Assets
	Cash and equivalents	$  2,373,761
	Investments, at fair value	9,899,707
	Prepaid expenses	1,856
Total Assets		$12,275,324
Liabilities and Net Assets
Liabilities:
	Accounts payable and accrued liabilities	$41,496
	Grants payable	1,579,226
	Total Liabilities	1,620,722
Net Assets:
	Unrestricted	10,654,602
Total Liabilities and Net Assets		$12,275,324

Statement of Activities
(As of June 30, 2003)

Revenues and support:
	Contributions	$      –
	Net realized and unrealized losses on investments	(3,147,616)
	Investment income	203,468
	Total revenues and support	(2,944,148)
Expenses:
Program services:
	Grant expenses (Note 1)	2,787,185
	Other program expenses	799,010
Management and general (Note 2)		192,790
	Total expenses	3,778,985
Decrease in Net Assets		(6,723,133)
Net Assets, Beginning of Year		17,377,734
Net Assets, End of Year		$10,654,601

Note 1: This indicates multi-year grants awarded but not yet fully disbursed; the actual grant amount of $2,804,911 has been adjusted to reflect its net present value.

Note 2: This includes a $146,074 support fee to Community Foundation Silicon Valley as a supporting organization.