MEMORANDUM

To: EPYSA Members
From: Ned S. Levi, Treasurer
Subject: EPYSA Year End Financial Report, Fiscal Year Ending August, 2005

Please find attached for your review, our year end financial
statements for the fiscal year ending August 31, 2005. It is
important to understand that these statements are unaudited. Our
accountants will be reviewing our books shortly and will produce an
audited report and statement for us, following their financial
review. I will, of course, publish the audited statements to our
entire membership, as soon as they become available. I have included
for your review the following statements of our financial condition
at the end of the last fiscal year, ending August 31, 2005.

Balance Sheet
Statement of Revenue and Expenditures by Revenue Center
Summary of Financial Activity

I have put these reports in Adobe Acrobat 6 (pdf) format for your
convenience. If you don't have the latest Adobe Acrobat Reader to
review these reports you can obtain it free from Adobe on their www site.

Most significantly, in the reports is our overall bottom line. As
you are all aware, we had budgeted a loss of close to $100,000. As
you will find in your review, we were able to break even for the year
overall. While we were able to accomplish this during the last year,
there are various cost saving measures we plan to consider and
institute. In addition, we are about to commence new strategies to
increase our revenue through short term funds investment.

Should you have any questions regarding these reports please contact
me at your convenience.

Ned S. Levi
Treasurer, EPYSA
nedlevi@nslassociates.com