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AFRICAN STUDIES ASSOCIATION, INC.Financial StatementsandSupplemental SchedulesFor the Years Ended December 31,2009 and 2008BUCHBINDER TUNICK & COMPANY LLP "~2"AFRICAN STUDIES ASSOCIATION, INC.For the Years Ended December 31, 2009 and 2008INDEXPageIndependent Auditor's Report1Financial StatementsStatements of Financial Position 2Statement of Activities for the Year Ended December 31, 2009 3Statement of Activities for the Year Ended December 31, 2008 4Statements of Cash Flows 5Notes to Financial Statements 6-17Independent Auditor's Report on Supplemental Schedules 18Supplemental SchedulesSchedule of Functional Expenses for the Year Ended December 31,2009 19Schedule of Functional Expenses for the Year Ended December 31,2008 20BUCHBINDER TUNICK & COMPANY LLP "~2"BTeco.BUCHBINDER TUNICK & COMPANY LLPCERTIFIED PUBLIC ACCOUNTANTSONE PENNSYLVANIA PLAZA. SUITE 5335 . NEW YORK, NY 10119-0219212-695-5003 . FAX 212-695-4638 . www.buchbinder.comINDEPENDENT AUDITOR'S REPORTThe Board of DirectorsAfrican Studies Association, Inc.We have audited the accompanying statements of financial position of AfricanStudies Association, Inc. (the "Association") as of December 31,2009 and 2008, and the relatedstatements of activities and cash flows for the years then ended. These financial statementsare the responsibility of the Association's management. Our responsibility is to express anopinion on these financial statements based on our audits.We conducted our ...

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