Combining statements of financial position.

Access the Annual Report online at www.calcpa.org or www.educationafoundation.org COMBINING STATEMENTS OF FINANCIAL POSITION California Society of Certified Public Accountants California Certified Public Accountants Education Foundation April 30, 2007 and 2006 (dollars in thousands)

Society Foundation

2007 2006 2007 ASSETS Current Assets:

Cash and Equivalents $5,626 $5,955 $2,081

Trade Receivables, Net 278 211 244

Other Accounts Receivable 234 222

Due From (To) Affiliate 725 148 (725)

Other Current Assets 373 342 375

Total Current Assets 7,236 6,878 1,975 Investments 12,411 10,828 7,527 Property and Equipment, Net 711 752 190 Prepaid Pension Cost 261 124 Deferred Compensation Assets 441 353 TOTAL ASSETS $21,060 $18,811 $9,816 LIABILITIES AND NET ASSETS Current Liabilities:

Accounts Payable $489 $538 $115

Accrued Expenses 411 411 964

Deferred Revenues 5,895 5,722 2,272

Deferred Lease Costs 93 34 46

Total Current Liabilities 6,888 6,705 3,397 Deferred Lease Costs, Net 241 369 92 Accrued Pension Liability 28 Deferred Compensation Liability 441 353 TOTAL LIABILITIES 7,570 7,455 3,489 NET ASSETS

Unrestricted 12,246 10,318 6,225

Temporarily restricted 1,244 1,038 17

Permanantly restricted - - 85 TOTAL NET ASSETS 13,490 11,356 6,327 TOTAL LIABILITIES AND NET ASSETS $21,060 $18,811 $9,816

Foundation Consolidated

2006 2007 2006 ASSETS Current Assets:

Cash and Equivalents $852 $7,707 $6,807

Trade Receivables, Net 133 522 344

Other Accounts Receivable 5 234 227

Due From (To) Affiliate (148)

Other Current Assets 309 748 651

Total Current Assets 1,151 9,211 8,029 Investments 7,513 19,938 18,341 Property and Equipment, Net 192 901 944 Prepaid Pension Cost 385 Deferred Compensation Assets 441 353 TOTAL ASSETS $8,856 $30,876 $27,667 LIABILITIES AND NET ASSETS Current Liabilities:

Accounts Payable $47 $604 $585

Accrued Expenses 510 1,375 921

Deferred Revenues 1,835 8,167 7,557

Deferred Lease Costs 18 139 52

Total Current Liabilities 2,410 10,285 9,115 Deferred Lease Costs, Net 132 333 501 Accrued Pension Liability 13 41 Deferred Compensation Liability 441 353 TOTAL LIABILITIES 2,555 11,059 10,010 NET ASSETS

Unrestricted 6,173 18,471 16,491

Temporarily restricted 47 1,261 1,085

Permanantly restricted 81 85 81 TOTAL NET ASSETS 6,301 19,817 17,657 TOTAL LIABILITIES AND NET ASSETS $8,856 $30,876 $27,667 The accompanying notes are an integral part of these financial statements.