Report of Independent Accountants

In our opinion, the accompanying statement of financial position and the related statements of income, expenditures, and changes in fund balance and of sources and uses of cash present fairly, in all material respects, the financial position of the Ford Foundation at September 30, 1990 and 1989, its income, expenditures, and changes in fund balance and the sources and uses of cash for each of the years in the period ended September 30, 1990, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Foundation's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above.

Price Waterhouse