During 2007 the COLEG had total cash income from all sources of $61,388.30. For the same period, expenses (not including award reimbursements) were $301.04. At year-end the COLEG had combined assets valued at $378,229.80 compared to year-end 2005 assets of $366,742.72. These assets consisted of cash and securities in a brokerage account that totaled $376,249.32, and a non-interest bearing checking account with a balance of $1,980.48. At year-end scholarship award liabilities totaled $43,045.76. This left the COLEG with a net worth of $335,184.04 at year end, versus $331,332.72 this time last year.

Cash, in order of amount received came from the following sources: 1) investment income, 2) memberships/contributions, 3) memorials and honorariums, 4) PTO loan repayments and 5) annually funded scholarships. The PTO loans pre-date the incorporation of the COLEG and therefore are not carried on the balance sheet as an asset. 17 of these loans remain outstanding and unpaid which total $4,775.

Expenses, continued to be minimal, amounting to less than .0008 % of COLEG’s assets. They are expected to remain at these low levels going forward.

The Endowment Fund which was valued at $320,642.34 at year end 2006, finished 2007 with a valuation of $320,831.8 after year end adjustments as a result of tuition award reimbursements.

2007 ended with 4 named lump sums within The Endowment Fund, in addition to that which is earmarked as the COLEG portion. These book entry accounts in order of value and approximate percentage representation are as follow: COLEG $100,557.93 (31%), Kenneth & Evelyn (Lindquist) Berg $94,686.69 (30%), William & Ruth (Norland) Wilebski $89,923.31 (28%), Al & Irene Arneson $26,165.00 (8%), and John & Ann Hugg $9,498.86 (3%).

 Fred Wilebski
Treasurer

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