Report of Independent Accountants

In our opinion, the statements appearing on pages 94 through 98 of this report present fairly the financial position of The Ford Foundation at September 30, 1983 and 1982, its income, expenditures, and changes in fund balance and the sources and uses of cash for the years then ended, in conformity with generally accepted accounting principles consistently applied. Our examinations of these statements were made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances, including confirmation of the securities owned at September 30, 1983 and 1982 by correspondence with the custodians.

Price Waterhouse