Combining statements of cash flows.

COMBINING STATEMENTS OF CASH FLOWS

California Society of Certified Public Accountants
California Certified Public Accountants Education Foundation

Years Ended April 30, 2007 and 2006

(dollars in thousands)

                                           Society       Foundation
                                       2007     2006     2007

OPERATING ACTIVITIES:
  Change in Net Assets                 $2,134   $2,687      $26
  Reconciliation of the Change in Net
    Assets to Net Cash Provided by
    Operating Activities:
      Net Realized and Unrealized        (668)  (1,335)    (255)
        Gains on Investments
      Depreciation and Amortization       303      250       93
      Loss on Disposal of Property                            6
        and Equipment
      Prepaid Pension Costs              (261)             (124)
      Changes In:
        Trade and Other Receivables       (79)    (137)    (106)
        Due From (To) Affiliate          (577)     (87)     577
        Other Current Assets              (31)     (19)     (66)
        Accounts Payable                  (49)      40       68
        Accrued Expenses                            50      454
        Deferred Revenues                 173      127      437
        Deferred Lease Costs              (69)     (49)     (12)
        Accrued Pension Liability         (28)    (602)     (13)
  Net Cash Provided by Operating          848      925    1,085
    Activities
INVESTING ACTIVITIES:
  Purchase of Investments              (3,285)  (1,843)    (912)
  Proceeds From Sale of Investments     2,370    1,632    1,153
  Purchases of Property and Equipment    (262)    (282)     (97)
  Net Cash Provided by (Used in)       (1,177)    (493)     144
    Investing Activities
NET INCREASE (DECREASE) IN CASH AND      (329)     432    1,229
  EQUIVALENTS
CASH AND EQUIVALENTS:
  Beginning of Year                     5,955    5,523      852
  End of Year                          $5,626   $5,955   $2,081

                                       Foundation    Combined
                                       2006        2007     2006

OPERATING ACTIVITIES:
  Change in Net Assets                 $1,573      $2,160   $4,260
  Reconciliation of the Change in Net
    Assets to Net Cash Provided by
    Operating Activities:
      Net Realized and Unrealized        (844)       (923)  (2,179)
        Gains on Investments
      Depreciation and Amortization       163         396      413
      Loss on Disposal of Property          3           6        3
        and Equipment
      Prepaid Pension Costs                          (385)
      Changes In:
        Trade and Other Receivables       (20)       (185)    (157)
        Due From (To) Affiliate            87
        Other Current Assets              132         (97)     113
        Accounts Payable                  (25)         19       15
        Accrued Expenses                   23         454       73
        Deferred Revenues                 (49)        610       78
        Deferred Lease Costs               (6)        (81)     (55)
        Accrued Pension Liability        (304)        (41)    (906)
  Net Cash Provided by Operating          733       1,933    1,658
    Activities
INVESTING ACTIVITIES:
  Purchase of Investments                (863)     (4,197)  (2,706)
  Proceeds From Sale of Investments        14       3,523    1,646
  Purchases of Property and Equipment    (115)       (359)    (397)
  Net Cash Provided by (Used in)         (964)     (1,033)  (1,457)
    Investing Activities
NET INCREASE (DECREASE) IN CASH AND      (231)        900      201
  EQUIVALENTS
CASH AND EQUIVALENTS:
  Beginning of Year                     1,083       6,807    6,606
  End of Year                            $852      $7,707   $6,807

The accompanying notes are an integral part of these financial
statements.