Individuals and groups                       3,758
Interest income                                 52
                                           -------
Total Revenue                                             $75,060

Expenditures:
Salaries                      $18,952
Employee health benefits          220
Payroll taxes                   1,346
                              -------
Total Employee Compensation                 20,518

Professional fees                            1,510              
Supplies                                       542
Telephone and telegraph                      2,525
Postage and shipping                           633
Occupancy                                    2,445
Outside printing and publications              181
Local travel                                   384
Major travel meetings and conventions        4,823
Subscriptions                                  277
Purchase of office equipment                   607
Rental of office equipment                      71              
Equipment repairs                              153              
                             
Special events expenses
 Annual meeting                   790
 Chicago Conference (Note 2)   24,734
 Buck and the Preacher            396
 Essence party                    639
 Carnegie Conference              734
 Banquet                        2,790       30,083
                               ------
Miscellaneous                                1,966
                                            ------
  Total Expenses                                          66,716

Excess revenue over expenditures                           8,342

Fund balance December 31, 1971                            20,106
                                                         -------

Fund balance September 30, 1972                          $28,448
                                                         -------

LUCAS, TUCKER & CO.
CERTIFIED PUBLIC ACCOUNTANTS