Summary

A comparative statement of assets and liabilities of the House Studio Revolving Fund at December 31, l978, and March 31, l978 is presented.

The audit was made in accordance with standards for auditing financial transactions, accounts, and reports of government activities. The statements presented describe fairly the financial position of the fund, the results of its operations, and the changes in its financial position for the accounting periods then ended on a basis consistent with that of the preceding years.