File Number:  000-33371

U.S. SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549 

_____________________________________ 

FORM 10-QSB 

_____________________________________ 

(Mark One) [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

For the quarterly period ended June 30, 2003OR [ ] Transition report pursuant to Section 13 or 15 (d) of the SecuritiesExchange Act of 1934 For the transition period from __________ to _________. 

| America First Associates Corp.                                            | Delaware                                                                     | 11-3246880                            |
|--------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|--------------------------------------------|
| (Exact name of small business issuer as specified in        its charter)  | (State or other jurisdiction of  incorporation or        organization)  | (I.R.S. Employer Identification No.)  |

94 Covert Avenue, Stewart Manor, NY  11530 (Address of principal executive offices) 

(516) 437-0866 (Registrant's telephone number, including area code) 

Indicate by check mark whether the registrant: (1) filed allreports required to be filed by Section 13 or 15 (d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. 

Yes    X     No ____ 

Transitional Small Business Disclosure Format (check one):

Yes ___ No    X    

On  June 30, 2003 the registrant had 9,018,000 outstandingshares of common stock, $0.001 par value. 

 

**America First Associates Corp.**

**Financial Statements Six Months Ended June 30, 2003 Index to Financial Statements**

| Statement of Financial Condition             | F-2  |
|----------------------------------------------|------|
| Statement of Operations                      | F-3  |
| Statement of Changes in Stockholders' Equity | F-4  |
| Statement of Cash Flow                       | F-5  |
| Notes to Financial Statements                | F-6  |
| Management Discussion and Analysis           | F-10 |

All other schedules are not required to be filed by registrant.

**F-1**

**America First Associates Corp.**

**Statement of Financial Condition**

**For The Six Months Ended June 30, 2003**

|  | June 30, 2003        Unaudited **Assets**Cash and cash equivalents$               502,217Securities owned460,844 Loan Receivable71,400Office furniture and equipment, net of accumulated        depreciation of $24,331; for six months ended 20033,242 Other assets                   26,170Total Assets$     1,063,873**Liabilities and shareholder's equity**Liabilities:Accounts payable and accrued expenses$                 15,000Total Liabilities$                 15,000**Commitments**Shareholders' equity:Common stock, $.001 par value, 20,000,000 shares        authorized, 9,018,000 shares issued and outstanding9,018Additional paid-in capital2,121,230Retained earnings    (1,081,375)Total shareholders' equity$    1,048,873Total liabilities and shareholders' equity$    1,063,873
*The notes are an integral part of the Financial Statements*

**F-2**

**America First Associates Corp. Statement of Operations For the Three Months Ended June 30, 2003 and 2002 And For the Six Months Ended June 30, 2003 and 2002**

****  

Three months ended June 30Six Months Ended June      302003 200220032002Revenues:Commissions$ 144,42092,056$ 254,561174,414Syndicate income---60,000Principal transactions86,953 -60,779-Interest and other income                        187                  2,694                   6,705               6,989Total Revenues$               231,560                94,750$             322,046           241,403Expenses:Accrued Expense$                          --$               15,000-Consulting and Professional Fees14,347 -19,347-Loss on Investments-211,392-325,478Employee compensation and benefits146,387102,803189,500147,087Clearing charges32,91170,75667,948119,558Communications and data processing2,2663,8375,6087,211Business development3,1742005,982200Occupancy costs12,900 12,90025,60025,500Regulatory and registration fees2,4801,03519,45518,386Depreciation and amortization54054010801080Travel and entertainment3,6037,8126,2318,111Other expenses                  11,035                 14,600                 16,349              24,291Total expenses$              229,643$             425,875$             372,100            676,902Income (loss) before income taxes1,917 (331,125)(50,054)(435,499)Provision for income taxes                           -                           -                   1,762                       -Net income (loss)$                  1,917            (331,125)$             (51,816)    (435,499)Earnings Per Share Basic and Dilutive0.0002(0.0367)(0.0057)(0.0483)Weighted Average Common Shares Outstanding              9,018,000           9,018,000            9,018,000   9,018,000
*The notes are an integral part of the Financial Statements*

**F-3**

**America First Associates Corp.**

**Statements of Changes in Shareholders' Equity**

**For Six Months Ended June 30, 2003**
CommonStockPaid-inCapitalRetainedEarningsShareholder'sEquityBalance, December 31, 2002 9,0182,121,230(1,048,732)1,081,516 Net income (loss)(51,816)(51,816)  Adjusting Journal Entry, January 1, 2003*                                                         19,173                 19,173Balance, June 30, 2003 $      9,018$    2,121,230$  (1,081,375)$   1,048,873
Journal entry on January 1, 2003 to adjust Accounts Payable and RetainedEarnings to reflect Auditors books.

*The notes are an integral part of the Financial Statements*

**F-4**

**America First Associates Corp.**

**Statement of Cash Flows**

**For the Six Months Ended June 30, 2003**

2003        Unaudited  Cash Flows from Operating ActivitiesNet income (loss) $ (51,816) Adjustments to reconcile net income (loss) tonet cash Provided by operating activities:Depreciation and amortization 1080 Cash and Cash Equivalents 262,318Marketable Securities (49,278) Prepaid expenses 16,055 Loan Receivable (71,400) Other assets 5,005 Adjustments to Retained Earnings 19,173 Accounts payable andAccrued expenses                      (34,941) Net cash provided by operating activities 96,196Cash and cash equivalents Beginning       111,508 Cash and cash equivalents Ending$     207,705
*The notes are an integral part of the Financial Statements*

**F-7**

**AMERICA FIRST ASSOCIATES CORP.  NOTES TO FINANCIAL STATEMENTS  June 30, 2003**

Note 1 -  Summary of Significant Accounting Policies

America First Associates Corp., (the "Company"), which became abroker-dealer in 1995, is a member of the National Association of SecuritiesDealers, Inc. and is subject to regulation by the United States Securities andExchange Commission and the National Association of Securities Dealers, Inc.

The Company principally engages in executing general securities transactionson behalf of its clients. The Company operates principally under a clearanceagreement with another broker, whereby such broker assumes and maintains theCompany's customer accounts. The Company is responsible for payment of certaincustomer accounts (unsecured debits) as defined in the agreement. The Companyalso provides online brokerage services for its customers.

The Company transacts its business with customers located throughout theUnited States.

Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated usingthe straight-line method over the estimated useful lives. 
 20032002 OfficeEquipment $27,573  $27,573  Accumulated Depreciation  ($24,331) ($22,711)
 Revenue Recognition

Securities transactions and the related revenue and expenses are recorded ona settlement date basis. The recording of securities transactions on a tradedate basis was considered, and the difference was deemed immaterial.

Securities Owned

Securities owned are carried at quoted market values, and the resultingdifference between cost and market is included in income.

Use of Estimates

The preparation of financial statements in conformity with generally acceptedaccounting principles requires management to make estimates and assumptions thataffect certain reported amounts and disclosures. Accordingly, actual resultscould differ from those estimates.

**F-8 **

 Income Taxes

The Company accounts for income taxes under SFAS No. 109, Accounting forIncome Taxes, which requires an asset and liability approach to financialaccounting and reporting for income taxes. Deferred income tax assets andliabilities are computed annually for differences between the financialstatement and tax bases of assets and liabilities that will result in taxable ordeductible amounts in the future based on enacted tax laws and rates applicableto the periods in which the differences are expected to affect taxable income.Valuation allowances are established when necessary to reduce deferred taxassets to the amount expected to be realized. Income tax expense in the taxpayable or refundable for the period plus or minus the change during he periodin deferred tax assets and liabilities.

Earnings Per Share

Basic net income/loss per share has been calculated based on the weightedaverage number of shares of common stock outstanding during the period. Dilutednet income/loss is computed by dividing the net income by the weighted averagenumber of common shares outstanding plus potential dilutive securities.

Cash Equivalents

For purposes of the statement of cash flows, cash equivalents include highlyliquid debt instruments with original maturities of three months or less.

Note 2 -  Securities Owned and Securities Sold, Not Yet Purchased

Securities owned and sold not yet purchased consist of trading and investmentsecurities at market value, as follows:
Securities  Owned2003 2002 U.S. Obligations:  - - Deposit with Clearing Firm  $    102,087$                      -Corporate stocks      358,757     344,928 $    460,844 $   344,928
Note 3 -  Deposit with Clearing Broker

The Company operates principally under a clearance agreement with itsclearing broker, whereby such broker assumes and maintains the Company'scustomer accounts.

Note 4 -  Due To/From Clearing Firm

Due To/From Clearing Firm arises as a result of the Company's normal securitytransactions.

**F-9**

Note 5 -  Income Taxes

At December 31, 2002, the Company has net operating loss carryforwards ofapproximately $1,094,000 which expire in 2022. These net operating losscarryforwards may be used to offset future taxable income.

At December 31, 2002, the Company has recorded a deferred tax asset of$433,000 resulting primarily from net operating loss carryforwards. Thevaluation allowance of $433,000 has been recorded against the deferred tax assetsince it is more likely than not that it will not be realized.

A reconciliation of income tax at the federal statutory income tax rate tototal income taxes is as follows: 
 2002 2001  Computed at the federal statutoryrate of 34%$ (211,000) $ (10,000)  State and local tax (benefit) (62,000) (3,000) Benefit of Carryover - Valuation allowance adjustment273,000 13,000 Otheradjustments                      -       2,376$                    0 $     2,376
Note 6 -  Commitments and Contingencies

Leases

The Company leases office space pursuant to a three year commitment at amonthly rent of $4,300. For the year ended December 31, 2002 rent expenseamounted to $51,300 and $25,600 for the Six Months Ending June 30, 2003.

The future rental commitment through termination is as follows:
For the year ending December 31, Amount 2002 $51,300 2003  (6 months)*  25,600
* Monthly Occupancy charge of $ 4,300, except for one month at $4,100.

Pension Plan

The Company has a defined contribution plan under section 401(K) of theInternal Revenue Code. The plan covers substantially all its employees, andprovides for participants to defer salary, up to statutory limitations. TheCompany is not required to make a matching contribution.

Concentration of Credit Risk

The Company maintains cash balances at a financial institution. Accounts atthe institution are insured by the Federal Deposit Insurance Corporation up to$100,000.

**F-10 **

 Note 7 -  Off-Balance-Sheet Risk and Concentration of Credit Risk

The Company, as an introducing broker, clears all transactions with and forcustomers on a fully disclosed basis with a clearing broker and promptlytransmits all customer funds and securities to the clearing broker who carriesall of the accounts of such customers. These activities may expose the Companyto off-balance-sheet risk in the event that the customer and/or clearing brokeris unable to fulfill its obligations.

The Company does not maintain margin accounts for its customers; and,therefore there were no excess margin securities.

The Company seeks to control off-balance-sheet risk by monitoring the marketvalue of securities held in compliance with regulatory and internal guidelines.

The Company, as a part of its trading activities, assumes short positions inits inventory. The establishment of short positions exposes the Company tooff-balance-sheet risk in the event prices increase, as the Company may beobligated to acquire the securities at prevailing market prices.

Note 10 -  Earning Per Share 
 For the Six Months Ended 2003 2002 Net Earningsavailable to common shareholders $ (51,816) $ (435,499)Weighted Ave. shares outstanding 9,018,000 9,018,000Basic Earnings Per Share $ (0.0057) $ (0.0483)
Note 11-  Short Term Loan/Note Receivable

Officer of Company has short term note receivable to be paid in full on orbefore December 31, 2003 of $71,400.

**F-11**

AMERICA FIRST ASSOCIATES CORP.SCHEDULE IIVALUATION AND QUALIFYINGACCOUNTSFOR THE YEAR ENDED DECEMBER 31, 2002
Year EndedDecember 31, AccountBalance,January 31, Additions Reductions Balance,December 31,2002 Allowance for deferred taxes$           160,000 $            273,000 $                    -  $            433,0002001 Allowance for deferred taxes$           147,000 $              13,000 $                    -  $            160,000
**F-12**

**MANAGEMENT DISCUSSION AND ANALYSIS**

The following discussion of the financial condition and results of financialcondition and the results of operation of the Company should be read inconjunction with the Consolidated Financial Statements and the related Notes andother financial information included elsewhere in this Prospectus. Thisdiscussion contains forward-looking statements that involve risks anduncertainties. The Company's actual results may differ materially from thoseanticipated in these forward-looking statements as a result of certain factors,including but not limited to, those set forth under Risk Factors and elsewherein this Prospectus.

***Overview***

America First Associates (The "Company") was established inFebruary 1995 and has conducted its operations as a fully disclosed brokeragefirm registered with the Securities and Exchange Commission, the NationalAssociation of Securities Dealers and 50 State Securities divisions includingthe District of Columbia. The Company is a provider of cost-effective,full-service online financial service targeting the rapid growth momentum ofindividual investors who utilize the Internet for their personal investmentobjectives. The Company provides customers the ability to buy and sellsecurities, security options, mutual funds, bonds and other investment financialinstruments as well as providing clients 24 hour account access and real-timeelectronic information on stocks, market indices, analysts' research and news.The Company plans to continue to provide quality service to our currentcustomers while increasing brand awareness and customer loyalty. Management'sstrategy is to expand the Company's business and operations by strategicallyusing the Internet and other advertising outlets to efficiently market anddistribute our services to potential customers and build brand awareness on anational level to increase our customer base.

***Results of Operations***

*Three Months Ended June 30, 2003 compared to Three Months Ended June 30, 2002*

Total revenue for the Three Months Ended June 30, 2003 was $231,560 comparedto revenues of $94,750 for the Three Months Ended June 30, 2002. The increase intotal revenue is attributed to the significant increase in commission income andgain on principle transactions. Revenues from syndicate income (i.e. privateplacements, pipes, syndicate participation of IPO's, investment bankingactivity) were non existent for the Three Months Ended June 30, 2003 and for theThree Months Ended March 31, 2002. Revenues from commissions increased to$114,420 for the Three Months Ended June 30, 2003 from $92,056 for the ThreeMonths Ended June 30, 2002 due primarily to an increase in overall tradingactivity by online traders. Interest and other income decreased to $187 for theThree Months Ended June 30, 2003 from $2,694 for the Three Months Ended June 30,2002. Principle gain on transactions increased to $86,953 for the Six MonthsEnded June 30, 2003 compared to non existent for the Six Months Ended June 30,2002. Going forward as the stock market performs positively we anticipate anincrease in revenues due to additional products being offered (check writing,debit card) adding to our customer base and investment banking activity withdemand for syndicate.

Total expenses decreased to $229,643 for the Three Months Ended June 30, 2003from $425,875 for the Three Months Ended June 30, 2002. The decrease in totalexpense is attributable to a substantial loss of investments of $211,392 for theSix Months Ended June 30, 2002. Employee compensation and benefits increased to$146,387 for the Three Months Ended June 30, 2003 from $102,803 for the ThreeMonths Ended June 30, 2002. As we continue to grow we will need additionalemployees to service our growing customer base; therefore we anticipate aproportionate increase in employee compensation and benefit expenses. Clearingcharges represent payments to our clearing firm who facilitate our clients'transactions. As a result of a decrease in rates with our clearing firm, suchexpenses decreased to $32,911 for the Six Months Ended June 30, 2003 from$70,756 for the Six Months Ended June 30, 2002. Loss on investments were nonexistent for the Three Months Ended June 30, 2003 compared to $211,392 for theThree Months Ended June 30, 2002 which was attributed to a decline in theoverall stock market

Consulting and Professional expenses amounted to $14,347 for the Six MonthsEnded June 30, 2003 and non-existent for the Six Months Ended June 30, 2002.This expense is mainly attributed to our annual audit and legal fees associatedwith a broker/dealer

Communications and data processing expense decreased to $2,266 for the ThreeMonths Ended June 30, 2003 from $3,837 for the Three Months Ended June 30, 2002.

Business development costs consist of advertising costs which have mostlybeen for online and print advertising to obtain new clients. These expensesincreased to $3,174 for the Three Months Ended June 30, 2003 from $200 for theThree Months Ended June 30, 2002. As the Company increases its plannedadvertising and promotional efforts to promote its products and services andincrease customer base we anticipate an increase in business development.

Occupancy costs remained constant at $12,900 for the Three Months Ended June30, 2003 and for the Three Months Ended June 30, 2002. Due to our new lease theCompany will remain at its negotiated lease commitment of $4,300 per month forits new office space.

Regulatory and Registration fees have increased to $2,480 for the ThreeMonths Ended June 30, 2003 from $1,035 for the Three Months Ended June 30, 2002.We anticipate a slight increase in regulatory and registration fees if we needto hire additional series 7 registered representatives to service our increasedcustomer base.

Depreciation and Amortization costs for the Three Months Ended June 30, 2003and 2002 were $540. The need for additional computers is dependent on the firm'sgrowth. Therefore, if we decide to expand and purchase additional hardware TheCompany anticipates that these costs will increase.

Travel and Entertainment decreased to $3,603 for the Three Months Ended June30, 2003 from $7,812 for the Three Months Ended June 30, 2002. Other expenseswhich include office supplies, postage, etc. decreased to $11,035 for the ThreeMonths Ended June 30, 2003 from $14,600 for the Three Months Ended June 30,2002.

As a result of the foregoing, the Company posted a net income of $1,917 forthe Three Months Ended June 30, 2003 compared to a net loss of $(331,125) forthe Three Months Ended June 30, 2002. Earning per share for the Three MonthsEnded June 30, 2003 were $0.0002 compared to $(0.0367) for the Three MonthsEnded June 30, 2002 and the weighted average number of common shares outstandingare 9,018,000.

***Results of Operations***

*Six Months Ended June 30, 2003 compared to Six Months Ended June 30, 2002*

Total revenue for the Six Months Ended June 30, 2003 was $322,046 compared torevenues of $241,403 for the Six Months Ended June 30, 2002. The increase intotal revenue is attributed to the significant increase in commission income.Revenues from syndicate income (i.e. private placements, pipes, syndicateparticipation of IPO's, investment banking activity) decreased to non existentfor the Six Months Ended June 30, 2003 from $60,000 for the Six Months EndedJune 30, 2002. Revenues from commissions increased to $254,561 for the SixMonths Ended June 30, 2003 from $174,414 for the Six Months Ended June 30, 2002due primarily to an increase in overall trading activity by online traders.Interest and other income slightly decreased to $6,705 for the Six Months EndedJune 30, 2003 from $6,989 for the Six Months Ended June 30, 2002. Principle gainon transactions increased to $60,779 for the Six Months Ended June 30, 2003compared to non existent gain for the Six Months Ended June 30, 2002. Goingforward as the stock market performs positively we anticipate an increase inrevenues due to additional products being offered (check writing, debit card)adding to our customer base and increased investment banking activity withdemand for syndicate.

Total expenses decreased to $372,100 for the Six Months Ended June 30, 2003from $676,902 for the Six Months Ended June 30, 2002. The decrease in totalexpense is attributable to a substantial loss of investments of $325,478 for theSix Months Ended June 30, 2002. Employee compensation and benefits increased to$189,500 for the Six Months Ended June 30, 2003 from $147,087 for the Six MonthsEnded June 30, 2002. As we continue to grow we will need additional employees toservice our growing customer base; therefore we anticipate a proportionateincrease in employee compensation and benefit expenses. Clearing chargesrepresent payments to our clearing firm who facilitate our clients'transactions. As a result of a decrease in rates with our clearing firm, suchexpenses decreased to $67,948 for the Six Months Ended June 30, 2003 from$119,558 for the Six Months Ended June 30, 2002.

Consulting and Professional expenses amounted to $19,347 for the Six MonthsEnded June 30, 2003 and non-existent for the Six Months Ended June 30, 2002.This expense is mainly attributed to our annual audit and legal fees associatedwith a broker/dealer. Accrued Expense was $15,000 for the Six Months Ended June30, 2003 and non-existent for the Six Months Ended June 30, 2002.

Communications and data processing expense decreased to $5,608 for the SixMonths Ended June 30, 2003 from $7,211 for the Six Months Ended June 30, 2002.

Business development costs consist of advertising costs which have mostlybeen for online and print advertising to obtain new clients. These expensesincreased to $5,982 for the Six Months Ended June 30, 2003 from $200 for the SixMonths Ended June 30, 2002. As the Company increases its planned advertising andpromotional efforts to promote its products and services and increase customerbase we anticipate an increase in business development.

Occupancy costs remain relevantly constant at $25,600 for the Six MonthsEnded June 30, 2003 from $25,500 for the Six Months Ended June 30, 2002. Due toour new lease the Company will remain at its negotiated lease commitment of$4,300 per month for its new office space.

Regulatory and Registration fees have remained consistent at $19,455 for theSix Months Ended June 30, 2003 from $18,386 for the Six Months Ended June 30,2002. We anticipate a slight increase in regulatory and registration fees if weneed to hire additional series 7 registered representatives to service ourincreased customer base.

Depreciation and Amortization costs for the Six Months Ended June 30, 2003and 2002 were $1080. The need for additional computers is dependent on thefirm's growth. Therefore, if we decide to expand and purchase additionalhardware The Company anticipates that these costs will increase.

Travel and Entertainment decreased to $6,231 for the Six Months Ended June30, 2003 from $8,111 for the Six Months Ended June 30, 2002. Other expenseswhich include office supplies, postage, etc. decreased to $16,349 for the SixMonths Ended June 30, 2003 from $24,291 for the Six Months Ended June 30, 2002.

As a result of the foregoing, our net loss decreased to $(51,816) for the SixMonths Ended June 30, 2003 from $(435,499) for the Six Months Ended June 30,2002. Earning per share for the Six Months Ended June 30, 2003 were $(0.0057)compared to $(0.0483) for the Six Months Ended June 30, 2002 and the weightedaverage number of common shares outstanding are 9,018,000.

**Liquidity and Capital Resources**

Since inception, the Company has financed its operation primarily through thesole shareholder of the firm. In April 1999, the Company sold 1,899,600 sharesof common stock in a private placement offering. The common stock was issued at$1 per share. The private placement offering generated total proceeds of$1,900,000. Management believes that the cash proceeds from this offering,together with the existing cash balances will be sufficient to meet itsanticipated working capital and capital expenditure requirements for the nexteighteen months. However, the Company may need to raise additional funds inorder to continue operations, support expansion, develop new or enhancedservices, respond to competitive pressures or respond to unanticipatedrequirements. There can be no assurance, however, that additional capital willbe available to us on reasonable terms, if at all.

Cash provided by operating activities for the Six Months Ended June 30, 2003were $96,196. The Company had a net loss of $51,816, an increase in cash andcash equivalent of $262,318 a decrease in securities owned of $49,278 a decreasein loans receivable of $71,400, an increase in prepaid expense of $16,055, anincrease in adjustments to retained earnings of $19,173 and an increase inaccounts payable of $34,941.

The Company is subject to the net capital rules of the SEC. At June 30, 2003,the Company had regulatory net capital of $886,576, which exceeded the minimumrequirements by $786,576.

Management anticipates that the Company's total expenditures will beapproximately $600,000 during the next twelve months. Based upon our currentplans and assumptions relating to our business plan, we anticipate 15% of thisexpense to go toward marketing our financial services, which will increase thenumber of users capable of accessing our system. Other expenditures will includebut will not be limited to, employee compensation, including benefits andinsurance; occupancy and equipment rental; communications and data processing;and expansion of our network and infrastructure.

FORWARD-LOOKING INFORMATION

Statements contained in this report regarding the Company's futureoperations, growth strategy, future performance and results and anticipatedliquidity are forward looking and therefore are subject to certain risks anduncertainties that could cause actual results to differ materially from thoseprojected or suggested in the forward looking statements, including thosediscussed in this report and in the Company's other filings with the SEC.

**SIGNATURES**

In accordance with Section 12 of the Securities Exchange Act of 1934, theRegistrant caused this Registration Statement to be signed by the undersigned,thereunto duly authorized.
AMERICA FIRST ASSOCIATES CORP. Date:  August 15,        2003     By:      /s/ Joseph Ricupero        Joseph Ricupero, Chief Executive Officer,Financial Operations Officer
 

 
[LOGO HERE]**AMERICA FIRST ASSOCIATES       INVESTMENT BANKING FIRM      MEMBER: NASD * SIPC * MSRB      94 COVERT AVENUE      STEWART MANOR, NY 11530      TELEPHONE: (516) 437-0866                                   (888) OTC-NYSE      FAX:                     (516) 437-0867**
 

CERTIFICATION

I, Joseph Ricupero, certify that:

1. I have reviewed this quarterly report on Form 10-Q of America FirstAssociates Corp;2. Based on my knowledge, this quarterly report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this quarterlyreport;3. Based on my knowledge, the financial statements, and other financialinformation included in this quarterly report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this quarterly report;4. The registrant's certifying officer is responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-14 and 15d-14) for the registrant and we have: a) designed such disclosurecontrols and procedures to ensure that material information relating to theregistrant is made known to us by others within those entities, particularlyduring the period in which this quarterly report is being prepared; b) evaluatedthe effectiveness of the registrant's disclosure controls and procedures as of adate within 90 days prior to the filing date of this quarterly report (the"Evaluation Date"); and c) presented in this quarterly report ourconclusions about the effectiveness of the disclosure controls and proceduresbased on our evaluation as of the Evaluation Date;5. The registrant's certifying officer disclosed, based on our most recentevaluation, to the registrant's auditor: a) all significant deficiencies in thedesign or operation of internal controls which could adversely affect theregistrant's ability to record, process, summarize and report financial data andhave identified for the registrant's auditors any material weaknesses ininternal controls; and b) any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant'sinternal controls; and6. The registrant's certifying officer has indicated in this quarterly reportwhether or not there were significant changes in internal controls or in otherfactors that could significantly affect internal controls subsequent to the dateof our most recent evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses.

Dated: August 15, 2003

  Joseph Ricupero                                    By: /s/ Joseph RicuperoChief Executive Officer and Chief Financial Officer |
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