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	2007	2006
Revenue
Dividends from R.R. Donnelley & Sons Company	$ -	$125,320
Dividends and interest on other investments	5,591,954	4,822,218
Gain on sales of investments	8,627,548	33,670,473
Contributions and other	14,575	18,404,294

Total revenue	$14,234,077	$57,022,305

	2007	2006
Expenditures
Grants	$8,583,064	$9,527,020
Direct charitable activities	166,535	177,185
Salaries and benefits	886,383	803,749
Federal excise tax (benefit)	30,806	977,000
Investment management fees	254,173	225,261
Professional services	758,740	528,318
Supplies, services and other	517,479	493,731

Total expenditures	$11,197,180	$12,732,264
Revenue in excess of expenditures before other gain	3,036,897	44,290,041
Other gain — net unrealized gain on investments	99,735	(12,346,654)
Revenue in excess of expenditures	3,136,632	31,943,387
Net assets, beginning of year	221,801,817	189,858,430
Net assets, end of year	224,938,449	221,801,817

Note: The notes that accompany the financial report are an integral part of the financial statements and are required for a full presentation. While they are not included here, a full copy of the audited financial statements, including the notes, is available upon request.