Once again, I am pleased to report that our Association's financialcondition remains healthy, providing a resource base sufficient tocontinue current operations, while expanding the Association'sactivities in new directions as needed. Since my last annual report,we have seen our endowment and real estate holdings grow in value toabout $30 million (as of August 2007), against which we are carryingjust $1.6 million in mortgage debt. For the fiscal year that endedJune 30, 2007, we estimate that total operating income ($4.7million) was slightly above budget, with expenditures slightlybelow. Our broad membership base continues to be the most importantreason for our healthy financial condition, while the Annual Meetingand APSA publications also provide substantial income. In short, weare in the enviable position of enjoying stable membership, whileholding substantial income- and growth-producing assets with minimallong-term liabilities. All of these factors combine to produce anoperating budget which hews closely to anticipated income andexpenses, year after year.