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THE L.J. SKAGGS AND MARY C. SKAGGS FOUNDATION
~ STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2002 & 2001
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UNRESTRICTED NET ASSETS
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2002
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2001
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Support and revenue:
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Interest
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$ 59,965
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105,092
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Dividends
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25,921
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43,400
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Other
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23
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1,307
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Total Support and Revenue
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85,909
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149,799
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Grants and expenses:
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Grants
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712,100
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712,420
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Administrative services and expenses
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125,428
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161,910
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Foundation manager's salary
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102,000
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102,000
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Rent and office services
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22,400
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22,500
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Investment and custodian fees
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39,563
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57,460
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Accounting fees
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17,860
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17,350
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Legal fees
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2,280
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2,755
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Total Grants and Expenses
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1,021,631
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1,076,395
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Change in net assets before
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net gains (losses) on securities
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(935,722)
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(926,596)
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Net gains (losses) on securities
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(492,426)
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(382,712)
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Change in net assets
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(1,428,148)
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(1,309,308)
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Net assets, beginning of year
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2,390,588
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3,699,89
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Net assets, end of year
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$ 962,440
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$ 2,390,588
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