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[[underline]] Private Restricted Funds [[/underline]]

Exhibit C shows the projected income and expenses of Restricted and Special Purpose Funds for FY 1976 in comparison with prior years. Since half of this funding comes from gifts and grants, it is not possible to predict results with great accuracy. It does appear at mid-year, however, that gifts will be more than $1.0 million less than last year, although still higher than the years prior to FY 1975. The category entitled "All other funds" is necessarily large due to the hundred of separate fund accounts maintained for widely varied purposes.

[[underline]] Balance Sheet [[/underline]]

Exhibit D shows the comparative balance sheets for all private funds, including current, endowment, plant and agency funds, on December 31, 1975, compared to prior dates. Once again cash and investments have increased to total $12.3 million as of December 31, 1975. These funds represent:

$5.0 million net Magazine advance paid subscriptions (deferred income less deferred expenses)

$5.2 million restricted and special purpose funds

$2.1 million unrestricted funds ($4.7 million Unrestricted Fund Balance less $2.6 million required for current net working capital and fixed assets).
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$12.3 Total

As of December 31, 1975, $10.8 million of this total was invested in high-grade short-term cash equivalents with an average maturity of six months and an average yield of 7.15%.