Once again, I am pleased to report that our Association's financial condition remains healthy, providing a resource base sufficient to continue current operations, while expanding the Association's activities in new directions as needed. Since my last annual report, we have seen our endowment and real estate holdings grow in value to about $30 million (as of August 2007), against which we are carrying just $1.6 million in mortgage debt. For the fiscal year that ended June 30, 2007, we estimate that total operating income ($4.7 million) was slightly above budget, with expenditures slightly below. Our broad membership base continues to be the most important reason for our healthy financial condition, while the Annual Meeting and APSA publications also provide substantial income. In short, we are in the enviable position of enjoying stable membership, while holding substantial income- and growth-producing assets with minimal long-term liabilities. All of these factors combine to produce an operating budget which hews closely to anticipated income and expenses, year after year.