December 31, 1996  December 31, 1997
REVENUE
Donations, memberships, and grants              $61,033           $86,232
Special Events (net)                              3,706             6,866
Investment Income                                 2,686             6,306
Other Revenue                                       -0-             6,154
TOTAL REVENUE                                   $67,425          $105,558

EXPENSES
Land Protection Program                          $7,454           $14,101
Stewardship/Property Management                   5,749             9,732
Outreach/Public Education/Conferences             3,959            20,654
Management & General                             10,212             8,087
Fundraising                                       5,883             7,795
TOTAL EXPENSES                                  $33,257           $60,368

ASSETS and FUND BALANCES                        
Members                                             412               385

Conservation easements to date                        6                 7
Acres under easement                                872               905

Conservation land acquisitions to date                4                 6
Acres owned for conservation                        217               395
Acres owned for trade                                25                25
Value of property acquisitions                 $277,973          $439,773
Equipment                                       $14,447           $14,447

Stewardship & Bondurant Funds                   $15,488           $35,490
    designated funds to monitor and defend
    KHLT conservation easements and
    conservation properties

Homer Foundation Endowment                       $5,766            $5,766
    endowment fund to generate income
    to monitor KHLT conservation easements

Klingel Fund                                    $21,933           $29,810
    designated revolving fund to purchase
    or lease land, conservation easements,
    or trail easements

General Reserves                                $14,635           $24,299
    designated fund intended to become
    an endowment to help pay KHLT
    operating expenses

Designated Operating Funds                      $19,719           $16,821
    to pay for specific program expenses

General Fund                                    $22,983           $34,081
    unrestricted funds to pay program
    and general operating expenses

TOTAL ASSETS                                   $392,944          $600,487
Liabilities                                        $116              $673

NET ASSETS                                     $392,828          $599,814