Sabre Foundation, Inc.

Statement of Support and Revenue, Expenses and Change in Net Assets
(Not yet audited as of press time for this report)

Year Ended December 31, 1997:
Unrestricted Restricted [a] Total
Support and revenue
Contributions and grants
$10,920 $512,963 $523,883
Books and materials
9,132,908[c] 9,132,908
73,379[c] 73,379
9,206,287 9,206,287
Investment income
22,314 22,314
Net assets released from restrictions
615,542 (615,542) __________
Total revenues, gains and other support
9,855,063 (102,579) 9,752,484
Operating expenses
Scientific Assistance Project
Expenditures, including in-kind services of $51,722[c]
607,957[d] 607,957
Grants in-kind of books and materials
9,132,908[c] 9,132,908
Philosophy of Institutions Project
9,410 9,410
4,400 4,400
Total program services
9,754,675 9,754,675
Supporting services
General administration, imcluding in-kind services of $21,657[c]
82,558 82,558
Fund raising
5,672 5,672
Total supporting services
88,230 88,230
Total operating expenses
9,842,905 9,842,905
Change in net assests 12,158 (102,579) (90,421)
Net assets - beginning of year as restated 112,568 225,824 [b] 338,392
Net assetes - end of year $124,726 $123,245[b] $247,971

Notes: [a] SFAS No. 116 provides: │Contributions are recognized when the donor makes a promise to give that is, in substance, unconditional, and are recorded as unrestricted, temporarily restricted, or permanently restricted, depending on the existence or nature of any donor restrictions.▓ [b] Except for $1,400 in permanently restricted endowment, these figures refer to assets restricted temporarily. [c] For tax and financial statement purposes, in-kind services and donated materials are reported as expended in the same year in which they are received. Therefore, inventory of books and materials is not carried on Sabre╣s audited financial statement. The table below is a comparative summary of items which Foundation management believes are important to the reader:

1997 1996
Contributions and grants $626,462 $559,699
Value of books and materials received 9,132,908 5,658,374
Value of books and materials shipped 8,958,959 8,137,314
Value of inventory at year-end 9,565,376 9,391,427

[d] Of these expenditures, approximately $108,000 relate to the Library and Information Technology Services.

Sabre Foundation
Table of Contents