We are grateful for a significant increase in the fourth quarter fellowship contributions. As a result, 2013 income came in slightly under budget. Expenses exceeded income by $18,749. The Prudent Reserve ended the year 2.2% ($3,544) below its requirement. The outlook for 2014 is not encouraging. The approved budget is $10,870 underfunded and there is an outstanding unfunded commitment of $12,472 for new literature. Combined the Prudent Reserve is at risk to be underfunded by 20.0% by the end of 2014. We thank our members for your continued support and service to the Fellowship of SA.