Consolidating statements of financial position years ended June 30, 2013 and 2012.

• Position: Tax Executive Institute

2013 TEI TEIF Total Assets Cash and cash equivalents--Note B $936,957 $124,286 $1,061,243 Investments--Notes B, C & D 9,839,962 9,839,962 Accounts receivable 25,754 25,754 Due (to) from affiliate (9,930) 9,930 -- Prepaid expenses 87,364 87,364 Property and equipment-- Note E 206,388 206,388 Total assets $11,086,495 $134,216 $11,220,711 Liabilities and net assets Accounts payable $32,299 $-- 32,299 Accrued liabilities 162,494 162,494 Investment trades pending payable -- Deferred revenue--Note F 2,819,415 2,819,415 Deferred rent and lease incentive--Note K 293,152 293,152 Deferred compensation-- Note D -- Total liabilities 3,307,360 -- 3,307,360 Commitment and contingency-- Note K -- Net assets--unrestricted-- Note G 7,779,135 134,216 7,913,351 Total liabilities and net assets $11,086,495 $134,216 $11,220,711 2012 TEI TEIF Total Assets Cash and cash equivalents--Note B $634,561 $117,190 $751,751 Investments--Notes B, C & D 10,650,446 10,650,446 Accounts receivable 100,772 100,772 Due (to) from affiliate (9,671) 9,671 -- Prepaid expenses 56,075 56,075 Property and equipment-- Note E 335,574 335,574 Total assets $11,767,757 $126,861 $11,894,618 Liabilities and net assets Accounts payable $159,054 $-- 159,054 Accrued liabilities 166,048 166,048 Investment trades pending payable 490,000 490,000 Deferred revenue--Note F 2,784,799 2,784,799 Deferred rent and lease incentive--Note K 293,368 293,368 Deferred compensation-- Note D 59,601 59,601 Total liabilities 3,952,870 -- 3,952,870 Commitment and contingency-- Note K -- Net assets--unrestricted-- Note G 7,814,887 126,861 7,941,748 Total liabilities and net assets $11,767,757 $126,861 $11,894,618 2013 TEI TEIF Total Revenue Sponsorships $1,933,778 $-- $1,933,778 Continuing education 1,814,510 1,814,510 Membership dues 1,552,005 1,552,005 Royalty 537,200 537,200 Publications 450,768 450,768 Interest income 122,460 26 122,486 Initiation Fees 113,875 113,875 Other 11,853 11,853 Management Fees--Note H (16,384) 16,384 -- Total revenue 6,520,065 16,410 6,536,475 Expense Program Services Continuing education 1,991,821 7,066 1,998,887 Committee and liaison 623,546 623,546 Publications 562,890 562,890 Membership services and development 474,502 474,502 Dues transferred to chapters 201,705 201,705 Total program services 3,854,464 7,066 3,861,530 Supporting services General and administrative 2,394,172 1,989 2,396,161 Total expense 6,248,636 9,055 6,257,691 Change in net assets from operations 271,429 7,355 278,784 Special projects expense-- Note I (168,182) (168,182) Net loss on investments (138,999) (138,999) Change in net assets (35,752) 7,355 (28,397) Net assets, beginning of year 7,814,887 126,861 7,941,748 Net assets, end of year $7,779,135 $134,216 $7,913,351 2012 TEI TEIF Total Revenue Sponsorships $1,969,825 $-- $1,969,825 Continuing education 1,867,213 1,867,213 Membership dues 1,543,291 1,543,291 Royalty 524,050 524,050 Publications 425,205 425,205 Interest income 120,086 25 120,111 Initiation Fees 133,850 133,850 Other 9,107 9,107 Management Fees--Note H (15,029) 15,029 -- Total revenue 6,577,598 15,054 6,592,652 Expense Program Services Continuing education 1,958,768 13,933 1,972,701 Committee and liaison 599,894 599,894 Publications 433,756 433,756 Membership services and development 485,419 485,419 Dues transferred to chapters 200,625 200,625 Total program services 3,678,462 13,933 3,692,395 Supporting services General and administrative 2,336,092 637 2,336,729 Total expense 6,014,554 14,570 6,029,124 Change in net assets from operations 563,044 484 563,528 Special projects expense-- Note I (440,047) (440,047) Net loss on investments (44,527) (44,527) Change in net assets 78,470 484 78,954 Net assets, beginning of year 7,736,417 126,377 7,862,794 Net assets, end of year $7,814,887 126,861 $7,941,748 2013 TEI TEIF Cash flows from operating activities Change in net assets $(35,752) $7,355 Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities Net loss on investments 138,999 Depreciation and amortization 160,413 Loss on disposal of property and equipment 1,365 Changes in assets and liabilities: Accounts receivable 75,018 Due from (to) affiliate 259 (259) Prepaid expenses (31,289) Accounts payable (126,755) Accrued liabilities (3,554) Deferred revenue 34,616 Deferred rent and lease incentive (216) Total adjustments 248,856 (259) Net cash provided by (used in) operating activities 213,104 7,096 Cash flows from investing activities Proceeds from sale and maturity of investments 5,091,726 Purchases of investments, net of money market sales (4,969,842) Purchases of property and equipment (32,592) Net cash provided by investing activities 89,292 -- Net increase (decrease) cash and...