Combining statements of cash flows.

COMBINING STATEMENTS OF CASH FLOWS California Society of Certified Public Accountants California Certified Public Accountants Education Foundation Years Ended April 30, 2007 and 2006 (dollars in thousands)

Society Foundation

2007 2006 2007 OPERATING ACTIVITIES:

Change in Net Assets $2,134 $2,687 $26

Reconciliation of the Change in Net

Assets to Net Cash Provided by

Operating Activities:

Net Realized and Unrealized (668) (1,335) (255)

Gains on Investments

Depreciation and Amortization 303 250 93

Loss on Disposal of Property 6

and Equipment

Prepaid Pension Costs (261) (124)

Changes In:

Trade and Other Receivables (79) (137) (106)

Due From (To) Affiliate (577) (87) 577

Other Current Assets (31) (19) (66)

Accounts Payable (49) 40 68

Accrued Expenses 50 454

Deferred Revenues 173 127 437

Deferred Lease Costs (69) (49) (12)

Accrued Pension Liability (28) (602) (13)

Net Cash Provided by Operating 848 925 1,085

Activities INVESTING ACTIVITIES:

Purchase of Investments (3,285) (1,843) (912)

Proceeds From Sale of Investments 2,370 1,632 1,153

Purchases of Property and Equipment (262) (282) (97)

Net Cash Provided by (Used in) (1,177) (493) 144

Investing Activities NET INCREASE (DECREASE) IN CASH AND (329) 432 1,229

EQUIVALENTS CASH AND EQUIVALENTS:

Beginning of Year 5,955 5,523 852

End of Year $5,626 $5,955 $2,081

Foundation Combined

2006 2007 2006 OPERATING ACTIVITIES:

Change in Net Assets $1,573 $2,160 $4,260

Reconciliation of the Change in Net

Assets to Net Cash Provided by

Operating Activities:

Net Realized and Unrealized (844) (923) (2,179)

Gains on Investments

Depreciation and Amortization 163 396 413

Loss on Disposal of Property 3 6 3

and Equipment

Prepaid Pension Costs (385)

Changes In:

Trade and Other Receivables (20) (185) (157)

Due From (To) Affiliate 87

Other Current Assets 132 (97) 113

Accounts Payable (25) 19 15

Accrued Expenses 23 454 73

Deferred Revenues (49) 610 78

Deferred Lease Costs (6) (81) (55)

Accrued Pension Liability (304) (41) (906)

Net Cash Provided by Operating 733 1,933 1,658

Activities INVESTING ACTIVITIES:

Purchase of Investments (863) (4,197) (2,706)

Proceeds From Sale of Investments 14 3,523 1,646

Purchases of Property and Equipment (115) (359) (397)

Net Cash Provided by (Used in) (964) (1,033) (1,457)

Investing Activities NET INCREASE (DECREASE) IN CASH AND (231) 900 201

EQUIVALENTS CASH AND EQUIVALENTS:

Beginning of Year 1,083 6,807 6,606

End of Year $852 $7,707 $6,807 The accompanying notes are an integral part of these financial statements.