Combined statements of cash flows.

California Society of Certified Public Accountants

California Certified Public Accountants Education Foundation

Years Ended April 30, 2011 and 2010

(Amounts Expressed In Thousands).

2011 2010 OPERATING ACTIVITIES Change in Net Assets Reconciliation of Change in Net Assets $ 5,650 $ S 6,815 to Cash Provided by Operating Activities: Net Realized and Unrealized Gain on Investments (2,476) (3,716) Depreciation and Amortization 456 338 Loss on Disposal of Property 6 -- and Equipment Changes in Operating Assets and Liabilities: Accounts Receivable, Net 27 40 Other Receivables (111) 146 Receivables-Affiliates (17) 35 Prepaid Expenses and Other (11) (581) Accounts Payable 249 (37) Accrued Expenses (46) 198 Deferred Revenues (634) 739 Deferred Lease Costs 137 (155) Net Cash Provided by 3,230 3,822 Operating Activities INVESTING...