Financial Report 2006

STATEMENT OF FINANCIAL POSITION As of June 30, 2006   Total Current Assets $7,400,424 Total Non-Current Assets 1,803,069      Total Assets $9,203,493 Total Current Liabilities $2,440,348 Total Non-Current Liabilities 1,324,215      Total Liabilities $3,764,563 Unrestricted Net Assets $1,982,085 Temporarily Restricted Net Assets 3,456,845      Total Net Assets $5,438,930      Total Liabilities and Net Assets $9,203,493

REVENUES FOR THE YEAR ENDED JUNE 30, 2006

Surgeon Contributions	$327,059
Society & Corporate Contributions	$247,425
Investment Income	$403,651

EXPENDITURES FOR THE YEAR ENDED JUNE 30, 2006

Research	$1,061,184
Education	$161,944
Administrative	$347,374
Development	$105,392

TSFRE has become a pivotal force for the growth and vitality of our specialty and its role is increasing, particularly in the areas of research, academic career development and postgraduate education. The efforts of our supporters — through donations or networking — will impact the future of cardiothoracic surgery and the welfare of our patients.

– Lawrence H. Cohn, MD