2002 Financial Statement

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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

Members of the Executive Board And Advisory Council The Renaissance Society of America

I have audited the statements of financial position of The Renaissance Society of America (a New York nonprofit organization) as of December 31, 2002 and 2001, and the related statements of activity and cash flows for the years then ended. These financial statements are the responsibility of the Society's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis. evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Renaissance Society of America as of December 31,2002 and 2001, and the results of its activity and cash flows for the years then ended, in conformity with generally accepted accounting principles.

New York, New York March 11, 2003

THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF FINANCIAL POSITION
FOR THE YEARS ENDED DECEMBER 31,

                                                  2002           2001

ASSETS
  Cash                                         $20,705        $64,620
  Deferred annual meeting costs                  9,334         17,456
  Prepaid salaries and benefits                 31,000              -
  Investment securities                      1,373,288      1,806,432
  Deposits                                           -          4,329
  Property and equipment net                     8,965         11,341

Total Assets                                 1,443,292      1,904,178

LIABILITIES
  Accounts payable and accrued
    expenses                                     5,900         13,104
  Deferred memberships                          65,150         38,979
  Deferred subscriptions                        76,788         69,960
  Deferred conference registration              73,930         75,918

    Total Liabilities                          221,768        197,961

NET ASSETS
  Unrestricted                               1,176,709      1,661,402
  Temporarily restricted                             -              -
  Permanently restricted                        44,815         44,815

    Total Net Assets                         1,221,524      1,706,217

    Total Liabilities and
      Net Assets                            $1,443,292     $1,904,178

See Notes to Financial Statements

THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF ACTIVITIES
FOR THE YEARS ENDED DECEMBER 31,

                                                  2002           2001

UNRESTRICTED NET ASSETS

Support:
  Memberships and subscriptions               $231,715       $235,914
  Use of donated facilities                     36,000         18,000
  Contributions                                 10,615         23,295
  Grants                                         5,500        220,000
  Investment return                           (290,843)      (218,838)
    Total Support                               (7,013)       278,371

Revenue:
  Annual Meetings                               88,260         82,923
  Advertising                                    9,200         11,550
  Air Freight                                      390            540
  Publication                                   15,781         29,563
  Mailing list rental                            2,133          4,070
  Cranz microfilm corpus                             -          7,000
  Other                                            129          1,491

    Total Revenue                              115,893        137,137

Net assets released from restrictions                -              -

    Total Support and Revenue                  108,880        415,508

Expenses:
  Program Services
    Renaissance Quarterly                      132,691        100,302
    Newsletter publication                       9,567         16,045
    Publication subsidies                        4,000              -
    Renaissance text series                      3,335              -
    Cranz microfilm corpus                           -          6,350
    Grants                                      25,000        203,800
    Iter                                        39,000         24,000
    Web page                                     6,156         22,341
    Other program services                      82,575         88,278

    Total Program Services                     302,324        461,116

Supporting services                            291,249        260,725

    Total Expenses                            $593,573       $721,841

Increase (Decrease) in Unrestricted          $(484,693)     $(306,333)
  Net Assets

TEMPORARILY RESTRICTED NET ASSETS

(Decrease) Increase in Temporarily
  Restricted Net Asset                               -              -

PERMANENTLY RESTRICTED NET ASSETS

Endowment investment return                      2,200          1,600
Endowment expenses:
  William Nelson Prize                            (600)          (600)
  Bennett Memorial Prize                        (1,600)        (1,000)
    Total endowment expense                     (2,200)        (1,600)

Increase in Permanently Restricted
  Net Assets                                         -              -

TOTAL INCREASE IN NET ASSETS                  (484,693)      (306,333)

NET ASSETS, beginning of year                1,706,217      2,012,550

NET ASSETS, end of year                     $1,221,524     $1,706,217

See Notes to Financial Statements

THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,

                                                  2002           2001

CASH FLOW FROM OPERATING ACTIVITIES

Increase (decrease) in net assets            $(484,693)     $(306,333)

Adjustment to reconcile increase
in net assets to net cash used by
operations
  Depreciation                                   4,476          5,556
  (Gain) loss on sales of investments           46,550        (25,480)
  Unrealized (gain) loss on investment         280,394        285,578
    securities
  Decrease (increase) in operating
  assets:
    Prepaid expenses                           (31,000)             -
    Deposits                                     4,329         (2,531)
    Deferred annual meeting costs                8,122         (5,148)

Increase (decrease) in operating
liabilities:
  Accounts payable and accrued
    expenses                                    (7,204)         3,104
  Deferred memberships and
    subscriptions                               32,999            257
  Deferred conference registration              (1,988)        11,211

NET CASH PROVIDED BY OPERATING
  ACTIVITIES                                  (148,015)       (33,786)

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of property and equipment          (2,100)        (1,679)
Purchase of investment securities             (83,2617)      (516,120)
Proceeds from redemptions and
  sales of investments                         938,817        558,233

NET CASH USED BY INVESTING ACTIVITIES          104,100         40,434

INCREASE (DECREASE) IN CASH                    (43,915)         6,648

CASH, beginning of year                         64,620         57,972

CASH, end of year                             $(20,705)       $64,620

See Notes to Financial Statements

William Bregman Certified Public Accountant 575 Lexington Avenue, Suite 410 New York, NY 10022 212-572-9626