The annual audit of the Stuttering Foundation financial reports for 2012 was recently completed by the accounting firm of Cannon and Company, Certified Public Accountants, Memphis, Tenn. Following is a recap of funds and expenditures for the year. The 3.9% of expenditures for administration and general expenses and the 8/10 of 1% for fund raising are very low, and since we are fortunate to have an endowment which more than covers our overhead expenses, donors can be assured that their gifts will go directly to support our program services. The Foundation is a 501(c)(3) private operating foundation which expends its funds on its own programs and operations and does not make grants to other institutions.

Funds expended for:
Creation, production, printing and distribution of educational materials  $717,803       40.2%
Public information and education                                                               426,897       23.9%
Educational symposia for professionals                                                      204,059       11.4%
Research on causes/treatment of stuttering and therapy                            250,540       14.0%
Maintain Web site and toll-free information hotline                                    104,658         5.9%
Total for Program Services:                                                              $1,703,957       95.3%
Other expenditures:
Administration and general                                                                           69,201         3.9%
Fund-raising expense                                                                                   14,144         0.8%
Total Expenditures:                                                                           $1,787,302        100%