Making a Difference...Helping Members Grow

Los Angeles AreaChamber of Commerce

Annual Report 2005

2005 Annual Report

2005 Annual Report

To Our Members:

The Los Angeles Area Chamber of Commerce responded to pressing issues in 2005 with a strong, unified front resulting in significant progress for our region’s business community.

The L.A. region is one of the most vibrant places in the world to do business and to live. Each day we advocated for change—supporting initiatives for the education of our children and pushing to rebuild our infrastructure.

Since its founding in 1888, the Chamber has been serving the needs of the Los Angeles business community through business development, public policy and advocacy initiative programs. More than a century later, the Chamber has been more active than ever in raising its voice on critical business and political issues on topics that matter the most to our members.

This annual report highlights the Chamber’s activities in 2005, including programs that helped enhance members’ companies and Access advocacy trips to Washington, D.C., Sacramento and Los Angeles City Hall. Through our partnerships with other business organizations across the L.A. region, we created a powerful voice for businesses.

Our Chamber leaders and committees led the way to great achievements in 2005.

Sincerely,

Christopher C. Martin FAIA Russell J. “Rusty” HammerChief Executive Officer President & CEOAC Martin Partners Los Angeles Area2005 Board Chair Chamber of Commerce

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2005 Annual Report

Mission By being the voice of business, helping its members grow and promoting collaboration, the Los Angeles Area Chamber of Commerce seeks full prosperity for the Los Angeles region

THE VOICE OF BUSINESSAdvocacy & Public Policy Initiatives

Major Public Policy AccomplishmentsBusiness advocacy at the local, state and federal level remained a focal point for the Chamber in 2005. As the voice of business, the Chamber sought to bring about change for the betterment of the Los Angeles region. The organization created partnerships with other chambers and with those in the political and civic arenas.

The Chamber organized events to raise public and business awareness for issues affecting our community, including transportation, health care and the environment. The Chamber’s signature Access series connected business owners with policymakers through trips to Washington, D.C., Sacramento and L.A. City Hall. Other policy events included our monthly Accenture Pancakes & Politics, Mobility-21 and task forces for issues of interest. The Chamber continued distributing The Business Perspective, an influential weekly commentary on political and public issues.

Entertainment• The Chamber aimed to combat runaway production by lobbying in Sacramento for support of AB 777, which seeks to strengthen

the local entertainment industry by providing tax credits for certain types of films, television programs and commercials based in California.

• The Entertainment Industry Business Council held a series on changing main stream entertainment content to attract diverse audiences.

Transportation• Transportation & Goods Movement Committee Chair Fran Inman, Majestic Realty Co.,

chaired a task force to review the infrastructure improvement bonds.

• The Chamber applauded Burlington Northern Santa Fe Railway’s proposed Southern California International Gateway Project, which would help relieve congestion on local freeways and improve air quality throughout the region.

• The Chamber supported Gov. Arnold Schwarzenegger’s proposal to include $1.3 billion in transportation funds in this year’s budget.

• The Chamber lobbied in opposition to SB 1024, a $7.6 billion bond that includes an earmark to cover cost overruns of the Bay Bridge seismic retrofit project.

Health care• The Chamber advocated for a new, independent health authority led by health care

and hospital professionals, instead of the current system in which L.A. County Supervisors govern day-to-day operations.

Downtown• The Chamber urged L.A. City Councilmembers to support subsidies for a new hotel

adjacent to the L.A. Convention Center. The hotel, part of the Anshutz Entertainment Group’s L.A. Live project, is expected to create 3,000 construction jobs and provide permanent work for about 1,000 hotel employees. L.A. Inc. estimates more than $130 million in tax revenue from the project.

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“At the Chamber, the real work of public policy gets done without getting mired in fights…There are so many issues in Los Angeles that are important to our company—and any issue you can think of is going to affect all businesses.”

—Edward MunozChamber Board Member

Director of Government Relations,Corporate West, Raytheon

2005 Annual Report

Environment• Past Chamber Board Chair George Kieffer, Manatt, Phelps & Phillips, LLP, was

appointed to represent the Chamber on the California Environmental Quality Act Improvement Advisory Group. The group worked with members of Gov. Schwarzenegger’s cabinet to propose improvements to CEQA to speed in-fill housing and other reforms.

Housing• The Chamber opposed proposals to mandate a high percentage of low-income

units in all new developments, which could drive homebuilders out of L.A. and further reduce the city’s affordable housing stock.

Education• The Chamber led teams of education administrators and teachers to previously

failing schools in Boston, San Diego and Seattle, which have been reinvented as successful small schools and learning communities.

• The Chamber endorsed the universal preschool initiative, which would provide free voluntary preschool for all four-year-olds in California.

International TradeThe Chamber promoted international trade and increased awareness among L.A. businesses of opportunities in foreign markets. The International Trade Division conducted several events highlighting trade, including:

• World Trade Week 2005, an annual program that promotes the importance of international trade to the L.A. economy

• Trade relations sessions with Brazil and Israel, providing members access to international markets

• One Global California conference spotlighting how the L.A. region’s small and mid-sized businesses can navigate the opportunities offered by the Central American Free Trade Agreement and the North American Free Trade Agreement

In addition, the Chamber lobbied Congress to pass the Dominican Republic-Central American Free Trade Agreement during its Access D.C. trip in April. President Bush signed the agreement in July.

Leadership, Education and Workforce DevelopmentCollege-Ready Initiatives

Cash For College More than 10,000 students, parents and educators visited more than 100 college and career exhibitors and attended financial aid workshops during the Chamber’s annual Cash For College convention in October.

Work-Ready Certificate Program The Chamber’s Education and Workforce Development division created a Work-Ready Certification, a portable credential to improve youth access to jobs.

L.A. Youth at Work The Chamber hosted a L.A. Youth at Work event in June, matching nearly 400 students with summer employment. An August job fair helped provide more than 150 students with leads for construction industry work.

Principal for a Day and Executive for a Day Business leaders offered LAUSD school principals a look in today’s corporate workplace and in turn received an up-close view of the workings of our region’s school system. The program increases mutual understanding and fosters a spirit of civic involvement and commitment to L.A.’s public schools.

Leadership L.A.The Chamber continued to foster Leadership L.A., a community leadership development program, designed for L.A. business leaders who want to expand their civic involvement. The program’s curriculum addresses major issues affecting the L.A. region.

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“We are an emerging global capital, an economic powerhouse, and a vibrant community—but we must rise to overcome the challenges our rapid growth has brought about.”

—Chris Martin2005 Chamber Board Chair

CEO, AC Martin Partners

CASH FOR COLLEGE. Mayor Antonio Villaraigosa greets one of the students at a press conference during the Chamber’s annual Cash For College convention in October.

2005 Annual Report

HELPING MEMBERS GROW. Top photo: The Chamber honors members active in the Ambassadors Club, which connects ambassadors with new Chamber members and hundreds of existing members. Bottom photo: Chamber members enjoy a game of golf during the Chamber’s annual golf tournament.

HELPING MEMBERS GROWBusiness Development Programs

Affordable Advertising ProgramsMembers increased their visibility via high-exposure advertising in the Chamber Voice quarterly newsletter, weekly e-mail newsletter and the Annual Magazine and Member Directory.

Ambassadors ClubThe Chamber continued to recruit candidates for the program, allowing Ambassadors to connect with new Chamber members and hundreds of existing members.

Bottom Line Benefits ProgramThe Chamber highlighted a variety of products and services to help members reduce their cost of doing business. Discounted offerings include package delivery by DHL, office products from Office Depot, parking at LAX from The Parking Spot and job listings from NationJob Network. Member Advantage, the Chamber’s member-to-member discount program, provides a promotional channel and valuable exposure for member products and services.

Industry CouncilsThe councils met quarterly to bring together member companies from similar industry segments to discuss issues and concerns, and assist the Chamber in identifying programs to help their businesses grow. The councils included International Trade & Investment and Technology Industry.

Keeping Members InformedThe Chamber began the quarterly print distribution of the Chamber Voice to keep our members informed on the Chamber’s activities in the areas of advocacy, events and member benefits. The Chamber continued development of the Chamber Web site as a communication resource; and continued distribution of the Chamber’s weekly newsletters, L.A. Business This Week and The Business Perspective column from Rusty Hammer.

“The policy committees have given me a lot of knowledge and insight…they help you become a better thinker and a better citizen.”

—Vicky PanossianPresident, IMD,

Integral Market Developer

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2005 Annual Report

Member OrientationsThe Chamber hosted quarterly sessions to provide members with information on how to maximize their Chamber investment.

Policy CommitteesThe Chamber encouraged members to get involved in the monthly policy committee meetings that help set policy direction for the Chamber. Hundreds of members met monthly to direct and advance the organization’s public policy priorities.

Referral NetworkThe Chamber’s Referral Network met bimonthly, allowing attendees to network with other Chamber members and develop relationships to grow and develop their businesses.

Signature EventsThousands of businesses from across the region came together through the Chamber’s signature events to celebrate our community, small businesses, various industry segments, and address significant challenges in the region. The Chamber’s 2005 signature events included the Inaugural Dinner, Construction Industry Awards Luncheon, World Trade Week Kick-Off Breakfast, Small Business Awards Luncheon, Golf Classic, Mobility 21 Summit and State of the Chamber

Membership Luncheon.

VIP ReceptionsThe Chamber hosted receptions for the very important partners of our Circle of Support membership level, to provide executive-level networking and timely discussion on business issues.

ADVOCATING FOR L.A. Top photo: Chamber Board Member Ron Gastelum, D.H.N. Enterprises, speaks at a Mobility 21 news conference. Middle photo: Members of the Chamber’s delegation met with legislators during the annual Access Washington, D.C. trip. Bottom photo: Chamber members gather at the annual Access L.A. City Hall event.

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“I think the Chamber is doing a great job right now as far as communicating with members and educating members on how to utilize the Chamber and its networks, which is something that is often overlooked.”

—Stephen WilliamsChamber Ambassador

Regional Sales Director, Elite Payroll Services

2005 Annual Report

FOSTERING COLLABORATIONBuilding Community in L.A.

Alumni DirectorsThe Chamber continued distribution of the Alumni Directors newsletter to reach out to past directors of the Chamber Board and keep them involved and informed about what the organization is doing.

Board of DirectorsThe Chamber board includes ex officio Board members from business organizations, ethnic chambers and local chambers to expand the representation of the organization.

Business After Hours Mixers

In collaboration with other chambers and business organizations in the county, the Chamber held Business After Hours mixers in various locations allowing more than 1,000 of our members to meet and develop business relationships.

Chamber BuildingThe organization continued to utilize the Chamber building as a key asset. The building is fully leased and is a center for business and education. Throughout the year, the Chamber hosted numerous news conferences and events supporting the mission of the organization.

LA Chamber Advocacy Network (LA CAN)The Chamber continued to expand the Los Angeles Chamber Advocacy network (LA CAN). LA CAN is a coalition of chambers in Los Angeles County that work together on advocacy concerns. The coalition represents more than 10,000 businesses.

“The L.A. Area Chamber looks over the dashboard, so to speak—what are the big issues on the horizon that we are facing in L.A. in transportation, education and health care. I value that longer-range view of the region.”

—Robert W. PhillipsVice President, Public AffairsCoca Cola Enterprises West

FOSTERING COLLABORATION. Top photo: From left: John Mack, recipient of the Civic Medal of Honor; Chamber First Vice Chair David Nichols, AT&T; and Eugene Hale, Greater Los Angeles African-American Chamber of Commerce. Middle photo: Chamber members build business relationships at the Chamber’s summer Business After Hours Mixer. Bottom photo: Chamber President & CEO Rusty Hammer speaks at L.A. City Hall on behalf of the Chamber.

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2005 Annual Report

EXECUTIVE COMMITTEE

ChairChristopher C. Martin FAIAChief Executive OfficerAC Martin Partners

First Vice ChairDavid NicholsSenior Vice President

South, SBC

Immediate Past ChairGeorge KiefferPartnerManatt, Phelps & Phillips, LLP

President & CEORussell J. Hammer

DIRECTORS

David Abel, President, ABL, Incorporated

Anthony K. Anderson, Area Managing Partner, Ernst & Young, LLP

Edward Avila, President, Project Restore

Seth Aronson, Head of L.A. Office, O’Melveny & Myers LLP

James D. Barber, President & CEO, Hospital Association of Southern California

George H. Benter, President & CEO, City National Bank

Lisa Marie Bongiovanni, VP of Corporate Communications & Government Affairs, Mattel, Inc.

JoAnn Bourne, Executive VP-Corporate Deposits & Treasury Management Group, Union Bank of California

Jean A. Brinkmann, President, Middle Market Banking California,Bank of America

Kathleen Brown, Managing Director, Goldman, Sachs & Co.

Anthony J. Buzzelli, Regional Managing Partner, Pacific Southwest, Deloitte

Samuel W. Cargill, Resident Managing Director, Aon Risk Services, Inc. of Southern California

Albert Carnesale, Chancellor, UCLA

Gregg Carpenter, Managing Director, Head of the West Region, Marsh Risk & Insurance Services

William Caswell, Vice President, Marketing, Kaiser Permanente

Bruce Choate, President & CEO, Watson Land Company

Christopher Ciano, Vice President/General Manager, Commercial Distribution, Blue Shield of California

Maria Contreras-Sweet, President, FORTIUS Holdings, LLC

Joseph Czyzyk, President & CEO, Mercury Air Group, Inc.

Kim Day, Executive Director, Los Angeles World Airports

Ron Deaton, General Manager, Los Angeles Department of Water and Power

La Donna DiCamillo, Senior Mananger, Government Affairs, Burlington Northern & Santa Fe Railroad

William Fain, Managing Partner, Johnson Fain

Kenneth H. Fearn, Managing Partner, Integrated Capital, LLC

David Fleming, Counsel, Latham & Watkins LLP

Alan Fohrer, Chief Executive Officer, Southern California Edison

Ronald R. Gastelum, President, D.H.N. Enterprises

Rupert G. Grant, Vice President of Business Development, Darian Financial

Craig Haffner, President & CEO, Greystone Television

Michael R. Harris, Vice President, U.S. Media & Entertaiment, EDS

Karen Hathaway, President & Managing Partner, Los Angeles Athletic Club

James O. Hernandez, Managing Partner, Accenture

Raymond W. Holdsworth, President, AECOM Technology Corporation

Clarisa Howard, President & CEO, BD Systems

Janice Bryant Howroyd, Chairman & CEO, The Act 1 Group of Companies

Fran Inman, Senior Vice President, Majestic Realty Co.

Gilbert F. Ivey, Executive Vice President, Metropolitan Water District of Southern California

Jane H. Jelenko, Senior Advisor, Bearing Point

Sarah Meeker Jensen, Principal, Jensen + Partners

Don Jue, V.P., Server Sales Western Region, IBM Corporation

Kevin E. Kelso, President of Personal Lines Insurance, Farmers Insurance Group of Companies

Maureen A. Kindel, President, GCG Rose & Kindel

Daniel E. Kinney, Vice President-Operations, State Farm Insurance Companies

Richard Kline, Regional President, Fleishman-Hillard

Jolene Koester, President, California State University, Northridge

Timothy J. Leiweke, President & CEO, Anschutz Entertainment Group

Stephen E. Lenzi, Senior Vice President, Public Affairs, Automobile Club of Southern California

Michael D. Lizarraga, President & CEO, TELACU Industries

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2005 Annual Report

EX-OFFICIO

Martin Cooper, Chairman, VICA

David Crippens, Chair, UNITE-LA

Vivian Campbell, Immediate Past Chair, Los Angeles Junior Chamber of Commerce

Ray Durazo, Chair, Latin Business Association

Barbara Glennie, President & CEO, Torrance Chamber of Commerce

Leron Gubler, President & CEO, Hollywood Chamber of Commerce

Eugene Hale, Chairman, Greater Los Angeles African-American Chamber of Commerce

Lee Harrington, President & CEO, Los Angeles County Economic Development Corporation

Lynne C. Hess, President & CEO, Pasadena Chamber of Commerce

Nancy Hiromoto, Chair, World Trade Week Executive Committee

Ross Hopkins, Board Member At Large, United Chambers of Commerce of the San Fernando Valley

Joseph Jou, President, Asian Business Association

Mark S. Liberman, President & CEO, LA INC. The Convention and Visitors Bureau

Cynthia McClain-Hill, Chair, NAWBO-LA

David Simon, President, Los Angeles Sports Council

Steven W. Weston, Chairman, Central City Association

SENIOR STAFF

Rusty Hammer, President & CEO

Ron Gastelum, Executive V.P.

David Eads, Senior V.P.

Noly Lallana, CFO

Jim Lynch, V.P. of Leadership Programs

David Rattray, V.P. of Education & Workforce Development

Marie Condron, Director of Marketing & Communications

Brendan Huffman, Director of Public Policy

John F. Llewellyn, President & CEO, Forest Lawn

Michael R. Lombardi, President, Stonebridge Holdings, Inc.

Scott I. London, Partner, KPMG

Robert J. Lowe, Chairman & CEO, Lowe Enterprises, Inc.

Thomas L. Mack, VP and Manager of Marketing & Sales, Western U.S., Jacobs Civil Inc.

Fidencio (Feedy) Mares, President, Mares Co.

Timothy McCallion, President-Pacific Region, Verizon

Alan McCorkle, Senior Vice President, APM Terminals Pacific, Ltd

Jamie D. McCourt, Vice Chairman & President, Los Angeles Dodgers, Inc.

Thomas J.P. McHenry, Partner, Gibson, Dunn & Crutcher LLP

Kathleen H. McKeon, Director of Sales/GM of Growth Markets, AT&T

James F. McNulty, Chairman & CEO, Parsons Corporation

Irving A. Miller, Group VP, Corporate Communications, Toyota MotorSales, U.S.A., Inc.

Ann Muenster-Nuiry, VP, Operation, Municipal Services, ACS Government Solutions

David Murphy, Executive Vice President/General Manager, Los Angeles Times

Caroline W. Nahas, Managing Director, Southwest Region, Korn/Ferry International

Martin W. Newton, Senior Vice President, Wells Fargo

Ivan K. Nikkhoo, President, Vertex Systems, Inc.

Alfred A. Plamann, President & CEO, Unified Western Grocers, Inc.

Thomas M. Priselac, President & CEO, Cedars-Sinai Health System

Rick Richmond, Partner, Kirkland & Ellis, LLP

Daniel Rosenfeld, Principal, Urban Partners, LLC

Norman E. Ross, Jr., Sr. VP-Western Region, Delon Hampton & Associates, Chartered

Alan I. Rothenberg, Chairman, 1st Century Bank

Stephen D. Rountree, President, Los Angeles Music Center

Steven B. Sample, President, University of Southern California

Dean A. Scarborough, President & CEO, Avery Dennison

Steven Scott, General Manager, Blue Cross of California

John H. Semcken, III, Vice President, Pacific Palms Resort

Robert Simonds, President, The Robert Simonds Company

Roger Snoble, Chief Executive Officer, Metro

Steve Soboroff, President, Playa Vista

R.K. (Rod) Spackman, Manager, Public and Government Affairs-LA Basin, Chevron Corp.

Howard Stern, Chief Investment Officer, Arden Realty, Inc.

Lee Stewart, Senior Vice President, Southern California Gas Company

James Thomas, President & CEO, Thomas Properties Group

Matthew A. Toledo, President & Publisher, Los Angeles Business Journal

Laura Skandera Trombley, President, Pitzer College

Carlos J. Valderrama, Director of Latin American Operations, Carlsmith Ball, LLP

Alan B. Wayne, Regional Director, Governmental/Public Affairs, United Airlines

Timothy Wennes, Executive Vice President, Countrywide Bank

Stewart Wolmark, Managing Director, CDR Financial Inc.

Charles Woo, Chief Executive Officer, Megatoys

Kenton C. Woods, Chief Executive Officer, Rose Hills Company

Robert A. Wyman, Partner, Latham & Watkins LLP

Darroch Young, Senior Vice Chancellor, Los Angeles Community College District

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2005 Annual Report

2005 COMMITTEE CHAIRS

Business Legislation Committee Chair: Anthony Anderson, Ernst & Young, LLP Vice Chair: Fran Inman, Majestic Realty Company

Education & Workforce DevelopmentChair: Thomas V. McKernan, Automobile Club of Southern California

Health Care CommitteeChair: Thomas Priselac, Cedars-Sinai Health Systems Vice Chair: Mark Windisch, LA Care Health Plan

International Trade & Investment Committee Chair: Charlie Woo, MegatoysVice Chair: Carlos Valderrama, Carlsmith Ball, LLP

Natural Resources CommitteeChair: John Llewellyn, Forest LawnVice Chair: Tom McHenry, Gibson, Dunn & Crutcher, LLP

Transportation & Infrastructure CommitteeChair: David Abel, ABL, IncorporatedVice Chair: Alfonso Rodriguez, URS Corp.

Political Action CommitteeChair: Rod Spackman, ChevronTexaco Corporation

INDUSTRY COUNCILS:

Business Advisory CouncilStaff: David Eads, Senior Vice President

Construction Industry Council Chair: Christopher Martin, AC Martin Partners

Entertainment Industry Business CouncilStaff: David Eads, Senior Vice President

Government Affairs CouncilStaff: Brendan Huffman Senior Vice President

Technology Industry CouncilStaff: Ivan Nikkhoo, Vertex Systems, Inc.

2005 DIAMOND CLUB MEMBERS

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2005 Annual Report

SILVER

Act-1 Personnel ServicesThe Aerospace CorporationAIMCOAmerican Honda Motor Co., Inc.American Red Cross Blood ServicesAnheuser Busch, IncorporatedAnschutz Entertainment GroupBeckman CoulterBingham Legg Advisers LLCBlue Shield of CaliforniaBrinker InternationalBurson-MarstellerThe California EndowmentCatholic Healthcare WestCB Richard EllisCDM - Camp Dresser McKeeCedars-Sinai Health SystemCerrell Associates, Inc.

City National BankCountrywide Financial CorporationFarmers Insurance Group of CompaniesFluor CorporationGibson, Dunn & Crutcher, LLPGlendale Kia (City of Los Angeles)Grobstein, Horwath & Company, LLPHealth NetHilton Hotels CorporationIn N Out Burgers, IncorporatedJones DayJP Morgan Investment ManagementLos Angeles Biomedical Research Institute at Harbor-UCLA Medical CenterLos Angeles Community College District Chancellor’s OfficeLos Angeles GalaxyLowe Enterprises, Inc.

LRNMattel, Inc.Mellon Financial CorporationMWHNorthrop Grumman CorporationParsons CorporationRBZ, LLPSchulze Haynes & Co.Sheppard, Mullin, Richter & Hampton, LLPSix Flags Magic MountainSquire, Sanders & Dempsey, LLPTarzana Treatment CentersUnified Western Grocers, Inc.Union Pacific Railroad CompanyUCLA Anderson School of ManagementURS CorporationVulcan Materials Company CalMat Division

GOLD

AC Martin PartnersACS Government SolutionsAltria Corporate Services, Inc.Avery DennisonBank of the WestBaxter BioScienceCoca Cola Enterprises WestComericaContinental AirlinesEDSForest Lawn

The Home DepotIBM CorporationKeyBankKPMG, LLPLaidlaw Transit, Inc.Latham & Watkins, LLPMarsh Risk & Insurance ServicesMillennium Biltmore HotelOffice Depot (#932)O’Melveny & Myers LLPRose Hills

State Compensation Insurance FundTELACU IndustriesUnion Bank of CaliforniaUnited Parcel ServiceUS BankU.S. Trust Company, N AVerizonThe Walt Disney CompanyWashington Mutual BankThe Westin Bonaventure

TITANIUM

American AirlinesAon Risk Services, Inc. of Southern CaliforniaAutomobile Club of Southern CaliforniaBlue Cross of CaliforniaThe Boeing CompanyCitibank (West), FSBDeloitteErnst & Young, LLPJetBlue Airways

Los Angeles Department of Water & PowerLos Angeles Dodgers, IncorporatedLos Angeles LakersLos Angeles World AirportsMetroMetropolitan Water DistrictOccidental Petroleum Corp.Paul, Hastings, Janofsky & Walker LLPPort of Los AngelesPriceWaterhouseCoopers

Ralphs Grocery CompanyRaytheon CompanyRobinsons-MaySmith Barney (Division of Citigroup Global Markets, Inc.)Toyota Motor Sales, U.S.A., Inc.Transamerica Occidental Life Insurance CompanyUnited AirlinesVons - a Safeway Company

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2005 CIRCLE LEVEL MEMBERS

2005 Annual Report

STATEMENT OF ACTIVITIESYEAR ENDED DECEMBER 31, 2005

REVENUESMembership dues $1,431,181Events and activities $1,460,228Rental and investment income $693,455Other revenues $864,983

Total revenues $4,449,847

EXPENSESSalaries and related expenses $1,909,537Events and activities $845,838Professional services $468,582Meetings and travel $217,366Telephone and supplies $165,584Repairs and maintenance $526,800Depreciation $164,202Other expenses $233,840

Total expenses $4,531,749

CHANGE IN NET ASSETS $(81,902)

STATEMENT OF FINANCIAL POSITIONYEAR ENDED DECEMBER 31, 2005

Cash and investments $646,751Accounts receivable $476,014Other assets $328,308Property, net $4,473,516

Total assets $5,924,589

Accounts payable $552,161Deferred revenue $1,101,841Total liabilities $1,654,002Net assets $4,270,587

Total liabilities and net assets $5,924,589

FUNCTIONAL EXPENSESYEAR ENDED DECEMBER 31, 2005

Program services $2,906,085Management and general $1,254,012Activities and membership development $371,652

Total functional expenses $4,531,749

Activities and Membership Development

8%

Management andGeneral

28%

Program Services64%

FUNCTIONAL EXPENSES

2005 FINANCIALS

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350 S. Bixel StreetLos Angeles, CA 90017

213.580.7500 fax 213.580.7511www.lachamber.org