Consolidating statements of activities.

CONSOLIDATING STATEMENTS OF ACTIVITIES
The California Society of Certified Public Accountants
California Certified Public Accountants Education Foundation
Years Ended April 30, 2004 and 2003
(dollars in thousands)

                                               CalCPA        Foundation
                                          2004       2003       2004

REVENUES:
  Dues                                 $   7,385  $   7,370
  Registration Fees                                          $  10,156
  Peer Review Fees                           927        913
  Member Meetings and Events                 910        769
  Advertising                                829        803
  Services To (From) Related Entities        613        584       (151)
  Royalties and Affinity Programs            106        106         87
  Investment Income (Loss), Net            1,383         16        368
  Other Income                                51         95        248
    TOTAL REVENUES                        12,204     10,656     10,708

EXPENSES:
 Program Services:
  Member Events:
   Chapters                                2,037      1,872
   Committees                                422        437
   Other Activities                        1,635      1,605
  Other Member Services:
   Communications                          1,709      1,733
   Government Relations                      818        806
 Professional Education Programs                                 8,571
   Total Program Services                  6,621      6,453      8,571
 Supporting Services:
  Management and General                   2,722      2,984      1,547
  Governance                                 601        506        109
  TOTAL EXPENSES                           9,944      9,943     10,227

INCREASE IN NET ASSETS                     2,260        713        481

NET ASSETS:
  Beginning of Year                        4,964      4,251      4,768
  End of Year                          $   7,224  $   4,964  $   5,249

                                         Foundation   Consolidated
                                          2003        2004       2003

REVENUES:
  Dues                                            $   7,385  $   7,370
  Registration Fees                    $  9,703      10,156      9,703
  Peer Review Fees                                      927        913
  Member Meetings and Events                            910        769
  Advertising                                           829        803
  Services To (From) Related Entities      (147)        462        437
  Royalties and Affinity Programs           107         193        213
  Investment Income (Loss), Net            (203)      1,751       (187)
  Other Income                              141         299        236
  TOTAL REVENUES                          9,601      22,912     20,257

EXPENSES:
 Program Services:
  Member Events:
   Chapters                                           2,037      1,872
   Committees                                           422        437
   Other Activities                                   1,635      1,605
  Other Member Services:
   Communications                                     1,709      1,733
   Government Relations                                 818        806
 Professional Education Programs          8,103       8,571      8,103
   Total Program Services                 8,103      15,192     14,556
 Supporting Services:
  Management and General                  1,315       4,269      4,299
  Governance                                 94         710        600
  TOTAL EXPENSES                          9,512      20,171     19,455

INCREASE IN NET ASSETS                       89       2,741        802

NET ASSETS:
  Beginning of Year                       4,679       9,732      8,930
  End of Year                          $  4,768   $  12,473  $   9,732

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