STATEMENT OF FINANCIAL POSITION As of June 30, 2007   Total Current Assets $6,988,529 Total Non-Current Assets 1,768,706      Total Assets $8,757,235 Total Current Liabilities $2,192,366 Total Non-Current Liabilities 1,477,070      Total Liabilities $3,669,436 Unrestricted Net Assets $2,889,098 Temporarily Restricted Net Assets 2,198,701      Total Net Assets $5,087,799      Total Liabilities and Net Assets $8,757,235

REVENUES FOR THE YEAR ENDED JUNE 30, 2007

Surgeon Contributions	$258,787
Society & Corporate Contributions	$1,169,450
Investment Income	$592,395

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