EXPLANATORY MATTER

In this fiscal year the club’s financial health remained vigorous. Event expenditures and receipts remained roughly in balance. Membership continued strong, and dues receipts financed a strong management infrastructure. Expenses on newsletter, secretary and the annual dues mailing were comparable to those in prior years. We spent $3,000 to install a new interactive website, which we expect will generate dues and event attendance increases that will more than repay our investment. When an issue arose regarding handling of club funds, it was resolved to the club’s satisfaction. Thanks largely to our fund-raising success, the club’s scholarship endowment increased to $113,889 from $92,669 a year earlier. We again awarded a $4,000 CCLA Scholarship from the endowment. Our three Tradition scholarship awards of $4,000 each were funded from donations to the University in the 1980s-1990s.

ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2005

Assets.........................30/06/05.....vs.....30/06/04

-Treasury
---Alliance....................$16,265.30............$ 267.61
---Vanguard xxx986......$ 9,376.79............$1,721.27

-Total Treasury.......$25,642.09............$1,988.88

-Endowment...........$113,889.47............$ 93,512.09

Total Assets........$139,531.56............$ 95,500.97


Liabilities...........30/06/05.....vs.....30/06/04
............................$0..........................$0


Revenue

$65,291.80, of which $11,960 restricted to scholarships

Expenses or disbursements

$47,408.96, of which $4,000 was disbursed for scholarships

This statement was prepared, without audit, from CCLA records. It is being distributed to directors at the board meeting on July 20, 2005. It is also available online at www.ccla.alumni.cornell.edu.