California Symphony Endowment Fund

“Form 990 is prepared by an outside tax professional. The form is then reviewed bythe organization's management and a member of the board of directors. This group of individuals then discusses the contents of the return with the outside tax professional. After a full review, the final version of the tax return is provided to all members of the organization's voting body. A representative of management authorizes the final form 990 which is then e-filed with the internal revenue service.”

“Members of the board of directors review all potential conflicts of interest atleast annually. All board members are required to disclose (in writing) potential conflicts and any related party affiliations. Loans between the organization and members of management and the board are strictly prohibited. The organization seeks full transparency on all relationships. Any potential conflicts (in fact or appearance) are discussed openly and resolved in accordance with the organization's policies and procedures.”

“The Endowment Fund has no employees. All of the organization's activities are governed by uncompensated (volunteer) board members.”

“All of the organization's governing documents, financial statements and other legalfilings are maintained in a secure environment and held available for inspection bytax authorities and the general public. Tax returns are posted annually towww.guidestar.org (where they are available for viewing as electronic copies) and are also available for a physical inspection at the organization's office in walnut creek, california.”

“Client Note 1 - Investments-----------Investments consist of the following at July 31, 2013 and 2012: 2013 2012 --------------------- -------------------- Fair Fair Cost Value Cost Value --------- ------- -------- -------Money market funds $ 242,606 242,606 143,363 143,363Stocks and securities 200,477 286,921 226,358 298,846Bonds and securities 121,552 114,635 175,357 177,176Limited partnership unit 12,752 16,502 12,752 16,006Reflected on 94-3024038 - - - - --------- ------- -------- -------Totals $ 557,830 635,391 557,830 635,391 --------- ------- -------- -------During the years ended July 31, 2013 and 2012, earnings on investments were reinvested. Interest and dividends are included in investment income on the combined statement of activities and changes in net assets. Unrealized gains amounted to $16,979 and $23,764 for the years ended July 31, 2013 and 2012, respectively.”