Independent Auditor's Report

The financial statements are presented B. Inventory: As described in Note 1A to the on the accrual basis of accounting. Magazine, proceedings, conference financial statements, the Association Effective for 1996 the Association books and publications in process changed its method of accounting for has changed its method of accounting inventory is valued at the lower of investments from "original cost" to for investments from "original cost" cost or market value as of December "fair market value" as required by the to "fair market value" as required by 31, 1996 provisions of Financial Accounting the provisions of newly enacted Statement Standard No. 124.