Spencer Foundation Annual Audit(5735)F1

The Spencer Foundation(An Illinois Not-for-Profit Corporation)Financial ReportMarch 31, 2008 and 2007McGladrey & Pullen, LLP is a member firm of RSM International – an affiliation of separate and independent legal entities.C o n t e n t sIndependent Auditor's Report 1Financial StatementsStatements of Financial Position 2Statements of Activities 3Statements of Cash Flows 4Notes to the Financial Statements 5 - 7Independent Auditor's ReportBoard of Directors ofThe Spencer FoundationWe have audited the accompanying statements of financial position of The Spencer Foundation (an Illinois not-for-profitcorporation) as of March 31, 2008 and 2007, 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 anopinion 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. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statement ...