SUMMARY

We provided an unqualified auditor’s opinion on the Fund’s FY 2004-05 and FY 2003-04 financial statements. The Fund supports telecommunications services and access, including Internet access in schools and libraries and programs to assist low-income and disabled individuals. It is funded through assessments on telecommunications providers, which totaled $28.3 million in FY 2004-05. Increasing program demand and expenditures are presenting budgetary challenges for some of the Fund’s programs.