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These financial statements have been prepared to present an overall picture of the AAFP's financial condition and operations. The complete financial statements were examined by Ernst & Young, certified public accountants.

	___May 31, 1996	___May 31, 1995
ASSETS
Cash and cash equivalents	$5,538,126	$4,639,231
Receivables	6,908,560	3,337,210
Inventory and publication material	19,081	23,631
Prepaid expenses and other assets	924,781	1,285,200
Marketable securities at cost	19,213,961	18,966,477
Property and equipment:
Land	495,000	495,000
Office buildings, improvements	2,418,210	2,418,210
Office equip., furniture, fixtures	7,096,288	7,217,236
	10,009,498	10,130,446
Less allowances for depreciation	(4,831,650)	(4,424,083)
	5,177,848	5,706,363
Note receivable from 1740 Partners	1,925,000	1,925,000
Investments in deferred compensation plan	977,097	707,018
Total Assets	$40,684,454	$36,590,130
LIABILITIES AND NET ASSETS
Liabilities and deferred revenue:
Accounts payable and other liabilities	$ 4,969,114	$ 4,224,949
Unearned revenue	14,276,458	12,615,271
Liability for deferred compensation plan	977,097	707,018
Income taxes and related interest payable	1,395,790	3,832,492
Due to 8880 Partners	1,346,788	1,478,605
Deferred gain	976,087	976,087
Deferred credit	678,642	711,062
Total liabilities	24,619,976	24,545,484
Net assets: unrestricted	16,064,478	12,044,646
Total liabilities and net assets	$40,684,454	$ 36,590,130
Consolidated Statements of Activities
	Year Ended May 31
	1996	1995
REVENUE
Membership dues and fees	$ 11,243,647	$ 10,053,701
Publications	18,614,612	12,757,857
Programs and miscellaneous	17,460,787	16,910,061
Investment income	1,945,417	961,051
IRS refund	---------	3,479,944
	49,264,463	44,162,614
EXPENSES
Membership services and programs	23,526,073	23,723,897
Publications	10,490,720	8,074,195
General and administrative	9,845,090	10,060,077
Income taxes and related interest	1,382,748	1,724,739
	45,244,631	43,582,908
Change in net assets	4,019,832	579,706
Net assets at beginning of year	12,044,646	10,643,948
Unrealized gain on marketable securities	---------	820,992
Net assets at end of year	$16,064,478	$ 12,044,646

• FP Report is published by the AAFP News Department.

FP Report, October 1996 headlines