Annual Report - 2002
To Our Friends...

We are pleased to share with you this annual report describing the progress of Permian Basin Area Foundation - your community foundation.

During 2002, the Foundation sustained significant growth in charitable assets thanks to almost $3.9 million in gifts from donors, and despite dramatic declines in values on the financial markets. Assets at December 31, 2002 totaled $13.5 million. Grants and distributions for charitable purposes exceeded $1.2 million – more than any prior year. These included grants from unrestricted and field of interest funds, donor advised grants, distributions from agency and designated endowments, and scholarships to students pursuing higher education.

The Foundation’s capacity to address community needs is created by the generosity of our donors.

Permian Basin Area Foundation operates as a permanent charitable endowment offering countless options through which a donor may leave a lasting legacy to their community or chosen charitable cause.

As a community foundation, we strive to serve as a resource for philanthropists of all manner and means. There are a number of ways in which charitable legacies can be created with the Foundation:

• Cash or receivable income
• Appreciated securities
• Retirement accounts
• Real estate and oil and gas interests
• Life insurance
• Charitable gift annuities
• Charitable remainder trusts
• Charitable lead trusts

Freely call upon the Foundation’s staff if we can assist you achieve any of your charitable objectives.

On behalf of the Board of Governors and those who are already part of the Foundation Family, we invite you to join us in this mission of philanthropy.

Jack Swallow President & Chief Executive Officer	Betsy Triplett-Hurt Chairman 2003	K. Michael Conaway Chairman 2001-2002