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THE ARRL FOUNDATION, INC. FINANCIAL STATEMENTS June 30, 2003 CONTENTS PAGE Independent Auditors' Report 1 Financial Statements Statements of Financial Position - June 30, 2003 and 2002 2 Statements of Activities for the Years Ended June 30, 2003 and 2002 3 Statements of Cash Flows for the Years Ended June 30, 4 Summary of Significant Accounting Policies 5 - 6 Notes to the Financial Statements 7 Supplementary Schedules Schedule 1 - Restricted Fund Summary for the Years Ended June 30, 2003 and 2002 8 115 Glastonbury Boulevard Glastonbury, Connecticut 06033 860-633-3000 Tel 860-657-8079 Fax info@hlcocpa.com Email Certified Public Accountants An Independent Member of the BDO Seidman Alliance INDEPENDENT AUDITORS' REPORT To the Board of Directors The ARRL Foundation, Inc. We have audited the accompanying statements of financial position of The ARRL Foundation, Inc. (the Foundation) as of June 30, 2003 and 2002, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance ...

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THE ARRL FOUNDATION, INC.

FINANCIAL STATEMENTS

June 30, 2003

CONTENTS

PAGE

Independent Auditors' Report

Financial Statements

Statements of Financial Position - June 30, 2003 and

2002

Statements of Activities for the Years Ended June 30,

2003 and 2002

Statements of Cash Flows for the Years Ended June 30,

2003 and 2002

Summary of Significant Accounting Policies

5 - 6

Notes to the Financial Statements

Supplementary Schedules

Schedule 1 - Restricted Fund Summary for the Years

Ended June 30, 2003 and 2002

115 Glastonbury Boulevard

Glastonbury, Connecticut 06033

860-633-3000 Tel

860-657-8079 Fax

info@hlcocpa.com Email

Certified Public Accountants

An Independent Member of the BDO Seidman Alliance

INDEPENDENT AUDITORS' REPORT

To the Board of Directors

The ARRL Foundation, Inc.

We have audited the accompanying statements of financial position of The ARRL

Foundation, Inc. (the Foundation) as of June 30, 2003 and 2002, and the related

statements of activities and cash flows for the years then ended.

These financial

statements are the responsibility of the Foundation's management.

Our

responsibility is to express an opinion on these financial statements based on our

audits.

We conducted our audits in accordance with auditing standards generally

accepted in the United States of America.

Those standards require that we plan

and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement.

An audit includes examining, on a

test basis, evidence supporting the amounts and disclosures in the financial

statements.

An audit also includes assessing the accounting principles used and

significant estimates made by management, as well as evaluating the overall

financial statement presentation.

We believe that our audits provide a

reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all

material respects, the financial position of The ARRL Foundation, Inc. as of June

30, 2003 and 2002, and the changes in its net assets and its cash flows for the

years then ended in conformity with accounting principles generally accepted in

the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic

financial statements taken as a whole.

The supplementary information contained

in Schedule 1 is presented for purposes of additional analysis and is not a

required part of the basic financial statements.

Such information has been

subjected to the auditing procedures applied in the audit of the basic financial

statements and, in our opinion, is fairly stated in all material respects in relation

to the basic financial statements taken as a whole.

October 21, 2003

2003

2002

Current assets

Cash and cash equivalents

964,876

1,342,417

Investments

1,187,930

796,172

Interest receivable

9,512

6,936

Total assets

2,162,318

2,145,525

Net assets

Unrestricted

204,001

209,584

Temporarily restricted

919,202

896,826

Permanently restricted

1,039,115

Total net assets

2,162,318

2,145,525

NET ASSETS

ASSETS

THE ARRL FOUNDATION, INC.

STATEMENTS OF FINANCIAL POSITION

June 30, 2003 and 2002

_______________

The accompanying accounting policies and notes are

an integral part of the financial statements

Temporarily

Permanently

Temporarily

Permanently

Unrestricted

Restricted

Total

Unrestricted

Restricted

Total

Public Support and Other Revenue

Contributions

13,258

7,060

20,318

13,161

10,760

23,921

Investment income, net

10,604

44,816

55,420

14,620

59,287

73,907

Net assets released from restrictions

29,500

(29,500)

37,684

(37,684)

53,362

22,376

75,738

65,465

32,363

97,828

Expenditures

Scholarships

33,250

34,650

Grants

14,400

14,534

Administrative

19,695

17,841

67,345

67,025

(Deficit) excess of public support

revenues over expenditures

(13,983)

22,376

8,393

(1,560)

32,363

30,803

Realized and unrealized gain

(loss) on investments

8,400

(55,389)

Change in net assets

(5,583)

22,376

16,793

(56,949)

32,363

(24,586)

Net assets, beginning of year

209,584

896,826

1,039,115

2,145,525

266,533

864,463

1,039,115

2,170,111

Net assets, end of year

204,001

919,202

1,039,115

2,162,318

209,584

896,826

1,039,115

2,145,525

For the Years Ended June 30, 2003 and 2002

_______________

The accompanying accounting policies and notes are

an integral part of the financial statements

2003

2002

THE ARRL FOUNDATION, INC.

STATEMENTS OF ACTIVITIES

2003

2002

CASH FLOWS FROM OPERATING ACTIVITIES

Change in net assets

16,793

(24,586)

Adjustments to reconcile change in net assets to net

cash provided by operating activities:

Change in unrealized (gain) loss on investments

(8,511)

55,389

Realized loss on investments

111

Increase in interest receivable

(2,576)

(3,568)

Net cash provided by operating activities

5,817

27,235

CASH FLOWS FROM INVESTING ACTIVITIES

Net purchases of investments

(383,358)

35,389

Net (decrease) increase in cash and cash equivalents

(377,541)

62,624

Cash and cash equivalents, beginning of year

1,342,417

1,279,793

Cash and cash equivalents, end of year

964,876

1,342,417

The accompanying accounting policies and notes

are

an integral part of these financial statements

_______________

THE ARRL FOUNDATION, INC.

STATEMENTS OF CASH FLOWS

For the Years Ended June 30, 2003 and 2002

THE ARRL FOUNDATION, INC.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The ARRL Foundation, Inc. (The Foundation) was incorporated as a not-for-profit

corporation in September 1973 by a group of volunteers exclusively for charitable,

educational and scientific purposes.

The Foundation distributes scholarships and

grants to study and contribute to the development of Amateur satellite programs and

other innovative programs related to the purposes of The America Radio Relay

League, Inc.

The American Radio Relay League, Inc. (ARRL) contributes various administrative

support services to the Foundation.

The Foundation began reimbursing ARRL for

this cost beginning in January 2002.

Cash Equivalents

Cash equivalents represent investments in interest bearing securities with original

maturities of 90 days or less.

At June 30, 2003 and 2002, the Foundation had no

cash equivalents.

Income Taxes

The Foundation is exempt from federal income taxes under Section 501(c)(3) of the

Internal Revenue Code (IRC) and is exempt from private foundation status under

IRC Section 509(a)(3).

Financial Statement Presentation

The accompanying financial statements have been prepared on the accrual basis of

accounting.

The Foundation reports information regarding its financial position and

activities according to three classes of net assets:

unrestricted, temporarily

restricted, and permanently restricted.

They are described as follows:

Unrestricted - Net assets that are not subject to explicit donor-imposed

stipulations.

Unrestricted net assets may be designated for specific purposes by

action of the Board of Directors.

Temporarily Restricted - Net assets whose use by the Foundation is subject to

explicit donor-imposed stipulations that can be fulfilled by actions of the

Foundation or that expire by the passage of time.

Permanently Restricted - Net assets subject to explicit donor-imposed

stipulations that they be maintained permanently by the Foundation and stipulate

the use of income and/or appreciation as either unrestricted or temporarily

restricted.

THE ARRL FOUNDATION, INC.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Contributions

Contributions received are recorded as unrestricted, temporarily restricted, or

permanently restricted support depending on the existence and/or nature of any

donor restrictions.

Support that is restricted by the donor is reported as an increase

in unrestricted net assets if the restrictions expire in the reporting period in which the

support is recognized.

All other donor-restricted support is reported as an increase

in temporarily or permanently restricted net assets depending on the nature of the

restriction.

When a restriction expires, (that is, when a stipulated time restriction

ends or purpose restriction is accomplished), temporarily restricted net assets are

reclassified to unrestricted net assets and reported in the Statement of Activities as

net assets released from restrictions.

Contributions Receivable

Under the provisions of Statement of Financial Accounting Standards (SFAS) No.

116,

Accounting for Contributions Received and Contributions Made

, contributions

received or promises to give are recognized in the accompanying statements of

activities as revenue in the period the promise to give is received.

Use of Estimates

The preparation of financial statements is conformity with accounting principles

generally accepted in the United States of America requires management to make

estimates and assumptions that affect the reported assets and disclosure of

contingent assets at the date of the financial statements and the reported amounts

of revenues and expenses during the reporting period.

Actual results could differ

from those estimates.

Concentration of Credit Risk

The Foundation maintains its cash in bank deposit accounts which, at times, may

exceed federally insured limits.

The Foundation has not experienced any loss in

such accounts.

The Foundation believes that they are not exposed to any significant

credit risk on cash and cash equivalents.

The Foundation invests in various debt and equity securities.

These investment

securities are recorded at market value.

Accordingly, the investment securities can

fluctuate because of interest rates, reinvestment, credit and other risks depending on

the nature of the specific investment.

Therefore, it is at least reasonably possible

that these factors will result in changes in the value of the Foundation’s investments

which could materially affect amounts reported in the financial statements.

THE ARRL FOUNDATION, INC.

NOTES TO THE FINANCIAL STATEMENTS

(1) Investments

The Foundation accounts for its investments in accordance with SFAS 124,

Accounting for Certain Investments Held by Not-For-Profit Organizations.

statement requires all equity and debt investments to be reported at fair value with

unrealized gains and losses included in the statements of activities.

The following is

a summary of investments held at June 30:

2003

2002

Cost

Market

Value

Cost

Market

Value

U.S. Government Securities

$ 936,127

$ 979,711

$493,508

$554,071

Bonds

51,211

48,933

73,707

58,264

Mutual Funds

69,569

58,028

107,464

79,081

Common Stocks

116,322

101,258

115,303

104,756

Total investments

$1,173,229

$1,187,930

$789,982

$796,172

Unrealized gains as of June 30, 2003

$14,701

Unrealized gains as of June 30, 2002

6,190

Change in unrealized gain (loss) on investment

$8,511

(2) Contributions Restricted by Donors

The Foundation receives donor contributions which are restricted for specific

purposes as specified by the donors.

These restricted contributions are

administered by designated officials of the Foundation in accordance with the

directions of the donors.

(3) Permanently Restricted Net Assets

Permanently restricted net assets are the principal portion of the endowment fund

investments.

Income generated from these assets are temporarily restricted for use

as scholarships and grant awards.

Balance

Investment

Balance

Fund Name

July 1, 2002

Contributions

Income, Net

Expenditures

June 30, 2003

Riebhoff

16,918

788

(1,000)

16,706

Scholarship

22,694

998

23,692

Bieberman

9,810

525

434

10,769

P. Grauer

46,171

150

2,077

(1,000)

47,398

Hadlock

9,607

511

(2,000)

8,118

Goldwater

52,587

173

2,536

(5,000)

50,296

V. Clark

17,815

250

796

(250)

18,611

WARC

1,985

2,072

McDaniel Mem.

18,955

856

(500)

19,311

Friend in PA

85,783

3,817

(1,000)

88,600

Metzger

8,864

200

408

(500)

8,972

Wicker

54,484

2,440

(1,000)

55,924

Bennett

10,226

450

10,676

Lawson

21,108

928

22,036

Fischer

50,537

2,267

(1,000)

51,804

K2TEO

3,512

1,018

198

(1,000)

3,728

PHD

30,703

1,394

(1,000)

31,097

Six Meters

13,008

594

(500)

13,102

FEMARA

114,829

1,172

5,223

(3,000)

118,224

Mississippi

17,225

780

(500)

17,505

Comstock

1,149

1,000

(1,000)

1,248

Cook

30,974

1,406

(1,000)

31,380

NEMAL

506

528

Cirdke

32,491

1,473

(1,000)

32,964

FLOSI

440

459

Chicago FM

2,524

500

150

(500)

2,674

M.L. Brown

60,113

2,754

(2,500)

60,367

ARRL Scout Handbook

190

198

Eugene "Gene" Sallee

1,228

500

(500)

1,321

AARC

1,455

(500)

1,041

Anderson

24,114

1,116

(1,250)

23,980

IDEA

102

107

Craigie

1,165

1,216

Walton

2,844

147

(500)

2,491

Central Arizona DX Ass.

1,112

547

(500)

1,243

W6SAI

1,138

1,000

2,207

WRTC USA

235

271

Strohmeier

5,174

227

5,401

H. Broughton Earnings

6,824

2,557

(1,000)

8,381

Goldfarb Earnings

116,050

6,827

122,877

N. TX Memorial Earnings

177

207

Total Temporarily

Restricted Funds

896,826

7,060

44,816

(29,500)

919,202

H. Broughton

119,551

Wm. Goldfarb

919,064

N. TX KB5BNU

500

Total Permanently

Restricted Funds

1,039,115

Schedule 1

__________

THE ARRL FOUNDATION, INC.

Restricted Fund Summary

For the Years Ended June 30, 2003 and 2002

Balance

Investment

Balance

Fund Name

July 1, 2001

Contributions

Income, Net

Expenditures

June 30, 2002

Riebhoff

16,976

942

(1,000)

16,918

Scholarship

21,430

1,264

22,694

Bieberman

9,202

100

542

(34)

9,810

P. Grauer

44,600

2,571

(1,000)

46,171

Hadlock

8,788

819

9,607

Goldwater

54,655

298

2,634

(5,000)

52,587

V. Clark

21,938

1,807

1,070

(7,000)

17,815

WARC

1,874

111

1,985

McDaniel Mem.

18,399

1,056

(500)

18,955

Friend in PA

82,006

4,777

(1,000)

85,783

Metzger

9,089

300

475

(1,000)

8,864

Wicker

52,312

145

3,027

(1,000)

54,484

Bennett

9,657

569

10,226

Lawson

19,933

1,175

21,108

Fischer

48,723

2,814

(1,000)

50,537

K2TEO

4,316

196

(1,000)

3,512

PHD

29,538

465

1,700

(1,000)

30,703

Six Meters

12,784

724

(500)

13,008

FEMARA

113,868

6,361

(5,400)

114,829

Mississippi

16,266

959

17,225

Comstock

1,123

1,020

(1,000)

1,149

Cook

30,249

1,725

(1,000)

30,974

NEMAL

478

506

Cirdke

31,682

1,809

(1,000)

32,491

FLOSI

416

440

Chicago FM

2,392

500

132

(500)

2,524

M.L. Brown

59,265

3,348

(2,500)

60,113

ARRL Scout Handbook

179

190

Eugene "Gene" Sallee

1,660

(500)

1,228

AARC

1,874

(500)

1,455

Anderson

24,021

1,343

(1,250)

24,114

IDEA

596

(500)

102

Craigie

1,100

1,165

Walton

3,186

158

(500)

2,844

Central Arizona DX Ass.

1,050

1,112

W6SAI

1,027

1,138

WRTC USA

101

1,075

(1,000)

235

Strohmeier

5,000

174

5,174

H. Broughton Earnings

5,381

2,443

(1,000)

6,824

Goldfarb Earnings

102,190

13,860

116,050

N. TX Memorial Earnings

139

177

Total Temporarily

Restricted Funds

864,463

10,760

59,287

(37,684)

896,826

H. Broughton

119,551

Wm. Goldfarb

919,064

N. TX KB5BNU

500

Total Permanently

Restricted Funds

1,039,115

an integral part of these financial statements

The accompanying accounting policies and notes are

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