Financial

Statement of Financial Position for the Year Ended December 31, 2008
Assets
     Cash and Cash Equivalents
$
191,385
     Marketable Investment Securities
67,489,632
     Real Estate and Timber - Net
47,397,381
     Investments in Subsidiaries
169,133,879
     Due from Subsidiaries
3,163,223
     Other Assets
        455,921
  Total Assets
$
287,831,421
   
Liabilities  
     Accounts Payable and Accrued Expenses
$
3,402,490
     Notes Payable
        4,721,762
  Total Liabilities
8,124,252
   
Unrestricted Net Assets
279,707,169
   
  Total Liabilities and Unrestricted Net Assets
$
287,831,421
Statement of Activities for the Year Ended December 31, 2008
Revenues and Gains
     Rental Income
$
378,763
     Interest income
288,027
     Gain on Sale of Real Estate
285,307
     Other Investment Income
   1,165,688
   
2,117,785
 
Expenses
     Salaries and Employee Benefits
$
63,150
     Property Taxes
230,235
     Unrealized Depreciation on Marketable Securities
23,503,653
     Depreciation and Amortization
265,853
     Interest Expense
65,287
     Grants
4,000,000
     Investment Fees
158,570
     Other
   429,189
   28,715,937
   
(26,589,152)
Equity in Net Income of Subsidiaries  
   4,651,851
     
     Decrease in Unrestricted Net Assets  
(21,946,301)
     
Unrestricted Net Assets, Beginning of Year  
301,653,470
Unrestricted Net Assets, End of Year  
$
279,707,169