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Auditor's Report
To the Board of Directors
Robert Sterling Clark Foundation
We have audited the accompanying statement of assets and net assets arising from cash transactions of the Robert
Sterling Clark Foundation, Inc. ("Foundation") as of October 31, 1996, and the related statements of revenues collected,
expenses paid and changes in net assets, functional expenses and cash flows for the year then ended. These
financial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that
Ustatement.
we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material mis-
An audit 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. We believe that our audit provides
a reasonable basis for our opinion.
As described in Note 2, the Foundation's policy is to prepare its financial statements on a basis of cash receipts
and disbursements; consequently, revenue and the related assets are recognized when received rather than when
earned, and expenses are recognized when paid rather than when the obligation is incurred; except that the statements
include a provision for depreciation of building and equipment. Accordingly, the accompanying financial
statements are not intended to present financial position and results of operations in conformity with generally
accepted accounting principles.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets and
net assets arising from cash transactions of the Robert Sterling Clark Foundation, Inc. as of October 31, 1996, and
the revenues collected, expenses paid and changes in net assets and cash flows for the year then ended, on a basis
of accounting described in Note 2, which basis has been consistently applied.
Our examination was made for the purpose of forming an opinion on the basic financial statements taken as a
whole. The additional information is presented for purposes of further analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the examination
of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Tardino & Tardino
Certified Public Accountants
December 19, 1996
Lincoln Building
60 East 42nd Street
New York, NY 10165