Report of the Treasurer for the Year Ended December 31, 2010 (2011)
Chapter: Statements of Cash Flows
Statements of Cash Flows Years ended December 31, 2010 and 2009 (Dollars in thousands)
|
|
2010 |
2009 |
|
Cash flows from operating activities: |
|
|
|
Change in net assets |
$ 43,158 |
$ 62,695 |
|
Adjustments to reconcile change in net assets to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
7,595 |
7,632 |
|
Loss on disposal of property and equipment |
140 |
140 |
|
Bad debt expense |
439 |
192 |
|
Net gain on investments |
(49,231) |
(70,998) |
|
Net gain on investments held on behalf of others |
(1,174) |
(1,600) |
|
Amounts collected on behalf of others |
(4,293) |
(5,490) |
|
Amounts remitted on behalf of others |
4,352 |
5,320 |
|
Change in value of interest rate swap |
1,510 |
(4,301) |
|
Change in value of split-interest agreements |
56 |
137 |
|
Contributions restricted for construction or endowment |
(3,031) |
(2,791) |
|
(Increase) decrease in assets: |
|
|
|
Other receivables |
7,161 |
3,744 |
|
Contracts receivable - U.S. government |
(11,399) |
8,759 |
|
Other current assets |
(1,201) |
(471) |
|
Other assets |
586 |
(590) |
|
Increase (decrease) in liabilities: |
|
|
|
Accounts payable and accrued expenses |
5,052 |
3,466 |
|
Deferred revenue |
(4,073) |
(3,391) |
|
Other current liabilities |
216 |
(916) |
|
Funds held on behalf of others |
1,124 |
1,608 |
|
Other long-term liabilities |
(2,019) |
(103) |
|
Accrued employee benefits |
15 |
(3,994) |
|
Net cash used in operating activities |
(5,017) |
(952) |
|
Cash flows from investing activities: |
|
|
|
Additions to property and equipment |
(13,968) |
(5,911) |
|
Sales or maturities of investments |
167,159 |
215,761 |
|
Purchases of investments |
(171,368) |
(215,234) |
|
Net cash used in investing activities |
(18,177) |
(5,384) |
|
Cash flows from financing activities: |
|
|
|
Contributions restricted for construction or endowment |
3,031 |
2,791 |
|
Proceeds from line of credit |
173,182 |
139,954 |
|
Payments on line of credit |
(163,182) |
(140,640) |
|
Payments on bank note |
(756) |
(756) |
|
Proceeds from interest rate swaption |
- |
1,834 |
|
Proceeds from bond issue |
59,550 |
57,500 |
|
Payments on bond principal |
(1,280) |
(57,070) |
|
Increase in bond proceeds held by trustee |
(47,216) |
- |
|
Net cash provided by financing activities |
23,329 |
3,613 |
|
Net increase (decrease) in cash and cash equivalents |
135 |
(2,723) |
|
Cash and cash equivalents, beginning of year |
1,387 |
4,110 |
|
Cash and cash equivalents, end of year |
$ 1,522 |
$ 1,387 |
|
Supplemental disclosure of cash flow information: |
|
|
|
Interest paid |
$ 3,751 |
$ 4,803 |
See accompanying notes to financial statements.
