American Oriental Society

FOUNDED 1842


Balance Sheet_____________December 31, 1994

NAME                          1994                 1993    
SECURITIES AT COST        717,284.19          658,389.80
PRUDENTIAL COMMAND ACCT    90,026.00          139,780.00
CASH IN PRUDENTIAL ACCT     1,006.83          (16,168.81)
INVENTORY                  97,780.40           87,012.81
FIRST AMERICA CHECKING     44,041.64           41,677.40
REPUBLIC BANK               2,469.87            2,396.96
SHAWMUT BANK CHECKING       7,337.65           13,627.81
CENTER BANK                   228.40              301.71
DRESDNER BANK                 532.11              556.97
PREPAID YALE AGENCY ACCT      529.07              178.25
PREPAID U MICH AGY ACCT    (1,076.93)          (3,185.60)
PETTY CASH                     25.00               25.00
LOAN TO OFFICE SEC'Y        1,500.00            2,000.00
                           ==========          ===========
<TOTAL>                 $ 961,684.23        $ 926,592.32

CAPITAL FUNDS
     Named Funds             21,300.00            21,300.00
     Reserve Fund             1,500.00             1,500.00
     Nies Fund                4,122.86             4,122.86
     F J. Stephens Fund       9,612.77             9,612.77
     Upton Fund                 567.82               567.82
     M J Cameron Fund        25,000.00            25,000.00
     P Barbour Fund          40,000.00            40,000.00
     L M Hackney Fund        50,768.55            50,768.55
CAPITAL GAINS FUND             326,510.81           303,111.96
LIFE MEMBER FUND                36,897.76            36,897.76
RESTRICTED GIFTS FUND           48,047.66            47,787.66
FOUNDERS FUND                    6,751.00             4,701.00
PATRONS FUND                     5,210.00             3,715.00
GENERAL ACCOUNT                158,817.98           149,780.27
JOURNAL ACCOUNT                 22,749.50            19,002.07
SERIES PUBL ACCOUNT            145,695.61           136,651.72
AOS TRANSL SERIES ACCT          28,171.48            28,171.48
LIBRARY ACCOUNT                    960.50               524.19
SEC'Y-TREASURER ACCOUNT         16,287.26            31,666.17
AFFILIATED ORGANIZATIONS         1,652.89             1,317.89
COMMITTEES ACCOUNT                1000.00             1,000.00
CONTINGENCY ACCOUNT               1000.00             1,000.00
HACKNEY SCHOLARSHIP ACCT         9,059.78             8,393.15
                                ==========           =========
<TOTAL>                      $ 961,684.23         $ 926,592.32

AMERICAN ORIENTAL SOCIETY

1994 END OF YEAR SECURITY VALUES

NAME                                      COST            MARKET 
-----------------------------------------------------------------
2500 SHS ALLI WRLD DOLL GOVT FND II   $ 40366.59      $ 24687.50 
2176 SHS ALLI WRLD DOLL GOVT FUND       40610.76        24752.00 
100 SHS ARISTOTLE CORP NEW              18607.00          412.50 
200 SHS BIOMET INC                       2130.80         2800.00
25 UNITS CORP INCOME FUND INC           11724.47        14043.50 
300 SHS CUSTOMEDIX                       5164.43          806.40 
826 SHS CV REIT INC                     15780.55         7434.00 
35 SHS DEUTSCHE BANK                    14988.02        16257.89 
440 SHS DOMINION RESOURCES              17943.93        15840.00 
2000 SHS EMERGING GERMANY FUND          15980.47        14750.00 
4212.4 SHS FED GOVT INC SEC             39723.63        35047.24 
1000 SHS FIFTY OFF STORES INC            7506.00         3125.00 
5250 SHS FOSTERS BRWING GRP             10590.00         4558.05 
1500 SHS FREEPORT MCMORAN RESOURCE      27279.34        21937.50 
665 SHS GENERAL PUBLIC UTILITIES        18062.66        17456.25 
4850 SHS GLOBAL INC PLUS FUND           48196.37        38800.00 
3333 SHS HIGH INC ADV TRST I            20731.26        17914.88 
4000 SHS HIGH INC ADV TRST II           22349.97        23000.00 
183 SHS HILCOAST DVLPT CORP                 0.00          869.25 
16 SHS HOME DEPOT INC                     637.33          736.00 
1700 SHS HYPERION TOTL RETRN FUND       19796.11        13600.00 
2000 SHS INTEGRATED WASTE SVCS           5498.25         8500.00 
20M SHS MBF HOLDINGS BERHAD              9616.56        13236.00 
1623 SHS METLIFE STATE RES.             20011.59        18859.26 
2500 SHS MULTIMARKET INCOME FND         19099.44        15312.50 
800 SHS NEW PLAN REALTY                 17996.68        15600.00 
1151.9 SHS PIMCO ADV PREC MET FUND      10016.83        13466.46 
3000 SHS PRUD INTERM GLB INC FUND       29261.17        21960.00 
2000 SHS PRUDENTIAL RLTY TRST INC       11820.37         7500.00 
1000 SHS STEIN MART INC                 18920.41        12750.00 
1000 SHS SUMMIT TECHN INC               35702.00        28750.00 
2300 SHS TEMPLETON GBL INCOME FND       19534.16        14950.00 
400 SHS TEXAS UTIL ELEC CO 7.22 PRF     10000.00         8000.00 
1000 SHS VIDEO SENTRY CORP               6372.02         6000.00 
                                      ----------      ---------- 
<TOTAL>                                612019.17       483712.18 

$16M AMOCO CAN CV, 7.35% 9/13           18160.02        18400.00 
$10M BRWNG-FERRIS CV 6.25% 8/12         10987.50         9125.00 
$10M CATERPL INC. 9.375% 8/11           10187.50        10100.00 
$20M GOVT TRUST CERT, 5/04               6585.40         9479.50 
$20M RESOL FUNDING CORP 10/07            8304.00         7231.80 
$20M US TREAS STRIP 11/08                6830.00         6725.00 
$20M US TREAS STRIP 5/05                 7177.40         8912.60 
$20M US TREAS STRIP 8/06                 7033.20         8037.60 
                                      ----------      ---------- 
<TOTAL>                                 75265.02        78011.50 

$30M PRIME PLUS REALTY                  30000.00        21223.36 
                                       ===========    ===========
<GND-TOTAL>                          $ 717284.19     $ 582947.04
                                       ===========    ===========

American Oriental Society

FOUNDED 1842

Changes in Account Balances for 1994

**General Account **
Balance January 1, 1994                              $ 149,780.27
Dues less refunds                         $ 45,007.50
Income from investments, etc.               42,812.79
Misc. contributions from members               955.00   88,775.29
                                   ==========               
                                           238,555.56
Appropriations to other accounts            32,000.00
Adjustment to return of capital 1994         3,438.46
Adjustment to return of capital 1990-93     14,076.33
Taxes and bank fees                            460.88
Postage and mailing permits                  3,481.11
Transfer of dues share to Journal Account   18,280.80
Transfer of income share to Hackney 
Scholarship Acct                             8,000.00 (79,737.58)
                                   ========== 
                                    $ 158,817.88 

** Life Member Fund **
Balance January 1, 1994                               $36,897.76
   No transaction in 1994

** Restricted Gifts Fund **
Balance January 1, 1994                                $47,787.66
Gifts received                                             260.00
                                      =========
                                      $48,047.66 

** Founders Fund **
Balance January 1, 1994                                 $4,701.00
Gifts received                                           2,050.00
                                    ========
                                    $6,751.00 

** Patrons Fund **
Balance January 1, 1994                                 $3,715.00
Gifts received                                           1,495.00
                                    ========
                                    $5,210.00 

** Journal Account **
Balance January 1, 1994                                $19,002.07
Subscriptions less refunds                  47,411.95
Share of dues from General Account          18,280.80
Sales of back issues                           242.36
Nies Fund Income                               509.45
Advertising                                    225.00
Royalties                                    1,377.48   68,047.04 
             
                                       =========
                                       87,049.11 
Publishing expenses (3.5 issues)            55,265.13
Postage and freight                          2,793.85
Editors' expenses                            3,990.63
Honoraria                                   2,250.00  (64,299.61)
                                       =========
                                    $22,749.50 

**Series Publications **
Balance January 1, 1994                               $136,651.72

Subvention Vol. 78                           5,000.00
Sales                                        9,771.50
Royalties                                      103.32
Increase in inventory                       16,526.25   31,401.07

                                      ==========
                                      168,052.79 
Print Volume 76                             2,420.65            
Print Volume 77                             1,854.64
Compose & Print Volume 78                  12,323.21
Decrease in inventory                       5,758.68  (22,357.18)
                                       ==========
                                    $ 145,695.61 

** AOS Translation Series **
Balance January 1, 1994                              $  28,171.48
   No transactions in 1994

** Library Account **
Balance January 1, 1994                                   $524.19
Appropriation                                            1,000.00

Student help                                             (563.69)
                                        ========
                                     $    960.50 

** Affiliated Organizations **
Balance January 1, 1994                                 $1,317.89
Appropriation from General Account                       1,000.00

                                        ========
                                        2,317.89 
Dues International Union of Orientalists        115.00
Subvention Midwest Branch AOS                   200.00
Subvention Western Branch AOS                   350.00   (665.00)
                                          ======
                                     $  1,652.89 
 
** Hackney Scholarship Account **
Balance January 1, 1994                                 $8,393.15
Transfer of income from General Account                  8,000.00
                                       =========
                                       16,393.15 
Payments to scholars                                   (7,333.37)
                                        ========
                                     $  9,059.78 

** Committees Account **
Balance January 1, 1994                                 $1,000.00
   No transactions in 1994

** Contingency Account **
Balance January 1, 1994                                 $1,000.00

   No transactions in 1994

** Secretary-Treasurer Account **
Balance January 1, 1994                                $31,666.17

Appropriation from General Account          30,000.00
Annual Meeting fees less refunds             7,800.13
Sales of Directory                           1,530.00
Rentals                                        450.00
Loan repayment                                 500.00   39,780.13

                                       =========
                                       71,446.30 
Printing Annual Meeting Pgm & Abstracts     1,838.55
Annual Meeting rentals 1993                 4,804.51
Annual Meeting charges & rentals 1994       4,350.13
Medal                                         130.00
Printing Newsletters 16 & 17                3,048.49
Office supplies                               757.98
Office equipment purchases                  1,511.34
Machine maintenance                           295.00
Telephone                                   1,779.15
Data processing                               447.36
Printing & stationery                       2,044.23
Travel & entertainment                      1,877.56
Salary                                     21,026.01
Bonus                                         500.00
Social Security taxes                       1,586.57
Benefits                                    7,321.85
Overhead fee                                   90.31
Honoraria                                    1,750.00 (55,159.04)
                                       =========
                                     $ 16,287.26 

Comparative Financial Data

     Category                        1994            1993  
     ------------------------------------------------------
     Book sales & royalties       $  12,782       $  12,401
     Capital gains                   23,399          13,967
     Annual Meeting fees              7,800          10,001
     Subscriptions & back issues     47,454          49,092
     Advertising & rentals              645           1,765
     Investment income etc.          43,322          50,991
     Dues                            45,007          49,475
     Contributions & subventions      9,760           7,469

     JAOS expenses                   64,300          76,456
     Sec'y-Treasurer's Office        55,159          46,096
     Series Publs, w/o inventory     16,599           7,740
                                     =======         =======
     Net worth                    $ 961,684       $ 926,592