2003 Financial Statement

Compiled Financial Statements

Prepared by Farley & Upham, P.A.
Certified Public Accountants
826 Anchor Rode Drive
Naples, Florida 34103

To the Board of Directors
Heernett Foundation, Inc.

We have compiled the accompanying statement of financial position - cash basis of Heernett Environmental Foundation, Inc. (a nonprofit corporation) as of December 31, 2004, and the related statement of activities - cash basis for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The financial statements have been prepared on the cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles.

A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.

Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared on the cash basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the Foundation’s assets, liabilities, net assets, revenues, and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters.

We are not independent with respect to Heernett Environmental Foundation, Inc.

Farley & Upham, P.A.
Certified Public Accountants
July 29, 2004

Heernett Foundation, Inc.
Statement of Financial Position - Cash Basis
December 31, 2003

Assets
Cash	$ 7,675
Contributed assets held for sale	$ 1,300
Property and equipment, at cost, net of accumulated depreciation of $ 54,282	$ 6,369
Land	$ 2,470,000
Prepaid Tax	$7
Total assets	$ 2,485,351
Liabilities
Payroll taxes withheld	$ 678
Total liabilities	$ 678
Net Assets
Unrestricted	$ 2,484,673
Total net assets	$ 2,484,673
Total liabilities and net assets	$ 2,485,351

Heernett Foundation, Inc.
Statement of Activities - Cash Basis
Year Ended December 31, 2003

Unrestricted revenues, gains and other support

Contributions	$ 79,224
Interest	$ 6
Miscellaneous income	$ 116
Total unrestricted revenues, gains and other support	$ 79,346
Expenses
Program services
Land and stream conservation	$ 25,531
Public education	$ 14,629
Total program services	$ 40,160
Supporting services
Management and general	$ 51,597
Fundraising	$ 6,922
Total supporting services	$ 58,519
Total expenses	$ 98,679
Decrease in unrestricted net assets	$ ( 19,333 )
Net assets at beginning of year	$ 2,504,006
Net assets at end of year	$ 2,484,673