Officers:Timothey J. Bartz, President

Helena, MT

Thomas E. Donnelley, II, Vice PresidentChicago, IL and Alder, MT

Debby Leadbetter, Vice PresidentBozeman, MT

K.C. Hill, SecretaryHelena, MT

Thomas Nygard, TreasurerBozeman, MT

Matthew Cohn, At-Large RepresentativeHelena, MT

Members-at-Large:Timothy Babcock

Helena, MT

Charles BrookeLas Vegas, NV

Rockwood BrownBillings, MT

Allan HamiltonChicago, IL and Twin Bridges, MT

Nora HohenloheWashington, D.C. and Wolf Creek, MT

William JohnstoneGreat Falls, MT

Aidan MyhreHelena, MT

Charles PettyHamilton, MT

Pamela RentschlerScottsdale, AZ and Cameron, MT

R.J. “Jim” Sewell, Jr.Helena, MT

Robert SlettenGreat Falls, MT

Chris WardenMissoula, MT

Penny WilsonMalvern, PA and Big Timber, MT

Directors Emeriti:C. Brooke Dormire

Belgrade, MT

Dottie FossellEnnis, MT

Albert GalenWest Covina, CA

Robert MorganHelena, MT

Ted SchwindenPhoenix, AZ

Ward ShanahanHelena, MT

Ex-Officio:Sharon Lincoln,

Montana Historical Society ChairBillings, MT

Mary Oliver, Montana Heritage Commission Chair

Ennis, MT

Staff:Amy Sullivan,

Executive Director, Helena, MT

Elisa Peterson, Director of Operations, Helena, MT

We are excited to present to you the

annual report for our fiscal year ended June

30, 2006. As you will no doubt determine from your review of

the statements, the Montana History Foundation has concluded

another very successful year.

We have been diligent about pursuing our responsibilities and

passion in growing a strong foundation which can provide the

financial support so important to Montana’s Historical Society

and Heritage Committee. We are attentive to their needs as they

are the gate keepers to Montana’s most valuable historical assets.

This past summer the Foundation moved its operations to the

Scriver Center located near the airport in Helena. This has been

a very positive move to have someone on location in the Scriver

Center each business day of the year. The offices are nice and we

would encourage you to visit the offices when you are in the area.

As I leave the position of President of the Foundation following

six dynamic years of change, I am excited about the future

because we have a wonderful Board of dedicated people that are

zealous about Montana’s history. New leadership brings a sense

of freshness and new perspective that keeps an organization from

growing stale and complacent. It is a personal pleasure to realize

that we have strong leaders to continue and improve what has

been done to this point in our history.

Sincerely,

Timothy J. BartzImmediate Past President

President’s Message

The Montana History Foundation leads funding development for activities,programs and affiliated properties of theMontana Historical Society and theMontana Heritage Commission.

The primary focus of the Foundation is todevelop and manage financial resources tosupport MHS and MHC operations, specialprojects and manage endowment funds ontheir behalf.

The secondary purpose of the Foundationis to offer advice, counsel and support forhistory projects across Montana within aprofessional consultation structure withinavailable resources.

The Montana History Foundation is the leading source for contributionsand funding to preserve and protect history resources throughout Montana.

Mission

Vision

The MHF anticipate assisting the Montana

Historical Society in their goal of engaging in

a multi-million dollar fundraising campaign to

build a new Montana History Center. (We have

successfully garnered $7.5 million in state bonding

authority for this project.) We also anticipate

working with the Montana Heritage Commission

to increase their fundraising opportunities

through a capital campaign.

Future:

The MHF recently concluded a Capital Campaign

with a theme of “History Runs Through It” for

$1.8 million dollars. Highlights of that campaign

include an art acquisition endowment, educational

history trunks for schools, a State Capitol Book,

Music Machine Endowment and Fire Protection

Funds for Virginia City.

Past:

The MHF continues to

raise funds for a Montana

History Textbook to be

published in 2008, a grant

writer to assist Virginia and

Nevada Cities with their

fundraising needs and

operations donations to

help us continue our work.

Present:

A S S E T S

Cash and Cash Equivalents $ 738,739 $ 502,837

Receivables:Accounts Receivable 150 26,141Promises to Give, Net 224,596 288,006Other Receivables 29,000 29,000

Inventory 10,218 12,000Prepaid Expense 2,031 9,786

265,995 364,933

Investment Securities 997,644 1,049,363

Fixed Assets, at CostCuratorial Building and Improvements 1,168,036 1,168,036Scriver Center 1,224,018 1,224,018Software 16,097 14,800Equipment 20,932 15,880

2,429,083 2,422,734

Less Accumulated Depreciation and Amortization

2,071,837 2,136,426

Other AssetsUnamortized Loan Fee 800 800Deposit – 375Donated Assets 33,948 33,948Cash Surrender Value of Life Insurance Policy 39,443 35,119Interest in Charitable Remainder Trust 175,671 166,349

249,862 236,591

Total 4,324,077 4,290,150

L I A B I L I T I E S A N D N E T A S S E T S

Accounts Payable $12 –Distributions Payable, Related Parties – 15,537Accrued Payroll Taxes and Benefits 5,871 6,816Mortgage Payable 650,800 650,800Planned Gift Liabilities 26,958 29,946

683,641 703,099

Net AssetsUnrestricted 1,289,076 1,402,071Temporarily Restricted 781,123 733,975Permanently Restricted 1,570,237 1,451,005

3,640,436 3,587,051

Total $ 4,324,077 $ 4,290,150

Financial PositionMHF Statement of Financial Position as of June 30, 2006 and 2005

6.30.06 6.30.05▼ ▼

Betsey AllenNancy AllenAMICAJohn and Geraldine AndersonAnderson ZurMuehlen and Co, PCAnderson ZurMuehlen and Co.

Shareholders FundMarge AntolikArtworks Frame ShopAudrey Hilton Charitable TrustWilliam and Ruth AusmusLeslie Baldridge Bale of Hay SaloonSherri A. BarksdaleTim and Trish BartzRobert and Shirley BayleyBarb BeckMary BeerEdward BellUmberto BenedettiDonna BennettElizabeth BergnerCassandra BogardRobert and Jennifer BoltEvelyn BondRobert BowlingBarbara BrewerDeb Britton William BrocknerRuth BroederCharles and Yvonne BrookeKizzie BrownRockwood and Marilyn BrownMary BrowningSteve BrowningBudget Framing and GalleryJohn BurgDuane and Dorothy BurkenpasCharlie and Barb ByrneGene S. CarlsonCharles and Irene CarsonJohn and Patricia CaseJack CastorJo ChampaCheckrite of Montana, Inc.Harris and Leta Chustz, Jr.Alice CobbMatthew Cohn and Mary Ellen

HolversonChester ColemanCarl and Anne CossittCousin's Candy ShopDanny CoyleCrows Nest GalleryEd and Maureen CurnowMarybeth CutiettaRobert and Alice Danskin

Paul and Janet DavidsonMike DavisWilhma DelaneyDeLonais FoundationDuane DiekmanMr. and Mrs. Donald DodgeDonnelley FoundationJames DonnelleyThomas E. and Barbara

Donnelley, IIRichard and Josephine DontignyC. Brooke and Kornelia DormireKathy DouglasMichael DriscollDW Beary and Associates Inc.Richard and Marlisa EbelingThomas EbertJudy EdwardsMichael EdwardsJohn EllingsenCarolyn EnnisDonna FeldbruggeScott FernandezJohn and Jeri FisherGary ForneyGary and Grace FranceVincent and Carol FrankDon and Gloria FranklinAlbert GalenJack GaltRobert GamrathJerry and Kathleen GardenhireGhost Art GalleryMary Esther GilgBob GiltrapG. Edward and Alaine GohnRichard and Joani GohnJoseph and Leila GoldesGough, Shanahan, Johnson

and WatermanWilliam and Ann GrayShirley GroffSuzanne GruschowKurtis HaffermanA.R. HagenerCharles and Darlene HamarAllan and Phyllis HamiltonE.E. and Margaret HamiltonLinda HamiltonRonald and Nancy HampaJack and Jeanne HardyJean HardyThomas Harrington

John and Lisbeth HarrisZelma Jeanne HartleyCharles and Bonnie HashRobert HassmanBob and Jane HawksSpeck and Dee HelmbrechtKC HillGary and Audrey HinesE. Corrine HoffartChristian and Nora HohenloheBill and Carole HowellCharles HubbardJames HuffmanJames HutchisonLois IrionDolores JablinskeWilliam JacksonWilliam and Sue Jameson, Jr.Patricia JamiesonJan JanuraJCG, LLCJeff and Jeanne JeffersJoyce JensenKatherine JewellDale JohnsonLeigh JohnsonNorman JohnsonPhil JohnsonWilliam JohnstoneRussell JonesStephen and Diane KaneDorothy KelseyJohn and Cheryl KingAlbert KircherValerie KlaberRichard and Linda Knight, Jr.D. Joe Willis and Judy KofordGlenn KozeluhLinn KriegRobert and Miriam LangJames LangstonDave and Denise LarsonJames LarsonDan and Debby LeadbetterJames and Margie LearyKenneth and R. Jean Leck

Paul LehmannLee N. LeonhardyGary and Ann LibecapLimited Edition ArtByron and Elinor LindsayBob and Betty LittleT.D. LittleG.W. and Lillian LoewenbaumJesse and Ruth LongEd and Connie LordKarin LudemanDorothy LueningDennis LutzM.J. Murdock Charitable TrustTony MaackDonald and Priscilla MacleanFelix MaherO.E. and Lois MarkleColin and Paula Craver MathewsLeonard and Delores MattesonIsabelle MattsonEldora McBrideGeorge and Elizabeth McClure, Jr.Donna McDonaldCharen McFarlandPatrick McGurkDale and Lois McMeekinJim and Judy McNallyDavid and Darlene McNayJudith McNultyAndrea MercadoRichard Lee MerrittMetropolitan MarketMicrosoft Charitable Giving

CampaignWilliam and Nancy MillerRichard and Valerie MonroeMontana Community FoundationMontana FrameworksGayle MoonGene and Susan Moos

Family of friends

Joseph and Joyce MorrisMountain View Art and FramingGeorge D. MuellerGlenn and Helen MuellerDon MurdockZane MurfittJack W. MyersRobert MyersLouRae Myhre-WeberTom NaegleCarl NelsonKen NultonWilliam OjalaOld Hand HomeMary OliverDonald and June OllmannArnold OlsenJohn and Marilyn OlsonJoseph O'NeillMichael and Kristina OrrEdward and Barbara O'TooleDavid OwenRamona PalmerMartha PavlatAbby PearsonPeter Yegen, Jr., Inc.Elisa PetersonKaren PetersonWilliam PetersonCharles and Norma PettyFrank PhillipsGreg and Carol PhillipsPaul and Gilda PollockBonnie PreikszasMarvin PresserOlive PriceRank's MercantileRedwing Publishing

Fred and Pam RentschlerRentschler FoundationDiane RiceRichard Davoud Donchian

FoundationThomas and Jamie RingWilliam and Kay RoathKenneth and Pat RobinsonVictor and Marcia RonckLeona RoqueFrank RoseS Ann RossPhil and Lee RostadMelanie RothNancy RothWilliam and Shirley RuckerEdward and Phyllis RuppelJay RussellPeter and Tammy RyanJeff and June SaffordJohn and Betty ScheetzWilliam SchmidtErnest SchmittGloria SchultzMichael and Linda SeitzMarian SetterJim SewellWard ShanahanKeith ShawleeJohn and Margaret ShearouseGordon H. SimmonsDonald SivertsonDewey and Rosana SkeltonBob and Pat SlettenArthur SmithDave and Karlee SmithMarjorie SmithMary Minor SmithGary SpaethVirginia SpeckDarlene SpekSt. Peter's Hospital

State Employees’ CharitableGiving Campaign

Margie StellmonGlenn and Joyce StewartFred StickneyDonald StoutLeroy StrandEdward StupcaJames and Marjorie SullivanVernon and Debra SundbergDonald and Janice SutherlandDavid and Jane SweetHarriet TammingaDon TaylorNick and Sandra TeelLorna ThackerayHenry and Bonnie ThiesE.J. and Elizabeth ThorndikeJeff and Vicky TiberiM. Catherine TilzeyBob and Becky TirrellCharles and Daryl ToddCharles and Dorothy TodeFredrick and Virginia TraegerV and J FarmsVale Creek RanchRoger Barber and

Mary VanbuskirkPaul and Elaine VerdonVictorian SistersFred and Julie VideonBarney and Maxine WarpWeary RealtyBarbara WeatheredRobert and Norma WegmannRoy WellsWilbur WernerKathy WhittenbergerMaureen WicksK.F. and Lila WiesemannLarry WilliamsDouglas WilsonPenelope WilsonLon and Colleen WoodburyPaul and Arlene WylieSarah YoderCharles and Nancy Zadra

Hisotical photos courtesy of Montana Historical Society and Montana Heritage Commission

P.O. Box 863 • Helena, MT 59624

(406) 449-3770/Fax (406) 442-9602

Email: mhf@montana.com