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10

Comparative balance sheets for our private trust funds given on page 15 show that the Institution's financial position is currently quite healthy with respect to cash and current fund investments which together now total approximately $5,500,000 compared with $4,650,000 on June 30, 1972, $3,440,000 a year earlier. These increases reflect not only the improved balance in current operations but also the greater advance cash flow from higher level magazine operations and substantial gifts for restricted purposes which have not yet been expended.