FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2002

RESOLVED, That the Lincoln University Board of Trustees accepts the financial statements for the period ended June 30, 2002 presented and reviewed by Thompson, Cobb, Bazilio and Associates, PC and the University's Administration at a meeting of the Audit Committee on January 29, 2003. The June 30, 2002 financial statements include an unqualified opinion by Thompson, Cobb, Bazilio and Associates, PC.