Consolidating statements of cash flows. (2002 Annual Report).

CONSOLIDATING STATEMENTS OF CASH FLOWS

The California Society of Certified Public Accountants

California Certified Public Accountants Education Foundation

Years Ended April 30, 2002 and 2001

                                                CalCPA

                                             2002         2001

OPERATING ACTIVITIES:

 Increase (Decrease) in Net Assets    $   497,000  $ 1,247,000

 Reconciliation to Net Cash Provided
  by Operating Activities:

   Net Unrealized Losses
    on Investments                        155,000      221,000
   Depreciation and Amortization          355,000      495,000
   Loss on Disposal of Property and
    Equipment                               2,000       40,000
   Deferred Lease Costs                    46,000      382,000
   Accurred Pension Liability           (330,000)      227,000

Changes in:

   Trade and Other Receivables           (38,000)    (136,000)
   Other Current Assets                 (256,000)      103,000
   Accounts Payable                         5,000      156,000
   Accurred Expenses                       86,000    (291,000)
   Deferred Revenue                       616,000      140,000

Net Cash Provided By
   Operating Activities                 1,135,000    2,584,000

INVESTING ACTIVITIES:

 Purchase of Investments                (859,000)    (929,000)
 Proceeds From Sale of Investments        760,000      841,000
 Purchases of Property and Equipment    (202,000)    (839,000)
 Acquisition of Intangible Assets

 Net Cash Used By
  Investing Activities                  (301,000)    (927,000)

FINANCING ACTIVITIES:

  Payments on Contract payable                        (60,000)

NET INCREASE (DECREASE) IN CASH
  AND EQUIVALENTS                         834,000    1,597,000

CASH AND EQUIVALENTS:

  Beginning of Year                     5,753,000    4,156,000

End of Year                           $ 6,587,000  $ 5,753,000

                                                Foundation

                                               2002           2001

OPERATING ACTIVITIES:

 Increase (Decrease) in Net Assets    $   (100,000)  $     771,000

 Reconciliation to Net Cash Provided
  by Operating Activities:

   Net Unrealized Losses
    on Investments                          412,000        425,000
   Depreciation and Amortization            243,000        161,000
   Loss on Disposal of Property and
    Equipment
   Deferred Lease Costs                      50,000         10,000
   Accurred Pension Liability             (178,000)        102,000

Changes in:

   Trade and Other Receivables            (151,000)         85,000
   Other Current Assets                    (86,000)         40,000
   Accounts Payable                       (130,000)        (2,000)
   Accurred Expenses                         50,000        174,000
   Deferred Revenue                           4,000         31,000

Net Cash Provided By
   Operating Activities                     114,000      1,797,000

INVESTING ACTIVITIES:

 Purchase of Investments                (4,842,000)    (1,255,000)
 Proceeds From Sale of Investments        3,819,000      1,229,000
 Purchases of Property and Equipment      (139,000)      (721,000)
 Acquisition of Intangible Assets         (106,000)

 Net Cash Used By
  Investing Activities                  (1,268,000)      (747,000)

FINANCING ACTIVITIES:

  Payments on Contract payable

NET INCREASE (DECREASE) IN CASH
  AND EQUIVALENTS                       (1,154,000)      1,050,000

CASH AND EQUIVALENTS:

  Beginning of Year                       1,378,000        328,000

End of Year                           $     224,000  $   1,378,000

                                               Consolidated

                                               2002           2001

OPERATING ACTIVITIES:

 Increase (Decrease) in Net Assets    $     397,000  $   2,018,000

 Reconciliation to Net Cash Provided
  by Operating Activities:

   Net Unrealized Losses
    on Investments                          567,000        646,000
   Depreciation and Amortization            598,000        656,000
   Loss on Disposal of Property and
    Equipment                                 2,000         40,000
   Deferred Lease Costs                      96,000        392,000
   Accurred Pension Liability             (511,000)        329,000

Changes in:

   Trade and Other Receivables            (189,000)       (51,000)
   Other Current Assets                   (342,000)        143,000
   Accounts Payable                       (125,000)        154,000
   Accurred Expenses                        136,000      (117,000)
   Deferred Revenue                         620,000        171,000

Net Cash Provided By
   Operating Activities                   1,249,000      4,381,000

INVESTING ACTIVITIES:

 Purchase of Investments                (5,701,000)    (2,184,000)
 Proceeds From Sale of Investments        4,579,000      2,070,000
 Purchases of Property and Equipment      (341,000)    (1,560,000)
 Acquisition of Intangible Assets         (106,000)

 Net Cash Used By
  Investing Activities                  (1,569,000)    (1,674,000)

FINANCING ACTIVITIES:

  Payments on Contract payable                            (60,000)

NET INCREASE (DECREASE) IN CASH
  AND EQUIVALENTS                         (320,000)      2,647,000

CASH AND EQUIVALENTS:

  Beginning of Year                       7,131,000      4,484,000

End of Year                           $   6,811,000  $   7,131,000