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PUBLIC WELFARE FOUNDATION, INC. Washington, Dc. FINANCIAL STATEMENTS. (October 3, 2006 and 2005 ‘TABLE OF CONTENTS, PAGE INDEPENDENT AUDITOR'S REPORT... sosel FINANCIAL STATEMENTS Statements of Financial Position, 2 Statements of Activites. : : 3 Statements of Cash Flows... cn ‘Summary of Significant Accounting Policies. Notes to Financial Statements, sos 7 Independent Auditor's Report Board of Directors Public Welfare Foundation, Ine Was! ngton, D.C, We have audited the secompanying statements of financial position of Publie Welfare Foundation, Inc. as of October 31, 2006 and 2005, and the related statements of activities and ceash flows for the years ended, These financial statements are the responsibility of the Foundation’s management. Our responsibility is to express an opinion on these financial ‘statements based on our audits, We conducted our audits in accordance with auditing standards generally accepted in the United States of America, Those standards require that we plau and perform dhe audit (© obtain reasonable assurance about whether the financial statements are free of material misstatement. ‘An audit includes examining, ona test basis, evidence supporting the amounts and disclosures in the financial statements. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation, We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respect, the financial position of Public Welfare Foundation, Inc as of October 31, 2006 and 2005 and the changes in net assets and its cash flows for the years then ended in conformity with accounting prineiples generally accepted in the United States of America. CE fer mcrae LLP Baltimore, Maryland January 4,207