REPORT OF THE AUDIT COMMITTEE

The Audit Committee, consisting of Robert McClenon and Carol McClenon, met at the apartment of the Treasurer, Paul McClenon, on Saturday, 25 February 2012. The Audit Committee reviewed the annual report of the Treasurer and compared it against the backup materials provided by the Treasurer, including bank statements, statements from Fidelity, records from QuickBooks, and other materials. The Audit Committee identified various minor discrepancies between the income figures shown in the Treasurer’s Report and those provided by Fidelity. The Audit Committee and the Treasurer worked together to correct the discrepancies. A revised version of the Treasurer’s Report is attached. The Audit Committee did not review the market prices listed in the Treasurer’s Report and so has no opinion on their accuracy. A combined summary of the reports for the two endowments and a five-year summary of contributions are also attached as a courtesy for the information of the Trustees, but have not been reviewed by the auditors. The Audit Committee is satisfied that the revised Treasurer’s Report is an accurate summary of the balance sheet and income and expenses of the two endowments of the Fund.

Respectfully submitted,

Robert McClenon

Audit Committee Chair

1 March 2012