SUBJECT: Quarterly Report for Quarter Ended December 31, 2005

DESCRIPTION:

Attached are the Statement of Revenues and Expenditures for the Quarter Ended December 31, 2005, a comparative Statement of Revenues and Expenditures for the Quarter Ended December 31, 2005 and 2004 with Notes to the Quarterly Report, along with the Statement of Revenues and Expenditures for the Quarter Ended December 31, 2004 for comparison.

FINANCIAL IMPLICATIONS:

None. Revenues and expenditures are in line with current year budgets and relative comparisons to last year.

RECOMMENDATION:

President Farley recommends the Board of Regents accept the Quarterly Report for the Quarter Ended December, 2005.

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Date Jerry B. Farley, President